Warner Bros. Discovery achieved its first company-wide profit post merger. Read more about recent earnings and what to expect from this media giant in 2025.

Warner Bros. Discovery posted better-than-expected earnings as its Max streaming service set a record for new subscribers, sending shares higher Thursday.

Warner Bros. Discovery (WBD) stock rose more than 15% in early trading on Thursday after the company reported strong streaming results in the third quarter that included its largest-ever quarterly subscriber growth since the launch of Max.

Warner Bros. Discovery's Max serves fewer ads per hour compared to other streaming platforms.

Warner Bros Discovery CEO David Zaslav anticipates a friendlier environment for deal-making under the incoming Trump administration, opening the door to industry consolidation, he said on Thursday.

Warner Bros. Discovery posted a third-quarter profit gain to $289 million for its direct-to-consumer (DTC) unit, which includes its streaming and premium pay-TV services, compared with a $111 million year-ago profit.

Warner Bros. Discovery reached 110 million global streaming subscribers and $268 million in earnings in Q3, putting it on pace for sustained profits.

Warner Bros. Discovery stock rose on momentum in the Max streaming biz and the potential for Trump to grease the wheels for industry consolidation.

It marked the biggest quarterly growth for the streaming platform since its inception. Max now had 110.5 million subscribers as of Sept. 30.

Warner Bros. Discovery made profit progress in its streaming business during the latest quarter, despite pressures related to broadcasting the Olympics in Europe. WBD’s direct-to-consumer segment posted adjusted earnings before interest,