MASSIVE LAYOFFS THIS WEEK AT WARNER BROS !?! Listen To Actual Clips From Earnings Report!

Warner Brothers Discovery continues to cut costs and streamline their business. In their most recent earnings report, executives discuss massive cuts of 11% to 20% of SG&A, also known as selling, general and administrative expenses— the costs of doing business. They include rent and utilities, marketing and advertising, sales and accounting, management and administrative salaries. As many as 1,000 or more people are expected to be cut as soon as this week (week of 11/7/22) from their advertising sales department alone!

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Warner Bros. Discovery is swirling with talk of more layoffs and concerns about integrating streamers HBO Max and Discovery+
https://www.businessinsider.com/warner-bros-discovery-speculation-more-layoffs-integrating-streamer-hbo-max-2022-11

Can Licht Make the Cuts?
https://puck.news/can-licht-make-the-cuts/

MASSIVE LAYOFFS THIS WEEK AT WARNER BROS !?! Listen To Actual Clips From Earnings Report!

Warner Bros. Discovery insiders are bracing for another round of layoffs the week of November 7.
This round is expected to hit sales support roles as the company looks for $3B in cost cuts.
Some are also speculating that the planned streamer combining Discovery+ with HBO Max will be delayed.
Warner Bros. Discovery insiders are bracing for yet another round of layoffs, three sources told Insider, expected to start the week of November 7 as leaders of the new company continue their hunt for cost savings.
WBD already cut sales staff through buyouts and layoffs as part of CEO David Zaslav's quest to make the $3 billion in cost cuts promised with Discovery's acquisition of WarnerMedia. As of a month ago, the company said it expected to reduce its combined US sales force of 1,300 by 30% through layoffs, buyouts, and attrition.
The company took an aggressive stance in selling during the TV upfronts sales period and didn't sell as much as it hoped. It previously downgraded its earnings forecast for 2022 as it deals with challenges to the streaming business and an overall slowdown in ad spending, calling it a "transition year." The company missed Wall Street's expectations for revenue in its third-quarter earnings report today.
With the upcoming cuts, sales support areas like marketing, research, and ad ops are expected to bear the brunt, the three insiders said. Layoffs were inevitable as part of the acquisition, but sales staff cuts have already caused concern among insiders and partners about the company's ability to service its advertising customers. Further dampening morale, salespeople also are expecting their all-important year-end bonuses to take a hit, per one of the insiders. It's a similar story over at WBD unit CNN, where new CEO Chris Licht has been leading a cost-cutting exercise and more layoffs are coming.
A second insider said WBD was closely scrutinizing vendor contracts as it tries to find cost savings wherever possible. "They're just hammering everyone," this person said.
Questions are also swirling about the company's new streaming service that will combine Discovery+ with HBO Max. The initiative is key to WBD's effort to be profitable in streaming, and the company announced today it would move up its launch plan to spring 2023 from the summer. The company is weighing three possible names for the streamer, according to the first insider and a fourth WBD source.
But some WBD insiders have expressed doubt that the company will meet its earlier timeframe because of the massive task involved in combining two streamers with separate tech backbones and separate sets of licensing agreements for their content offerings. An industry insider with knowledge speculated that the company will end up pushing back the launch while it waits to see the impact of Netflix's and Disney+'s own ad-supported streamers launching this year.