Warner Bros. Discovery executives David Zaslav and JB Perrette highlighted promising developments across the company's film, streaming, and gaming divisions during Thursday's earnings call, though conspicuously sidestepping the elephant in the room regarding ongoing merger discussions.

The 40-minute Q4 earnings session made no mention of the high-stakes bidding war between Netflix and Paramount Skydance, despite the WBD board currently weighing Paramount's latest proposal. Instead, much of the analyst discussion centered on technical details surrounding the Discovery Global spinoff plan.

However, the outcome of these competing bids will directly impact the fate of major cable properties including CNN, TNT, Discovery Channel, HGTV, and Food Network. Under Netflix's signed acquisition agreement, these linear channels would be excluded, whereas Paramount Skydance's offer encompasses the entire company. CFO Gunnar Wiedenfels, designated to helm Discovery Global as CEO post-spinoff, fielded questions as though the separation remains on track.

The Discovery Global valuation has emerged as a critical factor in evaluating the competing proposals. The spinoff entity is expected to absorb a substantial portion of WBD's $33 billion long-term debt. Wiedenfels maintained the resulting 3.3 debt-to-earnings ratio would be "absolutely sustainable and supportable." Analyst focus on Discovery Global financials suggests attempts to assess Paramount's offer while monitoring whether Netflix will counter its $83 billion Warner Bros. and HBO acquisition agreement.

Zaslav seized the opportunity to emphasize the company's transformation since the April 2022 WarnerMedia-Discovery merger.

"It's been a great creative renaissance at Warner Bros., and you see it across our entire company, and you'll continue to see it," Zaslav declared. "When you look at '27 on the motion picture side, it's stunning. It's all coming together for Warner and for HBO as well. HBO has never been stronger."

He highlighted Warner Bros. Pictures' impressive run of nine number-one box office openings across 14 months. The 2025 slate—featuring "A Minecraft Movie," "Sinners," "Weapons," and "One Battle After Another"—demonstrates the studio's successful balance of franchise properties and prestige content under film chiefs Michael De Luca and Pam Abdy.

"I don't think anybody is investing in original content and television and motion pictures the way we have," Zaslav stated.

Perrette, overseeing global streaming and gaming operations, emphasized HBO's upcoming decade-long Harry Potter series franchise launching next year. "We have great visibility to a strengthening content plate, which is at the core of everything we do," he noted.

Regarding gaming operations, Perrette acknowledged "2025 was a year of reset" following the division becoming "distracted going after too many IPs with too broad a set of studios." This year's releases include a new "Lego Batman" game and "Dragon Fire," a "Game of Thrones" mobile title.

Perrette teased more substantial releases ahead.

"The real fruits will start coming in in '27-'28 when we return to some of our biggest franchises," he indicated. While unspecified, this likely references plans for a "Hogwarts Legacy" sequel timed with HBO's Harry Potter series debut.

What are the Harry Potter Movies about and Where to Watch

The Harry Potter film series chronicles the epic adventures of the titular young wizard and his friends as they confront dark magic and grow up within the magical world. For those wondering where to watch harry potter, the films are widely accessible on major subscription services and for digital rental or purchase. Availability can vary by region, so checking your local streaming platforms is recommended.

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