The company hasn't turned a profit since its merger in early 2022.
Share on linkedin Media giant Warner Bros. Discovery posted another loss, despite the success of "Barbie," the top-grossing movie of the year.Warner Bros. Discovery is the poster child for the challenges faced by traditional media companies amid the rapid transition to streaming.The company — created by the merger of AT&T's WarnerMedia unit with Discovery — has failed to turn a profit since the deal was completed in early 2022.
Its challenges are tied to its cable channel offerings — TNT, HGTV, the Food Network and CNN among them — which have struggled along with the decline in cable television viewership.Between the lines: The Warner Bros. film studio was a bright spot for the company during Q3, thanks to its release of "Barbie," which grossed $1.3 billion globally and became something of a cultural phenomenon over the summer.Yes, but:
Despite Barbie's blockbuster status, Warner Bros.' operating earnings for its studio division declined 6%, to $727 million, compared to last year. And the film's earning power couldn't offset the declines the company is seeing in its other businesses, disappointing Wall Street."The market is not thrilled with the fact that even with the unparalleled blockbuster success of 'Barbie,' they still found a way to lose $417 million in the quarter.
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