華納兄弟探索 (WBD) 2025 Q3 法說會逐字稿

Ladies and gentlemen, welcome to the Warner Bros. Discovery third quarter 2025 earnings conference call. (Operator Instructions) Additionally, please be advised that today's conference call is being recorded. I would now like to hand the conference over to Mr. Andrew Slabin, Executive Vice President, Global Investor Strategy. Sir, you may now begin.

女士們先生們，歡迎來到華納兄弟。Discovery 2025 年第三季財報電話會議。（操作員說明）也請注意，今天的電話會議正在錄音。現在我謹將會議交給全球投資者策略執行副總裁安德魯‧斯萊賓先生。先生，您可以開始了。

Good morning, and thank you for joining us for our Q3 earnings call. Joining me today from Warner Bros. Discovery's management is David Zaslav, President and Chief Executive Officer; Gunnar Wiedenfels, Chief Financial Officer; and JB Perrette, CEO and President, Global Streaming and Games.

早安，感謝各位參加我們的第三季財報電話會議。今天和我一起的嘉賓來自華納兄弟。Discovery 的管理階層包括：總裁兼執行長 David Zaslav；財務長 Gunnar Wiedenfels；以及全球串流媒體和遊戲業務執行長兼總裁 JB Perrette。

This morning, we issued our Q3 earnings release, shareholder letter and trending schedule, and these materials can be found on our website at www.wbd.com.

今天上午，我們發布了第三季財報、股東信和趨勢表，這些資料可以在我們的網站 www.wbd.com 上找到。

Today's presentation will include forward-looking statements that we make pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. The forward-looking statements may include statements about the benefits of the separation transaction we announced in June, including future financial and operating results; the separate company's plans, objectives, expectations and intentions and other statements that are not historical facts.

今天的演講將包含我們根據 1995 年《私人證券訴訟改革法案》的安全港條款所作的前瞻性聲明。前瞻性陳述可能包括關於我們在 6 月宣布的分拆交易的益處的陳述，包括未來的財務和經營業績；分拆後公司的計劃、目標、預期和意圖，以及其他非歷史事實的陳述。

Such statements are based upon the current beliefs and expectations from Warner Bros. Discovery's management and are subject to significant risks and uncertainties outside of our control that could cause actual results to differ materially from our current expectations. For additional information on factors that could affect these expectations, please see the company's filings with the US Securities and Exchange Commission, including, but not limited to the company's most recent annual report on Form 10-K and its reports on Form 10-Q and Form 8-K. I will turn the call over to David for some brief remarks, after which we will take your questions.

這些聲明是基於華納兄弟目前的想法和預期。Discovery 的管理受到我們無法控制的重大風險和不確定性的影響，這可能導致實際結果與我們目前的預期有重大差異。有關可能影響這些預期的因素的更多信息，請參閱公司向美國證券交易委員會提交的文件，包括但不限於公司最新的 10-K 表格年度報告以及 10-Q 表格和 8-K 表格報告。我將把電話交給大衛，請他做簡短的發言，之後我們將回答大家的問題。

Though before doing so, I would kindly request that analysts limit their questions to topics related to our Q3 results in related business and financial topics. As noted in our shareholder letter, management will not be taking questions regarding our recent announcement of the Board's evaluation of strategic alternatives for Warner Bros. Discovery. And with that, I'll turn it over to David.

不過在此之前，我懇請分析師將問題限制在與我們第三季業績相關的業務和財務主題。正如我們在致股東信中所述，管理層將不接受有關我們最近宣布的董事會對華納兄弟公司戰略選擇進行評估的問題。發現。接下來，我將把麥克風交給大衛。

Good morning, everyone, and thank you for joining us. When we formed Warner Bros. Discovery in April of 2022, 3.5 years ago. Our focus was on taking an incredible foundation of assets, world-class production capabilities, a century's worth of beloved storytelling franchises and IP and a roster of some of the most iconic brands in media and build them back up and transform Warner Bros. Discovery to thrive and win in the modern entertainment business. We built a creative culture that's attracting the best talent and Warner Bros. Discovery is now where creatives want to be.

各位早安，感謝各位的參與。當我們成立華納兄弟公司時發現於 2022 年 4 月，距今已有 3.5 年。我們的重點是利用華納兄弟擁有的龐大資產、世界一流的製作能力、一個世紀以來備受喜愛的故事系列和智慧財產權，以及一些最具標誌性的媒體品牌，重建並改造華納兄弟公司。在現代娛樂產業中，探索如何蓬勃發展並取得成功。我們建立了一個富有創造力的文化，吸引了最優秀的人才和華納兄弟。如今，創意人士都想去探索發現平台。

Transforming and rebuilding Warner Bros. Discovery has been hard work. It has taken time and investment and the process has not been without setbacks. But as you could see from our third quarter results, we're delivering on our promise and Warner Bros. Discovery is back, global and stronger than ever.

改造重建華納兄弟公司探索發現是一項艱辛的工作。這需要時間和投資，而且這個過程並非一帆風順。但正如您從我們第三季的業績中看到的那樣，我們正在兌現我們的承諾，華納兄弟也取得了成功。探索頻道強勢回歸，全球化程度更勝以往。

As we've said consistently, our transformation and rebuild has been guided by three principles: First, returning our studios to industry leadership. When we brought Warner Bros. Discovery together, our Motion Picture Group had half a dozen or fewer movies on its slate and was stuck in last place.

正如我們一直以來所說的，我們的轉型和重建遵循三個原則：首先，將我們的工作室重返產業領先地位。當我們把華納兄弟帶過來的時候在探索頻道播出期間，我們的電影集團只有六部或更少的電影，排名墊底。

We were determined to invest in the motion picture business and to rebuild and regain our place as the leading motion picture studio. 3.5 years later, we're there. Right now, we're leading the 2025 box office domestically, we're leading it internationally, and we're leading it globally. Not only are we in first place, but we are the only film studio to have crossed $4 billion in 2025 box office revenue thus far. And we've done it with a significant amount of original stories.

我們決心投資電影產業，重建並重奪領先電影製片廠的地位。三年半後，我們達成了這個目標。目前，我們在國內票房、國際票房和全球票房方面都處於領先地位。我們不僅排名第一，而且是迄今為止唯一一家2025年票房收入超過40億美元的電影製片廠。而且我們已經創作了大量原創故事。

That leadership was on full display in the third quarter. In Q3 alone, we successfully launched a new era for the DC Studios, Superman. We showed our exceptional [power] genre expertise yet again, with Weapons and the Conjuring: Last Rites, which have together grossed more than $750 million in ticket sales. And we reinforced our commitment to producing great original works by great filmmakers with Paul Thomas Anderson's One Battle After Another.

第三季度，這種領導力得到了充分展現。光是第三季度，我們就成功開啟了DC工作室的新時代——超人。我們憑藉《武器》和《厲陰宅3：最後的儀式》再次展現了我們在[力量]類型片方面的卓越專長，這兩部影片的票房總收入超過7.5億美元。我們透過保羅湯瑪斯安德森的《一場又一場的戰鬥》再次鞏固了我們致力於製作由優秀電影製作人創作的優秀原創作品的承諾。

As we look ahead, '26 and '27 will be a robust and strong slate of motion pictures. I'm excited to announce that we are adding a new Gremlins film that will be released in theaters on November 19, 2027. Steven Spielberg returns to executive produce or Amblin Entertainment, and Chris Columbus is coming back to both direct and produce.

展望未來，2026 年和 2027 年將會有一系列精彩的電影上映。我很高興地宣布，我們將推出一部新的《小精靈》電影，將於 2027 年 11 月 19 日在戲院上映。史蒂芬史匹柏將回歸擔任安布林娛樂的執行製片人，克里斯哥倫布也將回歸擔任導演和製片人。

We're also leading the industry in making television. Warner Bros. Television was recently recognized with 14 Emmy awards, including outstanding drama series for the Pit, and 9 Emmy wins for the Penguin. And WBTV remains Hollywood's leading supplier of television to both streaming and network platforms.

我們在電視製作領域也處於業界領先地位。華納兄弟電視行業最近獲得了 14 項艾美獎，其中包括《The Pit》獲得的最佳劇情類劇集獎，以及《The Penguin》獲得 9 項艾美獎。華納兄弟電視公司仍然是好萊塢向串流媒體和電視網路平台提供電視節目的主要供應商。

Based on our results to date, we expect our studios to meaningfully exceed $2.4 billion in EBITDA this year, and we are making strong progress towards our $3 billion EBITDA goal. Our second guiding principle has been to scale HBO Max globally. Four years ago, HBO Max was a subscale streaming service that was primarily available in the US. We had a vision for HBO to be a global offering with broader and more local content, including sports in some regions, and that HBO could serve as a long-term profit engine. We are committed to that global vision.

根據我們迄今為止的業績，我們預計今年我們的工作室的 EBITDA 將大幅超過 24 億美元，我們正在朝著 30 億美元的 EBITDA 目標穩步邁進。我們的第二個指導原則是將 HBO Max 推向全球。四年前，HBO Max 還是一項規模較小的串流媒體服務，主要在美國提供服務。我們對 HBO 的願景是使其成為一個全球性的服務平台，提供更廣泛、更本地化的內容，包括某些地區的體育賽事，並且 HBO 可以成為一個長期的獲利引擎。我們致力於實現這一全球願景。

Today, HBO Max is available in more than 100 countries. We've added more than 30 million new streaming subscribers in three years. Our streaming segment will contribute more than $1.3 billion in EBITDA to our bottom line this year versus losing $2.5 billion three years ago. And we still have launches in some of the biggest markets in the world, like Germany, Italy, the UK and Ireland coming in 2026.

如今，HBO Max已覆蓋超過100個國家。三年以來，我們新增了超過3000萬串流媒體用戶。今年，我們的串流媒體業務將為公司帶來超過 13 億美元的 EBITDA 利潤，而三年前該業務虧損 25 億美元。我們仍有計劃在2026年進軍德國、義大利、英國和愛爾蘭等一些全球最大的市場。

By the end of next year, we will have more than 150 million total streaming subscribers. We're delivering those results by investing hard and continuing to distinguish our offering through quality. I said in the beginning of this journey, it's not how much, it's how good. And that belief continues to guide everything we do.

到明年年底，我們的串流訂閱用戶總數將超過1.5億人。我們透過大力投資並不斷提升產品質量，從而取得這些成果，使我們的產品和服務脫穎而出。我在這段旅程之初就說過，重要的不是數量，而是品質。這種信念一直指導著我們所做的一切。

HBO really embodies that standard. And Casey and the team have done a superb job. Our successes earlier in the year with series like The Pit, Write Lotus and The Last of Us, carried forward into Q3 with shows like TASC and Gilded Age, both of which have averaged more than 10 million viewers per episode.

HBO 真正體現了這一標準。凱西和他的團隊做得非常出色。今年早些時候，《The Pit》、《Write Lotus》和《The Last of Us》等劇集取得了成功，而第三季度，《TASC》和《Gilded Age》等劇集也延續了這一勢頭，這兩部劇集的平均每集觀眾人數都超過了 1000 萬。

HBO was recognized with 30 Emmy Awards this summer tied for the most of any network or platform. Just recently, HBO debuted It, Welcome to Dairy, to a resounding audience response. The series premiere was the third most watched in HBO history behind only The Last of Us and House of the Dragon, and has been watched by almost 15 million viewers in its first week. This is further evidence that in its long history, HBO has never delivered a steadier, more consistent pipeline of titles that subscribers circle in their calendars to watch.

今年夏天，HBO 榮獲 30 項艾美獎，與任何其他電視網或平台並列獲獎最多。最近，HBO 推出了《歡迎來到乳牛場》，並獲得了觀眾的熱烈反響。該劇首播集在 HBO 史上收視率排名第三，僅次於《最後生還者》和《龍之家族》，首周收視人數接近 1,500 萬。這進一步證明，在其漫長的歷史中，HBO 從未像現在這樣穩定、持續地推出大量節目，讓訂閱用戶在日曆上圈出必看的劇集。

In Q3, we also saw movies like Sinners, Final Destination: Bloodlines and Superman arrive on HBO Max and drive strong engagement, with Weapons now also available and The Conjuring: Last Rites and One Battle After Another on their way in Q4. And we will end 2025 with more Warner Bros. A1 movies in HBO Max's top 20 titles than ever before.

第三季度，《罪人》、《死神來了：血脈》和《超人》等電影也登陸 HBO Max，並引發了強烈的用戶參與度；《武器》也已上線；《招魂3：最後的儀式》和《一戰再戰》將於第四季上線。我們將在 2025 年底迎來更多華納兄弟的產品。HBO Max 排名前 20 的影片中，A1 級電影的數量比以往任何時候都多。

After years of development, the balance of content we envision for HBO Max with Warner Bros. extensive TV library, HBO Original Series and Warner Bros. A1 movies, a one, two, three combination that's very powerful. It has finally come into full form. The value proposition for subscribers is only growing stronger. Having rebuilt Warner Bros. to the number 1 studio in the world is proving to be a big win, not just in the box office but across HBO Max, where our great films are driving record engagement and growth globally, well after its theatrical window.

經過多年的發展，我們設想 HBO Max 的內容平衡將包括華納兄弟豐富的電視節目庫、HBO 原創劇集和華納兄弟的影片。A1電影，一二三的組合威力十足。它終於完全成型了。對訂閱用戶而言，其價值主張只會越來越強。事實證明，將華納兄弟重新打造為世界第一的電影公司是一項巨大的勝利，不僅在票房上如此，在 HBO Max 上也是如此，我們的優秀電影在影院放映結束後，仍然在全球範圍內推動著創紀錄的參與度和增長。

Finally, our third principle has been to optimize our linear networks. The headwinds facing the linear television business are well understood. But for all that's been said about the disruption confronting these businesses, not enough has been said about their resilience. Networks like TNT, TBS, CNN, Discovery, TLC and HGTV, Food Network and many others continue to be indispensable to tens of millions of subscribers worldwide, which is why our networks remain such a powerful cash flow contributor.

最後，我們的第三個原則是優化我們的線性網路。線性電視業務面臨的逆風因素已廣為人知。儘管人們對這些企業面臨的衝擊進行了許多討論，但對於它們的韌性卻討論得不夠。TNT、TBS、CNN、Discovery、TLC、HGTV、Food Network 等眾多電視網對全球數千萬用戶來說仍然不可或缺，這也是為什麼我們的電視網仍然是如此強大的現金流來源。

As our global networks investment is extending their brands digitally, we see a long and profitable runway ahead. Through it all, we've also dramatically reduced our debt, with our net leverage ratio now down to 3.3 times our EBITDA, including paying down $1 billion from our bridge loan facility in the third quarter. Thanks to the work we've done, we're on track to create two strong, well-capitalized businesses that can each create significant long-term shareholder value.

隨著我們在全球網路投資中不斷拓展品牌數位化，我們看到了未來漫長而獲利的發展前景。在此期間，我們也大幅降低了債務，淨槓桿率目前已降至 EBITDA 的 3.3 倍，其中包括在第三季償還了 10 億美元的過渡貸款。由於我們所做的工作，我們正朝著創建兩家實力雄厚、資本充足的企業的目標穩步前進，這兩家企業都能為股東創造巨大的長期價值。

The team is hard at work, both on the separation transaction and on following the Board's direction to evaluate strategic alternatives. You've all seen media reports as to potential interested parties, and I won't comment on anything specific. But it's fair to say that we have an active process underway.

團隊正在努力工作，既要推進分拆交易，又要按照董事會的指示評估各種策略選擇。你們都已經從媒體報道中看到了潛在的興趣方，我不會對任何具體細節發表評論。但可以肯定的是，我們正在積極推動相關工作。

When you look at our films like Superman, Weapons, and One Battle After Another, the global reach of HBO Max and the diversity of our networks offerings, we've managed to bring the best, most treasured traditions of Warner Bros. forward into a new era of entertainment and new media landscape. I'm thrilled with our progress in Q3 and welcome your questions.

當你看到像《超人》、《武器》和《一戰再戰》這樣的電影，以及 HBO Max 的全球影響力和我們網絡節目的多樣性時，你會發現我們已經成功地將華納兄弟最優秀、最珍貴的傳統帶入了娛樂和新媒體的新時代。我對我們第三季的進展感到非常滿意，歡迎大家提問。

(Operator Instructions)

（操作說明）

Jessica Reif Ehrlich, Bank of America Securities.

傑西卡·雷夫·埃爾利希，美國銀行證券。

Two questions, if it's okay. One on the library and one on sports. David, could you give us more color? You kind of alluded to the library, but you've grown organically and through -- also through multiple acquisitions over the last few decades. And you have quality -- but your quantity, but also obviously great quality.

可以嗎？我想問兩個問題。一本關於圖書館，一本關於體育。大衛，你能給我們多描述一下嗎？你剛才提到了圖書館，但你的發展是自然而然的，也是在過去幾十年裡透過多次收購實現的。你們不僅擁有質量，而且數量也相當可觀，當然，質量也非常好。

How do you think about mining the deep catalog? And can you give us some color on what's in Discovery Global Network or the soon to be named Discovery Global Networks like within Cartoon Network, Discovery, et cetera? And could -- you don't talk about that that much.

您如何看待挖掘深層目錄？您能否為我們介紹 Discovery Global Network 或即將更名為 Discovery Global Networks 的頻道，例如 Cartoon Network、Discovery 等？而且——你不太常談論這個。

And then on sports, in the release talks about launching a standalone sports streaming app. Can you talk a little bit about how you feel about the sports portfolio today? Are there assets in there that you think are underappreciated? Are there opportunities to strengthen the portfolio?

然後，在體育方面，新聞稿中提到了推出一款獨立的體育串流應用程式。您能否談談您對目前運動投資組合的看法？你認為其中有哪些資產被低估了？是否有加強投資組合的機會？

Jessica, it's going on. Let me take those two maybe with an eye towards Discovery Global going forward. So I'll start with the sports question. As you've heard from us, we feel very good about the composition of our sports portfolio right now. We're going to begin to see some real benefits from the transition off of the NBA towards a portfolio of other rights that we acquired as replacement. You're going to see hundreds of millions of dollars of benefit next year from that transition. The team has done a phenomenal job restructuring our portfolio.

傑西卡，事情正在進行中。讓我考慮一下這兩個選擇，以便未來能與Discovery Global合作。那我就先從體育方面的問題開始吧。正如你們從我們這裡了解到的，我們目前對體育投資組合的組成感到非常滿意。我們將開始看到從 NBA 過渡到我們收購的其他替代版權組合所帶來的一些真正好處。明年，這項轉型將帶來數億美元的收益。團隊在重組我們的投資組合方面做得非常出色。

That said, we're going to continue executing the same strategy as before. We're going to be disciplined in this space, but we also acknowledge that part is going to be one key pillar of our strategy going forward. That is the case for Discovery Global as it was for Warner Bros. discovery. And I do think there is going to be more opportunity opportunistically as we look ahead over the next three to five years.

也就是說，我們將繼續執行與之前相同的策略。我們將在這個領域保持嚴謹，但我們也意​​識到，這部分將是我們未來策略的關鍵支柱之一。Discovery Global的情況也是如此，就像華納兄弟探索頻道一樣。而且我認為，展望未來三到五年，我們將有更多機會抓住機會。

The important change that we're working on and making great progress is the development of our stand-alone sports streaming app. We will need that in the US market as HBO Max stops, the utilization of our streaming rights in the spin-off scenario. The team is making great progress, and that will put us in a position to have a compelling stand-alone offering, but also something that will allow us to partner and bundle with our own products and others in the market.

我們正在努力推進並取得巨大進展的重要變革是開發我們的獨立體育串流應用程式。隨著 HBO Max 停止在美國市場運營，我們需要利用我們的串流版權，在衍生劇的模式下實現這一目標。團隊正在取得巨大進展，這將使我們不僅能夠提供極具吸引力的獨立產品，而且還能與我們自己的產品以及市場上的其他產品進行合作和捆綁銷售。

As we've stated before, it will be working differently in the US and outside the US. Outside the US, all of the sports content will be available to HBO Max, and we'll be offering it on HBO Max or as an add-on. There's some sports that will only be on HBO Max. And we have found that all of our movies and scripted series together with local content and local sport is a very compelling offering outside the US, and it's a driver of real growth, and it's quite differentiated.

正如我們之前所說，在美國和美國以外的地方，情況會有所不同。在美國以外，所有體育內容都將在 HBO Max 上提供，我們將透過 HBO Max 或作為附加服務提供這些內容。有些體育賽事只會在 HBO Max 上播出。我們發現，我們所有的電影和劇集，加上本地內容和本地體育賽事，在美國以外地區是非常有吸引力的，是真正成長的驅動力，而且具有相當大的差異化優勢。

Here in the US, we were so robust in our storytelling that we didn't find that these sports were providing enough value for us in terms of incremental subs, which was -- we didn't get that many. There was some engagement. But the view is, for us, that HBO Max is much stronger as being a motion picture and storytelling product, not dependent on rental sports. And so I think it works out very well. And Gunnar we'll be able to take advantage of that with this new app.

在美國，我們非常注重講故事，所以我們發現這些體育賽事在增加訂閱用戶方面並沒有為我們帶來足夠的價值，也就是說——我們沒有獲得太多訂閱用戶。雙方進行了一些互動。但我們認為，HBO Max 作為電影和故事講述產品，其優勢在於它不依賴體育賽事租賃。所以我覺得效果非常好。Gunnar，有了這款新應用，我們就能充分利用這一點了。

Right. And then on the library, Jessica, you're right. I mean we're looking at tens of thousands of hours of beloved content that we're reaching more than 1 billion people with everywhere in the world. This is going to be one of the focus areas for the future Discovery Global leadership team to revitalize some of those content brands with different focus areas in different parts of the globe.

正確的。還有關於圖書館的事，潔西卡，你說得對。我的意思是，我們擁有數萬小時深受喜愛的優質內容，覆蓋全球超過 10 億人。這將是未來 Discovery Global 領導團隊的重點領域之一，旨在重振全球不同地區一些具有不同重點領域的內容品牌。

We are adding thousands of hours every year to that library, a lot of which comes from our strong free-to-air presence outside of the US. And that is going to be one of the big strengths as we set sales with Discovery Global, and we will be fully focused on figuring out the best way to monetize, not only the fresh content, but also the enormous library with less sort of exclusivity for HBO Max --

我們每年都會為該節目庫增加數千小時的節目內容，其中許多都來自我們在美國以外地區強大的免費電視播出管道。這將是我們與Discovery Global達成銷售協議時的一大優勢，我們將全力以赴地探索最佳的盈利模式，不僅包括新內容，還包括HBO Max龐大的內容庫，並減少獨家內容的獲取。--

JB you should talk to -- you're going to be all the content that we -- that you thought was valuable domestically and around the world will be -- will continue. You should just speak to that.

JB，你應該和我們談談——你將是我們——你認為在國內和世界各地都很有價值的所有內容——將會繼續下去。你應該直接跟那個人談談。

Yes. I mean we'll continue just going to have access on HBO Max to kind of what we call the best of the Discovery Global assets that continue to be healthy engagement contributor to HBO Max. And so the good news is even in the separation, we'll continue to have access to that domestically, we'll have access to that internationally, including, obviously, a lot of the free-to-air content that is bigger and broader, particularly in Europe from some of our free-to-air channels and networks across that market. So the good news is HBO Max continue to have access to the content that it has seen in our subscribers have seemed to be valued even in the separation.

是的。我的意思是，我們將繼續在 HBO Max 上訪問我們所說的 Discovery Global 旗下最好的資源，這些資源將繼續為 HBO Max 帶來健康的用戶參與度。因此，好消息是，即使在分離之後，我們仍將繼續在國內獲得這些內容，在國際上也將繼續獲得這些內容，顯然包括許多更大規模、更廣泛的免費電視內容，尤其是在歐洲，來自我們在歐洲市場的一些免費電視頻道和網絡的內容。所以好消息是，HBO Max 仍然可以繼續存取其內容，即使在分開後，我們的訂閱用戶似乎仍然很重視這些內容。

And that will be the case, if, in fact, HBO Max goes ahead and splits as planned or if Warner is acquired as Warner. And obviously, if the company is acquired in whole, then they'll have access to everything.

如果 HBO Max 真的按計劃拆分，或者華納被收購，那麼情況就會如此。顯然，如果公司被整體收購，那麼他們將獲得所有資產。

Kannan Venkateshwar, Barclays.

Kannan Venkateshwar，巴克萊銀行。

So maybe a couple of questions on the streaming side. So one on the discovery side, when you think about the CNN streaming app or the T&T Sports app, it feels like the process over the last few years has been for streaming apps to consolidate. And this yields a little bit of a reversal of that process where different genres are basically disintegrating it to different apps, which comes with its own operating costs and so on.

所以，關於串流媒體方面，可能還有幾個問題。從發現的角度來看，當你想到 CNN 串流應用或 T&T Sports 應用程式時，你會感覺過去幾年串流應用的發展趨勢是整合。這就導致該過程出現某種程度的逆轉，不同類型的遊戲基本上被拆分成不同的應用程序，而這些應用程式又會產生自身的營運成本等等。

So I just wanted to get the thought process behind that instead of maybe leaning more into licensing some of these rigs and monetizing it in a more, I guess, cost light manner. So some thoughts on that would be useful.

所以我只是想了解背後的思考過程，而不是更多地傾向於授權這些設備並以一種成本更低的方式將其貨幣化。所以，如果能就此提出一些想法就太好了。

And then on the linear side, the decline rate when it comes to linear distribution, seems to be a little different from your peers in the sense that your 2% affiliate increases are a little lower than what most of your peers seem to be talking about and the subscriber rate decline rates also seem to be higher. Is this because of some kind of a reset? And does this become a comp benefit as you go into next year and beyond with starts to benefit you?

而在線性方面，就線性分銷而言，您的下降率似乎與同行略有不同，因為您的 2% 聯盟增長略低於大多數同行所談論的水平，而且訂閱率下降率似乎也更高。這是因為某種重置造成的嗎？進入明年及以後，這是否會成為一項對你有利的補償福利？

Let me start with CNN and then, Gunnar, why don't you take over the others. So we've been very quietly -- Mark Thompson has hired a whole team, including a big group from the New York Times when he was there, where he rebuilt the New York Times as a digital business. This CNN product is the -- it's the first of many. But it's quite compelling, and we see it as a stand-alone. That doesn't mean that it wouldn't be bundled with multiple other products, but we had it on Max and HBO Max.

我先從 CNN 開始，然後，Gunnar，為什麼不接手其他的呢？所以我們一直非常低調——馬克湯普森已經聘請了一整個團隊，其中包括他在《紐約時報》任職期間的一大批人，他當時將《紐約時報》重建為一家數位企業。這是 CNN 推出的眾多產品中的第一款。但它非常引人入勝，我們認為它本身就是一部獨立的作品。但這並不意味著它不會與其他多種產品捆綁銷售，不過我們在 Max 和 HBO Max 上都看到了它。

And people look to the news, but this is a very compelling proposition that anyway, it's now here in the US, but very soon, it will be anywhere in the world you go, you can subscribe to CNN, where you could see CNN live. So if anything is happening in the world, if you wake up and tanks are rolling in Russia, and you want to know anywhere in the world, what is going on, when those events happen, CNN is on in every president's office and every Prime Minister's office. And it's when -- because we're the only real global news operation.

人們會關注新聞，但這是一個非常有說服力的提議：無論如何，它現在在美國已經存在，而且很快，它將遍及世界各地，無論你走到哪裡，你都可以訂閱 CNN，在那裡你可以觀看 CNN 直播。所以，如果世界上發生了什麼事，例如你一覺醒來發現坦克在俄羅斯橫衝直撞，而你想知道世界上任何地方正在發生什麼，當這些事件發生時，每個總統辦公室和每個總理辦公室都在播放 CNN。正是因為我們是唯一真正的全球新聞機構。

Mark and Alex have built a product around this idea that people everywhere in the world need to know from the most trusted source and news, what is really happening from journalists on the ground that they can trust. And so this will be -- if you have it, you'll see it. It's a terrific everyday product with robust opportunity to get [nourished] with all kinds of news other than the live feed or to have multiple live feeds.

馬克和亞歷克斯圍繞著這樣一個理念打造了一款產品：世界各地的人們都需要從最值得信賴的新聞來源了解當地正在發生的事情，而這些新聞是由他們可以信任的現場記者報道的。所以，如果你擁有它，你就會看到它。它是一款非常棒的日常產品，除了即時新聞之外，還提供各種新聞獲取管道，或者可以同時接收多個即時新聞。

But in a world of AI and in a world of so many voices of what is really going on, to be able to be anywhere in the world at any time and hear something is happening and be able to go to this. We're very bullish on this as an independent product that will be of real scale, but also really important for society that we have this and making use of everything that's been built at CNN. And again, that could be packaged with almost anybody, but it's off to a very good start.

但在人工智慧時代，在一個充斥著各種關於真實情況的聲音的世界裡，能夠隨時隨地聽到世界正在發生的事情，並且能夠參與其中，這是多麼令人興奮。我們非常看好這款獨立產品，它將擁有真正的規模，而且對於社會來說也非常重要，因為我們擁有了它，並利用了 CNN 已經建立的一切。再說一遍，這幾乎可以和任何人綁在一起，但這確實是一個非常好的開始。

And Kannan, the only thing I would add is, don't think of it as sort of completely separate stand-alone products and technology stacks. JB and the team have built a phenomenal platform over the past few years. And to some extent, we're -- these are skins on essentially the same product platform. So there is very limited incremental operating costs. And also from a consumer perspective, think of it more as sort of modules that you could activate together.

Kannan，我唯一要補充的是，不要把它們看作是完全獨立的獨立產品和技術堆疊。JB 和他的團隊在過去幾年裡打造了一個非常棒的平台。從某種程度上說，這些本質上是同一產品平台上的不同皮膚。因此，新增營運成本非常有限。從消費者的角度來看，可以把它想像成可以一起啟動的各種模組。

And what we've seen in virtually every market globally where we have experimented with news and sports, we've seen the greater commercial success by offering sports as a buy through as opposed to making it available more broadly to an entire sort of completely bundled or completely integrated products. So that's the rationale behind this.

我們在全球幾乎所有嘗試將新聞和體育相結合的市場中都看到，與將體育內容更廣泛地納入某種完全捆綁或完全整合的產品中相比，將體育內容作為一項單獨的購買項目能取得更大的商業成功。這就是背後的邏輯。

On the distribution decline rates, it is true that in 2025, we're working through a transition period here. We have given greater flexibility in the recent round of renewals as others have as well, to some extent, across the industry.

關於分配下降率，確實，到 2025 年，我們正處於過渡期。在最近的續約談判中，我們給予了更大的靈活性，其他一些公司也在一定程度上採取了類似的措施，這在整個行業中很常見。

And I do believe that we're seeing some of those benefits come from already. If you look at how Charter has consistently reported their video subscribers with definitely a positive trend for the industry. So I do think we're doing the right thing here as an industry and as a company, and I certainly expect a slightly better trajectory in the near to midterm for us.

而且我相信我們已經開始看到其中一些好處了。如果你看看Charter是如何持續報告其影片訂閱用戶數量的，你會發現這絕對是該行業的一個積極趨勢。所以我認為，作為一個行業和一個公司，我們正在做正確的事情，我當然期望在中短期內我們的發展軌跡會略有改善。

Robert Fishman, MoffettNathanson.

Robert Fishman，MoffettNathanson。

Can you share more on your confidence to gain global scale with HBO Max ahead of your next wave of international launches? And any updated thoughts on how HBO Max's scale is able to best compete with the other larger SVOD platforms? And how that will translate into streaming revenue growth maybe accelerating next year?

在下一輪國際推廣之前，您能否分享一下您對 HBO Max 實現全球規模化的信心？關於HBO Max如何憑藉其規模優勢與其他大型SVOD平台更好地競爭，您有什麼最新的想法嗎？那又將如何轉化為明年串流媒體收入成長的加速呢？

And then shifting over just to your content spending and budgets as you think about next year. Can you just help us think about the right balance of investing in new IP versus leaning into your franchises? Where do you think you create the most amount of value clearly seeing the momentum in the studio, thinking about DC Comic here versus new IP that you've created across the platforms?

然後，在考慮明年的計畫時，再來看看你的內容支出和預算。您能否幫我們思考一下，在投資新IP和大力發展現有特許經營業務之間，如何找到合適的平衡？考慮到工作室的發展勢頭，你認為在哪些方面能創造最大的價值？例如，你考慮的是DC漫畫，還是你在各個平台上創作的新IP？

Okay. JB and Casey have really established a very unique product with the largest motion picture and TV library together with the robust original content together with Motion Picture. And as you go outside the US local sports and local content, all adding up to a market position of highest quality streaming service, which is, as you go around the world, is in all of the surveys is how we are seeing.

好的。JB 和 Casey 確實打造了一個非常獨特的產品，擁有最大的電影和電視節目庫，以及強大的原創內容和電影。當你把目光投向美國以外的地區，你會發現當地的體育賽事和本地內容，所有這些都構成了最高品質的串流媒體服務的市場地位。正如我們在世界各地的調查中所看到的，情況正是如此。

And we're starting to see that there's a real advantage in us having a differentiated view within the marketplace as being high quality. We think it gives us opportunity for real growth. It also gives us an opportunity over time with economics. And we're starting to be seen in a meaningful way and known with HBO Max as a brand and that acceleration is beginning. JB, what are you take them through what you're seeing on the ground?

我們開始意識到，在市場上擁有差異化的高品質形象，這確實具有優勢。我們認為這為我們提供了真正發展的機會。隨著時間的推移，它也為我們提供了經濟發展的機會。我們開始以一種有意義的方式被人們看到，並以 HBO Max 品牌而聞名，這種加速發展正在開始。JB，你打算如何向他們介紹你在現場看到的情況？

Yes, Robert, on the scaling point, what makes this -- part makes us confident, a, is we've seen data points, obviously, with things like the Australian launch this year of markets where our content has been in market maybe through a licensed partner or a distributor for years. And we know the success of the content in those markets. We've seen it. We have the data on the performance.

是的，羅伯特，關於規模化這一點，讓我們有信心的部分原因在於，我們已經看到了一些數據點，例如今年在澳大利亞的推出，而我們的內容可能已經通過授權合作夥伴或分銷商在市場上銷售多年。我們知道這些內容在這些市場取得了成功。我們已經看到了。我們有關於業績的數據。

And that's partly what gives us high confidence, particularly in these three big European markets, UK, Germany and Italy of what the content can do once it comes out of those license agreements and into our stand-alone HBO Max service, number one.

這也一定程度上讓我們對內容在英國、德國和義大利這三大歐洲市場的發展充滿信心，相信一旦內容擺脫了授權協議的束縛，進入我們獨立的 HBO Max 服務，就能取得巨大的成功。

Number two is the product is the content. And at the end of the day, the slate that we have coming in '27, building into '27 and launching into a decade of Harry Potter, we feel better than ever about the quality, both in terms of the performance of that content as well as an increasing volume, both of US originated content as well as some local OP, local original productions in select markets.

第二點是產品就是內容。最終，對於我們即將於 2027 年推出的一系列作品，以及由此開啟的哈利波特十年，我們比以往任何時候都更有信心，無論是內容的表現，還是數量上的增長，包括美國原創內容以及特定市場的一些本地原創作品。

And then as David said, look, no consumers anywhere in the world right now are asking for more content. Many consumers are sort of drowning in the more. We feel better and better about where we've landed over the last 12, 24 months in differentiating our proposition all based on, as David said, quality. And it's really starting to resonate.

正如大衛所說，你看，目前世界上沒有任何消費者要求更多內容。許多消費者感覺自己被「更多」的商品淹沒了。在過去 12 到 24 個月裡，我們透過差異化我們的產品主張，取得了越來越好的結果，正如大衛所說，這一切都基於品質。而且它真的開始引起共鳴了。

And you see that from every hit that Casey and the team have been producing with the numbers growing, not only in absolutes, but also week-to-week this year between the Pitt growing week-to-week Last of Us, now we're starting to see that -- we saw that with Task. And so our marketing content and product improvements give us a lot of confidence that we can continue to see great penetration and growth as we scale.

你可以看到，凱西和他的團隊製作的每一款熱門遊戲，其銷量都在增長，不僅絕對銷量在增長，而且今年每週的銷量也在增長，從匹茲堡的《最後生還者》每週都在增長，現在我們開始看到這一點——我們在《任務》中也看到了這一點。因此，我們的行銷內容和產品改進讓我們非常有信心，隨著規模的擴大，我們可以繼續看到巨大的市場滲透率和成長。

And the total 150 million subs that David referenced earlier, a bunch of those we have through partnerships that we have locked in. And so we have good visibility towards both revenue and the scaling of subscribers in that time. And we can't wait to get after it. 2026 should be for us the biggest year of growth that we've seen in a long time for HBO Max.

大衛之前提到的 1.5 億訂閱用戶總數，其中許多都是我們透過合作關係獲得的。因此，我們可以很好地了解這段時間內的收入和用戶數量的成長。我們迫不及待地想要開始行動。 2026年應該是HBO Max近年來成長最快的一年。

Ben Swinburne, Morgan Stanley.

本‧斯溫伯恩，摩根士丹利。

I have two questions. David, when you look at how well Mike, Pam, Shannon and the team have done over the last couple of years, especially this year at the Studio, it's obviously very encouraging. You have a $3 billion -- I believe, a $3 billion EBITDA ambition at the studio. I'm wondering if you could talk about the bridge from what we're seeing in 2025 to that level of profitability, which I don't think we've ever seen from Warner Bros. business in the past.

我有兩個問題。大衛，看看麥克、潘姆、香農和他們的團隊在過去幾年，特別是今年在工作室的成就，這顯然非常令人鼓舞。我相信，你們工作室的目標是實現 30 億美元的 EBITDA。我想請您談談從我們目前看到的 2025 年的狀況到那種盈利水平之間的過渡，我認為華納兄弟公司過去從未達到過那種盈利水平。

And then, Gunnar, I don't know if you want to answer this, but can you talk a little bit about any tax implications should you guys change the structure that you talked about in the strategic review press release specifically selling Warner Bros. and spinning Discovery Global? And is there a point at which the process you're running puts the separate -- the tax-free nature of the separation that is still Plan A at risk? It would be helpful for us to understand how that all works.

然後，Gunnar，我不知道你是否願意回答這個問題，但如果你改變你在戰略評估新聞稿中提到的結構，特別是出售華納兄弟並剝離Discovery Global，你能否談談任何稅務影響？那麼，你正在執行的流程是否存在這樣的時刻，會危及方案 A 中分離的免稅性質？了解這一切是如何運作的，對我們很有幫助。

Ben, let me start with the second question. The answer is no, I don't want to provide any more color on that process. David, do you want to start with the $3 billion ambition?

本，我先回答第二個問題。答案是否定的，我不想再透露更多關於這個過程的細節。大衛，你想先從30億美元的目標開始嗎？

Yes, sure. And remember, the objective is get to the $3 billion and then get a real growth rate off of that, which we believe that we could do. And it started with really getting back to basics on the fact that we have such a huge advantage with all the known IP and the talent within this company, New Line making horror films and for a price together with comedies that you'll start to see coming next year also for a price. On top of that, we have DC with James and Peter off to a great start with Superman, Super Girl has already been shot, Clayface has already been shot.

當然可以。記住，我們的目標是達到 30 億美元的目標，然後在此基礎上實現真正的成長率，我們相信我們能夠做到這一點。這一切都始於回歸基本，認識到我們擁有巨大的優勢，包括所有已知的知識產權和公司內部的人才，新線影業製作恐怖電影，而且價格不菲，還有喜劇電影，明年你們就會看到它們也價格不菲。除此之外，DC方面，詹姆斯和彼得在超人計畫上取得了巨大成功，超級少女和泥臉計畫也已經啟動。

The script for the next Superman has already been written. Batman 2 with Matt Reeves is terrific. And then we have Warner Animation with Bill Domanski. Mike and Pam a doing really a terrific job in this four-part strategy where we really use tentpoles and then mini tentpoles, whether it's Lord to the Rings, Batman, Superman, Wonder Women that we use the tentpoles that we have that are known all around the world and then the mini tentpoles, which might be Gremlins and Goonies and Practical Magic and then original.

下一部超人的劇本已經寫好了。馬特里夫斯執導的《蝙蝠俠2》非常棒。然後是華納動畫公司和比爾·多曼斯基。麥克和潘姆在這個四部分策略中做得非常出色，我們真正使用了支柱作品和小型支柱作品，無論是《魔戒》、《蝙蝠俠》、《超人》或《神力女超人》，我們都使用了享譽全球的支柱作品，然後是小型支柱作品，例如《小精靈》、《七寶奇謀》和《魔法奇緣》，最後是原創作品。

And we -- with a lot of discipline, we think that's going to be and is very strong. And our content I've been saying for a long time, has been under used. We haven't seen Superman for 13 years. You haven't seen Harry Potter for 14 years. You haven't seen Lord of the Rings for over a decade, and Peter Jackson has been working hard with us on that film that you'll see in '27.

我們——憑藉嚴格的紀律，我們認為這將非常強大，而且現在確實非常強大。正如我一直以來所說，我們的內容一直沒有被充分利用。我們已經13年沒見過超人了。你已經14年沒看過《哈利波特》了。你已經十多年沒看過《魔戒》了，彼得傑克森一直在和我們一起努力製作這部電影，你將在 2027 年看到它。

And so we're very excited about mining and the original together. We also have the biggest TV and motion picture library in the world, which generates a lot of the economics of the studio. And we've been very, I think, judicious about how we do that. We could be generating another $1 billion or $2 billion if we decided to sell a lot of the most important IP that we have.

因此，我們對採礦和原始技術結合起來感到非常興奮。我們還擁有世界上最大的電視和電影資料庫，這為工作室帶來了大量的經濟收入。我認為，我們在這方面一直做得非常謹慎。如果我們決定出售我們擁有的許多最重要的智慧財產權，我們可能會再獲得 10 億到 20 億美元的收入。

But you've seen that we've been very precious about selling content from HBO because we really believe that -- and it's starting to pay off now that if you want to see the highest quality content, if you want to see the Wire, if you want to see Game of Thrones, if you want to see a series like Task or White Lotus, you don't get to see that anywhere else. And so that is working.

但你們也看到了，我們一直非常珍惜 HBO 的內容，因為我們真心相信——而且現在也開始有所回報了——如果你想看最高品質的內容，如果你想看《火線》，如果你想看《權力的遊戲》，如果你想看像《任務》或《白蓮教》這樣的劇集，你在其他任何地方都看不到。所以，這種方法奏效了。

Canning's team has never been stronger. We have the best writers and directors working for us, over 70. We have over 80 shows in production at a time when everyone else is declining because less money is being spent where the studios just -- has never been stronger. And it was just coming off of a load of Emmy nominations and a lot of Emmy wins. And so we -- that business is going very strong.

坎寧的團隊從未如此強大。我們擁有超過 70 位最優秀的編劇和導演。在其他所有節目都在減少投入資金的時候，我們卻有超過 80 個節目正在製作中，而製片廠的實力卻從未如此強勁。而且它剛剛獲得了一大批艾美獎提名和許多艾美獎獎項。因此，我們的業務發展非常強勁。

We then have experiences where -- that's an area that we've been building by launching Harry Potter in Shanghai. And then we have a number of other Harry Potters facilities that we're going to be launching around the world, together with a whole team that is now working on monetizing the additional value through merchandising of our IP. And it's something that we haven't done particularly well. Disney has done really well. And so we've built a whole new team that's going after that.

然後，我們累積了一些經驗——這是我們透過在上海推出哈利波特系列電影而一直在建立的領域。此外，我們還將在世界各地推出許多其他哈利波特主題設施，並組建了一個團隊，致力於透過我們的智慧財產權商品化來實現額外價值。而這正是我們做得不夠好的地方。迪士尼做得非常出色。因此，我們組建了一個全新的團隊來攻克這個目標。

And so overall, we're very bullish. We have the number 1 TV studio. The Motion Picture business is doing great. Richard Brenner at New Line has had an unbelievable year for us, and we're excited about the next two years and what he has going. And we can't wait to launch Cat in the Hat with Bill Domanski. But the real stability is our library, and Canning's ability to be the fact that she's distinguished herself as the quality producer in television. And we're using a lot more of our content now within our own company, which has provided real value to us.

因此，總體而言，我們非常看好。我們擁有排名第一的電視攝影棚。電影業發展勢頭良好。Richard Brenner 在新線影業度過了令人難以置信的一年，我們對未來兩年以及他正在做的事情感到興奮。我們迫不及待想和比爾多曼斯基一起推出《戴帽子的貓》。但真正的穩定性在於我們的節目庫，以及坎寧作為電視行業優秀製片人的能力。現在我們在公司內部更多地使用我們的內容，這為我們帶來了真正的價值。

And David, maybe just two more points on that last point because I think it's important for people to understand. We have pretty significantly shifted from external monetization of our library to internal monetization of our library. And that means that we have, over the past few years, pretty significantly eliminated in our company profit.

大衛，關於最後一點，或許我還要補充兩點，因為我覺得這很重要，需要讓大家理解。我們已經從圖書館的外部獲利模式大幅轉向了圖書館的內部獲利模式。這意味著在過去的幾年裡，我們公司的利潤已經大幅下降。

Those profits are sitting on the balance sheet or waiting to bleed back into the business. In other words, it's going to support our profitability going forward since we're now at a much more steady state across those roughly $5 billion of content licensing.

這些利潤要麼躺在資產負債表上，要麼等著重新投入企業營運。換句話說，由於我們目前在約 50 億美元的內容授權方面處於更穩定的狀態，這將有助於我們未來的獲利能力。

The second point is Channing, I think, has also, with her team, done a phenomenal job managing the transition from a broadcast focused production system to an SVOD focused system. It has an immediate short-term benefit of, obviously, sort of the cost plus model, has had the disadvantage of licensing terms being longer, but we're also on the backside of that.

第二點是，我認為 Channing 和她的團隊在管理從以廣播為中心的製作系統向以 SVOD 為中心的系統的過渡方面也做得非常出色。顯然，成本加成模式的直接短期好處是，許可期限較長，但這種模式的缺點是許可期限較長，不過我們也正在克服這個缺點。

Over the next three to five years, a lot of those early streaming shows are going to come back and replenish the library and sort of reinvigorate that sales business as well. So Channing has done a phenomenal job and set us up, I think, for another big cycle of strong growth.

在接下來的三到五年裡，許多早期的串流節目將會回歸，豐富其內容庫，並在某種程度上重振銷售業務。所以，我認為 Channing 做得非常出色，為我們開啟了另一個強勁成長的大周期。

Steven Cahall, Wells Fargo.

史蒂文‧卡哈爾，富國銀行。

David, I was wondering if you could talk a little bit about HBO and its content process. You were just speaking a lot to Ben's question about the value of IP at Warner Bros. and how much value you've done in mining that. And I think what makes HBO unique is not mineable IP, but this ability to kind of reinvent with new originals all the time.

大衛，我想請你談談HBO及其內容製作流程。你剛才一直在回答本關於華納兄弟公司智慧財產權價值以及你在挖掘這些智慧財產權方面創造了多少價值的問題。我認為HBO的獨特之處不在於其可挖掘的智慧財產權，而在於其不斷推出原創作品的能力。

So if we think about HBO either as something that you'll own or maybe someone else could own in the future, what is really unique to it that can't be found anywhere else and separates it from other streaming services from a content development standpoint?

所以，如果我們把 HBO 看作是你未來可能擁有的東西，或者將來其他人可能擁有的東西，那麼從內容開發的角度來看，它真正獨特之處在於它有哪些其他串流媒體服務所不具備的特質，使其與其他串流媒體服務區分開來呢？

And then, Gunnar, just on sports, I mean, you talked about needing some opportunity in sports over the next three to five years and how important it is to linear. Do you think that those opportunities will exist with rights that become available to market? Or do you think you may need to think somewhat inorganically as well about ensuring that that business has sufficient sports rights?

然後，Gunnar，就體育方面而言，我的意思是，你談到了未來三到五年在體育方面需要一些機會，以及保持線性發展的重要性。你認為隨著版權進入市場，這些機會會存在嗎？或者您認為，您還需要從某種非有機角度考慮，以確保該企業擁有足夠的體育賽事版權？

I'll take that last one right quick. I was primarily thinking about opportunities coming up in the market on an organic basis, Steve.

我馬上把最後一個拿走。史蒂夫，我主要考慮的是市場上自然出現的各種機會。

Let me talk to HBO because this business that we're in about telling stories and the magic of it is all about the best creatives behind the screen and in front of the screen. And we all know it starts with script, but it's also the ability to work with the best creatives to tell the best stories. And if you just look at the track record of Casey Bloys and Amy Gravette and Frannie and Sara Aubrey, Anita Rosenstein and Nancy and Lisa and docs, this team has been together for almost 15 or 20 years.

讓我和 HBO 談談，因為我們所從事的這個講述故事的行業，以及故事的魅力，都離不開幕後和幕前最優秀的創意人員。我們都知道，一切始於劇本，但更重要的是能夠與最優秀的創意人員合作，講述最精彩的故事。如果你看看 Casey Bloys、Amy Gravette、Frannie 和 Sara Aubrey、Anita Rosenstein、Nancy 和 Lisa 以及其他醫生的過往記錄，你會發現這個團隊已經合作了近 15 到 20 年。

They love what they do. That they wake up every day and fight for the most compelling story and people love to work with them because there's a shared passion. There's also -- at HBO, when you're working with Casey and Amy and Frannie and Sarah, and that -- we get that series. We fight globally that everyone -- that everyone should see it, that we believe in it and will this idea of community of putting that on every Sunday night or every Monday night or every Thursday night and having a real community conversation about story, it feels on fashion, but it's extremely powerful.

他們熱愛自己的工作。他們每天醒來都為爭取最引人入勝的故事而奮鬥，人們喜歡與他們共事，因為彼此有著共同的熱情。還有——在 HBO，當你和 Casey、Amy、Frannie 和 Sarah 一起工作時，我們就能製作出那樣的劇集。我們從全球範圍內爭取讓每個人——每個人都能看到它，我們相信它，並且會秉持這種社區理念，每週日晚上、每週一晚上或每週四晚上播出，就故事展開真正的社區對話，這感覺像是時尚，但它非常強大。

Whether it's Gilded Age or whether it's a TASC or whether it's White Lotus for the 8 weeks or 12 weeks or The Pitt, 15 weeks, it becomes something that we could all talk about. And in that process of selecting the most compelling stories and then fighting when we put it on HBO to have -- to really cherish these shows that it's also when people are thinking where they want to go. We get a lot of the best product for less money because they want to be on HBO and they want to be seen.

無論是鍍金時代，還是 TASC，還是為期 8 週或 12 週的白蓮花，或是為期 15 週的匹特，它都成了我們所有人都可以談論的話題。在這個過程中，我們挑選出最引人入勝的故事，然後努力爭取在 HBO 上播出——真正珍惜這些節目，因為這也是人們思考未來發展方向的時候。我們能以更低的價格買到很多最好的產品，因為他們想上 HBO，想被看到。

And so I think it's all about Casey and Amy and Frannie and Sarah. They're exceptional. Their teams are exceptional. And even the docs, we get a huge viewership of our documentaries. And when we do research, a lot of times, people say, I didn't love Billy Joel, but it was an HBO documentary, so I watched it. And wow, was that great. And so this idea of fighting for real quality and telling the best stories is something that is best exemplified by HBO.

所以我覺得這一切都跟凱西、艾米、法蘭妮和莎拉有關。他們非常出色。他們的團隊非常出色。就連紀錄片也獲得了巨大的收視率。當我們做研究時，很多時候人們會說，我並不喜歡比利喬爾，但因為這是一部 HBO 紀錄片，所以我就看了。哇，真是太棒了。因此，HBO 正是這種追求真正品質和講述最佳故事理念的最佳體現。

And we added Channing and the whole team to it. When we got here, Warner Bros. did not produce for HBO And the relationship between Casey and Channing and the fact that they're working together with JK on Harry Potter and they worked together on The Pitt and they worked together on The Penguin just elevates us. We're the biggest and best producer of TV and motion pictures in the world, and we're much more efficient about making sure a lot of that great content gets to Casey and that it gets nourished before it goes on the air.

我們還把查寧和整個團隊都加了進去。我們剛到這裡的時候，華納兄弟還沒有為 HBO 製作節目。凱西和查寧之間的關係，以及他們與 JK 合作製作《哈利波特》，他們也合作製作了《匹茲堡》和《企鵝人》，這些都提升了我們的檔次。我們是全球規模最大、最優秀的電視和電影製作公司，我們能夠更有效率地確保大量優質內容送到凱西手中，並在播出前進行完善。

Ric Prentiss, Raymond James.

瑞克普倫蒂斯，雷蒙德詹姆斯。

I want to look at ARPU trends in the streaming. There's been a lot of moving pieces there, but can you walk us through a little bit about how you see that playing out domestically and internationally?

我想了解一下串流媒體的ARPU（每位用戶平均收入）趨勢。這其中有很多變數，您能否給我們簡單介紹一下，您認為這會在國內和國際上如何發展？

And then I want to circle back to the earlier question about the monetization of IP. I think last quarter, you mentioned moved up from $0.22 to $0.30 versus like Disney doing $1 dollar. Can you lay out some of the items that you think you could achieve there? Because that might be part of the valuation gap, if you will, as far as where the unseen increased value in Paramount or other people might be missing as far as what you can really achieve even on your own. So ARPU streaming and that monetization question.

然後我想回到之前關於知識產權貨幣化的問題。我認為上個季度，你提到股價從 0.22 美元漲到了 0.30 美元，而迪士尼的股價是 1 美元。您能否列出一些您認為在那裡可以實現的目標？因為這可能就是估值差距的一部分，也就是說，派拉蒙或其他公司可能沒有展現出應有的價值成長，而你即使靠自己也能真正取得成就。所以，ARPU串流媒體播放和獲利模式的問題。

Yes, Ric, it's JB. On the ARPU streaming side, obviously, in the near term, as we sort of disclosed on the second quarter call over the summer, on the U.S. ARPU trend, because there are really two factors. One is the reset back to market rates of an affiliated party transaction that had happened starting in the back end of the second quarter this year flowing through to the second quarter of next year. We do see some pressure on ARPU in the US. for the next three quarters, but then have high confidence of returning back to ARPU growth starting in the back half of '26 in the US.

是的，Ric，是JB。就 ARPU 串流媒體方面而言，顯然，就近期而言，正如我們在夏季第二季度電話會議上所揭露的那樣，關於美國 ARPU 趨勢，因為實際上有兩個因素。其中一項是將關聯方交易的利率重置回市場利率，該交易從今年第二季末開始，一直持續到明年第二季。我們認為未來三個季度美國ARPU（每用戶平均收入）將面臨一些壓力，但我們非常有信心從2026年下半年開始，美國ARPU將恢復成長。

The second component that is changing the dynamics of the ARPU a little bit, both internationally and in the US is obviously, we're about 12 to 18 months into our rollout of our ad-supported SKU, which is particularly internationally, has been in the US for a couple of years, internationally, really only started rolling out in 2024. And in that build-out, naturally, you're going to see some ARPU pressure as that lower price distribution SKU ramps and rolls out and gains more share of our total subscriber base.

第二個稍微改變 ARPU 動態的因素，無論是在國際上還是在美國，顯然是，我們的廣告支援 SKU 已經推出大約 12 到 18 個月了，尤其是在國際上，它在美國已經推出幾年了，但在國際上，它實際上只是在 2024 年才開始推出。在這種發展過程中，隨著低價分銷 SKU 的逐步推廣和普及，以及在我們總用戶群中獲得更大份額，ARPU 自然會面臨一些壓力。

And in the monetization, we're being -- on the ad piece of the monetization, we're being very judicious because we do see ourselves, just like we talked about in the quality of content and storytelling side, we also see ourselves as a premium service and want to make sure we keep our premium rates in the marketplace.

在盈利方面，我們在廣告盈利方面非常謹慎，因為我們把自己視為一項優質服務，就像我們在內容品質和故事講述方面所討論的那樣，我們希望確保我們在市場上保持高價位。

And so the opportunity and the good news there is we are seeing very good pricing across the globe. But we also are holding on and fighting for that premium pricing and not just throwing in the towel to drive volume. And so over time, as we increase fill rates, particularly internationally, we continue to see a good upward trajectory of ARPU internationally.

因此，機會和好消息是，我們看到全球範圍內的價格都非常優惠。但是，我們仍然堅持並爭取高價位，不會為了追求銷售而輕易放棄。因此，隨著時間的推移，隨著我們提高訂單滿足率，尤其是在國際市場，我們看到國際市場的 ARPU 持續呈現良好的上升趨勢。

Not to mention, obviously, that we are also continue to have a good cadence of price increases scheduled, both you saw one obviously in the US recently, internationally, the same will happen on a good regular cadence. And so the combination of better monetization on the ad sales side pricing increases. And then continued enforcement on the password sharing side of the house, which both between the add-on member as well as generally just new subscriptions is going to drive further ARPU upside.

更不用說，我們顯然也將繼續按計劃進行價格上漲，無論是最近在美國已經看到的一次，還是在國際上，這種情況都會定期發生。因此，廣告銷售方面更好的獲利能力導致價格上漲。然後繼續加強對密碼共享方面的監管，無論是在附加會員之間還是在一般的新訂閱用戶之間，都將進一步提高每位用戶平均收入 (ARPU)。

And so a little noisy for the next couple of quarters because of those two points and then getting back to healthy growth in 2026.

因此，由於這兩點原因，未來幾季市場可能會有些波動，然後預計在 2026 年恢復健康成長。

And then, Rick, on franchise management and the opportunity there. I think the most important change is that for the first time, now we've had a team to oversee the coordination of everything -- every activity related to our content franchises across the company, not every franchise, but the most important one is to make sure that we really leverage those brands and the content in the best way possible.

然後，里克談到了特許經營管理以及其中的機會。我認為最重要的變化是，我們現在第一次有了一個團隊來監督所有事情的協調——公司內與我們內容品牌相關的每一項活動，不是每個品牌，但最重要的是確保我們以最佳方式真正利用這些品牌和內容。

We've got one phenomenal example. The company has always done a great job with Harry Potter. And you can see what's possible with the full coordination between licensing, consumer products, experiences, now soon a series, the films, et cetera. So that's always been a stronghold. But the team has now sort of worked actively and systematically to prioritize the next set of franchises.

我們有一個絕佳的例子。這家公司在哈利波特系列電影的製作上一直都很出色。你可以看到，透過授權、消費品、體驗、即將推出的劇集、電影等等之間的全面協調，將會產生怎樣的可能性。所以那裡一直都是個堡壘。但現在，該團隊已經積極主動、有條不紊地開展工作，以確定下一批特許經營權的優先順序。

DC is one example that you already see in real life with Peter Safar and James Gunn taking to fundamentally different approach soup to nuts from an integrated Canon for the storytelling, coordinated approach to what stories become theatrical, what stories become serial, what stories become interactive in the gaming space.

DC 就是一個例子，你已經可以在現實生活中看到，彼得·薩法爾和詹姆斯·古恩採取了截然不同的方法，從頭到尾都採用了統一的劇情設定，協調地決定哪些故事會搬上舞台，哪些故事會成為連續劇，哪些故事會成為互動遊戲。

And they're embracing all forms of monetization from the get-go, thinking consumer products during production already. And the team is already looking forward what the next priority franchises could be with Game of Thrones, with Hanna-Barbera, Looney Tunes. It's just a fundamentally different approach than what the company has done historically.

他們從一開始就擁抱各種形式的獲利模式，在生產過程中就已經開始考慮消費性產品了。團隊已經開始展望下一個優先合作的系列作品，包括《權力的遊戲》、漢納-巴伯拉動畫公司和《樂一通》動畫。這與公司以往的做法截然不同。

When we first came together as Warner Bros. Discovery; there was a complete disconnect and sometimes the consumer products team would read in the news about a release date changing for a film, which would throw a monkey rent in their entire annual plan. So we've made a lot of process changes, brought in a new team, and I think this is going to pay dividends over many, many years to come.

當我們最初以華納兄弟的名義走到一起時。探索頻道；當時完全脫節，有時消費品團隊會在新聞中看到電影上映日期變更的消息，這會給他們的整個年度計劃帶來巨大的麻煩。因此，我們進行了許多流程改進，引入了一個新的團隊，我認為這將在未來很多年帶來回報。

Thank you very much.

非常感謝。

Thank you. Ladies and gentlemen, there are no further questions at this time. That concludes today's conference call. Thank you for your participation. You may now disconnect.

謝謝。女士們、先生們，目前沒有其他問題了。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。