Warner Bros. Discovery Narrows Streaming Loss to $3M, Posts Sub Drop Amid Max Rebrand, Ups Post-Merger Cost Savings Target to $5B-Plus

📆 8/3/2023 8:38 AM
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Warner Bros. Discovery looks to retire more debt as CEO touts 'meaningful improvements to our balance sheet'

The Hollywood giant finished the second quarter ended in June with 95.8 million global streaming subscribers, down 1.8 million from 97.6 million as of the end of the first quarter in March amid the impact of combining Discovery+ and HBO Max into new streamer Max starting in May, it disclosed on Thursday. Analysts have predicted a user drop in the latest and upcoming quarters amid the change in streaming brand, packages and prices.

Ahead of the earnings report, Goldman Sachs analyst Brett Feldman had highlighted the overlap of around 4 million subscribers of HBO Max and Discovery+, which management has expected to “roll off of the standalone Discovery+ platform within the first few months of the May Max launch,” as he pointed out in a research report.

The Goldman expert lowered his Warner Bros.

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