WarnerBros. Discovery (WBD) leadership is seeking further job cuts as a cost-saving effort, as per a recent report.
WBD, the owner of CNN, Max, TNT, and various other media assets, is considering reducing its streaming budgets by hundreds of millions of dollars, as reported by Bloomberg. reported.
The company also intends to raise subscription prices, according to the report.
“The company is concentrating on the long-term expansion of the business as a whole, particularly Max, which has been a priority across WBD to broaden the original content offerings for our streaming audiences, including news originals from CNN, March Madness and NBA Finals from sports, local language content from international, and a new distribution deal with A24,” WBD stated in a comment to Bloomberg.
WBD’s stock fell to an all-time low last week as the company fights to retain broadcasting rights for NBA games, which is expected to go for billions of dollars per year.
The media conglomerate, led by chief executive David Zaslav, was formed in 2022.
