Warner Bros Discovery Sees Q1 Profit Rise Despite Declines in Cable Audience

variety.com:

Brian Steinberg Senior TV EditorWarner Bros. Discovery said profit rose in the first quarter despite declines in traditional TV audiences, as revenue from advertising and distribution rose thanks in part to the company’s streaming inititiatives.Warner Bros.

Discovery is essentially a new company, having completed its acquisition of the former WarnerMedia earlier this month. But the results released Tuesday do not include the WarnerMedia operations, which were disclosed earlier by the unit’s previous owner, AT&T.

The company also declined to offer details on the number of streaming subscriptions for its stand-alone Discovery+ streaming venue.In a statement, David Zaslav, the company’s CEO, tried to spotlight the merged company’s future, and not its recent past.

Executives have articulated a strategy under which it offers a broad streaming option that consists of assets from across its portfolio, which includes both Discovery+ and HBO Max.  “We are putting together the strategic framework and organization to drive our balanced approach to growing our businesses and maximizing the value of our storytelling, news and sports,” Zaslav said. “To do this, we have brought together a strong leadership team in a streamlined structure to foster better command and control and strategic clarity across the entire company.