Warner Bros. Discovery Inc. reported a steep drop in sales as it copes with the loss of National Basketball Association rights and a movie lineup that compared poorly with last year.
The parent of HBO, TNT, Cartoon Network and CNN reported that revenue fell 11% to $8.7 billion, below Wall Street’s expectations for $9.2 billion.
Adjusted earnings before interest, taxes, depreciation and amortization dropped 4% to $1.88 billion, in line with forecasts. Growth in the company’s streaming business was offset by declines in traditional TV and the film studio.
The company’s television networks, its biggest business, experienced a 17% drop ...
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