From CNBC:

– Warner Bros. Discovery missed analyst targets in Q4, with a net loss of $400 million and a 14% drop in linear TV advertising revenue. Shares fell 12% after the report. The company also reported 4% decline in distribution revenue and $10.28 billion in revenue, missing estimates.
– The studio revenue at Warner Bros. Discovery dropped 17% to $3.17 billion in Q4, with adjusted EBITDA falling 29% to $543 million. CEO Zaslav acknowledged challenges and underperformance at the studio, particularly due to strikes by industry guilds.
– Warner Bros. Discovery generated $3.31 billion in free cash flow in Q4, with $6.16 billion for the full year. Despite this, the company anticipates free cash flow headwinds in 2024 due to increased content spend following last year’s strikes by writers and actors unions.
– Max, Warner Bros. Discovery’s streaming service, ended 2023 profitable with $103 million in adjusted EBITDA. The company reported 97.7 million global subscribers, forecasting profitability in 2024 despite expected losses in the first half due to content investment.
– Warner Bros. Discovery announced a joint sports venture with Disney and Fox, set to target non-cable subscribers. The service, launching in fall 2024, aims to simplify access to major sports playoffs. Negotiations with the NBA for media rights are ongoing, with emphasis on disciplined investments.



Read more: Warner Bros. Discovery (WBD) earnings Q4 2023