華納兄弟探索 (WBD) 2026 Q2 法說會逐字稿

Ladies and gentlemen, welcome to the Warner Bros. Discovery second quarter 2026 earnings Conference Call. (Operator Instructions) Additionally, please be advised that today's conference call is being recorded.

各位女士、先生，歡迎參加華納兄弟探索（Warner Bros. Discovery）2026 年第二季財報電話會議。（接線員指示）此外，敬請注意，今天的電話會議將被錄音。

I would now like to hand the conference over to Mr. Peter Lee, Senior Vice President, Investor Relations. You may begin.

現在我想把會議交給投資人關係資深副總裁 Peter Lee 先生。您可以開始了。

Good morning, and thank you for joining us for our Q2 2026 earnings call. Joining me today from Warner Bros. Discovery's management is David Zaslav, President and Chief Executive Officer; Gunnar Wiedenfels, our Chief Financial Officer; and JB Perrette, CEO and President, Global Streaming and Games.

各位早安，感謝各位參加我們 2026 年第二季財報電話會議。今天與我一同出席的華納兄弟探索管理團隊成員包括：總裁兼執行長 David Zaslav；財務長 Gunnar Wiedenfels；以及全球串流與遊戲事業群執行長兼總裁 JB Perrette。

This morning, we issued our earnings release, shareholder letter and trending schedules. And these materials can be found on our website at ir.wbd.com.

今天早上，我們已發布財報新聞稿、致股東信以及趨勢附表。這些資料可在我們的網站 ir.wbd.com 查閱。

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. Forward-looking statements include, without limitation, statements about the benefits of the proposed transaction between Warner Bros. Discovery and Paramount's Skydance, future financial and operating results, the combined company's plans, objectives, expectations and intentions and other statements that are not historical facts.

今天的簡報將包含前瞻性陳述，我們係依據 1995 年《私人證券訴訟改革法》（Private Securities Litigation Reform Act of 1995）的安全港條款作出。前瞻性陳述包括但不限於：關於華納兄弟探索與派拉蒙（Paramount）的 Skydance 擬議交易之效益、未來財務與營運結果、合併後公司的計畫、目標、預期與意圖，以及其他非歷史事實之陳述。

Such statements are based upon the current beliefs and expectations of WBD'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.

此等陳述係基於 WBD 管理層目前的信念與預期，並受制於我們無法控制之外部重大風險與不確定性，可能導致實際結果與我們目前預期出現重大差異。

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.

關於可能影響上述預期之因素的更多資訊，請參閱本公司向美國證券交易委員會（SEC）提交的文件，包括但不限於本公司最近一期 Form 10-K 年度報告，以及 Form 10-Q 與 Form 8-K 報告。

WBD is not under any obligation and expressly disclaims any obligation to update, alter or otherwise revise any forward-looking statements whether written or oral, that may be made from time to time, whether as a result of new information, future events or otherwise, except to the extent required by applicable law.

除非適用法律另有要求，WBD 不承擔任何義務，並明確否認有任何義務去更新、變更或以其他方式修訂任何不時作出的（無論書面或口頭）前瞻性陳述，不論係因新資訊、未來事件或其他原因所致。

In addition, we will discuss non-GAAP financial measures on this call. Reconciliations of these non-GAAP financial measures to the closest GAAP financial measure can be found in our earnings release and in our trending schedule, which can be found in the Investor Relations section of our website.

此外，我們將在本次電話會議中討論非 GAAP 財務衡量指標。這些非 GAAP 財務衡量指標與最接近之 GAAP 財務衡量指標的調節表，可在我們的財報新聞稿以及趨勢附表中找到；上述資料可於我們網站的投資人關係專區查閱。

I will turn the call over to David for some brief remarks, after which we will take your questions. Before doing so, I ask that you limit your questions to topics related to our Q2 results and related business and financial topics. As noted in our shareholder letter, management will not be taking questions regarding the proposed Paramount Skydance transaction.

我將把電話會議交給 David 做一些簡短的開場說明，之後我們將回答各位的提問。在此之前，請各位將問題限制在與我們第二季業績以及相關業務與財務議題有關的範圍內。如我們在致股東信中所述，管理層將不回答有關擬議的派拉蒙 Skydance 交易之問題。

And with that, I'll turn it over to David.

那麼，接下來交給 David。

Good morning, everyone. From the beginning, we've said that our planned strategy is to build the world's leading storytelling company, one that attracts and retains the best creative talent, reaches global audiences and ultimately create shareholder value. For all that's changing and how people consume entertainment, we have held firm to our conviction that there is no substitute for creative excellence and quality storytelling, and it's driving strong results.

各位早安。從一開始，我們就表示我們的既定策略是打造全球領先的故事敘事公司——吸引並留住最優秀的創作人才、觸及全球觀眾，並最終為股東創造價值。面對娛樂消費方式的各種變化，我們始終堅持一項信念：創意卓越與高品質敘事無可取代，而這正推動我們取得強勁成果。

Nowhere is it more evident than our streaming business where the breadth, artistry and cultural influence of HBO programming across the globe is translating into great financial progress for HBO Max as a streaming offering. In Q2, our Streaming segment delivered more than $3 billion in revenues for the first time ever as subscriber-related revenue growth accelerated 200 basis points sequentially to 10% ex-FX with positive engagement and subscriber trends.

這在我們的串流業務中最為明顯：HBO 節目在全球的廣度、藝術性與文化影響力，正轉化為 HBO Max 作為串流服務在財務上的重大進展。第二季，我們的串流事業部門營收首次突破 30 億美元；在互動表現與訂戶趨勢正向的帶動下，訂戶相關營收成長率（不含匯率影響）較前一季加速 200 個基點至 10%。

And just as important, streaming generated $512 million in adjusted EBITDA, a more than 60% EBITDA improvement over the same period in 2025 and a nearly 17% adjusted EBITDA margin. This altogether represents a powerful and impressive business turnaround from a predominantly US-only HBO streaming business, losing $2 billion plus in 2022 to a global high-growth asset where HBO is globally recognized as the highest quality streaming service in the world.

同樣重要的是，串流業務創造了 5.12 億美元的調整後 EBITDA，較 2025 年同期 EBITDA 提升超過 60%，調整後 EBITDA 利潤率接近 17%。整體而言，這代表一項強而有力且令人印象深刻的業務轉型：從 2022 年以美國為主、虧損超過 20 億美元的 HBO 串流業務，轉變為一項全球高成長資產；HBO 也在全球被公認為世界上品質最高的串流服務。

HBO series are finding a bigger global audience more consistently than ever before. So far in 2026, The Pitt, Knight of the Seven Kingdoms, House of the Dragon and Euphoria have each averaged at least 25 million global viewers per episode with several programs exceeding 30 million average viewers. And with the new season of Gilded Age and the debuts of Lanterns and Harry Potter coming soon as well as our strong content pipeline in 2027, we expect that momentum to continue.

HBO 影集正以前所未有的穩定性觸及更龐大的全球觀眾。截至目前，2026 年《The Pitt》、《Knight of the Seven Kingdoms》、《House of the Dragon》與《Euphoria》每集平均全球觀眾數皆至少達 2,500 萬，且有多個節目平均觀眾數超過 3,000 萬。隨著《Gilded Age》新一季，以及《Lanterns》和《Harry Potter》即將推出，再加上我們 2027 年強勁的內容供給管線，我們預期這股動能將持續。

This year's Emmy awards also attest to our commitment to storytelling excellence with WBD leading the industry with 150 nominations. HBO Max alone led the industry and garnered 122 Emmy nominations, spanning 21 individual programs including '26 for Season 2 of The Pitt and '25 for the final season of Hacks. And Warner Bros.

今年的艾美獎提名也印證我們對卓越敘事的承諾，WBD 以 150 項提名領先業界。僅 HBO Max 就以 122 項艾美獎提名領先業界，涵蓋 21 個個別節目，其中包括《The Pitt》第二季獲 26 項提名，以及《Hacks》最終季獲 25 項提名。而華納兄弟

Television again showed that it is among the world's best television producers with 52 Emmy nominations, including 28 programs that we produce to third-party platforms like Shrinking and Abbott elementary.

電視部門再次證明其為全球最佳電視製作公司之一，獲得 52 項艾美獎提名，其中包括我們為第三方平台製作的 28 個節目，例如《Shrinking》與《Abbott Elementary》。

Our quality programming is also fueling our global networks resilience as they contend with continued headwinds. In Q2, our roster of premium sports properties showed its value as we saw the highest rated national championship basketball game ever on TNT Sports, a more than 20% increase in viewership for the MLB regular season thus far, and a 50% viewership increase for the NHL playoffs.

我們的高品質節目內容也在面對持續逆風之際，支撐了全球網路事業的韌性。第二季，我們的頂級體育資產組合展現其價值：TNT Sports 播出的全國冠軍籃球賽創下史上最高收視；MLB 例行賽迄今收視較去年同期提升逾 20%；NHL 季後賽收視則提升 50%。

In a turbulent geopolitical moment, the quality, trustworthiness and reliability of CNN's journalism again proved itself. In Q2, CNN linear viewership increased 24% over the previous year, and minutes spent across all CNN platforms increased 19%. And our network brands were home to 4 of the top 10 shows in general entertainment across all cable networks during the second quarter.

在地緣政治動盪的時刻，CNN 新聞報導的品質、可信度與可靠性再次獲得證明。第二季，CNN 線性收視較去年增加 24%，而在所有 CNN 平台上的觀看分鐘數增加 19%。此外，在第二季所有有線電視網的一般娛樂節目中，我們的網路品牌囊括了前 10 名節目中的 4 個。

Just recently, Discovery Shark Week saw its highest year-over-year growth in more than a decade with Discovery ranked as the number1 cable network in prime time among people aged 25 to 54 across Shark Week's first three nights.

就在最近，Discovery 的《Shark Week》創下逾十年來最高的年增成長；在《Shark Week》前三個晚間黃金時段中，Discovery 在 25 至 54 歲族群的黃金時段收視排名為第 1 的有線電視網。

There's no question that media is by nature a business full of hits and misses. And you see that reflected in our studios results. While a handful of recent films have underperformed expectations. Importantly, we've spent years transforming and diversifying our Studio segment to better manage risk and volatility.

毫無疑問，媒體產業本質上是一個充滿成功與失利的行業。這也反映在我們的影業（Studios）業績上。儘管近期有少數電影表現未達預期，但重要的是，我們多年來持續改造並多元化我們的影業事業部門，以更好地管理風險與波動。

The breadth of this business today across theatrical, television, licensing, games, experiences, retail and consumer products, has greatly improved its resilience and ability to generate consistent shareholder value. We are excited by what's in the pipeline from our remaining 2026 and 2027 film slate, to Ted Lasso, the opportunities generated by Harry Potter.

如今該業務橫跨院線、電視、授權、遊戲、體驗、零售與消費性產品，其韌性以及創造穩定股東價值的能力已大幅提升。我們對接下來 2026 年與 2027 年的電影片單、到《Ted Lasso》，以及《Harry Potter》所帶來的機會都感到振奮。

Over the long term, we continue to expect this segment to deliver our goal of generating over $3 billion in adjusted EBITDA. Taken together, our results this quarter show how much we've readied each segment of our business for the future.

從長期來看，我們仍預期該事業部門能達成我們的目標：創造超過 30 億美元的調整後 EBITDA。綜合而言，本季的業績顯示我們已在多大程度上讓各個事業部門為未來做好準備。

We've succeeded in making HBO Max a highly valuable global streaming service and are seeing strong financial returns now after years of heavy investment. We've optimized our global networks and continue to invest in general entertainment, sports and news that serve tens of millions of global viewers. And over the last year, we've shown our studios remain the industry's creative leader, while simultaneously transforming its operating model and financial profile.

我們已成功將 HBO Max 打造成極具價值的全球串流服務，並在多年重金投資後，現在正看到強勁的財務回報。我們已優化全球網路事業，並持續投資於一般娛樂、體育與新聞內容，服務數以千萬計的全球觀眾。而在過去一年，我們也證明影業部門仍是業界的創意領導者，同時也在轉型其營運模式與財務結構。

As stated in our shareholder letter, we remain confident that our agreed upon sale to Paramount Skydance will be completed. We are excited for what's ahead in the remainder of 2026 and beyond.

如同我們在致股東信中所述，我們仍然有信心，與 Paramount Skydance 已達成協議的出售交易將會完成。我們對 2026 年剩餘時間以及未來的發展感到振奮。

And with that, we welcome your questions.

接下來，我們歡迎各位提問。

(Operator Instructions)

(接線員指示)

Steven Cahall, Wells Fargo.

Steven Cahall，富國銀行。

David, can you speak a little more to the scripted show pipeline you've got upcoming on HBO. I think you've recently finished some big series, including Hacks and Euphoria, maybe The White Lotus and Knight of the Seven Kingdoms fall into there.

David，你能否再多談一點你們在 HBO 即將推出的劇情類影集製作排程。我想你們最近剛結束了一些大型影集，包括《Hacks》和《Euphoria》，可能《白蓮花大飯店》和《七王國的騎士》也算在其中。

But will there be fewer returning shows in 2027? And are there any big IP shows that we should be aware of now that you've expanded into more territories globally to drive the growth in the segment?

但 2027 年回歸的影集會不會變少？另外，既然你們已在全球擴展到更多地區以帶動該分部成長，現在是否有任何我們應該留意的大型 IP 影集？

And then on the studio, I know you had a remarkable year last year. You talked about how it's a lumpy business, understandably a little lighter this year. As we just think about a path to getting back to $3 billion in EBITDA, I'm struggling a little bit to get there. You weren't quite there in 2025 and kind of everything went well. So help us understand how you can get back to that $3 billion in EBITDA level with the studio longer term?

再來談到影業製片廠，我知道你們去年表現非常亮眼。你們也提到這是一門波動很大的生意，今年合理地會稍微淡一些。但當我們思考要回到 30 億美元 EBITDA 的路徑時，我有點難以看出怎麼達成。你們在 2025 年其實也沒有完全到那個水準，而且當時幾乎一切都進展順利。所以請幫助我們理解，從長期來看，影業製片廠要如何回到 30 億美元 EBITDA 的水準？

Thanks so much, Steven. Let me just start with HBO. Casey Bloys and Amy and [Franny], the whole team over there have done a remarkable job. We -- in 2022, HBO was basically producing almost all of its content, but they weren't using Warner Bros. We've teamed them up together, and we've invested significantly in driving the overall quality of the content. And Casey has -- and his team now have the strongest HBO we've ever had.

非常感謝你，Steven。我先從 HBO 談起。Casey Bloys、Amy 和 [Franny]，以及那邊整個團隊都做得非常出色。我們——在 2022 年，HBO 基本上幾乎所有內容都是自己製作，但他們並沒有使用華納兄弟。我們把他們整合在一起合作，並且大幅投資以提升整體內容品質。而 Casey——以及他的團隊——現在打造出我們有史以來最強的 HBO。

Together with all of the tentpole shows, we also have local content around the world. We have Lanterns coming up, White Lotus is coming back, Gilded Age is coming soon, and we greenlit Harry Potter for the next 10 consecutive years. I've already seen the first 3 episodes. It's very strong. We'll be debuting that on Christmas Day.

除了所有旗艦級影集之外，我們在全球也有在地內容。我們即將推出《Lanterns》，《白蓮花大飯店》將回歸，《鍍金年代》也即將上線，而且我們已核准《哈利波特》未來連續 10 年的製作計畫。我已經看過前 3 集。非常強。我們將在聖誕節當天首播。

We have a very strong HBO. And we're seeing it in the engagement. We're seeing it in the overall growth, and we're seeing it in how people see HBO as a quality service that they can rely on with their family. Before we get to the free cash flow, JB, we've seen a lot of real growth across Europe. Just talk about what we're seeing with MAX because it's not only is a terrific turnaround. It's a high-growth business now and next quarter will even be stronger.

我們的 HBO 非常強。我們從互動參與度看得到。我們從整體成長看得到，也從大家如何把 HBO 視為一個高品質、可以和家人一起信賴的服務看得到。在談到自由現金流之前，JB，我們在歐洲看到很多實質成長。請談談我們在 MAX 上看到的情況，因為這不只是一次很棒的扭轉。它現在是一個高成長的業務，而且下個季度會更強。

Yes. And Steven, on the content side, just to go what David said, we actually have 2027 is arguably our best year yet. We obviously have White Lotus coming back. We got Knight of the Seven Kingdoms, which is obviously a breakthrough series that came out this year that didn't exist 12 months ago and the Casey and the team came up with to be able to be repeatable on a frequent basis. We got The Pitt coming back, we got the Last Of Us coming back.

是的。Steven，在內容方面，延續 David 的說法，我們其實認為 2027 年可說是我們迄今最好的一年。《白蓮花大飯店》當然會回歸。我們有《七王國的騎士》，這顯然是一部今年推出的突破性影集，12 個月前還不存在，是 Casey 和團隊想出來、能夠以較高頻率重複推出的作品。我們有《The Pitt》回歸，也有《最後生還者》回歸。

So we feel actually even better about '27 than we already did about '26. So we feel very strong about that. Our original content efforts around the world, as David said, we're starting to see real traction with more and more shows from the international markets, particularly as Casey and his team have continued to get closer to the development in those markets.

所以我們對 2027 年的信心其實比對 2026 年還更高。因此我們對此非常有把握。至於我們在全球的原創內容投入，如 David 所說，我們開始看到愈來愈多來自國際市場的影集取得實質進展，特別是 Casey 和他的團隊持續更貼近那些市場的開發工作之後。

And so we're excited about the local content coming out of the international markets. And we're starting to see it because not only did you see obviously us return to double-digit distribution growth this quarter, but we still were lapping for part of the quarter, this related party deal that we disclosed a while back.

因此我們對國際市場產出的在地內容感到興奮。而我們也開始看到了，因為不僅本季你明顯看到我們的發行收入成長回到雙位數，而且本季部分期間我們仍在比較基期中包含了我們先前披露的那筆關係人交易。

And if you looked at it, excluding that related party deal, our distribution growth would actually have been in the low teens. And that trajectory looks very solid for the remainder of the year. And so a return to not only double digit, but sort of teens level growth on distribution is a testament to both distribution and subscriber growth led as well as monetization on ad sales, engagement and all the other levers that we're continuing to push.

如果把那筆關係人交易排除，我們的發行收入成長其實會落在十位數的低段。而且這個走勢在今年剩餘時間看起來非常穩健。因此，發行收入成長不僅回到雙位數、甚至接近十幾%的水準，證明了在發行與訂戶成長帶動之下，以及廣告銷售變現、互動參與度與我們持續推動的其他槓桿共同作用下的成果。

All right. Thanks, JB and Steve, this is Gunnar. For the studio, look, I have zero doubts about our long-term $3 billion EBITDA target for the studio. And what's important here -- let me go through a couple of points. Number one, the quarter, obviously, in the film business wasn't what we expected.

好的。謝謝，JB 和 Steve，我是 Gunnar。就影業製片廠而言，坦白說，我對我們長期 30 億美元 EBITDA 的目標毫不懷疑。這裡重要的是——我說幾點。第一，本季電影業務的表現顯然不如我們預期。

At the same time, you already mentioned this, Q2 of 2025 was an outstanding quarter. We had massive content licensing deals, one very big, one internal, and then we had Sinners and Minecraft. So it was a tough comp. But nonetheless, against that year, the film business is going to have a harder time this year, no doubt.

同時，你也提到了，2025 年第二季是非常出色的一季。我們有規模龐大的內容授權交易，一筆非常大、一筆是內部的，另外還有《Sinners》和《Minecraft》。所以比較基期很硬。但即便如此，相較於去年，今年電影業務會更辛苦，這點毫無疑問。

What matters here is we have invested significant amount of money, time, management attention into diversifying and transforming the studio so that we're in a position to be able to digest a quarter like this. And these investments are going to pay off. If we go through business by business, we've always said that we're really looking forward to 2027 for the film business.

重點在於，我們已投入大量資金、時間與管理層注意力，去多元化並轉型影業製片廠，使我們有能力消化像這樣的一個季度。而這些投資將會帶來回報。如果我們逐一看各項業務，我們一直都說，我們非常期待 2027 年的電影業務表現。

The lineup is fantastic. It's a richer scale and more promising tentpole IP in there relative to 2026. So that's really something to look forward to in our plan longer term assumes a larger number of films than what we're seeing this year.

片單非常出色。相較於 2026 年，規模更大，且有更多更具前景的旗艦級 IP。因此這是我們長期計畫中非常值得期待的一點；我們的長期假設也包含電影數量會高於今年所看到的水準。

Warner Bros. TV, as David said, a minute ago, is performing really well, more than 80 shows on air across every platform with all of the key buyers. And one thing that's going to help us going forward, if you take a step back, we're going to start benefiting from SVOD shows coming back to replenish our library.

華納兄弟電視部門，如 David 剛才所說，表現非常好，在所有平台、面向所有主要買方，目前有超過 80 部影集正在播出。而未來有一件事會幫助我們：如果你退一步看，我們將開始受惠於 SVOD 影集回歸，進而補充我們的片庫。

We've gone through a bit of an adjustment, if you look at a decade worth of this business going from predominantly broadcast focused production to more and more SVOD production with longer windows and a larger upfront margin and fee, that's going to come back and start replenishing and driving library and associated licensing and downstream revenues going forward. So there's a really positive outlook there for that business.

我們經歷了一段調整期；如果你回顧這個業務十年的變化，從以傳統電視台為主的製作，轉向愈來愈多 SVOD 製作，伴隨更長的窗口期、更高的前期利潤與費用，這些作品將會回流，開始補充並推動我們的片庫，以及相關授權與下游收入的成長。因此該業務的前景非常正面。

I mentioned the investments that we have made in sort of the ancillary areas like consumer products, retail, our tourist business. Those are things that were underdeveloped in Warner Bros., and we have spent years deploying the capital and setting the company up for great returns. It was a very predictable, high-margin, highly cash-generative returns, and we're approaching this in a much more integrated way now where these things are not an afterthought, but part of the planning from the outset with every new story that we're developing.

我也提到我們在一些周邊領域的投資，例如消費性產品、零售、我們的觀光業務。這些在華納兄弟過去相對未被充分開發，而我們多年來持續投入資本，讓公司能取得很好的回報。這是一種非常可預期、高毛利、現金創造能力很強的回報；而我們現在以更整合的方式來推進，讓這些不再是事後才想到的補充，而是從一開始、在我們開發每一個新故事時就納入規劃的一部分。

And then finally, Games, where JB and the team have restructured the portfolio like Batman launching this year, very encouraging as sort of first installment in that new strategy. And here, we see growth opportunities down the line as well and the biggest individual title to look forward to, obviously, here is the second installment of Harward's legacy. So taking all these together, we have a detailed plan for the next three to five years with a lot to look forward to.

最後是遊戲業務，JB 與團隊已重整投資組合，例如今年推出的《蝙蝠俠》，作為這項新策略的第一個篇章，令人非常鼓舞。此外，我們也看到未來仍有成長機會，而最值得期待的單一大作，顯然是《哈沃德的傳奇》第二部。綜合以上，我們已擬定未來三到五年的詳細計畫，值得期待的事情很多。

Rich Greenfield, LightShed Partners.

Rich Greenfield，LightShed Partners。

You appear pretty confident on the studio side about the future. Could you just comment -- Gunnar, I just want to elaborate. You made a comment about ramping up film production or the number of films. How many films are you making this year? How many films next year? And how confident are you about maintaining that level of theatrical output from 2027 and beyond. That would be really helpful.

你們在影業（studio）端對未來看起來相當有信心。能否請你們評論一下——Gunnar，我想再延伸追問。你提到要提高電影製作量或電影數量。今年你們會製作多少部電影？明年會製作多少部？以及你們對於自 2027 年及之後維持這樣的院線上映產出水準，有多大信心？這會非常有幫助。

And then, Gunnar, in worst-case scenario where the Paramount deal didn't happen. And I know you're planning on closing the transaction, but if it didn't happen, given all of the work you did before the transaction to split the companies, how many months or how much time do you think it would take to actually effectuate a split of the company if a deal didn't happen?

另外，Gunnar，在最壞情境下，如果派拉蒙（Paramount）的交易沒有發生。我知道你們計畫完成這筆交易，但如果沒有發生，考量你們在交易前為了分拆公司所做的所有工作，如果交易未成，你認為實際完成公司分拆需要幾個月或多少時間？

Rich, just first and foremost, we're confident this transaction will close. And we've been trying to drive the value of the company to deliver to PSKY and to David, the best company possible. The company is performing at a very high level. And we have every expectation that the transaction will close and that the company will be performing even better than the plan that we presented to PSKY when we did our deal.

Rich，首先最重要的是，我們有信心這筆交易會完成交割。我們一直努力提升公司的價值，為 PSKY 與 David 交付一間盡可能最好的公司。公司目前的營運表現處於非常高的水準。我們完全預期交易將會完成，而且公司的表現會比我們在與 PSKY 達成交易時所提出的計畫還要更好。

And look, Rich, for your question on the studios, we're making 14 films this year, ramping up to 19 next year, and we're very confident that we're going to be able to maintain that larger number. We have the unique benefit of a great creative team, great relationships in the talent communities and an enormous amount of IP.

另外，Rich，針對你關於影業的問題：我們今年會製作 14 部電影，明年將提高到 19 部，而且我們非常有信心能維持這個較高的數量。我們具備獨特優勢：優秀的創意團隊、與人才社群的良好關係，以及龐大的 IP。

So the way Mike and Pam and Peter and James are running this strategically is to find the right mix between original films, leveraging our IP to make the right number of tentpole IP-driven films. We're ramping up the animation output.

因此，Mike、Pam、Peter 與 James 在策略上所採取的做法，是在原創電影與運用我們 IP 之間找到合適的組合，製作適當數量、由 IP 驅動的旗艦級大片。我們也正在提高動畫作品的產出。

We've got a great label with New Line. So this allows us to put together a really nicely balanced slate, which I think from a financial perspective, is going to help us manage risk, the inevitable risk in this business pretty well also. So I'm really looking forward to these upcoming years.

我們還擁有 New Line 這個很強的品牌廠牌。因此，我們能打造一個非常均衡的片單；我認為從財務角度來看，這也有助於我們更好地管理這個產業不可避免的風險。所以我非常期待接下來這幾年。

One of the issues that we see this year, and we really -- we're striving to have both original content and big tent poles and midsized tentpoles. For this year, next year, we're going to have Lord of the Rings, Batman, Superman, Minecraft II. It's just because of our overall philosophy of making sure that the -- we bring the motion picture to the market when the film is ready.

我們今年看到的一個問題是——我們確實努力同時兼顧原創內容、超級旗艦大片，以及中型旗艦作品。就今年與明年而言，我們將有《魔戒》、《蝙蝠俠》、《超人》、《Minecraft II》。這主要是因為我們的整體理念是：確保在電影準備好時，才把作品推向市場。

We're a little light on those tentpoles. We do have Cat In The Hat coming, we got Practical Magic. And we think the back end of the year is going to be good for us. But when you compare that with what we have coming next year and the amount of tentpoles, if we had to do it, we would have kind of spread those a little bit more over this year and next year.

我們在這些旗艦大片上稍微偏少一些。不過我們確實有《戴帽子的貓》即將推出，也有《實用魔法》。我們認為今年下半年對我們會是不錯的。但若與明年即將推出的作品以及旗艦大片的數量相比，如果可以重來，我們可能會把這些作品在今年與明年之間分配得更平均一些。

And so I think you'll see next year and in the years ahead that we're really taking advantage of the big tentpoles and the great IP that Warner Bros. has to balance out the original content as we develop more bigger movies from scratch.

因此，我想你會在明年以及往後幾年看到，我們會真正善用大型旗艦大片與華納兄弟所擁有的優質 IP，來平衡原創內容，同時從零開始開發更多更大的電影。

Sean Diffley, Morgan Stanley.

Sean Diffley，Morgan Stanley。

Two, if I may. First, on linear advertising, down nearly 30%, obviously, NBA 20 points but just comment on the underlying ad market and categories you'd call out as weak, crowding out from the World Cup? And then second question on the licensing front. How would you describe the demand environment right now from other streamers?

如果可以，我有兩個問題。第一，線性電視廣告下滑接近 30%，顯然 NBA 影響了 20 個百分點，但能否談談廣告市場的基本面，以及你認為哪些品類較弱？另外，是否有受到世界盃排擠的影響？第二個問題關於授權（licensing）。你會如何描述目前來自其他串流平台的需求環境？

Obviously, you mentioned Ted Lasso. And then on the $5 billion of library revenue that you've generated on average, any help with how to think about margins there, obviously, pretty high as you guys referenced, but any help there would be appreciated.

你們顯然提到了《泰德拉索》（Ted Lasso）。另外，關於你們平均每年創造的 50 億美元片庫收入（library revenue），能否協助我們理解那裡的利潤率？你們也提到利潤率相當高，但若能提供一些思考框架會很感謝。

Sure. Sean, so let me start with the licensing side quickly. We're seeing very healthy -- very healthy demand. This goes back to the enormous value of our library. I mean, we're getting healthy demand even for shows that are a decade old, and it's a healthy marketplace right now.

當然。Sean，我先快速談授權端。我們看到非常健康——非常健康的需求。這回到我們片庫的巨大價值。我的意思是，即使是十年前的節目，我們也能獲得健康的需求，而目前市場也相當活絡。

And as you said, the margins are great. You could almost look at the Studios business as a library driven content licensing business, which we replenished with new creative every year. That's certainly the way from a financial perspective, how it works. And that business is in very, very good shape right now. And I see no reason why that should change.

如你所說，利潤率非常好。你幾乎可以把影業業務視為一個由片庫驅動的內容授權生意，而我們每年用新的創意作品持續補充片庫。從財務角度來看，運作方式確實如此。而這門生意目前狀況非常、非常好。我看不出有任何理由會改變。

As we said before, we have shifted a little bit, and we're utilizing a lot more of that content internally now, which obviously doesn't drive the immediate profits that an external sale would generate. But you can see in this quarter how the consolidated profits are benefiting from some of those licensing deals that we've done over the year as we're utilizing content on JV's business and, to some extent, on our linear networks that were -- that we have self-created and that way internalized the margins.

如我們先前所說，我們做了一些調整，現在更多把這些內容用在內部，這顯然不會像對外出售那樣立即帶來利潤。但你可以在本季看到，合併利潤正受惠於我們今年所做的一些授權交易，因為我們在 JV 的業務上使用內容，並在一定程度上也用在我們的線性頻道上——這些頻道是我們自行打造的，因而把利潤率內部化。

For linear advertising, you mentioned the biggest adjustment factor here with the NBA. That's been obviously a negative driver ad revenues, a positive driver on profits in the second quarter as much as -- or more so even than in the first quarter. On an underlying basis, if we take it market by market here in the US trends are pretty consistent with what we've seen in the first quarter or into the end of last year.

至於線性廣告，你提到這裡最大的調整因素是 NBA。這顯然是廣告收入的負面驅動因素，但在第二季對利潤是正面驅動，幅度與第一季相當，甚至更大。若以基本面來看、並以美國各市場逐一拆解，趨勢與我們在第一季或去年底看到的情況相當一致。

We're -- as David said earlier, we're very pleased with how our viewership is developing. We're up in general entertainment, and very significantly up in news and sports. And sort of on the advertising side, we've kind of held a similar rate as early in the year. And so from that perspective, no trend change here.

正如 David 先前所說，我們對收視表現的發展非常滿意。我們在綜合娛樂整體上升，在新聞與體育更是大幅成長。而在廣告端，我們大致維持與年初相近的價格水準。因此從這個角度來看，趨勢沒有改變。

The picture is slightly different internationally, where Q2 was worse than Q1. And across all of our markets, we are seeing indications of just some caution consumer weakness in the understandably difficult geopolitical environment. Again, the trends are slightly different from market to market, but Q2, a little weaker than Q1.

國際市場的情況略有不同，第二季比第一季更差。在我們所有市場中，我們都看到一些跡象，顯示在可理解的艱困地緣政治環境下，消費者偏向謹慎、需求走弱。同樣地，各市場趨勢略有差異，但第二季確實比第一季弱一些。

And what we're seeing so far into Q3 in terms of July and in August is also a mixed picture. Some markets are looking better. Others continue to look similar to the second quarter. So visibility is not great looking out into the rest of the year and we'll see. And you already mentioned in the World Cup, obviously, everywhere in the world, especially with the broader field this year has had an impact on everybody who's not sort of been benefiting from that.

而我們目前看到第三季截至目前（7 月與 8 月）的情況也呈現分歧。有些市場看起來較好。其他市場則仍與第二季相近。因此，對於今年剩餘時間的能見度不高，我們會再觀察。另外你也提到世界盃，顯然在全球各地——尤其是今年參賽隊伍更廣——對所有未能從中受益的業者都造成了影響。

One of the things that we're seeing, and it varies by market, but the benefit of the work that Casey and JB and the team have done in driving HBO Max globally, where as you look at a number of countries, we're outrunning the decline by the significant growth that we're seeing at HBO Max. That's not true for all markets. But we're seeing it meaningfully in a number of markets, which is encouraging and the continued growth of HBO Max becoming a critical element of us as a growth engine and countering the cyclical decline that we're seeing.

我們看到的一件事（而且會因市場而異）是，Casey、JB 以及團隊在推動 HBO Max 全球化方面所做的工作帶來了好處；當你觀察多個國家時，我們在 HBO Max 所看到的顯著成長，正在大幅度地跑贏我們所面臨的下滑。這並非適用於所有市場。但我們在不少市場都明顯看到這種情況，這令人鼓舞；而 HBO Max 的持續成長正成為我們作為成長引擎的關鍵要素，並用以對沖我們所看到的週期性下滑。

Jessica Reif Ehrlich, Bank of America.

Jessica Reif Ehrlich，美國銀行。

I think, actually a couple of things. One, it seems like one of the most challenging things right now given that the deal has been pushed out and pushed out is maintaining focus. Can you just talk about how you kind of manage the troops and keep everybody aligned that is this, I guess, challenging time.

我想，其實有幾件事。第一，鑑於這筆交易一再延後、再延後，眼下最具挑戰性的事情之一似乎是維持專注。你能否談談你如何管理團隊、讓大家保持一致，度過這段我想算是充滿挑戰的時期？

Second, you haven't talked about DC for a while. I know sometimes they perform sometimes they don't. But is there any change in strategy? And can you talk about kind of the cadence from here?

第二，你們有一段時間沒談 DC 了。我知道它有時表現好、有時不盡理想。但策略上有任何改變嗎？以及你能否談談接下來的節奏安排？

And then finally, on HBO Max. Disney mentioned on their call yesterday that the Bundle of Joy really working for both of you. Can you talk about what you've seen from bundling in general or specifically with the Disney bundle how much churn has come down, like you talk about the magnitude of the benefits, that would be great.

最後，關於 HBO Max。迪士尼在昨天的電話會議上提到，「Bundle of Joy」對你們雙方都很有效。你能否談談你們對於綑綁方案（不論是整體或特別是與迪士尼的綑綁）所觀察到的情況？例如流失率（churn）下降了多少？如果你能談談效益的幅度，那就太好了。

Thanks, Jessica. The overall culture of this company and the work ethic of the company has been inspiring. It has been challenging to -- our focus has been how do we drive a stronger company to meet and exceed our business plan and deliver a stronger and higher growth company to PSKY and David so that Paramount coming together with Warner Bros. is even stronger.

謝謝你，Jessica。這家公司整體的文化與工作倫理令人振奮。確實很具挑戰——我們的重點一直是：如何打造一家更強的公司，達成並超越我們的營運計畫，並向 PSKY 與 David 交付一家更強、更高成長的公司，讓派拉蒙與華納兄弟的結合更加強大。

But it's -- I thought it was going to be quite challenging. But when you look at the way this company is performing and you look at the close to 40,000 people coming in every day, I went all across Europe in the last 6 weeks and met -- and was in most of those countries meeting with people. They're working extremely hard. And the focus has been that this is a great company and that how do we take advantage of every day we're here and try and focus on best performance possible, but also this idea of what stories will we tell.

不過——我原本以為會相當具挑戰性。但當你看到公司的整體表現，以及將近 40,000 名員工每天來上班的狀態，我在過去 6 週走訪了整個歐洲，並且——在多數國家與同仁會面。他們工作非常努力。大家的焦點是：這是一家很棒的公司；我們如何把握在這裡的每一天，盡可能專注於最佳表現，同時也思考我們要講述什麼樣的故事。

And the drive to continue to tell great stories at HBO at Warner Bros. on the motion picture side, each of our cable channels around the world on our free-to-air and cable channels everywhere, I'm quite inspired by the culture here and the drive to continue to put points on the board and take pride in the fact that this is a great company, and we want to deliver a great company.

而且，持續講述好故事的動力——在 HBO、在華納兄弟的電影業務端、在我們全球各地的有線頻道、在各地的無線與有線頻道——我深受這裡的文化所鼓舞；大家持續努力交出成績、以這是一家很棒的公司為榮，並希望交付一家很棒的公司。

And I think -- I do think it's unusual when you look at the overall performance of the company and how hard people are working. And so we're lucky. And I think that we have an unusual set of employees that really love these assets. And as long as we're here, we're going to be working hard every day to continue to honor Warner and HBO and Discovery and all the great assets.

我認為——當你看公司的整體表現以及大家工作的投入程度，確實不尋常。所以我們很幸運。我覺得我們擁有一群很不一般的員工，他們真的熱愛這些資產。只要我們還在這裡，我們每天都會努力工作，持續致敬華納、HBO、Discovery 以及所有這些優秀的資產。

On the DC side, James is focused on Man of Tomorrow. It's -- I saw some pictures yesterday that looked amazing. Actually, yesterday was James Birthday and he's out working. He -- he's working 16, 18 hours a day. It looks fantastic. We're super excited about it. Matt Reeves, I spoke to over the weekend, and he's working very hard on Batman. And we have Clayface coming up soon, which looks terrific. We've got Lanterns launching in the next few weeks on HBO, which Casey and Sara are super excited about.

在 DC 方面，James 正專注於《Man of Tomorrow》。我昨天看到一些照片，看起來非常驚艷。其實昨天是 James 的生日，但他還在外面工作。他——每天工作 16 到 18 個小時。看起來棒極了。我們非常期待。Matt Reeves 我週末有跟他聊，他也正在非常努力地製作《Batman》。我們也即將推出《Clayface》，看起來很出色。接下來幾週《Lanterns》會在 HBO 上線，Casey 和 Sara 都非常興奮。

And so DC feels very good, and we have a robust pipeline and Peter and James are hard at work. JB, do you want to talk about the bundles and how those are working around the world as well as with Disney here in the US.

所以 DC 的狀態非常好，我們有很扎實的作品管線，Peter 和 James 也都在全力投入。JB，你要不要談談綑綁方案，以及它們在全球各地的運作情況，還有在美國與迪士尼的合作？

Yes, Jessica, you know we've been big believers David has been a big champion of bundles and the power that they can have for consumers, particularly at a time where, obviously, pricing continues to increase across the individual services. And we continue to see both benefits on subscriber acquisition as well as, obviously, retention and meaningful improvements in churn with those bundles.

好的，Jessica，你知道我們一直非常相信綑綁方案；David 也一直大力推動綑綁，以及它能為消費者帶來的力量，特別是在——很明顯——各個單一服務的定價持續上升的時期。我們持續看到綑綁在訂戶獲取方面的好處，同時也在留存方面帶來效益，並且在流失率（churn）上有顯著改善。

And it's a combination of distributor bundles like Verizon in the US where [who bundles] Netflix and us or Mercado Libre and Claro in Latin America or [Canal+ ] Sky here in Europe as well as programmer bundles, which Disney, obviously, in the US has been our longest and most successful to date, RTLs in Germany when we launched early this year, which has the best of local and the best of global coming together.

這包含通路商的綑綁，例如美國的 Verizon（[其綑綁] Netflix 和我們），或拉丁美洲的 Mercado Libre 與 Claro，或歐洲這邊的 [Canal+ ]、Sky；也包含內容方的綑綁——在美國，迪士尼顯然是我們迄今合作最久、也最成功的；以及我們今年初在德國推出時與 RTL 的合作，把在地的最佳內容與全球的最佳內容結合在一起。

We'll be announcing more -- another bundle coming later in this fall in Europe. We have a view bundle in Southeast Asia. And so we continue to be big believers in it. We see the proof is in the data in both, as I say, acquisition and meaningfully better churn.

我們也會宣布更多——今年秋季稍晚在歐洲還會推出另一個綑綁方案。我們在東南亞有一個 view 的綑綁方案。因此我們仍然非常相信這個策略。數據證明一切：無論是在獲取方面，或是在流失率顯著改善方面。

And the good news is that, along with all the other components that go into engagement and retention, content, the product our marketing and so on, we are looking at a 2026 year where the trends give us sort of high confidence that we're going to have our best year ever in terms of retention and lower churn in 2026. And so that trend is also helping.

而好消息是，除了所有其他影響互動與留存的因素——內容、產品、行銷等等——我們在展望 2026 年時，從趨勢來看讓我們相當有信心：2026 年將會是我們在留存與降低流失率方面表現最好的一年。因此這個趨勢也在提供助力。

And we see that trend continuing, particularly as we talked about earlier, as the strength of our content lineup and the consistency of it throughout the year makes us feel even more bullish for 2027.

我們也看到這個趨勢會持續，特別是如同我們先前提到的，我們內容片單的強度，以及全年供給的穩定性，讓我們對 2027 年更加看多。

That concludes our question-and-answer session and today's conference call. Thank you all for joining. You may now disconnect.

以上為我們的問答環節與今天的電話會議。感謝各位參與。您現在可以掛線。