The first half of 2023 is drawing to a close, marking another tough period for the biggest media companies.
Of course, it could have been worse. At least these companies topped an even more woeful first half of 2022, when all the aforementioned businesses were down by double digits in market cap versus the same period a year ago. But not every media giant that got walloped last year saw more of the same in 2023. After 2022 opened disastrously to an unprecedented subscriber drop, Netflix pleased investors with its Q1 results this time around, and its guidance for Q2 gave the company confidence that 2023 would be a year of recovery. in May, Bob Iger revealed Disney had lost 4 million streaming subscribers in the quarter.
Comcast, Netflix and Disney have seen some fluctuations in FCF but have managed to stay in positive territory for at least the past five quarters. On the other hand, Paramount and WBD were deep in negative territory during the same period.
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