:Warner Bros Discovery Inc on Thursday posted a $2.1 billion loss in its fourth quarter, reflecting ongoing charges related to the restructuring of the merged media companies.
The company reported revenue of $11 billion, shy of analysts' consensus estimate of nearly $11.36 billion. Warner Bros Discovery reported a loss of 86 cents per share, versus expectations of a 21-cent-per-share loss. Before-tax earnings, or adjusted EBITDA, of $2.6 billion modestly exceeded analysts' forecasts of $2.58 billion.Warner Bros Discovery said the months-long merger-related restructuring, which resulted in thousands of layoffs and canceled film and television projects, is complete.
The studio also announced plans to revitalize its DC Comics franchise, in the mold of the Walt Disney Co's Marvel Cinematic Universe. DC Studios co-Chairmen James Gunn and Peter Safran outlined plans for 10 film and television projects that tell a single story that unfolds over eight to 10 years. Warner Bros Discovery also said it has paid down $7 billion in debt since April.
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