Warner Bros Discovery expects to write off as much as $2.5bn because of shelved shows and movies along with other programming decisions, as chief executive David Zaslav looks to cut billions of dollars in costs.
After the merger of Warner with Discovery, Zaslav has represented a return to budget discipline following an era of extravagant spending in Hollywood. His team has been scouring the sprawling entertainment group — which includes HBO, the Warner movie studio and CNN — for $3bn in cost cuts over the next two years.
Warner warned in an SEC filing on Monday that restructuring costs could total up to $4.3bn through 2024, including between $2bn and $2.5bn in charges because of “strategic content programming assessments”.
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