Does Wall Street understand Netflix?
New York (CNN Business)HBO Max and Discovery+ are finally joining forces.
The long-awaited merger of the two services will debut in the US next summer before being rolled out overseas, Warner Bros. Discovery announced on Thursday during its second quarter earnings call.
The company did not say if the new offering would have a different name than HBO Max and did not announce pricing for the new service.
Warner Bros. Discovery added that it plans to have 130 million global subscriptions with its streaming offering by 2025.
The announcement that the two services would be combined isn’t exactly new. Warner Bros. Discovery, which is also the parent company of CNN, has been open about bringing together its two streaming services since the creation of Warner Bros. Discovery this spring.
However, it’s a notable move considering that the service would be a heavy hitter in scripted entertainment with HBO and in the unscripted entertainment realm with Discovery+.
The company said that in the second quarter of 2022, HBO, HBO Max and Discovery+ had a combined 92.1 million subscribers, which is up 1.7 million subscribers from the prior quarter.
The company said that it would announce more information around the service at an investor event it plans before the end of the year.
As for the company’s second quarter results, it reported $9.8 billion in revenue and a substantial loss of $3.42 billion. The company’s stock fell in after hours trading by roughly 12%.
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