Warner Bros. Discovery says it has 92 million streaming subscribers.

Warner Bros. Discovery, the media colossus fashioned this 12 months by the merger of the guardian corporations of HBO and Animal Planet, stated in its first earnings report as a public firm that it had 92.1 million subscribers for its streaming companies, which embrace HBO Max and Discovery+.

The announcement was made earlier than an investor convention name on Thursday, throughout which executives at Warner Bros. Discovery is predicted to supply Wall Street with an replace on the corporate’s plans for its mixed video-streaming service.

Warner Bros. Discovery has main challenges forward. The firm was saddled with $55 billion in debt when it went public in April, the results of a derivative that mixed AT&T’s WarnerMedia division with Discovery. The chief government, David Zaslav, is going through strain to pay down that debt whereas competing with giants like Netflix and Disney within the pricey streaming wars.

The firm can also be going through expectations from Wall Street to chop prices. Warner Bros. Discovery has stated it will discover about $3 billion in financial savings between the 2 corporations, a company crucial that may lead to layoffs for overlapping enterprise capabilities.

Mr. Zaslav and his lieutenants have already achieved some work on that entrance. In April, considered one of their first strikes was to close down the CNN+ streaming service, a moonshot subscription product that was promoted because the community’s bridge to the longer term. Mr. Zaslav has instructed Wall Street that he does not count on Warner Bros. Discovery to win “the spending warfare,” signaling a extra disciplined method to the expensive streaming enterprise.

In the months earlier than Discovery took management of Warner Bros. and HBO, Mr. Zaslav went on a roadshow of a kind in Hollywood. His message appeared designed to reassure a skeptical film trade: We could also be reality-television individuals, however we love theaters and have deep respect to your distinctive, time-honored tradition, together with catering to expertise.

Since the deal closed, nonetheless, Mr. Zaslav and his lieutenants have revealed that such discuss solely goes up to now. This week, they junked a virtually completed movie, “Batgirl,” which price $90 million to make and was headed to HBO Max. The transfer alienated the film’s up-and-coming filmmakers and stars, however Discovery determined {that a} write-off — taking a tax credit score — was essentially the most financially prudent route.

It is sort of unheard-of within the film enterprise for practically completed work to be thrown away, by no means to be seen anyplace, prompting a query within the expertise neighborhood: If I join a Warner Bros. film, would possibly the identical factor occur to me?

During the decision with buyers, Mr. Zaslav stated the corporate would concentrate on attracting top-tier storytellers for its TV and movie companies and curating the very best reveals and flicks for its streaming companies.

“It’s not about how a lot,” Mr. Zaslav stated. “It’s about how good.”

Mr. Zaslav additionally stated the corporate was planning to begin a free, advertising-supported video service to enrich its present streaming choices.

Warner Bros. Discovery started its life at a tumultuous time for the media trade. The firm’s inventory has fallen about 30 % from its preliminary worth of about $24, as buyers have grow to be extra skeptical of video streaming companies and the promoting market has tightened up. Netflix’s inventory is down about 36 % throughout the identical interval, whereas Paramount’s inventory has fallen about 30 %. The S&P 500, an index of the most important publicly traded corporations, is down about 8 %.

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