Warner Bros Posts Surprise Streaming Profit as Cable Struggles
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Warner Bros. Discovery Inc. reported a surprise profit in streaming TV as its legacy cable networks continued to lose advertising and viewers.
The company, which will relaunch its HBO streaming service as Max on May 23, earned $50 million in the first quarter from its online TV business, according to a statement Friday. Analysts were forecasting a $49 million loss on average. Direct-to-consumer subscribers increased by 1.6 million to 97.6 million globally.