David Zaslav really loves HBO Max. (You can go ahead and just forget about that whole “Max” era.)

On Wednesday, Zaslav called HBO Max “probably” Warner Bros. Discovery‘s “most important asset.” It is streaming’s unique ability to house entire TV and film libraries that, in his mind, places it above linear assets like HBO, CNN and the Turner Channels. The same goes for WBD’s theatrical distribution business, which also ultimately serves as a feeder system for HBO Max.

So I guess that’s what David Ellison is (mostly) paying $111 billion for.

One could very reasonably argue that Warner Bros. studios are actually a bit more valuable — the company’s motion picture business is certainly its most iconic asset. (The studio lot is pretty cool too.) But it is actually WBD’s linear networks business that still technically brings in the most money, and then studios, and then streaming. But the times, they are a-changing, and this cable cowboy — the protégé of the actual cable cowboy John Malone, recognizes it.

Zaslav also said on Warner Bros. Discovery’s first quarter 2026 earnings conference call that HBO Max was the “lynchpin” of his “ambition” to split the company into two, which would have served Netflix quite well but was unnecessary when Paramount Skydance came calling with a superior offer. The streamer is “the piece of the business that you will see will be a huge benefit to Paramount when our deal closes,” Zaslav said. HBO Max has far more subscribers than Paramount+.

Warner Bros. Discovery reported its first quarter 2026 earnings on Wednesday afternoon. Well, really, it reported its losses. WBD posted a loss of $2.9 billion in the March quarter, but that could (mostly) be chalked up to the $2.8 billion it owed Netflix for dumping them in favor of Paramount’s prettier offer. (Paramount Skydance is ultimately covering that cost.)

There was also $1.3 billion in other expenses, including restructuring charges (read: layoffs and severance pay) ahead of the Paramount takeover’s expected third quarter 2026 closure.

Paramount Skydance reported its own first quarter earnings on Monday. Ellison said the company is “making great progress” toward its Warner Bros. Discovery acquisition.

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