Warner Bros. Discovery Q2 revenue down 11% to $8.7B; net income falls 91% to $149M; streaming EBITDA up 63%

Warner Bros. Discovery, Inc.

Total revenues $8.717B, down 11% reported (12% ex-FX); net income $149M vs $1.58B prior year.
Streaming segment revenues exceeded $3B for first time; Adjusted EBITDA $512M, up 63% ex-FX.
Studios segment revenue down 39% ex-FX to $2.328B; Adjusted EBITDA down 89% to $96M due to weak theatrical slate.
Global Linear Networks revenue down 17% ex-FX; advertising down 27% ex-FX, hurt by absence of NBA.
Free cash flow $572M, down 19%; repaid $15B bridge loan with new term loans; net leverage 3.4x.

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