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HBO Max, HBO add 2.8 mn subs in Q2, WarnerMedia’s revenues touch $8.8 billion.

The parent company, AT&T raises the 2021-end target for its streaming service.

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New Delhi: Media and telecommunications giant AT&T showed continued customer growth in wireless, fiber and HBO Max in the second quarter, the company has said. In its Q2 report released on Thursday, AT&T reported consolidated revenues of $44 billion, up from $41 billion in Q2 2020.

WarnerMedia’s total revenues climbed to $8.8 billion from 8.5 billion in Q1 indicating partial recovery from the impact of the pandemic.

HBO Max and HBO added 2.8 million domestic subscribers. Total domestic subscribers for both topped 47 million — up 10.7 million from the past year and 67.5 million globally, up 12 million in the past year. The parent company has also raised its expectations for HBO/HBO Max growth by the end of 2021, and now expects 70 million-73 million global HBO Max/HBO subscribers by the end of year. 

“We are pleased with our performance and our momentum is strong,” said AT&T CEO John Stankey. “For the fourth consecutive quarter, we saw good subscriber growth across wireless, fiber and HBO Max. Mobility delivered strong service revenue, EBITDA and postpaid phone growth. Our fiber business grew subscribers and penetration.”

The company’s top executive said, HBO Max had another strong quarter and is ahead of plan to be a leading direct-to-consumer streaming platform, with both subscriber- and ad-supported choices. “As a result, we’re raising our global HBO Max year-end forecast to 70 million to 73 million subscribers. Also, we’re updating full-year guidance for consolidated revenue, wireless service revenue, adjusted EPS and free cash flow,” he said.

Early this May, AT&T and Discovery Inc. had agreed to combine their media assets into a new public traded company. The deal is expected to be completed by mid-2022 pending regulatory approvals.  “No news is good news… We continue to move through it,” said Stankey responding to a media query on the deal.

The merged entity to be led by current Discovery chief executive David Zaslav will bring together brands like HBO, Warner Bros., Discovery, DC Comics, CNN, Cartoon Network, HGTV, Food Network, the Turner Networks, TNT, TBS, Eurosport, Magnolia, TLC, Animal Planet, ID. The larger aim is to compete globally in the fast-growing direct-to-consumer business- bringing compelling content to DTC subscribers across its portfolio, including HBO Max and the recently launched discovery+.

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