Warner Bros. Discovery (WBD) Reports $2.9B Q1 Loss and Revenue Decline

Warner Bros. Discovery (WBD) reported a net loss of $2.9 billion in Q1, compared to a $453 million loss in the same quarter last year. This included $1.3 billion in acquisition-related costs and a $2.8 billion termination fee owed to Netflix. Revenue fell 1% to $8.89 billion, while streaming revenue grew 9% to approximately $2.89 billion. The company had $33.4 billion in gross debt and reported that its global streaming subscribers exceeded 140 million, with an expectation to surpass 150 million by year-end.