Warner Bros. Discovery Posts Much Narrower Loss

The media industry faces ongoing challenges as consumers shift away from traditional cable subscriptions and advertisers reduce spending. Warner Bros. Discovery, reflecting this trend, reported a significantly reduced loss in the final quarter of 2023 compared to the same period a year earlier.

The company reported a net loss of $400 million for the quarter, a notable improvement from the $2.1 billion loss recorded a year prior. I Photo: Warner Bros.

However, its loss still exceeded expectations, according to Chris Isidore's report for CNN.

The company, which owns CNN among other media properties, reported a net loss of $400 million for the quarter, a notable improvement from the $2.1 billion loss recorded a year prior.

This brought its full-year loss to $3.1 billion, nearly half of the $7.4 billion loss in 2022.

Nevertheless, its loss of 16 cents per share in the quarter fell short of the forecasted 10-cent loss per share. Quarterly revenue declined by 7% year-over-year to $10.3 billion, slightly below forecasts.

Company executives highlighted their satisfaction with progress in deleveraging efforts, as $1.2 billion in debt was paid off during the quarter, reducing gross debt to $44.2 billion.

This marks a $12 billion reduction from the time of the Discovery-Warner Media merger in 2022. CEO David Zaslav expressed optimism about the company's trajectory, stating, "Bottom line, we’re a far healthier company now and we’re building real momentum. And we expect 2024 will be a year to drive that momentum forward even further."

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