NEW YORK, NEW YORK - SEPTEMBER 20: David Zaslav attends NRDC's "Night Of Comedy" Honoring Anna Scott Carter at Casa Cipriani on September 20, 2022 in New York City. (Photo by Santiago Felipe/Getty Images)
Movies - TV
Warner Bros. To Axe $2 Billion Worth Of Movies & Shows As Part Of Cost Saving Efforts
One of the most significant changes in the media landscape happened earlier this year when WarnerMedia merged with Discovery. Ever since the deal went through, WBD chief executive officer David Zaslav has been canceling projects left and right on a cost-cutting mission, canceling projects left and right, and it looks like the bloodbath is far from over.
The company recently made a filing with the SEC that shed some light on its third-quarter 2022 performance and financials, and the biggest standout is that WBD is looking at impairment and development write-offs for more movies and TV shows in the $2 to $2.5 billion range. These "strategic content programming assessments" are all part of the plan to get the company's financials in order following the very expensive, $43 billion merger.
There is no word on what movies or shows will be impacted by these forthcoming cost-saving measures. The most disconcerting part of this news is that this period of turmoil is far from over, as WBD revealed that they expect these restructuring initiatives to continue until the end of 2024.