Warner Bros. Discovery's Q2 Streaming Business 'Roughly Breakeven': CEO

Warner Bros. Discovery's direct-to-consumer business was "roughly breakeven" in Q2 and should reach profitability this year, David Zaslav said Thursday as the company announced Q2 results. Chief Financial Officer Gunnar Wiedenfels said D2C advertising is "a massive opportunity." Customer churn of several hundred thousand due to overlapping HBO Max and Discovery+ subscribers was lower than expected, said Wiedenfels. Zaslav said the company had "some good success" in international markets layering sports into streaming, which could guide its U.S. plans for its sports rights. The company said it had "modest cash savings" of around $100 million during the quarter due to the actors' and writers' strikes. Wiedenfels said the company is assuming an end to the strikes early next month.