Warner Bros. Discovery Friday detailed its Q2 fees which totaled $ 825 million for content loss, including $ 496 million for content loss and $ 329 million for content development write-offs, and $ 208 million for three-month layoffs ended in June.
As reported Thursday, WBD posted a net loss of $ 3.4 billion (or $ 2.2 billion pro forma) in the first quarter as a combined company, posting $ 1 billion in restructuring and other costs (and $ 983 million in transaction and integration costs). ). Today’s filing with the SEC stated that “Content depreciation and development write-offs resulted from post-merger global strategic content review. Redundancies are related to cost reduction measures and changes in management. These fees resulted from activities aimed at integrating WM and establishing an effective cost structure. “
Restructuring and other segmented fees were $ 200 million for studies, $ 308 million for the network, and $ 475 million for DTC.
The application did not specify the content – neither produced, in production, nor in development – behind the copies. The fees would apply only to projects shelved before the end of June, the rest will be booked in the following quarters.
Large-scale cancellations on streaming and line streaming include the impact of pulling the CNN + plug. Lovely Twins for HBO Max was closed in May. Bat girl and Scoob: Haunted Vacation the movies also set for the streamer were scrapped. Last month, HBO chose not to make progress on JJ Abrams’ HBO series Demimond. TBS chunked Big D and Kill the Orange Bear.
HBO Max has canceled the preschool series Ellen DeGeneres Little Ellen HBO and Thick Chronicles.
WBD performers confirmed yesterday that children and animated content on both streaming and linear networks will be cut “without a proper investment lawsuit against them.”
CEO David Zaslav unveiled his spending plans, especially for HBO, but cautiously.
Many more are likely to be made redundant. As reported by Deadline, the first wave of this month is expected and will continue in the fall. The staff cuts did not appear at the presentation yesterday, but are part of streamlining the combined company, eliminating layoffs and achieving the promised $ 3 billion or more cost synergies from the deal.