Warner Bros: quarterly net income up 14%
(CercleFinance.com) - Warner Bros Discovery has reported net income of $141m for Q3 (April-May-June), up 14% y-o-y.
At the same time, adjusted EBITDA rose by 6% to $316m.
The media and entertainment group's sales were virtually stable, at $1554m (-1%), despite a 2% drop in Recorded Music sales, impacted by the end of the distribution agreement with BMG (the "BMG Termination"), which reduced revenues by $26m compared to the previous year's quarter.
Warner Music Group CEO Robert Kyncl points out that the group is benefiting in particular from strong growth in subscription streaming.
The company also reported a 42% increase in free cash flow in Q3, to $160m.
Our commitment to long-term artist development, combined with a flatter structure in recorded music, will enable us to better serve talent and prepare WMG for sustainable future growth, the executive concludes.
Copyright (c) 2024 CercleFinance.com. All rights reserved.
At the same time, adjusted EBITDA rose by 6% to $316m.
The media and entertainment group's sales were virtually stable, at $1554m (-1%), despite a 2% drop in Recorded Music sales, impacted by the end of the distribution agreement with BMG (the "BMG Termination"), which reduced revenues by $26m compared to the previous year's quarter.
Warner Music Group CEO Robert Kyncl points out that the group is benefiting in particular from strong growth in subscription streaming.
The company also reported a 42% increase in free cash flow in Q3, to $160m.
Our commitment to long-term artist development, combined with a flatter structure in recorded music, will enable us to better serve talent and prepare WMG for sustainable future growth, the executive concludes.
Copyright (c) 2024 CercleFinance.com. All rights reserved.