This fall Sees Soft Ads, Strike Impact

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Warner Bros. Discovery noticed income dip however losses slim within the final quarter of 2023. Free money circulate grew — a key metric that enables the David Zaslav-led media large to proceed chipping away at its hefty debt, which it’s doing.

It ended the yr with 97.7 international streaming subscribers — together with 1.3 million from BluTV, the Turkish streamer it acquired in December.

Revenue of near $10.3 billion in contrast with $11 billion the yr earlier than, down 7%. Revenue on the tv studio was hit by the impression of the WGA and SAG-AFTRA strikes, with manufacturing nonetheless revving up.

Theatrical income was larger on extra releases, together with Aquaman And The Lost Kingdom, regardless of a little bit of a softer opening than anticipated that had analysts reducing their studio forecasts.

Advertising on the community phase fell 14%.

Free money circulate rose to $3.31 billion, from $2.48 billion.

“After executing against our strategic plan to reposition the company, we are now on solid footing with a clear pathway to growth. We generated $6.2 billion in free cash flow and paid down $5.4 billion in debt in 2023, which puts us at 3.9x net leverage. 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,” mentioned Zaslav.

The inventory has been within the tank, malingering at about $9.50. It was up early buying and selling forward of the numbers however has now settled again in damaging territory.

Zaslav and WBD execs will host a name at 8 ET to go over the numbers and take questions. It’s the primary name since WBD, Disney and Fox introduced a sports activities streaming three way partnership, which has already faces a authorized problem. And additionally the primary since hypothesis heated up round a sale of Paramount Global, with Zaslav initially within the combine having had conferences with Shari Redstone and Bob Bakish.

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