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Started By
Message
Warner Bros Discovery is really struggling
Posted on 8/8/24 at 12:28 pm
Posted on 8/8/24 at 12:28 pm
quote:
Shares of Warner Bros. Discovery fell sharply this morning, touching all time lows well under $7 after disappointing quarterly earnings after market close yesterday that included a massive write-down at its networks division.
The stock fell to $6.73, a low. It’s trading down more than 12% at $6.76 right now. The company missed most Wall Street forecasts in its numbers yesterday and posted an enormous loss after a $9.1 billion impairment charge to account for slipping advertising and uncertainty around sports renewal rights after losing its lucrative NBA package.
Another $2.1 billion in write-downs and charges including severance after a wave of layoffs brought the total one-time hit to $11.2 billion.
Analysts were not pleased and pretty skeptical on a call after the numbers, pressing CEO David Zaslav and executives on the future of the business, without, it seems, getting much comfort.
“Another tough quarter continues to raise questions,” wrote Jessica Reif Erlich in a note to clients this morning.
She’s been pressing the company to do something about its stock price, which has become a fiasco, falling relentlessly since Discovery acquired Warner Media two and half years ago.
Who ends up buying WB down the road?
LINK
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Posted on 8/8/24 at 12:33 pm to RLDSC FAN
This is why HotD had 2 episodes shaved off
Posted on 8/8/24 at 12:35 pm to RLDSC FAN
quote:
Who ends up buying WB down the road?
Disney?
They have some serious back catalog of TV and movies between their various brands but the Discovery merger helped frick their bottom line for a variety of reasons.
Zaslav going penny wise pound foolish by taking insurance write offs on a number of projects and pulling a Houdini on finished material they didn’t want to pay royalties on has to be pissing off Hollywood immensely.
Posted on 8/8/24 at 12:35 pm to Corinthians420
quote:
This is why HotD had 2 episodes shaved off
Explains why everyone was so pissed then…
The story was ready for a big budget episode but WB just kinda forgot to fund them for it.
Posted on 8/8/24 at 12:37 pm to teke184
quote:
The story was ready for a big budget episode but WB just kinda forgot to fund them for it.
Posted on 8/8/24 at 12:43 pm to RLDSC FAN
AT&T did a number on Time Warner. Fully functional profitable company with excellent content (until the woke stuff).
WBD took 30% of T's total debt on the TW transaction and I'm not sure they can recover without a bankruptcy re-org.
I'm as conservative as they come, but nothing, absolutely nothing, good comes with mega-mergers. Too many people lose their jobs on the front end and as we're seeing now, people will lose their jobs while the C levels keep their high salaries and try to balance the books.
WBD took 30% of T's total debt on the TW transaction and I'm not sure they can recover without a bankruptcy re-org.
I'm as conservative as they come, but nothing, absolutely nothing, good comes with mega-mergers. Too many people lose their jobs on the front end and as we're seeing now, people will lose their jobs while the C levels keep their high salaries and try to balance the books.
Posted on 8/8/24 at 12:44 pm to teke184
quote:
WB just kinda forgot to fund them for it.
Posted on 8/8/24 at 12:57 pm to teke184
quote:
Disney?
Would be better if Apple decided to buy it up, clean up the crap on the streaming service and bundle it with their pretty dang good catalog
Posted on 8/8/24 at 1:42 pm to Corinthians420
quote:
This is why HotD had 2 episodes shaved off
You saying this doesn't make it true. It also doesn't change that what we saw on screen just wasn't that great. They accomplished very little in the 8 episodes they had a gazillion dollars per episode to work with.
Posted on 8/8/24 at 1:44 pm to iwyLSUiwy
The writers strike was the reason it went from 10 to 8. That’s straight from the main guy and they said that a year ago.
Posted on 8/8/24 at 1:58 pm to dallastiger55
quote:
The writers strike was the reason it went from 10 to 8. That’s straight from the main guy and they said that a year ago.
Your talking about an executive producer saying that. The showrunner and HBO spokesperson said it was for story and pacing. The writers strike didn't start until 2 months after the 8 episode count was revealed and scripts were already written.
Edit: Also George Martin...
"The scripts for the eight s2 episodes were all finished months ago, long before the strike began. Every episode has gone through four or five drafts and numerous rounds of revisions, to address HBO notes, my notes, budget concerns, etc."
This post was edited on 8/8/24 at 2:00 pm
Posted on 8/8/24 at 2:48 pm to RLDSC FAN
Zaslav is doing a great job if the job is to crash WB
Posted on 8/8/24 at 7:17 pm to teke184
quote:
Zaslav going penny wise pound foolish by taking insurance write offs on a number of projects and pulling a Houdini on finished material they didn’t want to pay royalties on has to be pissing off Hollywood immensely.
Posted on 8/9/24 at 7:56 am to RLDSC FAN
quote:
CEO David Zaslav
this is the problem
Posted on 8/9/24 at 8:46 am to The Eric
There is no great or even good scenario where the Warner Bros. properties are brought under some other media company's umbrella of franchises. Even with all of the damage done by Zazlav, WB is still a top tier brand with premium properties. What Disney did to Star Wars and Marvel is nothing compared to what they'd do to HBO, DC, and Looney Tunes once the Mouse's expanded menu of franchises is watered even thinner.
Posted on 8/9/24 at 8:57 am to RLDSC FAN
quote:
Who ends up buying WB down the road?
A merger with Paramount makes sense. That would "right size" them to compete directly with Disney and Universal, IMHO.
Posted on 8/9/24 at 8:59 am to RLDSC FAN
They have lost a ton of people in production finance and physical production. Everyone I know who worked at Warner before Covid has either been laid off or went to another studio.
Posted on 8/9/24 at 9:04 am to Ace Midnight
quote:It's the least worst option. At least it would keep DC/Star Trek and Marvel/Star Wars in separate hemispheres.
A merger with Paramount makes sense. That would "right size" them to compete directly with Disney and Universal, IMHO.
Posted on 8/9/24 at 9:32 am to RLDSC FAN
Posted on 8/9/24 at 9:35 am to RLDSC FAN
They'd already taken Boomerang.com down. Similar redirect to Max.
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