Warner Bros. (WBD) Plans Lay-Offs
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Summary:
- Warner Bros. plans layoffs.
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Warner Bros. earnings report due Thursday
A lot of questions need to be addressed ahead of Warner Bros. Discovery (WBD) earnings release report on Thursday.
According to The Wrap, which quoted "several insiders," the three-month-old streaming conglomerate, which is scheduled to announce its first quarterly earnings following the $43 billion merger, aims to eliminate 70% of its development division.
Sources told The Wrap that CEO David Zaslav, who is renowned for his cost-cutting leadership style, would announce a significant reorganization of both HBO Max and Discovery+ either during the earnings results or shortly after. This news has fanned speculation regarding the future of HBO Max.
In order to reduce redundancies with HBO, the move "will result in a gutting of HBO Max, massive layoffs for its executives and staff, and a consolidated streaming service with Discovery+," according to the source.
The source asserts that the distinction between scripted and unscripted content will become more distinct. When the market closed on Wednesday, the stock had increased by 4.5 percent, but after-hours trading was largely unchanged.
WBD Price Chart
Sources: finance.yahoo.com
