Warner Bros. Discovery reported first-quarter 2025 earnings that fell short of expectations, with adjusted EPS at -$0.18 versus an estimated -$0.12 and revenue of $8.98 billion below the $9.61 billion forecast. The company added 5.3 million streaming subscribers, reaching a total of 122.3 million, surpassing estimates of 119.8 million. Despite the subscriber growth, content revenue dropped 27% to $1.9 billion due to weaker box office and home entertainment performance. Warner Bros. Discovery recorded a net loss of $0.5 billion, which included $1.6 billion in pre-tax acquisition-related amortization. The company reported $339 million in EBITDA for the quarter and is on track to deliver at least $1.3 billion EBITDA in 2025, an 85% increase from 2024. Following the earnings report, there is growing speculation and reports from CNBC that Warner Bros. Discovery is moving toward splitting the company, a move that has caused its shares to rise. Paramount Global also released its Q1 2025 results, reporting total revenue of $7.19 billion, slightly above estimates, with adjusted EPS of $0.29. Paramount+ added 1.5 million subscribers to reach 79 million globally. The company saw theatrical revenue of $148 million and TV revenue of $4.54 billion, both exceeding expectations. Paramount's direct-to-consumer revenue was $2.04 billion, slightly below estimates. AMC Networks continued to face challenges with a 7% revenue decline amid ongoing cable cord-cutting trends. Trump Media reported a narrower loss and sales gains in the first quarter of the Trump 2.0 era.