The media landscape is continuing to look a lot different amid the recent merger of Warner Bros. Discovery, which put the powerhouse companies under one roof — and with a lot of finances to sort out. Reports have indicated that CEO David Zaslav aims to cut $3 billion from the company's budget over the next few years, and we've already begun to see somewhat of an extent of what that will entail. A new SEC filing sheds light on the company's further plans, particularly an effort to save more money through even more "strategic content programming assessments." According to Warner Bros. Discovery's statement, the company plans to get another $2-2.5 billion through content impairment and development write-offs from Q2 of 2022 through Q4 of 2024. While we'll have to wait and see exactly what that entails, this seems to indicate that the company will be cutting or cancelling even more movies and shows going forward.
"As part of its plan to achieve significant cost synergies, in Q3 2022, the company finalized the framework supporting its ongoing restructuring and transformation initiatives which will include, among other things, strategic content programming assessments, organization restructuring, facility consolidation activities and other contract termination costs," WBD's statement reads.
Why is HBO Max cancelling so many movies and shows?
These numbers do not include the already-polarizing cancellations that the company has made in recent months, beginning with the cancellation of Batgirl and Scoob!: Holiday Haunt back in August. Both films, which were already completed and were set to debut on HBO Max, were later reported to be canned for the sake of tax write-downs, which will seemingly be recorded in Q3 of 2022. In the days since, Warner Bros. Discovery removed six HBO Max-exclusive movies from their streaming platform, as well as a number of fan-favorite animated series.
"Looking at the wide breadth of all the shows that were taken off of the service, it's hard to even see a throughline between them," OK K.O.: Let's Be Heroes! creator Ian Jones-Quartey said in an interview last month. "We're still just not sure why some things were taken off and other things weren't. The whole thing is just very confusing, and there hasn't been much outreach to anybody."
What do you think of Warner Bros.' Discovery's plans? Are you worried they're going to cancel more movies and shows? Share your thoughts with us in the comments below!