But the clincher for investors may be what it didnt show a full-year 2024 forecast.
The results themselves were not great, he noted on CNBC, but not all that surprising.
Where I think that people are surprised right now is the lack of full-year 2024 guidance.
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This is a company that has historically provided formal guidance for its coming year.
Its been paying that down free cash flow, which rose last quarter.
Advertising fell 14% as linear TV viewers and advertisers continue to waver.
Streaming lost money for the quarter but was profitable for the full year.
The TV studio felt a drag from Hollywood strikes last year, which shuttered production.
The film studio had a bad quarter.
News of a sports bundle with Disney and Fox didnt give the stock a bump.
On potential deals, the CEO said we like what we have and the bar is very high.
The company had been kicking the tires on Paramount.
On a call with analysts, CEO David Zaslav said the company has an attack plan for 2024.
But investors want a number.
Management did offer a fair degree of directional commentary, he noted.
He has an outperform rating on the stock with a price target of $15.
We understand that the environment is challenging, Morris told CNBC.
We see consumer behavior and advertiser behavior.
In the case of Warner Bros.
Discovery, they have a plan to migrate activity and hopefully economics to streaming.
