Warner Bros. Finds One Cash Flow Story to Rule Them All

Warner Bros. Discovery at least knows who its fans are—and how to play to them. 

The media giant created from the ashes of AT&T’s ill-fated foray into Hollywood didn’t have a great fourth quarter. Results for the period reported late Thursday showed sharp declines in revenue from both advertising and content. That brought overall revenue for the period down 11% year over year to $11 billion, which also fell short of Wall Street’s estimates. The company saw little action in theaters during the quarter beyond the superhero flick “Black Adam,” which lagged behind expectations. And it didn’t exactly warm up the crowd at home either, adding only 1.1 million subscribers to its digital streaming services that include HBO Max.