Warner Bros. Discovery Narrows Q4 Loss Despite 14% Decline in Ad Revenue
variety.comBrian Steinberg Senior TV Editor Warner Bros. Discovery narrowed its fourth-quarter loss by a significant margin as cost reductions and reduced content production caused by last year’s Hollywood labor stoppages helped it maneuver around a 14% decline in advertising sales and other onerous conditions for traditional media companies.
The owner of the TNT and TBS cable networks,. the Warner Bros. studio and the Max streaming service reported a loss of $400 million in its fourth quarter, or 16 cents per share, compared with a loss of $2.1 billion in the year-earlier period, 86 cents per share. “We have an attack plan for 2024 that includes the roll-out of Max in key international markets, a more robust creative pipeline across our film and TV studios, and further progress against our long-range financial goals and are confident in our ability to drive sustained operating momentum and enhanced shareholder value,” said David Zaslav.
Warner Bros. Discovery’s CEO, in a prepared statement. Revenue for the year came to nearly $10.3 billion, a decline from $11 billion in the year-earlier period.
Warner Bros. Discovery is, like many of its rivals, grappling with the exit of many consumers from cable subscriptions, a dynamic that crimps what was once a steady flow of revenue.
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