Warner Bros. Discovery's first earnings detail a future of diligence - Axios

After a rocky week for streaming, with terrible earnings for Netflix and a dramatic end to CNN+, David Zaslav pitched WBD's strength in the company's first-quarter earnings report.
Why it matters: Because this is the company's last earnings report without WarnerMedia, the guidance is more important than the results.
What they're saying: "We are not trying to win the direct-to-consumer spending war. To begin with, we firmly believe that two content companies coming together have unique advantages, including the largest film and television library from Warner, the largest domestic and international lifestyle library from Discovery and significant global live sports and news," said Zaslav, WBD's CEO and president.
Zaslav's opening remarks seemed to throw shade at both Netflix and CNN+ with critiques on spending. He shared a four-part "recipe for long-term success":
By the numbers: WBD CFO Gunnar Wiedenfels' opening remarks focused on cost synergies, sharing the "good news" and the "bad news" for reaching the $3 billion target.
What's next: WBD's Upfront is May 18, when the company will share "the full suite of our combined network portfolio," Zaslav said.
The bottom line: "Warner Bros Discovery is playing to win," LightShed Partners analyst Rich Greenfield tweeted.


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