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Investing.com - Nielsen’s latest C3 ratings data reveals a steep 54% year-over-year decline in broadcast primetime viewership for the third quarter of 2025 through August 10, according to a Goldman Sachs analysis.
Cable network primetime ratings fell 28% year-over-year during the same period, deteriorating from the 21% decline observed in the second quarter of 2025.
Among broadcast networks, NBC experienced the most severe drop with an 80% decline, followed by FOX (-34%), ABC (-12%), and CBS (-3%). When excluding sports programming, broadcast primetime ratings showed a less dramatic but still significant 20% year-over-year decrease.
Cable networks also faced substantial viewership challenges, with Comcast (NASDAQ:CMCSA) suffering a 44% ratings decline in the third quarter to date. Other notable declines included AMC Networks (NASDAQ:AMCX) at 28%, Warner Bros. Discovery (NASDAQ:WBD) at 20%, and Fox Corporation (NASDAQ:FOX) at 23%. Despite the ratings challenge, InvestingPro data shows WBD maintaining strong financial health with $38.4 billion in revenue over the last twelve months and a healthy gross profit margin of 44.3%.For detailed insights into WBD’s performance metrics and 10 additional exclusive ProTips, visit InvestingPro.
Disney (NYSE:DIS) demonstrated the most resilience among major media companies with only a 3% ratings decline in the third quarter to date, significantly improving from its 17% drop in the previous quarter. According to InvestingPro analysis, WBD appears undervalued at current levels, with analysts maintaining a consensus buy recommendation and projecting profitability for the year ahead.
In other recent news, Warner Bros. Discovery reported its Q2 2025 earnings, revealing a notable performance in terms of revenue but falling short on earnings per share (EPS). The company achieved a revenue of $9.81 billion, surpassing the expected $9.73 billion. However, the EPS was reported at $0.63, significantly below the forecasted $0.25, resulting in a surprising -352% deviation. Additionally, CFRA has adjusted its price target for Warner Bros. Discovery, raising it to $14.00 from $13.00 while maintaining a Hold rating. This adjustment follows the company’s plans for a corporate restructuring into two separate entities in 2026, which CFRA views as a positive move for shareholder value. The research firm uses a forward TEV/EBITDA multiple of 7.3x, aligning with peers in the legacy linear network space. These recent developments highlight the ongoing changes and challenges Warner Bros. Discovery is navigating in the current market landscape.
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