It’s not exciting news to break to your investors when you’re losing money, but Warner Bros. Discovery and Lionsgate execs had to do precisely that this week.

With new earnings reports out this week, it has been revealed that Warner Bros Discovery lost $2.4B in the third quarter of 2022, and Lionsgate lost $1.8B over the same time period.

But there’s a little bit of good news, at least. Warner Bros was anticipated to lose $3.4B. So things aren’t as bad as they could have been.

It’s always tough to combine two giant companies, and Warner Bros and Discovery are finding out exactly how tough these days.

But they hope to turn things around in early 2023, after streamlining streaming services and getting the final details of the merger under control.