Warner Bros Discovery revenue misses as media giant posts big loss
Publishing timestamp: 2023-02-23 17:41:05
Summary
Warner Bros. Discovery reported fourth quarter revenue that missed analysts' estimates due to a soft advertising market. The company's TV networks segment decreased 6% to roughly $5.5 billion, as advertising revenue took a drop. The company also reported a loss of $2.1 billion for the period, or 86 cents per share. Warner Bros. Discovery executives began warning of a worsening advertising market last summer, and other media companies have seen it weigh on their earnings. The company has been restructuring and cutting costs, and has repaid $7 billion since the merger of Warner Bros. and Discovery closed in April. The company also announced a deal to make multiple "Lord of Rings" films.
Sentiment: MIXED
Keywords: media, business, paramount global, warner bros discovery inc, business news, earnings, entertainment, breaking news: earnings,
Source: https://www.cnbc.com/2023/02/23/warner-bros-discovery-wbd-4q22.html