00:00It's Benzinga, bringing Wall Street to Main Street.
00:02Warner Brothers Discovery reported a net loss of $2.9 billion in the first quarter,
00:07compared to a net loss of $453 million a year earlier, according to CNBC.
00:13The company recorded $1.3 billion in acquisition-related and restructuring charges
00:18and a $2.8 billion termination fee tied to Netflix after a proposed asset sale collapsed.
00:24Revenue fell 1% year-over-year to $8.89 billion, while adjusted EBITDA rose 5% to $2.2
00:32billion.
00:33Streaming revenue increased 9% to $2.89 billion as HBO Max expanded internationally
00:40and ad-supported subscriptions grew.
00:43The media company said it exceeded 140 million global streaming customers in the quarter
00:48and remains on track to surpass $150 million by year-end.
00:52Linear TV revenue fell 8% to $4.38 billion as advertising revenue declined 11%
00:59following the loss of NBA media rights.
01:02Studio revenue rose 35% to $3.13 billion.
01:07For all things money, visit Benzinga.com.
01:11See you next time.
Comments