Warner Bros. Discovery CEO David Zaslav used a second-quarter earnings call with Wall Street analysts to praise his workforce of close to 40,000 employees, saying they are working "extremely hard" and staying focused despite the uncertainty hanging over the company's proposed $110 billion merger with Paramount. Deadline

Zaslav said recent visits to European offices left him struck by employees' "work ethic," calling the company's culture "inspiring." The merger was announced in February 2026. Under its terms, WBD shareholders are set to receive $31.00 per share in cash for each share of common stock. WBD Investor Relations

The deal has cleared one major hurdle: WBD stockholders voted overwhelmingly in April 2026 to approve the transaction with Paramount Skydance. WBD Investor Relations

But it now faces a legal fight. In July 2026, attorneys general from 12 states and the Writers Guild of America filed lawsuits contending the merger violates antitrust laws — the rules designed to stop any single company from dominating a market. The WGA also argued the deal would harm entertainment workers. A judge has set a March trial date for those challenges. Deadline

Proxy adviser ISS, which recommends how shareholders should vote, urged WBD investors in June 2026 to reject executive pay and exit packages for Zaslav tied to the merger. Reuters

The earnings call came against a weak quarter for WBD. Revenue was hurt by the summer film "Supergirl," which flopped at the box office, and by the absence of NBA telecasts. The company did not break out specific revenue figures in the reporting captured. Deadline

The other half of the merger is also feeling pressure. Paramount Skydance reported second-quarter 2026 profit of $41 million, or 4 cents per share, falling well short of analyst estimates of $109 million, or 9 cents per share. Reuters

Zaslav told analysts that if the Paramount deal fell apart, WBD would resume its prior plan to split into two separate companies — a restructuring path the company had been on before the merger talks advanced. Deadline

In a separate dispute, WBD sued Amazon in July 2026 for allegedly poaching HBO marketing executive Pia Barlow. The company accused Amazon of "hurriedly seeking to pirate away a number of contracted employees." Deadline

For the close to 40,000 people Zaslav says come into the company every day, the message from the top was one of steadiness: keep working, stay focused, and wait for the courts and the balance sheet to sort themselves out.