Warner Discovery: Last News

Jem Aswad Executive Editor, Music Warner Bros. Discovery is negotiating to sell around half of the storied Warner studio’s film and TV music-publishing assets for approximately $500 million, three sources confirm to Variety. The news was first reported by Hits. While it is unclear exactly which assets are on the table, one source says that the rights to “slightly less than half” of the catalog, with a price of around $500 million, are likely to go to a major label, with Sony said to be in the lead. The catalog is believed to include music from such films as “Purple Rain,” “Evita,” “Sweeney Todd,” “Rent” several “Batman” films and many more titles, as well as songs included in iconic films such as “As Time Goes By” from “Casablanca” — iconic titles to be sure, but again, it is unclear exactly which rights are in play. Top attorney Allen Grubman is said to be overseeing the deal for Warner Discovery CEO David Zaslav.

Jennifer Maas TV Business Writer Warner Bros. Discovery received stock upgrades from two media analyst firms Friday for, among other things, making the decision to tie bonuses for CEO David Zaslav and his team to free cash flow performance. “We threw everything and the kitchen sink at a Downside Case scenario for WBD, and it still delevers to 3x by ’25E,” Wells Fargo analysts wrote in a research note published Friday, in which they upgraded WBD’s stock to “overweight” with a price target increase from $13 to $20 per share. “We now have conviction in FCF to limit downside, while the stock has asymmetric upside.” Meanwhile, Wolfe Research moved WBD from its “peer perform” rating to “outperform” and also upped the price target to $20. (At time of publication Friday, WBD stock was trading at $14.51 per share.)

Seven months after landing the highly coveted top jobs at Warner Bros. Motion Picture studios, Co-Chairpersons Michael De Luca and Pamela Abdy were bestowed with the PGA Milestone award tonight and paid respect for their mega industry mentors, remembered emotionally their cinematic NYC and New Jersey youths, and gave a huge shoutout to their new boss, Warner Discovery CEO David Zaslav.

Here’s some big news. In the wake of former DC Films Boss Walter Hamada departing Warner Discovery, he’s landed at Paramount Pictures in an exclusive, multi-year production deal. Big gain here for the Melrose lot in an executive, who not only steered DC to its highest grossing movie in Aquaman with $1.1 billion worldwide, but also was behind The Conjuring franchise, the highest grossing horror series ever with over $2 billion.

Tomorrow, we hear is Courtenay Valenti’s last day as Warner Bros. President of Production and Development after we told you first that she was exiting the Burbank, CA lot after a 33-year run.

After 15 years at Warner Bros, and four as the President of DC Films, Walter Hamada has finally left the Burbank, CA lot as sources tell Deadline the exec waits for the senior Warner Discovery brass to finalize his exit payout. Hamada has run DC since 2018, and reupped in January 2021 with a contract that was supposed to take him through 2023.

K.J. Yossman The Royal Television Society (RTS) annual convention, which took place all day Thursday (Sept. 27) in London, U.K., brought together some of television’s biggest hitters including Warner Discovery, Disney, Sky, ITV and BBC. The title – and theme – of this year’s convention was “The Fight For Attention” and the broadcasters and content creators discussed challenges, strategy and sustainability, especially in the shadow of a looming recession. Undoubtedly, content is still the most important factor for broadcasters, streamers and viewers alike. “Content is still probably the most – for sure, in my opinion – the most important [factor],” in terms of consumer choice, said Warner Bros Discovery International president Gerhard Zeiler, who said that as well as continuing to invest in local content the company was of course investing in franchises such as Harry Potter, Game of Thrones and more. Unsurprisingly, Jan Koeppen, president of IP powerhouse The Walt Disney Company EMEA, also said that in an era of choice, content would be the deciding factor. Said Koeppen: “Even with economic woes that we have right now, people are going back to quality, and I think great content will win.”

EXCLUSIVE: We hear that Jessica Holscott is departing Warner Discovery. She was named as the new Head of Finance for WarnerMedia’s Studios and Networks Group back in August 2020, overseeing all financial activities of the division, including financial reporting, budgeting and planning for future business growth.