Warner Bros. Discovery's Q1 2026 shareholder letter once again omitted any explicit mention of its games business, despite games revenue falling 30% year-over-year (ex-FX) and games content expense dropping 43%. The company's overall Q1 revenue was $8.8 billion, down 1% year-on-year. WBD's Studios segment, which houses its games division, is targeting at least $3 billion in Adjusted EBITDA. The company has previously stated it is 'rebuilding' its video game pipeline following a difficult 2025, and shareholders recently approved Paramount's $111 billion acquisition.
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