The Warner Bros. Discovery’s quarterly revenue increased 13 per cent in the first set of results from the $43 billion merger of Discovery Inc and AT&T Inc’s WarnerMedia properties.
The data did not include figures for WarnerMedia, which owns the Harry Potter and Batman brands, as well as TV networks such as CNN and the streaming service HBO Max.
Total paid streaming subscribers – including those from Discovery+ – increased by 2 million in the three months preceding the merger’s close, the company said on Tuesday.
A resurgence in ad spending, the February Olympics in Beijing, and Discovery’s lifestyle TV networks such as HGTV and TLC all helped draw in subscribers in a quarter that saw Netflix Inc suffer its first decrease in more than a decade.
The grim results from the streaming pioneer underline the hurdles confronting the sector’s newest powerhouse, as Wall Street becomes wary of streaming’s long-term prospects due to substantial content investments and an uncertain future.
For the first quarter ended March 31, Warner Bros Discovery’s total revenue increased 13 per cent to $3.16 billion.
The company’s net income increased to $456 million, or 69 cents per share, from $140 million, or 21 cents per share, the previous year.
(Adapted from USNews.com)