# Warner Bros.

*business · news · 2026-05-06 · Deadline*

## Key points

- Warner Bros. Discovery posted a $2.9 billion Q1 loss mainly due to a $2.8 billion termination fee.
- Paramount paid Netflix the $2.8 billion breakup fee to enable the WBD-Par merger.
- The WBD-Par deal is expected to close in the third quarter, per Paramount CEO David Ellison.
- Streaming revenue, led by HBO Max, rose 7% while global linear networks' revenue fell 9%.

**Companies:** Warner Bros. Discovery, Paramount, Netflix
**Countries:** United States

[Read the full story on Deadline](https://deadline.com/2026/05/warner-bros-discovery-q1-loss-termination-fee-paramount-netflix-1236882987/)

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