Checking in on Warner Bros. Discovery and the Max Platform
The Town with Matthew Belloni
Fri, August 4, 2023
Podchat Summary

The Business of Entertainment: Warner Brothers Discovery Earnings Report

Welcome to another episode of The Business of Entertainment with your host, Matt Belloni. In today's episode, we dive into the latest earnings report from Warner Brothers Discovery, the newly formed company resulting from the merger of Warner Media and Discovery.

Despite high expectations, the company fell short on revenue due to the flash debacle and a downturn in the advertising market. However, it's not all bad news as their free cash flow increased and their debt decreased, indicating some positive financial progress.

One of the key topics of discussion is the performance of their streaming service, HBO Max. This quarter, HBO Max experienced a loss of 1.8 million subscribers. However, the financial loss in the direct-to-consumer unit was only $3 million, a significant improvement from the $558 million loss reported a year ago.

Joining Matt Belloni is Richard Greenfield, an expert from Lightshed Partners, to delve into the challenges faced by the streaming industry. They emphasize the importance for companies to strike a balance between subscriber growth and cost reduction in order to thrive in this competitive landscape.

Another intriguing topic explored in this episode is the potential sale of CNN and its implications for the future of news and sports on the HBO Max platform. The hosts speculate on the potential impact of such a sale and how it could shape the streaming service's content offerings.

Lastly, Matt and Richard touch on the highly anticipated releases of the Teenage Mutant Ninja Turtles and Meg 2 movies. They offer their predictions on the box office performance of these films, providing insights into the industry's expectations for these upcoming releases.

Tune in to this episode of The Business of Entertainment for a comprehensive analysis of the Warner Brothers Discovery earnings report, insightful discussions on the streaming industry, and predictions on the box office success of upcoming movies.

Original Show Notes
Matt is joined once again by LightShed Partners media analyst Rich Greenfield to discuss the state of Warner Bros. Discovery following the results of the second quarter earnings, as well as Rich’s thoughts on Tom Staggs and Kevin Mayer returning to Disney to help Bob Igor with their linear TV platforms. They debate if placing content on a small platform with limited reach hurts the value of the content, the need for better personalization for the Max app, what news could look like on Max, and more. Also, Matt shares his prediction on this weekend’s box office by looking at ‘Teenage Mutant Turtles: Mutant Mayhem’ and ‘The Meg 2: The Trench.’ For a 20 percent discount on Matt’s Hollywood insider newsletter, ‘What I’m Hearing ...,’ click here. Email us your thoughts! Host: Matt Belloni Guest: Rich Greenfield Producer: Craig Horlbeck and Jessie Lopez Theme Song: Devon Renaldo Learn more about your ad choices. Visit
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