as “the latest disastrous merger to demonstrate the harms of consolidation, and particularly the threat to diversity when gatekeepers combine to increase their power.”
Free cash flow, or the cash left from revenue after paying all financial obligations, beat consensus at $2.48 billion, compared with $784 million. Other media congloms like Paramount and Disney have posted negative free cash flow for the latest quarter as they continue to fund their streaming ambitions. WBD’s asset mix is unique, arguably, given that HBO Max launched on top of existing subscriber outlets and has been offered at no extra charge to linear subscribers to HBO.
Gross debt, a concern for many investors, stood at just shy of $50 billion. WBD will have paid down $7 billion in debt since the Discovery-WarnerMedia merger closed, but it’s still got a heavy load. Wall Street in recent months has switched to a glass-half-full sentiment on the company’s prospects, with the stock up over 60% year to date, reversing losses from 2022.
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