Warner Bros. Discovery Achieves Streaming Profit Milestone
Warner Bros. Discovery, led by CEO David Zaslav, has become the first Hollywood conglomerate to achieve a full-year streaming profit, reporting $103 million in 2023, a significant turnaround from a loss of nearly $2.1 billion in 2022. The company's streaming segment saw improved financial performance throughout the year, with subscriber price increases and higher advertising revenue contributing to the growth. Despite challenges in the advertising and studios segments, the company achieved its year-end goal for debt reduction and is confident in its ability to drive sustained operating momentum and enhanced shareholder value in 2024.