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Warner Bros. Discovery Becomes First Hollywood Conglomerate to Turn Full-Year Streaming Profit, Hitting $103M

The company's advertising revenue and studios unit profit fell, but CEO David Zaslav says: "We have an attack plan for 2024," including Max's rollout in key international markets and "a more robust creative pipeline."

And its studios segment reported an earnings miss amid difficult year-over-year comparisons, the impact of the dual Hollywood strikes and the fact that the company released more movies in the fourth quarter than in the year-ago period, meaning higher marketing costs. Distribution revenue decreased 3 percent, “primarily driven by declines in U.S. pay-TV subscribers, exiting the AT&T SportsNet business, and the transfer of TNT Sports Chile from Networks to direct-to-consumer, partially offset by increases in U.S. contractual affiliate rates and inflationary impacts in Argentina.” He added: “We have an attack plan for 2024 that includes the rollout of Max in key international markets, a more robust creative pipeline across our film and TV studios, and further progress against our long-range financial goals and are confident in our ability to drive sustained operating momentum and enhanced shareholder value.”

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