A few months ago, Warner Bros. Discovery is struggling to gain a foothold and begin to pave the way for a fruitful future. The extensive restructuring that WBD has undergone in recent months, following its merger in April of this year, has resulted in the cancellation of several titles and the retirement of several senior executives from the company, among other important changes.
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The new head of WBD, David Zaslav, to significantly reduce the company’s expenses since the merger, which led to the cancellation of several series and movies, and it seems that this radical savings plan is far from over. Recently, on file with the SEC (U.S. Securities and Exchange Commission), the company shared its performance and financial statements for the third quarter of 2022 (via slash movie).
The presentation showed that with the recent project cancellations, the WBD saved nearly $2 billion in the July-September quarter, and that’s just one part of the business plan that Zaslav plans to implement to save costs, so that further production runs are expected to be suspended. in the coming months.
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Additionally, Warner Bros. indicated. Discovery notes that “strategic content programming assessments,” which means removing movies and TV shows, is part of a plan to put the company’s finances in order after the costly, nearly $43 billion merger. The information provided by the company shows the following (via slash movie):
As part of its plan to achieve significant cost synergies, in the third quarter of 2022, the company finalized the framework that supports ongoing restructuring and transformation initiatives that will include, among other things, strategic content programming evaluations, organization restructuring, and facility consolidation activities. and other contract termination costs.
WBD is convinced that removing content is an effective way to balance the company’s finances, and information indicates that this plan could extend into the next quarter. WBD added in their presentation:
While the company’s restructuring efforts are ongoing, including a strategic analysis of content programming that could lead to an additional depreciation above the above estimate, the restructuring initiatives are expected to be substantially completed by the end of 2024.
Among the projects that failed to see the light of day is bat girla movie that will be shown Leslie Grace As superhero Barbara Gordon / Batgirl, along with an all-star cast Brendan Fraser Like a firefly villain, JK Simmons as Commissioner James Gordon and Michael Keaton On his long-awaited return as Batman / Bruce Wayne. The feature film will be released sometime in 2023, but unfortunately it was canceled before a release date was set.
Such as bat girl, other products coming to HBO Max, as well as others that were already in the catalog, were discarded without prior notice, and these sudden changes in programming caused discontent among subscribers. With the new information, we can expect more cancellations in the rest of the year, but what we have to ask ourselves now is what movies and series will fall due to the restructuring and WBD’s relentless plan to cut costs.
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