Warner Bros. Discovery said its streaming business swung to a profit but lost subscribers in the third quarter, while a downturn in advertising weighed on its cable-networks unit.
Warner Bros. Discovery—whose assets include cable channels such as CNN, TNT, and HBO, the Warner Bros. movie studio and streaming platforms Max and Discovery+—said its direct-to-consumer business had 95.1 million subscribers globally, a decrease of 700,000 from the previous quarter. It posted adjusted earnings of $111 million, compared with a loss of $634 million a year ago.
