Warner Bros. Discovery reported that its efforts to staunch huge streaming losses were continuing to show results, with its direct to consumer segment showing an adjusted EBITDA loss of only $3 million in Q2, 2023, a $555 million year-over-year improvement on a pro forma combined basis.
But the company also reported global DTC sub losses of 1.8 million as its total DTC subs fell to 95.8 million and ad revenue in its traditional TV networks in its network segment of fell 13%, thanks to a slugging ad market and smaller TV audiences. That pushed revenues in the networks group down by 5% on a pro forma basis compared to the Q1, 2023.
