Warner Bros. Discovery is entering a new era in 2023, with this 12-month period set on “relaunching and building” compared to 2022’s “restructuring” focus on layoffs and content write-offs.
, Warner Bros. Discovery said it is not revising the previously disclosed estimates for organization restructuring costs, facility consolidation activities and other contract-termination costs or cash expenditures. That said, the company noted that “restructuring efforts are ongoing and could result in additional impairments above the revised estimates,” and that restructuring initiatives are still expected to be “substantially completed” by the end of 2024.
“From my perspective, we really have command and control over the business now,” Wiedenfels told Citi’s Jason Bazinet Thursday. “There were some surprises in the first months of the combination, as you know, but we put out the guidance for this year at the end of the summer and I’ve been very, very pleased with all of our operating trends over the second half of the year… We’re really on track for a lot of asset value creation and free cashflow generation.
One of the upcoming bright spots in Warner Bros. Discovery’s year of “relaunching and building” is the of the combined HBO Max-Discovery+ product this spring. Wiedenfels said the company has been putting a great emphasis on raising the bar of that offering, which has yet to be named or given a debut date, compared to the solo HBO Max and Discovery+, in order to reduce churn as much as possible when the unified platform launches.
“We’re going to come out with a great product from a consumer-experience perspective, and that’s, frankly, the biggest holdback for HBO Max right now. The experience is not where it needs to be,” Wiedenfels said.
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