Warner Bros. Discovery Sees Q2 Loss As Revenue Falls In Key Areas
variety.comBrian Steinberg Senior TV Editor Warner Bros. Discovery trimmed its losses in its second quarter but saw revenue fall in key areas such as advertising and content production as the company, built from a merger of WarnerMedia and Discovery Communications, continues to navigate shifting terrain in the media sector.
The owner of the Warner Bros. studio, CNN and the Discovery Channel said total revenue was off 4% on a pro-forma basis. Advertising revenue fell to $2.45 billion from $2.62 billion in the year-earlier quarter due to shrinking linear TV audiences and a choppy U.S.
ad market. Revenue from its studios declined to $2.58 billion from nearly $3 billion due to fewer series sold and comparisons with performance last year.
In a statement, Warner Bros. Discovery CEO David Zaslav said the company was focused on reducing the massive debt it had accrued to put the merger into place and in generating free cash flow from its operations, which increased during the period.
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