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☆ Paramount to lay off 15% of staff amid brutal period in media
▼ + stars: | 2024-08-08 | by ( Liam Reilly | Jon Passantino | ) edition.cnn.com time to read: +3 min

New York CNN —Paramount Global, the storied media conglomerate, announced Thursday it will lay off 15% of its US staff and write down $6 billion in value of its cable television networks as it prepares to merge with Skydance Media. Discovery, the parent company of CNN, TNT, HGTV and other cable networks, posted a $9.1 billion write down on its television business. “And this impairment acknowledges this.”The recent turbulence in the media business extends well beyond the traditional television industry, affecting digital news outlets and print publications. As profits in the television business have eroded away, Paramount has been hit particularly hard. Paramount said its streaming service Paramount+ posted a $26 million profit after losing $424 million during the same period last year and said it expects subscriber growth in the second half of the year.

Persons: David Ellison’s SkyDance, Chris McCarthy, “, ”, David Zaslav, Axios, Jim VandeHei Organizations: New, New York CNN, Paramount Global, Skydance Media, Paramount, Warner Bros, CNN, TNT, HGTV, Broadcasting, Cable, Nickelodeon, Comedy Central, MTV, Discovery, HBO, Max Locations: New York

☆ Warner Bros. Discovery signals rapid deterioration of television business, sending stock plummeting
▼ + stars: | 2024-08-08 | by ( Oliver Darcy | ) edition.cnn.com time to read: +4 min

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

☆ Disney, Hulu and Max launch streaming bundle at up to 38% discount
▼ + stars: | 2024-07-25 | by ( Liam Reilly | ) edition.cnn.com time to read: +3 min

Discovery and Disney launched a cross-studio bundle of Disney+, Hulu, and Max on Thursday, bringing the services together at a discounted price as the entertainment giants look to scale their streaming businesses. Disney+ with Hulu is also available for $9.99 a month with ads. Disney already offers its own streaming bundle that includes Disney+, Hulu, and ESPN+ at a bargain rate. Earlier this month, Hallmark announced that it, too, will launch its own standalone streaming platform, Hallmark+, ahead of the holiday season. Disney, WBD and Fox Corp. are also launching the dedicated sports streaming service Venu this fall, which will combine ESPN, TNT, Fox Sports and other assets under a single streaming roof.

Persons: Max, Marvel, ”, David Zaslav, NBC’s Peacock, Peacock, Venu, “ We’ve, Bob Iger, “ Organizations: New, New York CNN, Warner Bros . Discovery, Disney, HBO, ABC, CNN, Food Network, FX, HGTV, Hulu, Pixar, Star Wars, Warner Bros, Netflix, Amazon Prime, ESPN, Verizon, Paramount, Apple, Comcast, Hallmark, Fox Corp, TNT, Fox Sports, ” Disney, CNBC Locations: New York, Hulu

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