Warner Bros. Discovery Announces 7.2m New Max Subscriptions in Q3 Report
Warner Bros Discovery (WBD) has reported financial results for the quarter ended September 30th 2024.
Q3 Financial Summary & Operational Highlights include:
- Q3 total revenues were $9.6 billion, a 3% ex-FX decrease compared to the prior year quarter.
- Net income available to Warner Bros. Discovery, Inc. was $0.1 billion, which includes $1.6 billion of pre-tax acquisition-related amortization of intangibles, content fair value step-up, and restructuring expenses.
- Q3 total Adjusted EBITDA was $2.4 billion, a 18% ex-FX decrease compared to the prior year quarter.
- Q3 cash provided by operating activities was $0.8 billion. Free cash flow was $0.6 billion.
- Repaid or repurchased $0.9 billion of debt during Q3, ending the quarter with $3.5 billion of cash on hand, $40.7 billion of gross debt, and 4.2x net leverage.
- Global DTC subscribers were 110.5 million at the end of Q3, an increase of 7.2 million subscribers vs. Q2, our largest ever quarterly growth in subscribers since the launch of Max and with subscriber growth across all regions.
- Global DTC ARPU was $7.84, a 1% ex-FX increase vs. the prior year quarter.
- Announced multi-year renewal of Charter carriage agreement for the entire suite of WBD cable networks and the inclusion of Max across all Spectrum TV Select packages.
- The Olympic Games Paris 2024 generated more than 215 million cumulative views across WBD platforms, a 23% increase vs. the Tokyo 2020 games.
- The Penguin ranks as one of the largest premieres on Max, with audiences similar to The Last of Us and House of the Dragon.
David Zaslav, President and Chief Executive Officer of Warner Bros. Discovery said, “Warner Bros. Discovery's Q3 results demonstrate once again that while we continue to confront extraordinary disruption in our environment, the strategy we have undertaken to ready Warner Bros. Discovery for future success is showing important results. Thanks to our rapid international expansion and continued investment in high quality, diverse content, we saw momentum accelerate in our global Direct-to-Consumer business in Q3. In total, Max delivered 7.2 million net subscriber adds, the strongest quarterly gain since the platform’s launch, resulting in healthy subscriber-related revenue growth and meaningful progress toward achieving our 2025 Direct-to-Consumer segment financial objectives. Likewise, our recently announced strategic partnership with Charter Communications, for both linear network distribution and bundling of Max, not only reinforced the value of our content portfolio, but represented our willingness to work with our partners to enhance the consumers’ experience as our industry undergoes transformation.”
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