Warner Bros. Discovery Took $825M Hit For Content Write-Downs, $208M For Layoffs In Q2
Warner Bros. Discovery Friday detailed its charges for the second quarter that included a combined $825 million hit on the content side, including $496 million for content impairment and $329 million for content development write-downs, as well as $208 million for employee terminations for the three months ended June.
As reported Thursday, WBD posted a net loss of $3.4 billion (or $2.2 billion pro forma) in its first quarter as a combined company, recording $1 billion of restructuring and other charges (and $983 million of transaction and integration expenses). An SEC filing today said that, “Content impairments and development write-offs resulted from a global strategic review of content following the Merger. Employee terminations relate to cost reduction efforts and management changes. These charges resulted from activities to integrate WM and …
More on: deadline.com