Paul Tudor Jones recently made a bold decision about Warner Bros. Discovery (WBD). His company, Tudor Investment, recently initiated a new position of 7.06 million shares of WBD, valued at approximately $193.7 million, according to a recent regulatory filing. This is a conviction bet and, given everything that is happening within the company right now, it may be one of the most interesting media investments of 2026.
WBD stock has been a turnaround story in progress. Streaming losses have turned into profits, subscriber growth is accelerating, and content quality is at its highest point in decades. Additionally, a pending acquisition by Paramount Skydance (PSKY) adds a potential near-term catalyst that most investors are not yet properly pricing.
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I think WBD stock is worth keeping a close eye on right now. Tudor’s entry only reinforces that opinion.
Warner Bros. Discovery’s streaming change is real
The numbers behind HBO Max’s transformation are surprising.
When Warner Bros. Discovery was first formed in 2022, its streaming division was burning more than $2 billion a year. The streaming business generated $1.4 billion in profits in 2025, a change of approximately $3.4 billion.
Subscriber growth has kept pace with profitability. The company started with around 95 million subscribers and has since added nearly 50 million more, surpassing its own guidance of 140 million by the end of the first quarter of 2026. Management now expects to end 2026 with more than 150 million global subscribers.
The engine of that growth is the content that the public sees. “The Pitt” averaged more than 15 million viewers per episode in its second season. “A Knight of the Seven Kingdoms” drew 36 million viewers per episode in its debut, making it one of the most-watched new series in HBO history. HBO has never had more simultaneously active shows averaging over 20 million viewers worldwide than now.
The next list of contents makes that seem conservative. “Euphoria” is back and a new season of “House of the Dragon” is on the cards. The new “Harry Potter” TV series will also launch on Christmas Day, which CEO JB Perrette described as potentially “the biggest streaming event for us.”
