For the most recent nine-month period in 2021, the combined advertising revenue totaled $7.8 billion. Discovery brought in $4.5 billion, while WarnerMedia netted $3.3 billion.
For all of 2020, it amounted to $9.56 billion, with Discovery at $5.58 billion and WarnerMedia at $3.98 billion. The company did not break down specific linear and streaming data in regard to advertising revenue.
When the proposed deal was announced for Discovery to buy WarnerMedia from AT&T for $43 billion, it was disclosed that Xandr, AT&T’s advanced advertising unit, would not be part of the deal.
For the nine-month period in 2021, the combined company revenues came to $33.1 billion -- with Discovery at $9 billion and WarnerMedia at $24 billion -- factoring in adjustments. The total for all was $38.1 billion. Total distribution revenue came in at $18.4 billion and content sales amounted to $9.8 billion. The filing estimated $3 billion in cost synergies.
Looking out to 2024, MoffettNathanson Research estimates total revenue from streaming direct-to-consumer services, advertising and subscriptions of $12.5 billion with cash flow -- earning before interest, taxes, depreciation and amortization -- rising to $2.5 billion that year.
The complete deal for the new company -- with the name Warner Bros. Discovery -- is expected to close in the middle of next year.