Warner Bros. Discovery’s quarterly revenue grew 13% on the media giant’s first set of results formed by a $43 billion merger between Discovery and AT&T’s WarnerMedia assets.
The results do not include figures from WarnerMedia, which is home to the Harry Potter and Batman franchises, TV channels such as CNN and the streaming service HBO Max.
In the three months before the merger closed, total paid streaming subscribers — including those to Discovery+ — increased by 2 million from the fourth quarter of 2021, the company said on Tuesday.
A rebound in ad spending, the broadcast of the Beijing Winter Olympics in February and Discovery’s lifestyle-focused TV channels such as HGTV and TLC helped attract subscribers in the quarter. In the same period, Netflix recorded the first decline in its subscriber base in over a decade.
Warner Bros Discovery’s total revenue increased 13% to $3.16 billion in the first quarter of this year year-on-year.
Net income available to the company rose to $456 million, or $0.69 per share, from $140 million, or $0.21 per share, a year earlier.