David Zaslav Calls HBO Max Warner Bros. Discovery’s “Most Important Asset”

In an earnings call that left little doubt about his priorities, Warner Bros. Discovery CEO David Zaslav declared HBO Max “probably” the company’s most important asset — even as the traditional studio and theatrical business continues to generate the bulk of revenue and supply content to the streamer.

David Zaslav Calls HBO Max Warner Bros. Discovery’s “Most Important Asset” Speaking to investors on May 6, 2026, Zaslav emphasized that HBO Max’s ability to house entire TV and film libraries gives it unmatched strategic value, placing it above linear networks like HBO, CNN, and the old Turner channels, as well as theatrical distribution.

The praise came as WBD prepares for its transformative merger with Paramount Global under the Skydance banner, expected to close in Q3 2026. Zaslav described the streaming service as a “huge benefit” and the “lynchpin” for the combined company, noting that HBO Max already boasts significantly more subscribers than Paramount+.

David Zaslav Calls HBO Max Warner Bros. Discovery’s “Most Important Asset” The numbers back up some of the enthusiasm. The streaming division reported revenue of $2.9 billion in the quarter, up 9% year-over-year, while profit jumped 29% to $438 million. Subscriber count has now surpassed 140 million. Executives at the division believe the service is still in its early growth phase — and that the Paramount deal will send it into orbit.

Yet the broader picture remains messy. Warner Bros. Discovery posted a $2.9 billion net loss for the quarter, driven largely by a $2.8 billion breakup fee paid to Netflix (after choosing the Paramount Skydance offer instead) and $1.3 billion in restructuring and other one-time charges. That hefty Netflix payment will ultimately be covered by the incoming Paramount Skydance side of the deal.

David Zaslav Calls HBO Max Warner Bros. Discovery’s “Most Important Asset” Despite the red ink, WBD shares rose modestly after the results — a quiet sign that investors are focusing more on the strategic upside of the merger than the current quarterly hit.

For Zaslav, the message was clear: in the new family being formed with Paramount, HBO Max isn’t just another streaming service — it’s the crown jewel. And he has no intention of letting anyone forget it.