series of layoffs and reshuffled top executives last year, and in the fourth quarter of 2022 it booked $3.05 billion in charges related to the merger.“Last year was a year of restructuring, 2023 will be a year of building.
And off we go,” Warner Bros. Discovery CEO David Zaslav told analysts on the company’s earnings call. “We have a great hand and we’re doing a lot right.
That said, there’s still more that we need to get right and we are hard at work.”Wells Fargo also thinks the company’s DTC offering, HBO Max, is currently undervalued compared with rivals, given the “near-term break-even and future profit ramp.” The media conglomerate is expected to launch its combined HBO Max/Discovery platform later this year, though it recently said it will also keep its Discovery+ streamer in play as well.Separately, Wolfe Research analyst Peter Supino upgraded Warner Bros.
Discovery to “Outperform,” that firm’s equivalent to “Buy,” from “Peer Perform.” The analyst also set a $20 price target. With the anniversary of the merger approaching next month, Supino pointed out in a note to investors that shares remain about 42% below their price at the time of the deal.
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