Warner Bros. Discovery Sees Q4 Loss On $1.9 Billion in Charges, Adds 6.4 Million Subscribers

variety.com:

Brian Steinberg Senior TV Editor Warner Bros. Discovery posted a fourth-quarter loss as the company grappled with $1.9 billion in charges and restructuring expenses, even as the company added 4.6 million subscribers to its streaming outlets.

Like its rivals., Warner is navigating a difficult era for the media sector, one in which linear TV audiences, much easier to monetize, are leaving for new streaming video options.

The company said its overall revenue fell 2% to $10 billion, and noted declines of 2% from distribution and 11% in ad sales due to “continuing softness” in traditional ad markets. “In fact, the U.S.

linear television advertising market has deteriorated faster than we expected, as evidenced by our results over the last several quarters,” the company said in a note to shareholders Thursday.