Warner Bros. Discovery reported fourth-quarter revenue of $10.03 billion, slightly below the $10.22 billion estimate, marking a 2% year-over-year decline. The company posted a net loss of $494 million, up 24% from the prior year's loss of $400 million, largely due to $1.9 billion in charges and restructuring expenses. Adjusted EPS for the quarter was $(0.20). The company's direct-to-consumer segment, including streaming services such as Max, added 6.4 million subscribers in Q4, bringing the total to 116.9 million. This contributed to a $409 million adjusted EBITDA for the segment, a significant improvement from a $55 million loss in the same quarter last year. Warner Bros. Discovery projects reaching 150 million streaming subscribers by 2026, supported by Max's rebranding and global expansion. Revenue from the company's studio operations increased by 16% to $3.66 billion, driven by higher production activity. However, its networks segment saw a 5% revenue decline to $4.77 billion, impacted by a 28% drop in U.S. linear TV audiences and a 17% decline in advertising revenue. Networks profit fell to $1.9 billion. Despite the challenges in traditional TV and advertising, Warner Bros. Discovery expects its direct-to-consumer EBITDA to nearly double in 2025. The company is addressing linear TV subscriber declines and aims to strengthen its streaming and studio businesses.