Warner Bros. Discovery (WBD) CEO David Zaslav said President-elect Donald Trump's second term could provide an opportunity for more consolidation in the media industry.

"We have an upcoming new administration, and it's too early to tell, but it may offer a pace of change and an opportunity for consolidation that may be quite different," Zaslav said on a call with analysts following the company's third quarter results.

Trump is viewed as generally more friendly toward dealmaking across multiple industries than President Biden.

Zaslav described the current media landscape as undergoing a period of "generational disruption" as linear television declines and streaming upends major traditional players.

Consolidation, in Zaslav's view, "would provide a real positive and accelerated impact on this industry that's needed" as the current landscape is "not sustainable."

"These are great companies," he added. "And if the best content is going to win, there needs to be some consolidation in order to have these businesses be stronger and to have a better consumer experience."

On Tuesday, Warner Bros. reported strong third quarter streaming results, which included its largest-ever quarterly subscriber growth since the launch of Max.

But the company was still plagued by tumbling network advertising revenue and falling profits as more consumers cut the cable cord and opt for streaming alternatives. That sent overall revenue for the quarter down 3% on a year-over-year basis.

And with the loss of its key NBA media rights, it remains an uphill battle for the stock, with shares still down about 20% since the start of the year — despite an early 14% boost Thursday on the heels of the quarterly results.

Full-year adjusted EBITDA also remains at risk of falling to $9 billion, according to the latest Bloomberg estimates. That's $5 billion below what analysts had expected at the time of its merger.

Rumors have swirled about the company's next move. Bank of America analysts recently laid out possible strategic options that could include a split of the company's digital streaming and studio businesses from its legacy linear TV unit.

On the call, Zaslav said the company is exploring "all things operationally and strategically" to ensure shareholder value.

Other companies are doing the same. Comcast said last week that it's exploring a similar concept and might spin off its cable networks into a separate company in order to "play offense" amid recent industry turmoil.