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We see both WBD and Disney+ ex-India reaching 150 million subs in 2024 and also see both companies spending a similar $10-$11 billion on DTC content that year.”Įvercore ISI analyst Vijay Jayant also upgraded the former Discovery stock on Monday from “in line” to “outperform” with a $40 stock price target in a report entitled “Deep Dive Into The First Direct-to-Consumer Free Cash Flow Machine.” That was a reference to Discovery management’s comments in recent years touting the company’s free cash flow momentum. Both HBO Max and Discovery+ have shown strong traction, adding a combined 25 million subs in 2021.
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We suspect management will consolidate the two services and have assumed 60 percent of Discovery+ subs will be subsumed into HBO Max, giving the company a pro forma total of around 83 million subs, ahead of Disney+ excluding India at 74 million. On closing, WBD will have 96 million combined Discovery+ and HBO Max DTC subscribers. The analyst took the Disney comparison further, arguing: “The combined direct-to-consumer (DTC) presence will be similar to Disney. “These are among the best in the industry and are close to, if not on par with Disney.” “We believe investors will be drawn to the opportunity of investing directly in the Warner assets, the first time in four years this has been possible,” Faber wrote. But overall, he is bullish on the new stock. Given that a portion of AT&T shareholders who all received WBD shares in the merger will want to sell off the entertainment company’s stock, “there will likely be some near-term selling pressure on the shares, but this will probably be short-lived,” he also noted. Annecy: Netflix Animation Debuts New Footage From Filmmakers Including Henry Selick and Jordan Peele Discovery's investor relations website at. Reconciliations between the non-GAAP financial measures and the closest GAAP financial measures are available on Warner Bros. This communication may contain certain non-GAAP financial measures. Discovery expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in the Company’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. Forward-looking statements include, without limitation, statements regarding future financial and operating results, the Company’s plans, objectives, expectations and intentions, and other statements that are not historical facts. Securities and Exchange Commission.įorward-looking statements include statements regarding the Company’s expectations, beliefs, intentions or strategies regarding the future, and can be identified by forward-looking words such as “anticipate,” “believe,” “could,” “continue,” “estimate,” “expect,” “intend,” “may,” “should,” “will” and “would” or similar words. The Company’s actual results could differ materially from those stated or implied due to risks and uncertainties associated with its business, which include the risk factors disclosed in the Company's 2021 Annual Report on Form 10-K filed with the SEC on Februand its subsequent filings made with the U.S.
These forward-looking statements are based on current expectations, forecasts, and assumptions that involve risks and uncertainties and on information available to Warner Bros.
Information set forth in this communication contains certain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Cautionary Statement Concerning Forward-Looking Statements
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