CEO David Zaslav is bullish on $WBD in this cutthroat media climate, but investors? They'll just have to watch and wait
It wasn’t just Netflix. Zaslav noted that that he would take “swift and decisive action [when necessary] like you saw last week with CNN+,” the streaming service he unceremoniously axed after just three weeks in operation.
However, he failed to back up the broad goals he laid out with any substantive details. As a result, WBD stock sank more than 5% at the end of the call in pre-market trading. Shares opened Tuesday’s regular trading session 7% lower amid a broader market decline. Zaslav and the rest of the management team plan to lean into focusing on monetizing the company’s expansive content library without trying to win the direct-to-consumer spending war. Warner Bros.
Then there’s cost synergies of about $3 billion annually in the works. Though cost synergies are a familiar part of M&A, it is just a euphemism for cost reductions, which typically result in layoffs. So far, we know that following the demise of CNN+, the companyZaslav also stated that Warner Bros. Discovery would be a company with balanced verticals, whether its theatrical, linear, streaming, news or sports.
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