This is counterintuitive since they're so culturally dominant, but movies make up a tiny proportion of a modern media company's bottom line. Usually it's something like 10% of revenue, if that. The vast majority of revenue for a company like WBD comes from cable networks + theme parks if you're Disney or Comcast.
WB films had a strong first quarter this year with Dune and Godzilla X Kong, but the company overall was still down due to cable network weakness, streaming losses, and their big game, Suicide Squad, flopping like a fish.