"We've enjoyed a strong partnership with the NBA for almost four decades. We're in continuing conversations with them now, and we're hopeful that we'll be able to reach an agreement that makes sense for both sides," WBD CEO David Zaslav said on the company's first quarter earnings call.
The studios business also struggled, despite high-profile movies like "Dune 2." The segment was dragged down by games withRevenue for the segment came in at $2.82 billion, a 13% year-over-year decline excluding foreign exchange headwinds. This missed estimates of $3.01 billion.Free cash flow served as a bright spot in the quarter with the metric soaring to $390 million, beating Bloomberg consensus expectations of $239 million.
The DTC division was also profitable in the quarter at $86 million, a $36 million year-over-year improvement. In February, the company revealed its direct-to-consumer streaming unit turned a profit for full-year 2023, posting $103 million in EBITDA compared with a loss of about $2.1 billion in full-year 2022.
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