Paul Dergarabedian and Jeff Walker break down Warner Bros. Discovery (WBD) earnings. Paul points out that WBD has driven the box office rebound this year, with smash hits like Sinners, Minecraft, Superman, Final Destination: Bloodlines, F1 and more. Jeff highlights their status as the largest physical media distributor and the licensing revenue from their franchises. He thinks too much emphasis is placed on streaming prowess while ignoring the broader fan media ecosystem.