Warner Bros. Discovery’s (WBD) proprietary streaming platform, Max, is keeping no stone unturned to expand its portfolio of content.Max is an improved version of WBD's HBO Max that includes all HBO Max content as well as real-world shows from various genres.In the past three months, Warner Bros. Discovery’s shares have returned 6.4% compared with the Zacks Consumer Discretionary sector’s 9.6% rise.Max is the home of HBO Originals, Warner Bros. films, Max Originals, the DC universe, the Wizarding World of Ha ...

Warner Bros. Discovery’s (WBD) brand, Home Box Office (HBO) is leaving no stone unturned to bolster its content portfolio on the back of the Game of Thrones (GOT) franchise.In this regard, the author of Game of Thrones, George R.R. Martin recently announced that three animated spin-offs of the GOT series will be launched in the world of A Song of Ice & Fire, two of which are on hold and one is being actively worked on. The release date of the animated series is yet to be disclosed.In this context, George R. ...

Dimitrios Kambouris/Getty Images Entertainment The reaction by Wall Street analysts regarding a possible merger between the two media companies was largely negative. Warner Bros. shares fell 5% on the news. Shares of both Warner Bros. Discovery (NASDAQ:WBD) and Paramount Global (PARA) have performed horribly, with both down over 50% since April 2022. They have been suffering from disappointing theatrical releases, unprofitable (Paramount+) to barely profitable (Max for WBD) streaming businesses and the ...

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Warner Bros Discovery Inc (NASDAQ:WBD) stock is sliding today, after news that the company met with fellow entertainment name Paramount (PARA) to discuss a potential deal. WBD is down 4% at $11.18 at last glance. The $11 level, which provided a ceiling of pressure through November, appears to be moving in as support. The stock's 80-day moving average also appears to have captured today's pullback. Since the start of the year, the equity is up 17.9%. Options traders are eyeing the equity amid the news. So fa ...

Financial Data and Key Metrics Changes - The company generated over $2 billion in free cash flow in Q3 and is on track to exceed $5 billion for the year, with nearly $12 billion in debt reduced since the company's launch [10][48][30] - Consolidated revenues increased 1% to nearly $10 billion, while adjusted EBITDA increased 22% to $2.97 billion, reflecting a year-to-date improvement of nearly $1.2 billion year-over-year on a pro forma basis [54][30] - Free cash flow for the quarter was a positive $2.1 billion compared to a negative $200 million in the prior year quarter, illustrating a nearly $2.3 billion positive swing year-over-year [32][30] Business Line Data and Key Metrics Changes - Studios revenues increased 3%, driven primarily by the success of "Barbie," while TV revenues declined significantly due to the impact of strikes on production [50][51] - The Direct-to-Consumer (D2C) segment ended Q3 with over 95 million subscribers, representing a modest sequential loss, while revenues increased 5% [53][30] - D2C Adjusted EBITDA was positive $111 million, representing a $745 million year-over-year improvement, aided by revenue growth and operational expense improvements [65][30] Market Data and Key Metrics Changes - The advertising marketplace remains challenging, particularly in the U.S., where the market has continued to be weaker than expected, while international markets are more stable [51][35] - CNN is experiencing a strong month with audience levels up double digits year-over-year in key demographics, outpacing competition on both linear and digital platforms [27][30] Company Strategy and Development Direction - The company is focused on transforming its biggest franchises into more engaging and monetizable properties, with plans to capitalize on underused IP [19][12] - The strategy includes expanding the streaming service Max, which will launch in new international markets in 2024, and enhancing content offerings to drive subscriber growth [28][25] - The company aims to maintain a disciplined approach to capital allocation while investing in sustainable profitable growth opportunities across its diverse portfolio [34][30] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the ongoing challenges in the industry, including geopolitical and economic uncertainties, but expresses confidence in the company's ability to adapt and thrive [46][44] - The company expects to generate meaningful free cash flow in 2024, despite potential headwinds from the advertising market and the return to normal content capital spending [70][57] - Management remains optimistic about the long-term potential of the gaming segment, which has shown strong performance and profitability [41][39] Other Important Information - The company has repaid $2.4 billion of debt in the quarter, with plans to continue reducing debt as cash is generated [47][48] - The company is implementing a more focused franchise management approach to maximize the value of its storytelling IP across various consumer touchpoints [19][20] Q&A Session Summary Question: How does the company view licensing arrangements for HBO content? - The company is exploring licensing arrangements but emphasizes the importance of significant economics and the value of exclusive content on Max [71][73] Question: What is the outlook for the advertising market and its impact on revenue? - Management acknowledges the disappointing state of the linear ad market but remains hopeful for a recovery, emphasizing the importance of their diverse portfolio [68][70] Question: How does the company plan to manage content investments across its segments? - The company is focused on maximizing content utilization across its segments, with an emphasis on leveraging its extensive library to drive profitability [111][108]

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-34177 Warner Bros. Discovery, Inc. (Exact name of registrant as specified in its charter) Delaware 35-2333914 (State or other jurisdic ...

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