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Warner Bros Discovery has announced a larger-than-expected quarterly loss, attributing it to a decline in advertising sales within its cable TV unit and challenges faced by its studio segment, including the impact of Hollywood strikes and disappointing sales of a video game.
Despite growth in its streaming unit, the company’s overall performance reflects ongoing pressures in the media industry.
Advertising revenue in the networks segment, encompassing CNN and the Discovery Channel, dropped by 11% in the first quarter.
The subdued advertising trends in both the U.S. and certain international markets are linked to concerns about higher interest rates, affecting not only Warner Bros Discovery but also other media companies like Disney.
Despite the overall decline, the streaming unit saw a positive trajectory, with global subscribers increasing by 2 million to reach 99.6 million.
The company reported a significant 72% rise in adjusted profit, reflecting investors’ focus on profitability amidst the streaming market’s evolution.
Warner Bros Discovery’s studio revenue faced challenges, particularly due to the underperformance of the “Suicide Squad: Kill the Justice League” video game.
The business reported a 12% revenue decline, impacted by production delays and fewer episodes resulting from Hollywood strikes last year.
To bolster its streaming offerings, Warner Bros Discovery announced a collaboration with Disney to offer a bundle of Disney+, Hulu, and Max streaming services in the U.S. starting this summer.
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