Warner Bros. Discovery’s shares sank 19% on Wednesday on disappointing earnings that showed declining ad revenue that it blamed on high interest rates and the Hollywood strikes.
On top of that, the company’s marquee streaming service, Max (formerly HBO Max), continued a worrisome streak of subscriber losses. The service’s subscriber count tumbled 700,000 in the third quarter after declining by 1.8 million in the second quarter, for a total six-month loss of 2.5 million subscribers. It ended the latest quarter with a total of 95.1 million subscribers.
