Warner Brothers Discovery Layoffs TODAY! David Zaslav RACIST? And, No, He Didn’t Lose $20 Billion!

Layoffs come amid a major strategic shift for the company, which is phasing out its HBO Max originals in Europe, Animation fans are accusing Zaslav of being a racist for cancellations, and Yahoo is trying to create a false narrative that cancelling Batgirl and CNN+ cost the company $20 billion dollars

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David Zaslav, WARNER BROTHERS DISCOVERY playlist
https://www.youtube.com/playlist?list=PLUPkiRW84R1gxDL-u2P1Ac4bE5bONlHix

Warner Bros. Discovery Axes 29 European Staffers, Including Top Execs
https://www.hollywoodreporter.com/tv/tv-news/warner-bros-discovery-europe-layoffs-1235205772

Warner Bros. Discovery Lays Off OWN Executives as Restructuring Continues
https://collider.com/warner-bros-discovery-lays-off-own-executives/

Animation Fans Unhappy With Recent Cancellations, Accuse Warner Bros. Discovery CEO David Zaslav Of Being A “Racist Trump Supporter” And Call For His Firing
https://boundingintocomics.com/2022/08/25/animation-fans-unhappy-with-recent-cancellations-accuse-warner-bros-discovery-ceo-david-zaslav-of-being-a-racist-trump-supporter-call-for-his-firing/

Warner Bros. Discovery Lost $20 Billion in Market Cap Trying to Cut $3 Billion in Costs
https://finance.yahoo.com/finance/news/warner-bros-discovery-lost-20-200742971.html

Warner Bros. Discovery has taken the axe to its European staff, chopping 29 jobs in Europe, among them top programming positions, Warner Bros. Discovery confirmed Thursday.

Among the executives on the way out are Johnathan Young, vp, original programming and production at HBO Max EMEA (Europe, Middle East and Africa); Christian Wikander, vp and commissioning editor of original programming for the Nordic region; and Annelies Sitvast, who heads up the studios’ unscripted original programming slate. Mia Edde, who joined WBD last year to run content acquisitions for Turkey, has already left.

The rest of the 29 employees, all of whom will be leaving WBD over the next 15 months, come from these executives’ teams.

The cuts were expected following the merger of Discovery and Warner Bros. and the announcement by studio boss David Zaslav that the company was looking to find $3 billion in savings across its global business.

In Europe, the layoffs also represent a shift in strategy for WBD’s streaming services HBO Max and Discovery+. The studio plans to merge both operations as it rolls out its service worldwide, and it is shifting its approach to the commissioning and production of local content.

WBD will stop commissioning European originals solely for its HBO Max service. Teams working on HBO Max European originals will complete their current projects before moving on. Going forward, local WBD teams responsible for both linear and streaming programming will handle local commissioning and acquisitions in their respective territories.

It’s a seismic shift for HBO Max EMEA original programming head Antony Root, who has overseen a rapid expansion in HBO Max originals in the region, producing such shows as Poland’s The Pack, Beforeigners in Norway and Kamikaze in Denmark.

Root will stay in his job, along with vp, scripted development Steve Matthews; vp, documentaries Hanka Kastelicová; HBO Max’s France vp/commissioning editor Vera Peltekian; and Miguel Salvat, vp and commissioning editor for HBO Max in the Iberia region.

Deadline was the first to break the story about the WBD layoffs.

The post Warner Bros. Discovery Lost $20 Billion in Market Cap Trying to Cut $3 Billion in Costs appeared first on Consequence.

Since completing its April 8th merger, Warner Bros. Discovery has been on a cost-cutting frenzy, with an announced goal of finding $3 billion in savings. The process began when WBD axed CNN+ on April 21st, and since then the company has shelved Batgirl, removed over 200 classic episodes of Sesame Street, and iced dozens of upcoming projects — with a result that WBD has lost a total of $20 billion in market cap and counting.

Importantly, this isn’t an apples-to-apples comparison. WBD is trying to save $3 billion in cash, while market cap is the stock market’s estimate of a company’s total value, found by taking the amount of stock in circulation and multiplying that by the stock’s price. And there are several other factors dragging down the stock, especially WBD’s $55 billion in debt, which has concerned analysts since the merger. But the debt has been stable, and the fact remains that no matter which project WBD puts out to pasture, the stock is only going in one direction: down.

On April 22nd, the day after WBD subtracted CNN+, the company had a market cap of approximately $49.51 billion according to CompaniesMarketCap.com, which uses data from Reuters, NASDAQ, Yahoo Finance, and more.