Warner Bros. Discovery adds 7.2 million Max subscribers, the streamer's largest single-quarter jump

Core Insights - Warner Bros. Discovery's streaming platform Max achieved its largest quarterly growth, adding 7.2 million global subscribers in Q3, bringing the total to 110.5 million as of September 30 [1] - The streaming business has become a key growth area for Warner Bros. Discovery amid challenges in traditional TV networks, which faced a $9.1 billion write down last quarter due to cord cutting and a weak advertising market [2] Financial Performance - Warner Bros. Discovery reported a 4% decrease in revenue to $9.62 billion compared to the same period last year, with adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) down 19% to $2.41 billion [3] - Revenue from TV networks rose 3% to $5.01 billion, despite declines in distribution and advertising revenue [4] - The studios segment saw a 17% drop in revenue to $2.68 billion, with theatrical revenue falling 40% due to weaker box office performances of certain films compared to last year [4] Streaming Business Highlights - The streaming segment's revenue increased by 8% to $2.63 billion, driven by a rise in global subscribers, higher advertising revenue, and increased average revenue per user [5] - Adjusted EBITDA for the streaming segment was $289 million, reflecting an increase of $178 million compared to the previous year [5]