WBD Equity Research & Market Reports

Research from Goldman Sachs highlights a bifurcated environment for major media entities such as Warner Bros. Discovery (WBD), where streaming now accounts for nearly half of total US television usage. While the sector faces structural headwinds, linear TV saw a temporary respite in early 2026 due to high-profile events like the Oscars and NCAA March Madness. Despite these seasonal lifts, the broader metrics remain pressured, with broadcast primetime ratings falling 10% and cable primetime ratings dropping 4% year-over-year. Company-level results vary significantly across the industry; Disney and Versant Media reported substantial viewership gains, contrasting with double-digit declines at Paramount and AMC Networks. This volatility in viewership data is a key driver for the latest revisions to price targets and valuation methodologies for media stocks. For WBD, these findings emphasize the critical role of live event programming in mitigating the ongoing decline of traditional broadcast and cable ratings.