Get 40% Off
🔥 This hedge fund gained 26.16% in the last month. Get their top stocks with our free stock ideas tool.See stock ideas

Warner Bros Discovery expects $1 billion more in scrapped content charges

Published 12/14/2022, 05:54 PM
Updated 12/14/2022, 05:55 PM
© Reuters. The Warner Bros logo is seen during the Cannes Lions International Festival of Creativity in Cannes, France, June 22, 2022.    REUTERS/Eric Gaillard/File Photo
T
-
WBD
-

(Reuters) - Warner Bros Discovery (NASDAQ:WBD) Inc on Wednesday raised its expectations of costs related to content write-offs by $1 billion and said the charges could now reach up to $3.5 billion.

For the media company, formed earlier this year by the merger of AT&T Inc (NYSE:T)'s WarnerMedia unit and Discovery Inc, the total financial restructuring cost could now be between $4.1 billion and $5.3 billion.

Warner Bros has undertaken a series of cost-cutting measures since the merger, including canceling projects such as the live-action version of the DC Comics character "Batgirl", a planned "Wonder Twins" film, and shutting down the CNN+ streaming news service.

Some reports said the shows "Nevers" and "Westworld" would be pulled from HBO Max.

The company has said the restructuring initiatives will be substantially completed by the end of 2024.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.