David Zaslav says HBO Max is “probably” Warner Bros.’ “most important asset.” Discovery

David Zaslav really likes HBO Max. (You can go ahead and forget the entire “Max” era.)

On Wednesday, Zaslav called HBO Max “probably” Warner Bros.’ most important asset. Discovery. It’s streaming’s unique ability to hold entire TV and movie libraries that, in his view, puts it above linear originals like HBO, CNN and Turner Channels. The same goes for WBD’s theatrical distribution business, which ultimately also serves as a feeder system for HBO Max.

So I guess this is what David Ellison is (mostly) paying $111 billion for.

One could reasonably argue that Warner Bros. Studios It’s actually a little more valuable – the company’s motion picture business is certainly its most notable asset. (The studio lineup is pretty great, too.) But in reality, it’s WBD’s linear network business that technically still makes the most money, then the studios, and then My neighbor. But times are changing, and this cowboy is his protégé actual Cowboy John Malone recognizes him.

Zaslav also said on the Warner Bros. earnings conference call: Discovery for the first quarter of 2026, said HBO Max was the “backbone” of his “ambition” to split the company in two, which would have served Netflix well but was unnecessary when Paramount approached Skydance with a premium offer. The streamer is “a piece of business that you will see will be of great benefit to Paramount when our deal closes,” Zaslav said. HBO Max has a lot more subscribers than Paramount+.

Warner Bros. announced Discovery reported its first-quarter 2026 earnings on Wednesday afternoon. Well, she really reported her losses. WBD reported a loss of $2.9 billion in the March quarter, but that could (mostly) add up to the $2.8 billion owed to Netflix for dumping it in favor of Paramount’s prettier offering. (Paramount Skydance eventually covers this cost.)

There was also $1.3 billion in other expenses, including restructuring charges (read: layoffs and severance pay) ahead of Paramount’s expected shutdown in the third quarter of 2026.

Paramount Skydance reported first-quarter earnings on Monday. Ellison said the company is “making great progress” toward its acquisition of Warner Bros. Discovery.

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