Скачать или смотреть Warner Bros. Discovery, Inc. (WBD) Q3 2024 Earnings Breakdown

Key Highlights


• Streaming growth amidst overall revenue decline: WBD continues to see growth in its DTC (direct-to-consumer) segment, driven by subscriber increases and pricing changes for Max. This growth was partially offset by declines in distribution and advertising revenue in the Networks segment, reflecting broader industry trends.


• Impairment charges signal trouble for linear networks: The substantial goodwill impairment charge taken in Q2 2024 for the Networks reporting unit highlights the challenges facing the linear television business. Declining subscribers, a soft advertising market, and uncertainty surrounding affiliate and sports rights renewals are key concerns.


• Focus on debt reduction and liquidity: WBD has been actively repurchasing and repaying its senior notes, reducing outstanding debt by over $5 billion in the first nine months of 2024. The company maintains a $6 billion revolving credit facility and emphasizes its focus on liquidity.