Warner Bros Discovery says effects of strikes, lousy ad market to bleed into 2024

Box office smash “Barbie” helped Warner Bros Discovery top core quarterly profit estimates but the effects of two Hollywood strikes and a weak advertising market could hamper earnings into next year, company executives said on Wednesday.

Chief Executive David Zaslav said the company saw its lightest original content slate in years and had to delay some releases, leading to a drop in third-quarter streaming subscriber numbers. The media company, forged by the union of WarnerMedia and Discovery, posted third-quarter adjusted core earnings of $2.97-billion, above estimates of $2.92-billion, according to LSEG data. Overall revenue of $9.98-billion was in line with estimates.

“The market is not thrilled with the fact that even with the unparalleled blockbuster success of Barbie, they still found a way to lose $417-million in the quarter. Not ideal,” Great Hill Capital Chairman Thomas Hayes said.

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