Home » Warner Bros. Discovery Took $825M In Content Write-Downs In Q2 – Deadline

Warner Bros. Discovery Took $825M In Content Write-Downs In Q2 – Deadline

by fastnewz

Warner Bros. Discovery Friday detailed its fees for the second quarter that included a mixed $825 million hit on the content material aspect, together with $496 million for content material impairment and $329 million for content material improvement write-downs, in addition to $208 million for worker terminations for the three months ended June.

As reported Thursday, WBD posted a web lack of $3.4 billion (or $2.2 billion professional forma) in its first quarter as a mixed firm, recording $1 billion of restructuring and different fees (and $983 million of transaction and integration bills). An SEC submitting immediately stated that, “Content material impairments and improvement write-offs resulted from a worldwide strategic overview of content material following the Merger. Worker terminations relate to price discount efforts and administration modifications. These fees resulted from actions to combine WM and set up an environment friendly price construction.”

Restructuring and different fees by phase stood at $200 million for studios, $308 million for networks and $475 million for DTC.

The submitting didn’t specify the content material — both produced, in manufacturing or in improvement — behind the write-downs. Expenses would solely apply to tasks shelved earlier than the top of June, others will booked in subsequent quarters.

Excessive-profile cancellations throughout streaming and linear embrace a success from pulling the plug on CNN+. Marvel Twins for HBO Max was shut down in Could. Batgirl and Scoob: Vacation Hang-out motion pictures additionally set for the streamer, have been scrapped. HBO determined final month to not transfer ahead with J.J. Abrams’ HBO collection Demimonde. TBS axed The Massive D and Kill the Orange Bear.

HBO Max canceled Ellen DeGeneres’ preschool collection Little Ellen HBO and Gordita Chronicles.

WBD execs confirmed yesterday that children and animation content material throughout each streaming and linear networks could be minimize “with out an ample funding case towards them.”

CEO David Zaslav outlined plans to spend, particularly on HBO, however rigorously.

On layoffs, many extra are seemingly. As Deadline reported, a primary wave is anticipated this month, persevering with into the autumn. Workers cuts didn’t come up on the presentation yesterday however are a part of streamlining the merged firm, eliminating redundancies and hitting a promised $3 billion or extra in price synergies from the deal.

Source link

Denial of responsibility! This post is auto generated. In each article, the hyperlink to the primary source is specified. All Materials and trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your articles, please contact us by email – [email protected] The content will be deleted within 8 hours. (maybe within Minutes)

Also Read  Amy Grant Tour Dates Pushed, As Injury Report Now Claims Concussion – Deadline

Related Articles