Warner Bros. Discovery has nearly 100 million streaming subscribers but still loses money

Warner Bros. Discovery said in its earnings report that its streaming media had 96 million total subscribers, but still lost $217 million. The group reported a loss of $2.1 billion on total revenue of $11 billion in the fourth fiscal quarter.

The loss was primarily due to corporate restructuring charges and merger-related write-downs. With the restructuring and write-downs largely complete, Warner’s CEO said 2023, will be the year Warner rebuilds, correcting the direction of its streaming business to improve profitability, while working to keep its TV and theater businesses stable.