Warner Bros. Discovery posted a $9.99 billion loss in its second quarter, compared to a loss of $1.24 billion in the same quarter a year ago. Revenue fell 6.2 percent to $ 9.71 billion: content revenue fell five percent to $4.88 billion, and advertising revenue was down 3.5 percent to $2.43 billion. The slide was mainly due to a loss of value of the company’s linear TV assets.
Walt Disney streaming unit posted a $47 million profit — representing the studio’s first streaming profit — on $6.38 billion in revenue for the same quarter. Overall, Disney posted a profit of $2.62 billion on revenue of $23.16 billion. This compares to a loss of $460 million in the same quarter last year.
So far, streaming services have cost Disney more than $11 billion since the 2019 Disney+ launch, but the real area of concern is the theme parks division, Disney Experiences, which fell 6 percent in profitability.
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