CFO Gunnar Wiedenfels today predicted the company will hit $4 billion in total cost savings from the merger of Discovery and Warner Media – up from a previous commitment to hit $3.5 billion.mixed fourth-quarter financials
. Widenfels and CEO David Zaslav were more upbeat than they have been in the past on the contours of the operational and financial prospects for the company, which is taking out billions of dollars in costs. The savings are accompanied by restructuring charges of $5.3 billion as it canceling and redirects content and pursues layoffs.The original promise from WBD executives was $3 billion in cost cuts.
“The bulk of our restructuring is behind us,” said Zaslav at the top of the call. “We have full command and control of our business” and management is all “rolling in the same direction.” Wienfels called the fourth quarter a “defining chapter” in the company’s global financial organization. WBD saw revenue dip and losses widen for the last three months of 2022. But streaming losses narrowed sharply and free cash flow rose. Wiedefels said WBD will continue to chip away at its near $50 billion in debt, reaching investment grade level next year.
They still haven’t factored in all of the UPCOMING flops! Projections are completely flawed, no matter how many CPAs they’ve got jerking off behind closed doors. Their IPs have been bastardized and rigged as ticking time bombs, complete corporate espionage by previous management.
Now stop canceling and taking good things away from Warner/HBO MAX.
Yea he's not stopping. In Dec he was bragging about how he was supposed to cut 2 and wound up cutting 3. He was elated.
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Warner Bros Discovery earnings: CEO David Zaslav faces new challengesWarner Bros Discovery CEO David Zaslav faces complex challenges as a combined HBO Max-Discovery streamer preps to launch this spring and staffers fear more layoffs and cuts
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