hbo max

Warner Bros. Discovery’s impending sale has rattled Hollywood — and the company’s balance sheet as the auction’s high costs increasingly come into focus.

The New York-based media company released its first-quarter earnings Wednesday, which included a $2.9 billion loss. That amount includes $1.3 billion in restructuring expenses, including updated valuations for Warner’s declining linear cable television networks.

Contributing to the net loss was the $2.8 billion termination fee paid to Netflix in late February when the streaming giant bowed out of the bidding for Warner. The auction winner, Paramount Skydance, covered the payment to Netflix but Warner still must carry the obligation on its balance sheet in case the Paramount takeover falls apart. Should that happen, Warner would have to reimburse Paramount.

Warner also spent another $100 million to run the auction and prepare for the upcoming transaction, according to its regulatory filing.

“As we prepare for our next chapter, our focus remains on executing our key strategic priorities: scaling HBO Max globally, returning our Studios to industry leadership, and optimizing our Global Linear Networks,” Warner Bros. Discovery leaders said Wednesday in a letter to shareholders.

Warner generated $8.9 billion in revenue, a 3% decline from the same quarter one year ago, excluding the effect of foreign exchange rate fluctuations.

Its streaming services, including HBO Max, notched milestones in the quarter and 9% revenue growth to $2.9 billion. The company launched HBO Max in Germany, Italy, Britain and Ireland during the quarter.

Advertising revenue for streaming was up 20% compared to the first quarter of 2025.

The streaming unit posted a 17% increase to $438 million in adjusted earnings before interest, taxes, depreciation and amortization (EBITDA).

Warner’s studios, primarily its TV business, had a strong quarter.

Studios revenue rose 31% to $3.1 billion, compared to the prior year quarter.

Television revenue soared 58% (excluding exchange rate fluctuations) due to increased program licensing fees to support the launch of HBO Max in international markets. Those launches also propelled the movie studio, which saw revenue increase 21%.

Video games revenue declined 30% because of lower library revenues.

Adjusted EBITDA for the studios grew $516 million (158%) to $775 million compared to the prior year quarter.

The company’s vast linear television networks saw revenue fall 9% to $4.4 billion compared to the prior year period.

TV distribution revenue tumbled 8% largely due to a 10% decrease in domestic linear pay TV subscribers.

The company also felt the loss of its NBA contract for its TNT channel, which NBC picked up. Advertising revenue fell 12%. “The absence of the NBA negatively impacted the year-over-year growth rate,” Warner said.

As the costs of the merger with Paramount come into clearer focus, the opposition has grown louder.

More than 4,000 artists and entertainment industry workers, including Bryan Cranston, Noah Wyle, Kristen Stewart and Jane Fonda, have signed an open letter warning about the dangers of the merger with Paramount. “This transaction would further consolidate an already concentrated media landscape, reducing competition at a moment when our industries — and the audiences we serve — can least afford it,” according to the letter.

“The result will be fewer opportunities for creators, fewer jobs across the production ecosystem, higher costs, and less choice for audiences in the United States and around the world.”

Adjusted EBITDA for the television networks fell 10% to $1.6 billion, compared to the prior year quarter.

Warner ended the quarter with $3.3 billion in cash on hand and $33.4 billion of gross debt.

EXCLUSIVE: American star Hemky Madera has opened up about joining the Emmy-winning HBO series, Euphoria.

Euphoria’s latest season has certainly got audiences talking after featuring a huge time-jump and some new characters.

Now, one of the stars of Euphoria has teased working on the new season and starring opposite singer and lead Zendaya.

In an exclusive interview with Reach Plc, the publishers of the Mirror, Hemky Madera has spoken about his mysterious new character Jimenez and joining the show.

The 49-year-old star, who is best known for Queen of the South, said: “Being part of this cast is amazing, from the crew, for [creator] Sam [Levinson] all the way to Zendaya and all between, so it was a great experience to be part of this show.”

He went on to tease: “I can’t say much about his character but his moral compass is in a certain way.” Adding: “But it’s a fun, whacky character.”

Although not much is known about Madera’s character, he is set to be playing a key role and will be appearing in six out of the eight episodes of season three.

Get HBO Max free with Sky

This article contains affiliate links, we will receive a commission on any sales we generate from it. Learn more

£4.99

£0

Sky

Get the deal here

Sky is giving away free subscriptions to HBO Max with its £22 Ultimate TV bundle, which also includes Netflix, Disney+, discovery+, Hayu, and around 135 channels at no extra cost.

He said: “Zendaya’s character Rue and my character through many episodes together, working together. So it’s pretty cool.”

On working with the 29-year-old Spider-Man: Homecoming star, Madera said it was “amazing”.

He elaborated: “She’s such a pro. She was very welcoming and she was on from the emotional to the action to everything in between was pretty cool to work with.”

He went on to tease the third season, saying it was a “more mature flavour” and the characters were now adults and “no longer under the blanket of high school”.

He added: “They’re making their mistakes and learning from them.”

Madera admitted that although he’d been familiar with the series, it wasn’t until he started auditioning for Euphoria that he became a fan and binged the first two seasons.

“I’m very honoured to be a part of the show,” he said.

Madera said about the audition process that it was “tricky” because it was his second in-person audition in eight years. Due to shooting Queen of the South, the actor would have to send off self-tapes.

“It was nerve-wracking in the sense of being back in a room, but at the same time very exciting to be part of the room,” Madera explained.

Along with Euphoria season three, Madera has a long list of upcoming projects, including Star Wars: The Mandalorian and Grogu.

He is also going to be appearing in Victor, The Last Horseman, La Máquina, and El Secreto del Retrato.

Euphoria season 3 airs on HBO Max and NOW in the UK on Mondays

Subscribers to the recently new service have a new title to check out but it is not for everyone

Fans are going to love this new dark romantic comedy-drama film.

The movie Pillion only hit cinemas last year, but it has already been released on at least two platforms. Not only is it available to those with a standalone subscription to the latest service, HBO Max, but it can also be accessed by those with Sky Cinema or a Movies Pass on the NOW platform.

According to its synopsis, the film follows Colin, a timid man who meets Ray, an enigmatic, impossibly handsome biker who sweeps him off his feet. He soon initiates him into a submissive relationship.

This challenges Colin’s mundane existence and prompts personal growth through their unconventional dynamic. Harry Melling, best known for playing Dudley Dursley in the original Harry Potter films, takes on the role of Colin, while True Blood, Succession, and Murderbot actor Alexander Skarsgård plays Ray.

Upon its initial release, the film was a big hit with critics, earning a near-perfect 99% on Rotten Tomatoes. One review claimed: “Pillion is a bold, bawdy film told through small looks and big feelings. It broke my heart and put it back together again.”

Although another warned, “Pillion isn’t a film for everyone. But those who know what it means to grovel for their beloved…will find in a subject for analysis in Pillion’s erratic relationship and outlandish romance.”

Another agreed but also highlighted how it handles its subject matter. The reviewer penned: “While the cringe is strong (and deliberate) in many scenes of Pillion, Lighton makes it clear that kink isn’t an embarrassing detour for Colin — it’s how he comes to know himself. For him, in a very real sense, submission becomes empowering.”

Get HBO Max free with Sky

This article contains affiliate links, we will receive a commission on any sales we generate from it. Learn more

£4.99

£0

Sky

Get the deal here

Sky is giving away free subscriptions to HBO Max with its £22 Ultimate TV bundle, which also includes Netflix, Disney+, discovery+, Hayu, and around 135 channels at no extra cost.

Fans who have already seen the film have been left just as impressed. One person shared their views online, saying: “Unforgettable film in so many ways. Yes, it’s explicit, but that isn’t the lasting footprint of this film. I left the cinema having been enlightened, embarrassed, happy, and so very sad.

“It’s a masterclass in the subtlety of truly great acting where so few words are needed to elicit such emotion from an audience. There won’t be Oscar nominations as it’s a small, independent film with a small budget, but there really, really should be.”

While someone else commented, “A beautiful, unflinching look at queer BDSM life. While it might not be for some (the faint-hearted), it is soulful enough to warrant consideration of anyone capable of empathetic, non-discriminatory understanding of joy in all relationships, and ultimately how fleeting and precious it is.”

One person added their verdict and posted: “It is a rare film, dealing with a theme seldom explored in cinema and, above all, very raw. I have seen some opinions suggesting that the ending was unpleasant. For me, the ending was one of the best parts.”

Pillion is streaming on HBO Max, Sky Cinema and NOW for those with a movies pass.