Warner Bros. Discovery Layoffs Could Have Cost The Company Up To $4 Billion, According To SEC Filings
Image Source: The New York Times
The restructuring cost is becoming clear for Warner Bros. Discovery (WBD). SEC reports on Monday revealed that the company should expect to owe $3.2 billion to $4.3 billion in pre-tax restructuring charges. This news comes after several waves of layoffs this year tied to its WarnerMedia acquisition.
Layoffs for WBD have been rolled out for many departments in the last few months, most recently affecting Warner Bros. TV Group. In addition, the company has announced several canceled projects this year in the interest of a “global strategic review of content.” These projects include canceling TV shows like Full Frontal with Samantha Bee and several movies, including The Wonder Twins.
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The most prominent and controversial of these announcements was the cancellation of the near-completed Batgirl film. The movie, set to be released on HBO Max in 2022, was scrapped to widespread online backlash this past August.
Cancellations are part of WBD’s $2 billion-plus content writedown, aimed at increasing cost savings. This restructuring will likely include removing some library content from HBO Max.
Despite the current restructuring difficulties, WBD CEO David Zaslav reaffirmed in a town hall last month that the company is not looking to sell. However, as restructuring costs continue to take shape, the future of WBD will become more apparent.
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Source(s): Deadline, The Hollywood Reporter
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