Warner Bros. Discovery said its first-quarter loss narrowed from the year-earlier period as it added more than 5 million subscribers to its streaming services around the globe. Even so, the company had to contend with dips in all of its traditional streams of revenue, including advertising and distribution, more evidence it continues to grapple with a difficult operating environment for the media sector.
The owner of the TNT, TBS and CNN cable networks and the Max streaming service said its net loss came to $453 million, compared with $966 million in the year-earlier period. Revenue in the first quarter fell 10% to $8.97 billion.
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In a letter to shareholders, the company said it was seeing new momentum from the shows it has created, including “The Pitt” and “The Last of Us,” but noted that “our first quarter film slate underperformed expectations” and that its TV networks faced a “challenging and uncertain environment.”
More to come….
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