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Warner Bros Discovery Misses Revenue Estimates on Weakness in Studio Unit

FILE PHOTO: The exterior of the Warner Bros. Discovery Atlanta campus is pictured in Atlanta, Georgia, US May 2, 2023. REUTERS/Alyssa Pointer/File Photo/File Photo
FILE PHOTO: The exterior of the Warner Bros. Discovery Atlanta campus is pictured in Atlanta, Georgia, US May 2, 2023. REUTERS/Alyssa Pointer/File Photo/File Photo
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Warner Bros Discovery Misses Revenue Estimates on Weakness in Studio Unit

FILE PHOTO: The exterior of the Warner Bros. Discovery Atlanta campus is pictured in Atlanta, Georgia, US May 2, 2023. REUTERS/Alyssa Pointer/File Photo/File Photo
FILE PHOTO: The exterior of the Warner Bros. Discovery Atlanta campus is pictured in Atlanta, Georgia, US May 2, 2023. REUTERS/Alyssa Pointer/File Photo/File Photo

Warner Bros Discovery missed Wall Street estimates for third-quarter revenue on Thursday, as its studio business took a hit from fewer blockbuster releases.

With releases such as "Beetlejuice Beetlejuice" in the July-September quarter, Warner Bros Discovery's studio division has struggled to repeat last year's explosive success of Margot Robbie-starrer "Barbie", the highest grossing film of 2023.

However, its streaming segment added 7.2 million direct-to-consumer subscribers, beating estimates for 6.28 million additions, according to data compiled by Visible Alpha.

The company reported revenue of $9.62 billion for the three months ended September, compared with analysts' average estimate of $9.80 billion, according to data compiled by LSEG.

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Saudi Entertainment Authority Inaugurates AlHisn Big Time Studios in Riyadh

AlHisn Big Time Studios feature seven studio buildings covering an area of 10,500 square meters. (SPA)
AlHisn Big Time Studios feature seven studio buildings covering an area of 10,500 square meters. (SPA)
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Saudi Entertainment Authority Inaugurates AlHisn Big Time Studios in Riyadh

AlHisn Big Time Studios feature seven studio buildings covering an area of 10,500 square meters. (SPA)
AlHisn Big Time Studios feature seven studio buildings covering an area of 10,500 square meters. (SPA)

Chairman of the Board of Directors of the Saudi General Entertainment Authority (GEA) Advisor Turki bin Abdulmohsen Al Al-Sheikh inaugurated on Monday AlHisn Big Time Studios, west of Riyadh, the largest and most modern studios for film and television production in the Middle East. The studios will help boost film and television production in the region.

AlHisn Big Time Studios, built in just 120 days, feature seven studio buildings covering an area of 10,500 square meters; the total project area measures 300,000 square meters. It also features a production village, with carpentry and metalworking workshops, as well as costume design facilities.

Additional amenities include luxurious suites for VIPs, offices for film production, and fully equipped editing rooms, all creating an ideal work environment that helps increase production efficiency.

The studios aim to streamline and accelerate production processes by concentrating the needs of film and television production in one location, saving time, effort, and costs, while supporting the production sector in the region on par with global standards.

The facility will provide a strategic opportunity for the financial and banking sector to support production companies. It will pave the way for a significant leap in film and television production at both local and regional levels.