Celebs in 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 Rumors
Warner Bros reports record SEC Warner Bros

Warner Bros. Discovery Took $825M Hit For Content Write-Downs, $208M For Layoffs In Q2

Reading now: 161

Warner Bros. Discovery Friday detailed its charges for the second quarter that included a combined $825 million hit on the content side, including $496 million for content impairment and $329 million for content development write-downs, as well as $208 million for employee terminations for the three months ended June.As reported Thursday, WBD posted a net loss of $3.4 billion (or $2.2 billion pro forma) in its first quarter as a combined company, recording $1 billion of restructuring and other charges (and $983 million of transaction and integration expenses).

An SEC filing today said that, “Content impairments and development write-offs resulted from a global strategic review of content following the Merger.

Employee terminations relate to cost reduction efforts and management changes. These charges resulted from activities to integrate WM and establish an efficient cost structure.”Restructuring and other charges by segment stood at $200 million for studios, $308 million for networks and $475 million for DTC.The filing didn’t specify the content — either produced, in production or in development — behind the write-downs.

Read more on deadline.com
The website starsalert.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