• by Wayne Friedman , Yesterday

Though Warner Bros. Discovery witnessed higher streaming advertising -- up 17% to $282 million in the second quarter -- the company’s still much larger linear TV advertising continues to sink by double digit percentages.

Global linear TV networks ad revenues fell 13% to $1.95 billion, with company-wide ad revenue -- from all businesses -- declining 10% to $2.2 billion. 

TV advertising was lower due to the absences of the higher viewed games of the NCAA March Madness Final Four and Championship, which aired on the company’s networks a year ago, as well as the NHL Stanley Cup Finals also airing on WBD platforms a year ago.

Strong studio business -- theatrical revenues and content sales, growing 54% to $3.8 billion -- help offset these declines. Total WBD revenues were virtually flat at $9.8 billion; its distribution revenues were also flat at $4.9 billion.

The company did add 3.4 million subscribers to its high profile streaming business from the first quarter, to 125.7 million global customers. Streaming revenues were up 8% to $2.79 billion.

Content revenues strong gains came from TV license revenue (up 115%) and high-performing theatrical box office (38% more) hits -- including “A Minecraft Movie,” “Sinners,” and “Final Destination: Bloodlines.”

Mid-day Thursday stock market activity had WBD’s stock down 6.3% to $11.99.