Warner Bros. Discovery Q1 Loss Widened

Warner Bros. Discovery posted Q1 adjusted loss of $1.17 per share, far worse than the $0.09 consensus estimate.
Revenue was $8.89 billion, essentially matching the $8.90 billion forecast but down 3% YoY on a currency‑adjusted basis.
A $2.8 billion Netflix termination fee, paid by PSKY under the merger agreement, drove the wider loss and negative free cash flow.
Free cash flow was -$476 million versus the $637.8 million estimate, with about $100 million of transaction‑related items and higher content and tax costs.