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Warner Bros. Discovery Streaming service Max ended 2023 profitable for the first time after dramatically cutting content spending

Warner Bros. Discovery boosted free cash flow but the company fell short of analyst estimates for revenue and profit.

Discovery David Zaslav attends the world premiere of the 4k restorated 1959 movie "Rio Bravo" presented at the Opening Night of the 2023 TCM Classic Film Festival in the TCL Chinese Theatre in Hollywood, California, April 13, 2023. Fourth-quarter adjusted EBITDA was $2.5 billion, down 5% from a year ago, excluding the impact of foreign exchange, as studio revenue lagged as a result of strikes by the Writers Guild of America and the Screen Actors Guild-American Federation of Television and Radio Artists. Discovery announced earlier this month it plans to begin a joint venture with Disney and Fox to offer a smaller, less expensive bundle of linear networks that focus on sports programming.

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