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☆ Warner Bros. 4Q Results Weighed Down by Soft Ad Sales, Restructuring Costs
▼ + stars: | 2023-02-24 | by ( Kathryn Hardison | ) www.wsj.com time to read: 1 min

Warner Bros. Discovery’s holdings include movie and television studios, among other properties. Warner Bros. Discovery Inc.’s fourth-quarter revenue came in below Wall Street expectations, and it reported a wider-than-expected loss, as lower TV-licensing revenue, advertising challenges and restructuring costs weighed on results. The New York-based media giant, whose holdings include movie and television studios, CNN and HBO, and Discovery channels such as Food Network and HGTV, reported revenue of $11.01 billion for the three months that ended Dec. 31. Analysts polled by FactSet expected $11.20 billion in revenue.

The personal consumption expenditures (PCE) price index, the Fed's preferred gauge of inflation, shot up 0.6% last month after gaining 0.2% in December. In the 12 months through January, the PCE index accelerated 5.4% after rising 5.3% in December. "This PCE number, which to me is a vital number, clearly suggests that the Fed has more to do. ET, Dow e-minis were down 352 points, or 1.06%, S&P 500 e-minis were down 48.25 points, or 1.2%, and Nasdaq 100 e-minis were down 202.5 points, or 1.66%. A string of Fed policymakers including Cleveland Fed President Loretta Mester and Boston Fed President Susan Collins are also slated to speak.

REUTERS/Mario AnzuoniNEW YORK, Feb 24 (Reuters) - The rights to stream "South Park," the popular animated comedy featuring foul-mouthed children, is the subject of a new lawsuit where Warner Bros Discovery Inc is seeking hundreds of millions of dollars in damages from Paramount Global (PARA.O). The complaint said the defendants cemented their apostasy in August 2021 when Paramount's MTV unit announced an agreement to stream new "South Park" content on Paramount+, through season 30 in 2027. Warner said it now expects to receive only 14 of the 30 new "South Park" episodes it had been promised, including two "Pandemic Specials" that Paramount claims constitute season 24. The defendants also include MTV and South Park Digital Studios, a joint venture between Paramount, Parker and Stone. "South Park" was launched in August 1997 on Comedy Central, owned by Paramount.

Feb 24 (Reuters) - Warner Bros Discovery's (WBD.O) shares fell on Friday as Wall Street sees more pain for the media giant that posted more than $2 billion in fourth-quarter losses and cut annual profit forecast as ad market weakness persists. The uncertainty of an ad market recovery in the current market condition, with a potential recession looming, is hounding large media and tech firms such as Paramount Global (PARA.O) and Google-parent Alphabet Inc (GOOGL.O) alike. "The biggest unknown continues to be in the ad sales environment," Gunnar Wiedenfels, chief financial officer of Warner Bros Discovery said. This implies a range of $11 billion to $11.5 billion, below its previous target of $12 billion. The company reported a wider-than-expected loss of 86 cents per share in the quarter due to restructuring charges related to its merger joining Discovery Inc and AT&T (T.N) spin-off Warner Media.

☆ AT&T seeks to shed cybersecurity division, sources tell Reuters
▼ + stars: | 2023-02-21 | by ( ) www.cnbc.com time to read: +2 min

AT&T Inc , the second-biggest U.S. wireless carrier, is exploring a sale of its cybersecurity division, potentially undoing an acquisition it completed five years ago, according to people familiar with the matter. The sale of the cybersecurity business would add to a string of divestments AT&T has turned to in order to pay down debt following its $108.7 billion acquisition of Time Warner Inc in 2018, a deal it has since also unwound. The sources cautioned that no deal is certain and requested anonymity because the matter is confidential. AT&T's cybersecurity division helps small-to-medium-sized businesses keep their information technology networks, including laptops, desktops, servers and mobile devices, secure. The acquisition of Alienvault was aimed at giving AT&T an edge in signing up and retaining corporate clients, but the deal's rationale has eroded as cybersecurity startups that offer cheap alternatives mushroomed.

☆ AT&T seeks to shed cybersecurity division -sources
▼ + stars: | 2023-02-21 | by ( Milana Vinn | ) www.reuters.com time to read: +2 min

NEW YORK, Feb 21 (Reuters) - AT&T Inc (T.N), the second-biggest U.S. wireless carrier, is exploring a sale of its cybersecurity division, potentially undoing an acquisition it completed five years ago, according to people familiar with the matter. The sale of the cybersecurity business would add to a string of divestments AT&T has turned to in order to pay down debt following its $108.7 billion acquisition of Time Warner Inc in 2018, a deal it has since also unwound. AT&T has been working with Barclays Plc (BARC.L) to solicit potential bids for its cybersecurity business, which was called Alienvault when it was acquired in 2018 in a roughly $600 million deal, the sources said. The sources cautioned that no deal is certain and requested anonymity because the matter is confidential. AT&T's cybersecurity division helps small-to-medium-sized businesses keep their information technology networks, including laptops, desktops, servers and mobile devices, secure.

☆ Shareholder votes offer check on unjustified CEO pay at S&P 500 companies, study finds
▼ + stars: | 2023-02-16 | by ( Ross Kerber | ) www.reuters.com time to read: +3 min

Feb 16 (Reuters) - Compensation for S&P 500 (.SPX) chief executives has soared in recent years even as investors cast more of their advisory "Say on Pay" votes against management, leading to doubts about the ballots' usefulness. Discovery's total shareholder return for 2021 was minus 22%, versus a gain of 29% for the S&P 500. Warner Brothers Discovery, created last year when Discovery Inc bought AT&T's (T.N) media assets, has not set the frequency of its pay votes. To rank CEOs as "overpaid," As You Sow used criteria including shareholder returns, critical shareholder pay votes and the ratio of CEO to worker pay. It noted the average share of votes cast "against" executive pay at S&P 500 companies climbed to 12.6% last year, from 11.7% in 2021 and 10.4% in 2020.

"This reorganization will result in a more cost-effective, coordinated approach to our operations," Iger told analysts on a conference call. Disney earlier reported its first quarterly decrease in subscriptions for its Disney+ streaming media unit, which lost more than $1 billion. Iger also repositioned the company to capitalize on the streaming revolution, acquiring 21st Century Fox's film and television assets in 2019 and launching the Disney+ streaming service that fall. Now, Iger will seek to put Disney's streaming business on a path to growth and profitability. It reorganized its business in 2018 to accelerate the growth of its streaming business, and again in 2020, to further spur streaming's growth.

☆ Warner Bros. Discovery to Keep Discovery+, in Strategy Shift
▼ + stars: | 2023-02-08 | by ( Jessica Toonkel | Joe Flint | ) www.wsj.com time to read: 1 min

Warner Bros. Discovery has said that it is looking to offer streaming options at different prices. Warner Bros. Discovery Inc. plans to keep Discovery+ as a stand-alone streaming service, people familiar with the matter said, a strategy shift for a company that had planned to consolidate content in a single subscription app. The move comes as Warner Discovery is close to launching a new, yet-to-be named supersize streaming service amid increased competition and in an uncertain economic environment.

Iger said he would reorganize the company into three segments: an entertainment unit that encompasses film, television and streaming; a sports-focused ESPN unit; and Disney parks, experiences and products. "This reorganization will result in a more cost-effective, coordinated approach to our operations," Iger told analysts on a conference call. Disney earlier reported its first quarterly decrease in subscriptions for its Disney+ streaming media unit which lost more than $1 billion. Now, Iger will seek to put Disney's streaming business on a path to growth and profitability. It reorganized its business in 2018 to accelerate the growth of its streaming business, and again in 2020, to further spur streaming's growth.

☆ Exclusive: Warner Bros Discovery licenses movies and TV shows to Roku, Tubi
▼ + stars: | 2023-01-31 | by ( Dawn Chmielewski | ) www.reuters.com time to read: +3 min

Jan 31 (Reuters) - Warner Bros Discovery Inc (WBD.O) has reached deals with streaming services Roku Inc (ROKU.O) and Fox Corp's (FOXA.O) Tubi to license 2,000 hours of movies and TV series, as it becomes the latest media company to embrace free, ad-supported streaming TV. The streamers announced Tuesday they plan to use the content to launch Warner Bros-branded free, ad-supported TV (or FAST) channels. For the first nine months of 2022, Warner Bros Discovery's streaming business, which includes HBO Max, lost $1.38 billion. The studio is seeking to capitalize on a growing segment of the streaming universe, which industry executives see as complementing subscription streaming services. AMC Networks Inc (AMCX.O), Comcast Corp's (CMCSA.O) NBCUniversal and the National Hockey League have launched FAST channels over the last year.

☆ Warner Bros Discovery explores sale of music library - FT
▼ + stars: | 2023-01-12 | by ( ) www.reuters.com time to read: +1 min

Jan 12 (Reuters) - Warner Bros Discovery Inc (WBD.O) is exploring a sale of its music library that could be valued at more than $1 billion, the Financial Times reported on Thursday, citing people familiar with the matter. The company is looking for buyers for the music copyrights that it owns, according to the report, which added that the process was in its early stages. Warner Bros Discovery, which was formed last year by the merger of AT&T Inc's (T.N) WarnerMedia unit and Discovery Inc, did not immediately respond to a Reuters request for comment. Warner Bros Discovery's reported plan would be the latest under top boss David Zaslav, who recently shut down the CNN+ streaming service and canceled the movie "Batgirl". Reporting by Yuvraj Malik in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

☆ HBO Max Lifts Ad-Free Tier’s Monthly Price Nearly 7%
▼ + stars: | 2023-01-12 | by ( Will Feuer | ) www.wsj.com time to read: 1 min

Warner Bros. Discovery Inc. is raising the monthly price for the ad-free tier of its HBO Max streaming service, a move that comes ahead of the expected merger of the HBO Max platform with the company’s other streaming service, Discovery+. The price for the ad-free tier of the app in the U.S. will rise almost 7%, from $14.99 a month to $15.99 a month, the company said. Warner Bros. didn’t say whether the price of the annual subscription will change. It currently stands at $149.99 a year.

☆ Warner Bros Discovery rolls out first HBO Max price hike in U.S.
▼ + stars: | 2023-01-12 | by ( ) www.reuters.com time to read: +1 min

Jan 12 (Reuters) - Warner Bros Discovery Inc (WBD.O) is raising HBO Max's ad-free subscription fee in the United States for the first time since the streaming service was launched in 2020, the TV network said on Thursday, sending its shares down 3%. HBO Max, which also has an ad-supported tier, faces pressure from slowing user growth and tight competition from larger rivals Netflix Inc (NFLX.O) and Walt Disney Co's (DIS.N) Disney+. Netflix and Disney had also raised prices for some of their streaming services last year. Warner Bros Discovery, formed last year by the merger of AT&T Inc's (T.N) WarnerMedia unit and Discovery Inc, is pushing for internal changes including plans to combine HBO Max and Discovery+. It also made both HBO Max and Discovery+ available on Amazon.com Inc's (AMZN.O) Prime Video platform in select markets.

☆ Warner Bros. Discovery salaries revealed: Pay data shows how much the company recently offered for jobs at HBO and more, despite waves of layoffs and cuts
▼ + stars: | 2022-12-20 | by ( Ashley Rodriguez | Elaine Low | ) www.businessinsider.com time to read: +19 min

Insider analyzed new pay data from the entertainment companies, now merged as Warner Bros. Recent salaries ranged from $55 an hour to $300,000 a year for jobs at HBO and other units. The salaries ranged from $55 per hour to $300,000 per year, with a median annual salary of $143,000 to $170,000. For example, Discovery offered an ad sales account manager between $131,458 and $149,000 per year, according to the data. Associate Manager, Brand Marketing/Publishing: $92,518 to $130,011WarnerMedia DirectData Architect: $162,400 to $200,150 median; ranging from $159,800 to $205,000WarnerMedia Services

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☆ Warner Bros Discovery expects $1 bln more in scrapped content charges
▼ + stars: | 2022-12-14 | by ( ) www.reuters.com time to read: +1 min

Dec 14 (Reuters) - Warner Bros Discovery Inc (WBD.O) on Wednesday raised its expectations of costs related to content write-offs by $1 billion and said the charges could now reach up to $3.5 billion. For the media company, formed earlier this year by the merger of AT&T Inc's (T.N) WarnerMedia unit and Discovery Inc, the total financial restructuring cost could now be between $4.1 billion and $5.3 billion. Some reports said the shows "Nevers" and "Westworld" would be pulled from HBO Max. The company has said the restructuring initiatives will be substantially completed by the end of 2024. Reporting by Eva Mathews in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

☆ Warner Bros. Discovery Raises Restructuring-Cost Estimate by Up to $1 Billion
▼ + stars: | 2022-12-14 | by ( Joe Flint | ) www.wsj.com time to read: 1 min

Warner Bros. Discovery Inc. said it expects to face as much as $1 billion more in restructuring charges than it had forecast less than two months ago, as the company continues to cut costs and cancel programming commitments following the combination of Discovery Inc. and AT&T Inc.’s WarnerMedia unit. The company, whose holdings include movie and television studios, CNN and HBO, and Discovery channels such as Food Network and HGTV, said in a filing on Wednesday that it expects to incur pretax restructuring charges of as much as $5.3 billion through 2024. In late October, it had said it anticipated as much as $4.3 billion in restructuring charges.

☆ HBO Max Comes Back to Amazon Prime Video Channels After Yearlong Absence
▼ + stars: | 2022-12-06 | by ( Joe Flint | ) www.wsj.com time to read: 1 min

HBO Max content such as ‘The White Lotus’ will be offered on Amazon for $14.99 a month. Warner Bros. Discovery Inc. is bringing HBO Max back to Amazon .com Inc.’s streaming portal, reversing a decision made last year by HBO’s previous owner to reduce its reliance on third-party platforms for subscribers. As a result of the agreement between Amazon and Warner Bros. Discovery, HBO Max will be offered on Amazon.com Inc.’s Prime Video Channels platform for $14.99 a month, the same price it is available to consumers via other distribution platforms.

☆ HBO Max Comes Back to Amazon’s Platform After Yearlong Absence
▼ + stars: | 2022-12-06 | by ( Joe Flint | ) www.wsj.com time to read: 1 min

Warner Bros. Discovery Inc. is bringing HBO Max back to Amazon .com Inc.’s streaming portal, reversing a decision made last year by HBO’s previous owner to reduce its reliance on third-party platforms for subscribers. As a result of the agreement between Amazon and Warner Bros. Discovery, HBO Max will be offered on Amazon.com Inc.’s Prime Video Channels platform for $14.99 a month, the same price it is available to consumers via other distribution platforms.

☆ CNN, Gannett, Other Media Giants Resort to Layoffs Ahead of Potential Downturn
▼ + stars: | 2022-12-03 | by ( Sarah Krouse | Joe Flint | ) www.wsj.com time to read: 1 min

An advertising slowdown, economic worries and strains of the shift to streaming have many major media companies in cost-cutting and layoff mode. News organizations, TV networks, movie and television studios, and entertainment giants laid off hundreds of workers over the past week alone, including Warner Bros. Discovery Inc.’s CNN and Paramount Global ’s television-production units.

☆ From CNN to Paramount, Media Companies Cut Jobs as Pressures Mount
▼ + stars: | 2022-12-03 | by ( Sarah Krouse | Joe Flint | ) www.wsj.com time to read: 1 min

☆ Disney buys MLB's stake in streaming firm BAMTech for $900 mln
▼ + stars: | 2022-11-30 | by ( ) www.reuters.com time to read: +2 min

Nov 29 (Reuters) - Walt Disney Co (DIS.N) disclosed on Tuesday that it has taken full control of BAMTech, a video-streaming firm spun off from Major League Baseball's digital media company MLB Advanced Media. Disney earlier this month purchased the remaining stake in BAMTech from Major League Baseball for $900 million, the company said in a SEC filing. Previous to the transaction, streaming technology services provider BAMTech was owned 85% by Disney and 15% by Major League Baseball (MLB). BAMTech provides the streaming platform for such entities as Worldwide Wrestling Entertainment and Warner Bros Discovery Inc's HBO. Streaming service provider Hulu is owned 67% by Disney and 33% by NBC Universal (NBCU).

☆ Trump ally Devin Nunes can sue NBCUniversal for defamation - judge
▼ + stars: | 2022-11-29 | by ( Jonathan Stempel | ) www.reuters.com time to read: +2 min

NEW YORK, Nov 28 (Reuters) - A U.S. judge on Monday said Devin Nunes, the former California congressman and an ally of former U.S. President Donald Trump, can sue NBCUniversal for defamation over a comment by Rachel Maddow concerning his relationship with a suspected Russian agent. Without ruling on the merits, U.S. District Judge Kevin Castel in Manhattan said Nunes "plausibly allege[d] actual malice" with respect to a statement from a March 2021 broadcast of MSNBC's "The Rachel Maddow Show." NBCUniversal, which is owned by Comcast Corp (CMCSA.O), and its lawyers did not immediately respond to requests for comment. Nunes left Congress last December to become chief executive of the social media venture Trump Media & Technology Group. The case is Nunes v NBCUniversal Media Inc, U.S. District Court, Southern District of New York, No.

☆ Matthew Perry Memoir’s Success Shows Staying Power of ‘Friends’
▼ + stars: | 2022-11-23 | by ( Jeffrey A. Trachtenberg | ) www.wsj.com time to read: 1 min

Actor Matthew Perry starred as Chandler Bing in ‘Friends,’ an ensemble comedy that aired on NBC from 1994 through 2004. Matthew Perry last acted in “Friends” when the hit comedy ended its run 18 years ago. The enduring appeal of the show across generations has helped his memoir become a No. “Friends, Lovers, and the Big Terrible Thing,” which reflects on Mr. Perry’s time in Hollywood and his struggles with drinking and drug addiction, has gotten a lift from the continued presence of “Friends” on streaming services. The show appeared on Netflix Inc. and is now on Warner Bros.

☆ Robert Iger Returns to Disney Facing Radically Different Streaming Landscape
▼ + stars: | 2022-11-23 | by ( Sarah Krouse | ) www.wsj.com time to read: 1 min

Walt Disney Co. has brought back the CEO responsible for its pivot to streaming. As he returns, Robert Iger has to navigate a competitive landscape that is far more challenging than when he left less than three years ago. Investors say Mr. Iger is facing the same predicament as other leaders of large entertainment conglomerates: finding ways to grow and improve the streaming unit’s profitability without cannibalizing its lucrative businesses of creating content for television and movie theaters. Disney, as well as peers including Warner Bros. Discovery Inc., must now carefully decide where and how best to release, sell or license its content.

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