Warner Bros. Discovery is increasing its estimate on what restructuring costs will be following this year's combination between Discovery Inc. and AT&T's WarnerMedia unit.
The company could be facing another $1 billion in costs than was forecast less than two months ago, according to a regulatory filing and reported by the Wall Street Journal.Anticipated costs are being raised to as much as $5.3 billion through 2024, plus there could be additional charges that would take that figure higher.The company's holdings include movie and television studios, CNN and HBO, and Discovery channels such as Food Network and HGTV.
Since combining, the company has made major layoffs at units including HBO, Warner Bros., CNN and the Turner and Discovery cable networks.Programming has also been slashed including canceling the ‘Batgirl" movie and the shutdown of CNN’s streaming platform CNN+. The company pulled the plug on the second season of the HBO Max comedy "Minx" and episodes of "Westworld" will be removed from all HBO platforms.
David Zaslav is making big changes. I wonder what the end result will look like.
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