Today news
Warner Bros
Warner Bros. Entertainment Inc. (commonly known as Warner Bros. and abbreviated as WB), is an American diversified multinational mass media and entertainment conglomerate headquartered at the Warner Bros. Studios complex in Burbank, California, and a division of AT&T's WarnerMedia. Founded in 1923 by brothers Harry, Albert, Sam, and Jack Warner, the company established itself as a leader in the American film industry before diversifying into animation, television, and video games, and is one of the "Big Five" major American film studios, as well as a member of the Motion Picture Association (MPA).
Related News
David Zaslav Warner Bros Gunnar Wiedenfels Hollywood film reports CEO David Zaslav Warner Bros Gunnar Wiedenfels Hollywood

Warner Bros. Discovery Stock Plunges Following Earnings Loss and Forecast Revisions

Reading now: 107
variety.com

Cynthia Littleton Business EditorWarner Bros. Discovery shares were battered Friday on the heels of its after-market second-quarter earnings report on Thursday that revealed the depth of the financial and operational pressures that the newly enlarged conglomerate is facing.WB Discovery shares were down more than 17% at midday to the $14.50 range.

The valuation of the company has plummeted in the four months since Discovery completed its spinoff transaction with AT&T.On Thursday, WB Discovery posted an enormous loss of nearly $3.5 billion that included a $1 billion write-down for restructuring charges and the new regime’s evaluation of some of the content on the shelf at the former WarnerMedia.As WB Discovery faces pressure to pare down debt, maintain healthy free cash flow and grow global streaming subscribers, CEO David Zaslav and WBD chief financial officer Gunnar Wiedenfels were frank with analysts during a 95-minute conference call Thursday afternoon about the revelations that his team have had during the first 100 days of operating HBO, Warner Bros.

and the Turner basic cable networks. WB Discovery made headlines earlier in the week with the decision to table plans for a dircect-to-HBO Max release of the DC Comics movie “Batgirl,” starring Leslie James.

Amid pressure to cut debt and deliver cash flow, the new regime made the decision to table the project to take a $90 million tax write-off rather than spend more on the film to market its release.

Read more on variety.com
The website celebsbar.com is an aggregator of news from open sources. The source is indicated at the beginning and at the end of the announcement. You can send a complaint on the news if you find it unreliable.

Related News

DMCA