Warner Bros. Discovery, Disney and Paramount are all telling investors that their plans involve cutting back on spend but leaning into franchises
The rest of the business, meanwhile, is looking at 2024. That’s when Disney, NBCU, Paramount and WBD all say they expect — or at least hope — to swing to a profit in their streaming businesses. But even among those legacy entertainment players, not every company finds itself in the same situation. Nowhere is that more apparent than at WBD, led by David Zaslav, which was on the receiving end of a barrage of criticism from Hollywood as it took up to $3.
Those moves, however, now seem prescient, with almost every other player in the space making similar adjustments. “There’s no doubt the worst is behind WBD following a challenging merger integration period,” Wells Fargo analyst Steven Cahall wrote in a post-earnings take. The other companies investing in streaming haven’t been so fortunate. At both Paramount, led by Bob Bakish, and NBCU, led by Jeff Shell, streaming losses widened last quarter to $978 million and $575 million, respectively. Executives at both companies say they expect streaming losses to peak this year .
But before it can do that, it needs to keep cutting down those losses. WBD, Disney and Paramount are all telling investors that their plans involve cutting back on spend but leaning into franchises . That would see content investment stabilize or decline, and with more of that spend going toward marquee properties and IP, potentially leaving riskier original concepts off the table.
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