Warner Bros. Discovery Touts “Disciplined” Post-NBA Sports Strategy, Says It Is “Responding Tenaciously And Creatively” To Pay-TV Declines

deadline.com:

Warner Bros. Discovery touted its “disciplined” sports strategy, saying sports is an area where it is responding “tenaciously and creatively” to ongoing pay-TV declines.

The company made the remarks in its quarterly letter to shareholders, released along with financial results for the fourth quarter, which were mixed.

Revenue slipped 2% and adjusted EBITDA fell 11% but the streaming business added 6.4 million subscribers. WBD is surrendering rights to the NBA after the current season, ending broadcasts on TNT after several decades.

As result of the outcome of NBA talks, which saw NBCUniversal and Amazon prevail alongside incumbent Disney-ESPN, the company said it has “entered into a far more efficient long-term relationship with the league.” WBD will retain some international rights and will continue to produce Inside the NBA, which is known as the premiere studio show.