Earnings season has been a rough go as Disney, Paramount, Fox and Warner Bros. Discovery deliver their Q1 results. And if you thought “Sports Hulu” was a surprise, just wait for the new bundle of Disney+, Hulu and . . . Max?! Sean McNulty dives into Disney and Warners tepid earnings, their new streaming bundle, and the urgency in joining forces. Plus: Do you have to be from an Ivy League school to rise to the top of Hollywood? Maybe the opposite, says Richard Rushfield, who breaks down alma maters of the industry’s bold-faced names.

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WBD, Disney and the New Frenemy Era