Warner Bros. Discovery (WBD) Q4-25 earnings: The data blackout & the PSKY bidding war

Warner Bros. Discovery is pulling the curtain on streaming metrics as it preps for a massive corporate split and a potential bidding war between Netflix and Paramount Skydance.In ~10 minutes:• Why WBD is permanently stopping reports of streaming subscribers and ARPU. 🛑• The "Superior Proposal" from PSKY that could potentially blow up the Netflix deal.• Modeling the "NBA Cliff": A forecast 15% advertising revenue drop by mid-2026.• Inside the "high price of divorce" as restructuring costs hit $1.3 billion. 📉Despite adding 3.6 million subscribers this quarter, management is pivoting to a "profit-only" narrative to mask the turbulence of their upcoming structural separation. We break down the high-leverage risks for the new "Discovery Global" entity and why 2026 is the ultimate "holding your breath" year for David Zaslav.Company: Warner Bros. Discovery, Inc. (WBD) | Q4 FY2025AI-assisted production. Feedback/ticker requests: https://x.com/EarnUnscripted.