Factual
WBD’s streaming and studios segments soar as linear TV slows
MUMBAI: Warner Bros. Discovery (WBD) has delivered a mixed bag of results in its second quarter, with its film and streaming divisions providing a much-needed shot in the arm as its traditional linear TV business struggles.
The company, which is planning to split its streaming & studios and global linear networks businesses, reported a net income of $1.6 billion, a stark contrast to the massive $9.9 billion loss it posted in the same quarter last year. Adjusted EBITDA also saw a respectable 9 per cent year-on-year increase, hitting $2.0 billion. However, free cash flow took a hit, falling by 28 per cent to $702 million, partly due to one-off separation costs.
The studios segment was the star of the show, with revenues rocketing by 54 per cent to $3.8 billion. Content revenues, in particular, surged by 59 per cent, largely driven by a strong box office performance from theatrical releases like A Minecraft Movie, Sinners, and Final Destination: Bloodlines. The company’s film slate grossed over $3 billion globally this year and saw five consecutive films open to over $45 million domestically. On the television side, WBTV received 60 Emmy nominations, a record for a studio, with its shows like The Pitt, Abbott Elementary and The Penguin receiving critical acclaim.
The streaming business also showed strong momentum, adding 3.4 million global subscribers in the quarter to reach a total of 125.7 million. Revenues for the segment rose by eight per cent to $2.8 billion, and it turned a profit of $293 million in adjusted EBITDA, a significant improvement from a $107 million loss a year ago. The company’s international expansion, including a successful launch in Australia, helped drive subscriber growth. However, global average revenue per user (ARPU) decreased by 11 per cent to $7.14, mainly due to the influx of lower ARPU international subscribers and the wider distribution of the ad-supported HBO Max tier.
In contrast, the global linear networks business took a tumble. Its revenues fell by nine per cent to $4.8 billion, and adjusted EBITDA plummeted by 25 per cent to $1.5 billion. The decline was attributed to a nine per cent drop in domestic pay TV subscribers and a hefty 13 per cent decrease in advertising revenue, driven by a 23 per cent decline in domestic linear audiences.
Looking ahead, WBD is targeting 12-14 theatrical releases annually and is set to launch HBO Max in Germany, Italy, the UK, and Ireland in 2026. The company also reduced its gross debt by $2.7 billion in the quarter, bringing the total to $35.6 billion.
Factual
National Geographic launches ‘Postcards from Hong Kong’ with Ridhi Dogra
New series explores the city’s hidden gems and vibrant contrasts, premiering 28 March.
MUMBAI: Ridhi Dogra just sent a postcard from Hong Kong that’s worth framing because when a bustling metropolis reveals its quiet trails and timeless traditions, even the skyline takes a back seat. National Geographic has unveiled Postcards from Hong Kong, a refreshing travel series hosted and curated by actor Ridhi Dogra. Produced by National Geographic Creative Works in collaboration with the Hong Kong Tourism Board, the show offers an intimate, Indian traveller’s perspective on one of Asia’s most iconic cities, moving beyond its glittering harbour and skyscrapers to uncover serene beaches, scenic hiking trails and deep cultural traditions.
Across three visually rich episodes, Ridhi journeys through contrasting sides of Hong Kong. The first episode takes her on a quieter path of self-discovery to places like Sai Kung, Big Wave Bay, Dragon’s Back, Tai O, Ngong Ping, Po Lin Monastery and the Tian Tan Buddha. The second episode dives into the city’s energetic side, from the bustling streets of Causeway Bay to Happy Valley Racecourse, Michelin-starred spots and luxury shopping at Landmark.
Ridhi Dogra said, “Being part of Postcards from Hong Kong with Nat Geo was a deeply enriching experience. What I love about this journey is that it goes beyond the obvious; it’s not just about the skyline or the speed of the city but about the stories that live in its quieter corners.”
A National Geographic India spokesperson added, “With Postcards from Hong Kong, we set out to go beyond the familiar and explore the city through a more intimate, human lens.”
Hong Kong Tourism Board director of South Asia Puneet Kumar noted, “Postcards from Hong Kong is a reflection of meaningful storytelling that brings the city to life in an immersive way. It beautifully captures the diversity and spirit that define Hong Kong.”
Blending travel, culture and personal storytelling, the series celebrates Hong Kong as a city of contrasts where modern life meets tradition and every corner holds a story waiting to be discovered. It premieres on 28 March at 8 pm on the National Geographic Channel and will also stream on JioHotstar.
In a world of hurried travel reels, Postcards from Hong Kong slows things down just enough to let viewers truly see the city not just its lights, but its layers, proving that the best souvenirs are the stories you bring home.
