Warner Bros. Discovery loses 700k streaming subscribers

Source: Warner Bros Discovery

Warner Bros. Discovery lost 700,000 streaming subscribers in the third quarter, taking its total down to 95.1 million.

On the upside, ARPU per streaming sub increased by 6% to US$7.82.

For Warner Bros. Discovery as a whole, Q3 total revenues were US$9.979 billion. Revenues increased 1% exclusive of foreign currency impacts compared to the prior year quarter.

The company posted a net loss available of US$417 million, which included US$1.758 billion of pre-tax amortization driven by acquisition-related intangibles and US$269 million of pre-tax restructuring expenses.

David Zaslav (source: Warner Bros. Discovery)

Q3 total Adjusted EBITDA was US$2.969 billion. Adjusted EBITDA increased 22% excluding FX impacts compared to the prior year quarter.

David Zaslav, President and Chief Executive Officer of Warner Bros. Discovery said, “I am very pleased with the strong financial results that our company delivered in Q3, underscored by 22% growth in Adjusted EBITDA and over $2 billion in free cash flow, putting us on track to meaningfully exceed $5 billion for the year and contributing to our nearly $12 billion in debt paydown to date. Among the highlights, our Direct-to-Consumer business had another profitable quarter with $111 million of Adjusted EBITDA and launched its new live-programming offerings with CNN Max and the Bleacher Report Add-On, which are showing early signs of contributing to increased engagement and lower churn on Max. We’ve made great strides in just 19 months and are excited to continue building on this strong momentum, as we focus on driving future growth and creating long-term value for our shareholders.”