☀️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
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.
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”: