1、CrispIdea|R E S E A R C HWarner Bros.Discovery,Inc.E Q U I T Y R E S E A R C H Technology|Entertainment|Jul 11,2025Warner Bros.Discovery,Inc.Scaling streaming while sustaining legacy valueWe recommend“HOLD”rating for Warner Bros.with the TP of$11.9 for FY26 which implies an upside potential of 8%.We

2、 derive our TP based on forward EV/Revenue of 1.68x for FY26.Our estimates are based on 1)Streaming Ecosystem Growth and Global Reach;2)Evolution of the Global Linear Networks Strategy;and 3)Navigating Advertising Headwinds and Shifting Monetization Strategies.Streaming Ecosystem Growth and Global R

3、each:Warner Bros.Discovery continues to expand its presence in the global streaming arena through its Max.This growth is not just about subscriber acquisition,but about positioning Max as a differentiated service with a blend of curated premium content and broad-based appeal.By integrating HBO origi

4、nals,Warner Bros.films,local productions,and live sports,the platform appeals to both domestic and international markets.Shows like The White Lotus,The Pitt,and The Last of Us have not only captured viewership but have become cultural moments,enhancing Maxs identity as a destination for quality stor

5、ytelling.Beyond the content,strategic partnerships and distribution models such as bundling Max with cable providers and local-language programming further establish its competitive edge.These efforts support Maxs penetration into diverse markets and enhance its appeal to regional audiences.The comp

6、any is also experimenting with user-centric tools and features that adapt to different subscriber needs,such as multi-profile access and password-sharing management.This broadens usability while reinforcing brand loyalty.However,its success depends on continued content resonance and localized releva