Warner Bros. Discovery Will Have Sports and News on Streaming

Its streaming subscriber base shrank in the latest quarter as a result of the launch of Max.

Warner Bros. Discovery streaming service will add news and live sports events in the US territory.

Chief Executive David Zaslav said the company was in a position to turn its attention to news and sports after the launch last May of its streaming service, Max, which combines the company’s two main streaming platforms, HBO Max and Discovery+. “News and sports are important differentiators. They make these platforms come alive,” Zaslav said during a call with investors to discuss the company’s second-quarter earnings.  Zaslav also mentioned that its streaming subscriber base slightly decreased in the latest quarter due to the launch of Max. Warner’s direct-to-consumer business, which includes Max and Discovery+, lost 1.8 million subscribers since the previous quarter. However, the losses are lower than expected, thanks to approximately four million overlapping subscribers of the two services.

The company also mentioned that it is taking significant steps to reduce its debt. Warner Bros. Discovery, whose assets include HBO, CNN, TNT, and the Warner Bros. movie and TV studios, said it paid down $1.6 billion in debt during the quarter, lowering its debt load to $47.8 billion. Warner Bros. Discovery also announced a new debt tender offer for up to $2.7 billion.

Source: The Wall Street Journal