It looks like the cancellation of the $90 million “Batgirl” movie was the start of Warner Bros. Discovery’s cost was cut after its merger last spring.
one in Filing with the Securities and Exchange Commission on MondayWBD reported that it plans to spend between $2 billion and $2.5 billion in write-offs from materials and development — amidst total restructuring costs it expects to run up to $4.3 billion.
In addition to the content-related writedown, WBD said it anticipates $800 million to $1.1 billion in costs for personnel severance, retention and relocation, as well as $400- to $700 million in facility consolidation and contract termination. .
After reporting $1 billion in restructuring costs in the second quarter, the company expects an additional $1.3 billion to $1.6 billion in the just-ended quarter. According to the filing, “While the Company’s restructuring efforts are ongoing, including a strategic analysis of content programming that may result in losses higher than anticipated above, the restructuring initiative is expected to be substantially completed by the end of 2024.” ”
more to come…