Revenues slip at Warner Bros Discovery

(Sharecast News) - Warner Bros Discovery posted below-forecast quarterly numbers on Thursday, despite a bumper performance from the media giant's studio division. Revenues at the US firm fell 4% on a reported basis in the three months to 30 September, to $9.05bn, while losses per share were $0.06.

Analysts had been looking for revenues closer to $9.15bn, and a $0.04 per share loss.

WBD's studios division posted a 24% spike in revenues to $3.32bn, boosted by the box office success of new releases such as Superman and The Conjuring: Last Rites.

Revenues at the streaming division, which includes HBO Max, were largely flat at $2.63bn.

But its cable TV arm - which includes Discovery, TNT Sports and CNN, among others - reported a 22% slump to $3.88bn.

WBD is currently pushing ahead with plans to split itself into two listed businesses, Warner Bros - which will include its streaming and studios units - and Discovery Global.

However, last month WBD confirmed it was also mulling a possible sale of the entire business and had launched a strategic review to consider its options.

WBD said on Thursday that the separation remained on track to complete by mid-2026 and that there was "no deadline or definitive timetable" for the review.

"We continue to focus on executing against our key strategic pillars and moving with momentum towards our planned separation alongside the board process to review and evaluate strategic alternatives," it noted.