The HBO Max Rumors Were Wrong, But There’s Still Pain Ahead

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Warner Bros. Discovery CEO David Zaslav is taking the company back to a pre-AT&T streaming strategy.
Photo-Illustration: Vulture/Getty Images

Corporate earnings calls are usually pretty low-key affairs of interest only to Wall Street analysts and reporters who cover a particular industry. So it was very much not normal when last week’s Warner Bros. Discovery second-quarter financial-results report somehow became a trending topic on Twitter and the subject of some seriously over-the-top — and flat-out false — rumors about the fate of HBO Max. But while the most panicked pronouncements about what was going to unfold didn’t come to pass, that doesn’t mean everything is back to normal at the company. In fact, the…

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