Newborn Warner Bros. Discovery posted a solid loss and $ 9.8 billion in revenue in its first historical relationship when Warner Media and Discovery officially got married.
The April 8 deal represents a significant shift in the media landscape as the combined company now takes public form. CEO David Zaslav, CFO Gunnar Wiedenfels, and global broadcast chief JB Perrette will deliver business and strategic plans and answer Wall Street’s questions in a webcast starting at 4:30 am ET that could take several hours to detail or consider the merger. . HBO Max and Discovery +; in the movie (including Why WBD Released Recently? Bad girl in the final stages of post-production); on early layoffs to eliminate redundancy within $ 3 of planned cost savings; on IP, news and sports. There is a lot of land. To kick things off, WBD today announced a new CNN Originals broadcast hub on Discovery + and Magnolia Network will move to HBO Max.
Here are some financial points:
– Total second quarter revenue was $ 9.8 billion. Pro forma combined revenues decreased 1% (excluding foreign exchange) compared to the prior year quarter.
Net loss of $ 3.4 billion includes $ 2 billion of amortization of intangible assets, $ 1 billion of restructuring and other charges, and $ 983 million of transaction and integration expenses.
– Adjusted EBITDA was $ 1,664 million.
Cash provided by operating activities increased to $ 1 billion and declared free cash flow increased to $ 789 million.
– The second quarter ended with $ 3.9 billion in cash and $ 53 billion in total debt.
The second quarter ended with 92.1 million global DTC subscribers, an increase of 1.7 million from 90.4 million subscribers at the end of the first quarter, adjusted to the company’s new definition of a DTC subscriber. The new definition resulted in the exclusion of 10 million legacy non-core Discovery subscribers and inactive AT&T Mobility subscribers from the first quarter subscriber count.
“We have had a busy and productive four months at Warner Bros. since the launch of Discovery and we believe more than ever in the great opportunity that awaits us,” said CEO David Zaslav.
“We have the world’s most powerful creative engine and proprietary content portfolio, evidenced by our industry’s 193 Emmy nominations, and we intend to maximize the value of that content through a broad distribution model that includes theatrical, broadcast and linear cable. “. , in the clear, games, products and consumer experiences and more, anywhere in the world. We are confident that we are on track to achieve our strategic goals and that we are truly successful both creatively and financially, and we couldn’t be more excited about our company’s future. “
Stocks rose after the report, but fell sharply, about 11%. In more exchanges.
Source: Deadline
I am Anne Johnson and I work as an author at the Fashion Vibes. My main area of expertise is beauty related news, but I also have experience in covering other types of stories like entertainment, lifestyle, and health topics. With my years of experience in writing for various publications, I have built strong relationships with many industry insiders. My passion for journalism has enabled me to stay on top of the latest trends and changes in the world of beauty.
