It’s a reflection of how quickly the traditional television business is deteriorating and imperiling companies such as WBD, which rely on linear channels for the bulk of their revenue.
The one bright spot in the legacy television business has been live sports programming, which continues to draw high viewership even as cable cancelations mount.
To be fair, WBD is not the only once-high flying legacy media behemoth struggling to find its footing in a shifting landscape upended by the Netflixrevolution.
Speaking candidly to investors on the company’s earnings call Wednesday, Zaslav acknowledged the dire reality of the television business.
“It’s fair to say that even two years ago, market valuations and prevailing conditions for legacy media companies were quite different than they are today,” Zaslav said.
Persons:
New York CNN — David Zaslav, WBD, ” WBD, Shari Redstone, David Ellison’s Skydance, Zaslav, “, ” Zaslav, Gunnar Wiedenfels, ” Wiedenfels, we’ve, shouldn’t
Organizations:
New, New York CNN, Warner Bros, Discovery, CNN, HGTV, TNT, TBS, NBA, . Paramount Global
Locations:
New York, U.S