Warner Bros. Discovery fell short of the market’s revenue expectations in the second quarter, with revenue falling 11.2 percent year on year to $8.72 billion.
The company reported its quarterly financials today as its $110 billion merger with Paramount heads to trial and is currently in legal limbo.
Like Paramount and Disney, which also reported earnings this week, WBD benefited from strong streaming growth, with the segment’s total revenue up 10 percent to $3.1 billion, thanks to streamer HBO Max’s recent expansion into key international territories.
Streaming advertising revenue increased 9 percent, however that figure was impacted by the new media rights package that no longer includes NBA games for the streaming service.
Revenue at the company’s studios was down 39 percent to $2.3 billion compared to the year-earlier period, which saw the successful release of films such as A Minecraft Movie and Sinners.
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