As a seasoned movie critic with over three decades of experience under my belt, I’ve witnessed the rise and fall of numerous studios, and let me tell you, the current state of affairs at Warner Bros. Discovery is giving me déjà vu. The recent Q2 earnings call has left me feeling more like a financial analyst than a critic, as I ponder the implications of their staggering $9.1 billion “goodwill impairment charge.”
As a devoted cinema enthusiast, I’ve been following the tumultuous reign of David Zaslav at Warner with great interest. Recently, during their Q2 earnings call, Warner Bros. Discovery has been under intense scrutiny. One of the staggering disclosures from this event was that our beloved networks like Food Network, Discovery, CNN, HGTV, TBS, TNT, Cartoon Network/Adult Swim, and many others have seen a decrease in their estimated value. This reduction in value has led to a hefty $9.1 billion “goodwill impairment charge,” which essentially writes off certain intangible assets that are no longer considered valuable.
Jennifer Maas from Variety states that this figure, not including cash or taxes, is calculated following an assessment of assets. This evaluation considered the gap between the “fair value” and “book value” of the networks, which have been impacted by persistent weakness in the U.S. linear ad market and uncertainties surrounding renewals of affiliate and sports rights agreements, such as the NBA, since the merger of WarnerMedia and Discovery two years ago.
Today, the hashtag #DontStreamOnNetflix is trending again, as many television enthusiasts are voicing their disappointment over how recent changes at Warner Bros. Discovery under Zaslav’s leadership have affected their favorite shows on Netflix. Many are sharing a specific image on social media to express their feelings.
In their latest production on Amazon Prime Video, the show “The Boys” made a playful jab at HBO, HBO Max, and Warner Bros. as a whole by releasing a satirical video.
Earlier this month, according to Deadline, long-term media analyst Jessica Reif Erlich urged Warner Bros. Discovery to take action – whether it’s selling the company, offloading assets, or seeking a streaming partnership or merger. Since the merger, their stock has plummeted by an astounding 70%. It seems that some changes need to be made.
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2024-08-08 00:02