“We have implemented initiatives leading to $1 billion in run rate synergy over the next 12 months, with at least an additional $2 billion in the works as part of our cost synergy plan,” Zaslav said in the August earnings call.
Warner Bros.-Discovery cutting content and costs
The process started on April 21st when CNN+ was pulled from the schedule. Since then, the company shelved a completed Batgirl movie. And pushed back the release of 2 other DC comic-inspired superhero films.
The “Shazam” sequel that was slated for a December premiere has been pushed to March 17, 2023. And the Aquaman sequel originally set to debut on March 17th that Shazam is premiering won’t appear until Christmas Day 2023.
Earlier this month the streaming platform removed hundreds of classic Sesame Street episodes. And they have been cutting dozens of upcoming projects. And a couple of days ago they pulled the plug on an animated Batman series from Matt Reeves and J.J. Abrams.
“We’ve been able to dig deeper into the financials and have gained a much better, more complete picture of where we are and the path forward, including identifying some additional and unexpected challenges that have and will continue to require our focus and attention,” Zaslav added.
