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Warner Bros. Discovery misses first-quarter estimates despite streaming growth

Warner Bros. Discovery reported first-quarter earnings before the bell Thursday.

The company said total adjusted earnings before interest, taxes, depreciation and amortization were down roughly 20% during the first quarter to $2.1 billion, noting its Suicide Squad: Kill the Justice League video game generated significantly lower revenue. Discovery would bundle its streaming services with those of Disney — tying together Max, Disney+ and Hulu — and offer it to consumers this summer, a callback to the traditional pay TV package. On the sports front, Zaslav said Thursday that media rights negotiations with the NBA — which has long been a staple on cable channel TNT — are still ongoing, and he is "hopeful to reach an agreement that makes sense for both sides."

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