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Warner Bros. shares have reached an all-time low: what is happening with the entertainment giant?

Warner Bros. shares  have reached an all-time low: what is happening with the entertainment giant?


Warner Bros. shares Discovery Inc. fell to their lowest level since the stock began trading in April 2022, after the entertainment giant reported fourth-quarter revenue and profit below Wall Street forecasts amid decline in television advertising sales and weakness in its studio activities. .

Warner Bros. (Reuters)
Warner Bros. (Reuters)

Sales, at $10.3 billion, fell 7% from the same period last year, the company said Friday, and fell short of analysts' forecasts of $10.5 billion. Advertising revenue in the Television Networks division fell 12% to $1.9 billion. Revenue from its film and television studios was $3.2 billion, down 18% from the previous year.

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Adjusted earnings before interest, taxes, depreciation and amortization came in at $2.5 billion, compared to an estimate of $2.8 billion. The company lost 16 cents per share, a steeper decline than expected. Analysts also cited a lack of profit forecasts for the year.

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Shares were down 9.3% at $8.68 as of 12:23 p.m. in New York. Previously, they were trading at $8.25.

Warner Bros., the parent company of CNN, TNT and other networks, is grappling with the shift from traditional channels to streaming services. Strikes by Hollywood writers and actors halted production last year.

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This business is not without its challenges, CEO David Zaslav said Friday during an earnings conference call. Among them, we continue to face the impacts of ongoing disruption, the pay TV ecosystem and a dislocated linear advertising ecosystem. We challenge our leaders to find innovative solutions.

In an effort to generate additional revenue, the company is selling more programs to other streaming services such as Netflix Inc.

The number of direct-to-consumer subscribers, at 97.7 million, beat analysts' estimates of 96 million. This figure included 1.3 million subscribers from its acquisition of Turkish streaming service BluTV.

For the full year, the company's streaming business, which includes HBO, was profitable.




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