Warner Bros Discovery on Thursday posted a loss of US$2.1 billion in its fourth quarter, reflecting ongoing charges related to the restructuring of the merged media companies.
The company reported revenue of US$11 billion, shy of analysts' consensus estimate of nearly US$11.36 billion. Warner Bros Discovery reported a loss of 86 cents per share. Before-tax earnings, or adjusted EBITA, of US$2.6 billion modestly exceeded analysts' forecasts of US$2.58 billion.Warner Bros Discovery said the months-long merger-related restructuring, which resulted in thousands of layoffs and cancelled film and television projects, is complete.
The company cited signs of gathering momentum, including the popularity of the HBO drama The Last of Us, the fourth HBO series to average more than 15 million viewers, as well as the chart-topping success of its Harry Potter videogame Hogwarts Legacy. "With the major restructuring decisions behind us, this year we are focused on building and growing our business for the future," Chief Executive David Zaslav said in a statement.
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