Warner Bros. Discovery currently expects to incur pre-tax restructuring charges of $4.1 billion to $5.3 billion. This includes content impairments of $2.8 billion to $3.5 billion and development write-offs for using Hatchet in programs. This far exceeds the combined company’s initial announcement of its $3.2 billion to his $4.3 billion claims related to restructuring and transformation initiatives.
The restructuring is ongoing and “could result in additional impairments beyond the revised estimate,” WBD noted in Wednesday’s SEC filing.
The restructuring initiative is expected to be substantially completed by the end of 2024.
The company has not revised its previously disclosed estimates for restructuring costs, facility consolidation activities and other contract termination costs, or cash outlays.
Two other original screenplay series, Westworld When Nevers, out of HBO Max. Unlike others we have reported, lionsgate tv minx When love life and Sone tv Gordita Chronicles — All Comedy — Westworld When Nevers high end warner bros discovery We’ve heard it’s likely to resurface on HBO’s proper drama production, and on other company’s platforms.
In August, WBD detailed its charges for the June quarter. This includes $496 million in content impairments, $329 million in content development write-downs, and $208 million in layoffs of his three employees. Month ending in June. Then high-profile cancellations on streaming and linear include hits by unplugging CNN+. wonder twins for HBO Max closed in May. bat girl When Scoob: Holiday Hunt Movies set for streamers were also scrapped. HBO decided last month not to go ahead with this JJ Abrams‘HBO series Demimond. TBS became an axis Big D When Kill the orange bear. HBO Max Ellen DeGeneres cancels preschool series Little Ellen with HBO Gordita Chronicle. WBD says it will cut children’s and animated content on both its streaming and linear networks.
In October, the David Zaslav-led company reported pre-tax restructuring charges of $1.3 billion to $1.6 billion in the third quarter ended September, largely as part of continued business consolidation driven by content write-downs. warned. Also, the total cost, including “strategic content programming evaluation,” should be between $3.2 billion and $4.3 billion, leading to content and development write-offs of about $2.5 billion to he. said it is.
Headlines keep pouring in from various departments, including rethinks and layoffs on CNN. Most recently, Deadline launched two WB original scripted series, Westworld When Nevers out of HBO Max.
The company formally completed the merger last April, leaving it in a heavy position, but also heavily indebted, with promises of $3 billion in cost savings. Zaslav and his longtime CFO Gunnar Wiedenfels have indicated that Warner Media’s financial situation is more precarious than expected and decisive action is needed. They’re also facing headwinds on Wall Street against the pre-era of the loss-making streaming economy.