Warner Bros. Discovery posts first-quarter loss despite streaming and studio gains
Updated
Updated · Variety · May 6
Warner Bros. Discovery posts first-quarter loss despite streaming and studio gains
15 articles · Updated · Variety · May 6
Revenue fell 3% to $8.9bn as a $2.8bn reserve tied to the scrapped Netflix deal and Paramount transaction outweighed stronger results.
Streaming revenue rose 7% to nearly $2.9bn and studios revenue jumped 31% to about $3.13bn, but TV revenue dropped 9% and advertising slid 8% without NBA games.
CEO David Zaslav told investors HBO Max is now expected to exceed 150 million subscribers by end-2026, as the shift from traditional television to streaming continues to pressure Warner's legacy TV business.
With a staggering $79 billion in debt, is the WBD-Paramount merger building a media titan or a financial house of cards?
As foreign entities near 50% ownership, will Hollywood's newest giant answer to shareholders or to sovereign states?