Warner Bros Discovery revenue misses as media giant posts big loss – CNBC
Warner Bros. Discovery on Thursday posted a large loss and recorded about $11.1 billion in fourth quarter revenue, missing analysts’ estimates, as the media industry contends with a soft advertising market.
The company’s TV networks segment – which includes cable-TV channels like TNT, TBS and Discovery – decreased 6% to roughly $5.5 billion, as advertising revenue took a drop in particular.
Here’s what the company reported, vs. what analysts’ estimates, according to Refinitiv:
- Revenue: $11.01 billion vs. $11.36 billion expected
- Loss per share: 86 cents vs. 21 cents
he company reported a loss of $2.1 billion for the period, or 86 cents per share. Warner Bros. Discovery shares fell after hours.
Warner Bros. Discovery executives began warning of a worsening advertising market last summer, and other media companies, including Paramount Global, have seen it weigh on their earnings.
The company has been contending with restructuring costs and impairment charges stemming from the 2022 merger of Warner Bros. and Discovery, while trying to push its streaming business toward profitability.
The company ended the fourth quarter with $45.5 billion in debt on its balance sheet, and $3.9 billion in cash on hand. A major focus for Warner Bros. Discovery has been reducing its hefty debt load and cutting costs.
“With the major restructuring decisions behind us, this year we are focused on building and growing our businesses for the future, and we’re off to a great start,” CEO David Zaslav said in the company’s earnings release Thursday.
The company, which owns streaming services HBO Max and Discovery+, said its global direct-to-consumer streaming subscriber base increased by 1.1 million to 96.1 million by the end of the quarter.
Revenue for the streaming segment was up 6%, the company said Thursday, driven by an uptick in subscriber growth for its ad-supported tiers.
Losses for its streaming segment narrowed, the company said. It posted a loss of $217 million for the period, “a $511 million year-over-year improvement,” it added.
Warner Bros. Discovery reported continued softness in the advertising market, which has been weighing on its revenue since last summer, when executives first warned of a slowdown in ad spending. Last week, Paramount Global reported a decrease in quarterly revenue due to lower ad spending.
The company’s network TV segment was particularly affected as major sporting events including college football and the men’s World Cup took place on other networks during the fourth quarter.
Meanwhile, the company saw a 23% drop in revenue for its studios segment, noting it had lower TV licensing deals and fewer theatrical releases. The DC Comics film “Black Adam” was released in the fourth quarter last year, compared with multiple releases including “Dune,” “The Matrix Resurrections,” “King Richard” and “The Many Saints of Newark” in the same period during the previous year.
This is a developing story. Check back for updates.
Myanmar military dissolves Suu Kyi’s NLD party: State media – Al Jazeera English
Party of Myanmar leader Aung San Suu Kyi among 40 political parties dissolved after failing to meet registration deadline, according to state television.
Myanmar’s military-controlled election commission has announced that the National League for Democracy Party (NLD) would be dissolved for failing to re-register under a new electoral law, according to state television.
The NLD led by Nobel laureate Aung San Suu Kyi was among 40 political parties dissolved on Tuesday after they failed to meet the ruling military’s registration deadline for an election, according to state television.
In a nightly news bulletin, Myawaddy TV announced the NLD among those who had not signed up to the election and were therefore automatically disbanded. The NLD has said it would not contest what it calls an illegitimate election.
The army carried out a coup in February 2021 after the NLD won the November 2020 parliamentary elections and subsequently jailed its leader Suu Kyi.
Suu Kyi, 77, is serving prison sentences totaling 33 years after being convicted in a series of politically tainted prosecutions brought by the military. Her supporters say the charges were contrived to keep her from actively taking part in politics.
The party won a landslide victory in the 2020 general election, but less than three months later, the army kept Suu Kyi and all the elected lawmakers from taking their seats in parliament.
The army said justified the coup saying there was a massive poll fraud, though independent election observers did not find any major irregularities.
Some critics of Senior General Min Aung Hlaing, who led the takeover and is now Myanmar’s top leader, believe he acted because the vote thwarted his own political ambitions.
No date has been set for the new polls. They had been expected by the end of July, according to the army’s own plans.
But in February, the military announced an unexpected six-month extension of its state of emergency, delaying the possible legal date for holding an election.
It said security could not be assured. The military does not control large swaths of the country, where it faces widespread armed resistance to its rule.
This is a breaking story. More to follow.
Gautam Adani acquires 49% in Quintillion Business Media for Rs 48 crore
Billionaire Gautam Adani’s AMG Media Networks has acquired about a 49 per cent stake in Raghav Bahl-curated digital business news platform Quintillion Business Media Pvt Ltd for about Rs 48 crore.
In a stock exchange filing, Adani Enterprises Ltd said its subsidiary AMG Media Networks Ltd has completed the acquisition which was originally announced in May last year.
The transaction was completed on March 27 for “Rs 47.84 crore”, it said.
Quintillion Business Media runs the news platform Bloomberg Quint, now called BQ Prime.
Adani group had set up AMG Media Networks for its foray into businesses of “publishing, advertising, broadcasting, distribution of content over different types of media networks”.
In May last year, it had signed a shareholders’ agreement with Quintillion Media Ltd (QML) and QBML.
In September 2021, it hired veteran journalist Sanjay Pugalia to lead its media company Adani Media Ventures.
Twitter source code partially leaked online, court filing says
GitHub removed code shared without permission after request by social media giant, court filing says.
Twitter’s source code has partially leaked online, according to a legal filing by the social media giant.
Twitter asked GitHub, an online software development platform, to remove the code after it was posted online without permission earlier this month, the legal document filed in the US state of California showed on Sunday.
GitHub complied with Twitter’s request to remove the code after the social media company on March 24 issued a subpoena to identify a user known as “FreeSpeechEnthusiast”, according to the filing with the US District Court of the Northern District of California. San Francisco-based Twitter noted in the filing that the postings infringe on the platform’s intellectual property rights.
The filing was first reported by The New York Times.
The leak of the code is the latest hiccup at the social media giant since its purchase by Elon Musk, whose tenure has been marked by mass layoffs, outages, sweeping changes to content moderation and heated debate about the proper balance between free speech and online safety.
Musk, who bought Twitter for $44bn last October, said recently that Twitter would open the source code used to recommend tweets on March 31. Musk, who also runs Tesla and several other companies, said the platform’s algorithm was overly complex and predicted people would find “many silly things” once the code was made public. It is not clear if the leaked source relates to the code used to recommend tweets.
“Providing code transparency will be incredibly embarrassing at first, but it should lead to rapid improvement in recommendation quality,” he wrote on Twitter. “Most importantly, we hope to earn your trust.”
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