Warner Bros Discovery reported Q3 2024 revenue of $9.62 billion, down 4% year-over-year, as streaming gains partially offset linear TV declines. Distribution revenue fell 2% to $4.92 billion due to a 9% drop in domestic linear subscribers, while advertising revenue decreased 6% to $1.68 billion amid audience declines. Content revenue declined 4% to $2.72 billion on lower theatrical and games performance.The DTC segment saw revenue rise 8% to $2.63 billion, driven by a 15% increase in subscribers and higher pricing following Max's international expansion. Total DTC subscribers grew to 110.5 million, up 15% year-over-year. However, Studios revenue fell 17% to $2.68 billion on weaker theatrical and games performance. Networks revenue increased 3% to $5.01 billion, boosted by Olympics sublicensing despite linear declines.The company reported net income of $141 million, compared to a $407 million loss in Q3 2023. Adjusted EBITDA decreased 12% to $2.12 billion for Networks but improved for DTC. Management cited ongoing pressures on linear distribution and U.S. advertising as headwinds, while noting content delivery delays in Q1 2024 due to 2023 production pauses. WBD expects linear subscriber declines to continue throughout 2024.

Warner Bros Discovery reported Q3 2024 revenue of $9.62 billion, down 4% year-over-year, as streaming gains partially offset linear TV declines. Distribution revenue fell 2% to $4.92 billion due to a 9% drop in domestic linear subscribers, while advertising revenue decreased 6% to $1.68 billion amid audience declines. Content revenue declined 4% to $2.72 billion on lower theatrical and games performance.The DTC segment saw revenue rise 8% to $2.63 billion, driven by a 15% increase in subscribers and higher pricing following Max's international expansion. Total DTC subscribers grew to 110.5 million, up 15% year-over-year. However, Studios revenue fell 17% to $2.68 billion on weaker theatrical and games performance. Networks revenue increased 3% to $5.01 billion, boosted by Olympics sublicensing despite linear declines.The company reported net income of $141 million, compared to a $407 million loss in Q3 2023. Adjusted EBITDA decreased 12% to $2.12 billion for Networks but improved for DTC. Management cited ongoing pressures on linear distribution and U.S. advertising as headwinds, while noting content delivery delays in Q1 2024 due to 2023 production pauses. WBD expects linear subscriber declines to continue throughout 2024.