Warner Bros. Discovery reported a wider-than-expected third-quarter loss and a decline in television revenue amid Hollywood strikes and a difficult advertising market.
Warner reported a third-quarter loss of 17 cents a share on revenue of $9.98 billion. Analysts surveyed by FactSet had expected the entertainment company to report a loss of 9 cents a share on revenue of $9.97 billion.The company reported content revenue for its networks segment of $215 million, a 22% decline from the same period last year.
Newsletter Sign-up SAG-AFTRA actors have been on strike since July with workers demanding higher pay and residuals, as well as more concrete protections against artificial intelligence. Hollywood writers ended their strike at the end of September.
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'Barbie' success helps Warner Bros Discovery weather strike effects, weak ad marketWarner Bros Discovery (WBD.O) topped third-quarter profit estimates on Wednesday as the box-office hit 'Barbie' helped offset a sluggish advertising market and a studios segment starved of content due to two Hollywood strikes.
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