WBD Sees Revenues Drop 7 Percent in Q4

Total revenues at Warner Bros. Discovery slipped 7 percent year-over-year to $9.5 billion, with distribution, ad and content revenues all decreasing.

Distribution revenues dropped 3 percent, as underlying growth in global streaming subscribers was offset by domestic linear pay-TV subscriber declines.

Advertising revenues decreased 9 percent, as ad-lite streaming subscriber growth was offset by domestic linear audience declines.

Content revenues dipped 10 percent, driven by lower content sales due to the timing of renewals at the studios and global linear networks segments.

The net loss was $252 million, which includes $1.3 billion of pre-tax acquisition-related amortization of intangibles, content fair value step-up and restructuring expenses.

The company ended Q4 with 131.6 million streaming subscribers, an increase of 3.5 million subscribers versus Q3.

For the full year, WBD also saw drops in distribution, advertising and content revenues, leading to an overall 5 percent decline in total revenues to $37.3 billion.