Warner Bros Discovery Inc is borrowing a page from the Walt Disney Co playbook, saying it will lean into its popular entertainment franchises – including Superman, Batman, Lord of the Rings and Harry Potter.
Warner Bros Discovery posted a $2.1 billion loss in the quarter, reflecting charges related to the restructuring of the merged media companies. The company, like its Hollywood peers, is working to create a profitable streaming business as consumers and advertisers flee traditional TV.
The news came as Warner Bros Discovery reported revenue of $11 billion, shy of analysts’ consensus estimate of nearly $11.36 billion. Like other media companies, Warner Bros Discovery has yet to turn a profit on its HBO Max and Discovery+ streaming services, though the company has reduced losses from them. The streaming unit reported an operating loss of $217 million in the quarter, compared with pro-forma losses of $728 million a year ago. It booked $2.45 billion in revenue, exceeding Wall Street forecasts of $2.39 billion.
Streaming and games chief J.B. Perrette told investors a new version of the streaming service, with better performance, enhanced features and broader entertainment offerings, will be unveiled at a press event on April 12.
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