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☀️WBD Bleed Stops, But It Can't Fix Cable TV in Q3
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☀️WBD Bleed Stops, But It Can't Fix Cable TV in Q3

Streaming $$ is turning a corner at WBD, but core legacy TV business is becoming a big drag

Sean McNulty's avatar
Sean McNulty
Nov 08, 2023
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The Ankler.
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☀️WBD Bleed Stops, But It Can't Fix Cable TV in Q3
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or, maybe you sell at some point 🤷‍♂️. via Giphy

WBD Q3 is a bit of a Harvey Dent/Two-Face

So, looking through all the numbers here… it really feels like it falls distinctly into two categories.

I’ll explain how the financial fundamentals have all been greatly improved vs. a year ago… but a dive into the particulars shows some structural issues with their core legacy business, and yes - we’re looking at you Cable TV.

But let’s start positive! It’s a bright sunny November day in NYC. Until 4:15 p.m.

GOOD NEWS

WBD IS ACHIEVING ITS FINANCIAL GOALS

Zaz made a valid point that having sound underlying financial fundamentals at a time of great interest rates… and a time of “existential change” in the industry is a very positive thing.

  • Granted, this was a lot of “cutting to achieve growth”:

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