San Francisco, Aug 16 : Warner Bros Discovery (WBD) has laid off over 70 employees (14 percent) of its workforce, from its HBO as well as the HBO Max streaming service.The staff is being dismissed under HBO and HBO Max chief content officer Casey Bloys, impacting 70 employees, according to The New York Times.
“Unscripted and live-action family programs to HBO Max, the streaming service, were the most affected,” the report said late on Monday.
Other cuts affected HBO Max’s casting and acquisitions, and international departments.
The most recent round of cuts comes following AT&T’s WarnerMedia officially joined forces with Discovery, Inc.in April.
The deal was a result of AT&T take home $43 billion in an arrangement of cash-based debt securities and debt retention.
In addition the shareholders of AT&T got 0.241917 shares of WBD for every part of AT&T common stock that they owned at the closing.
In the end, AT&T shareholders received 1.7 billion shares of WBD which is 70 percent of WBD shares on the basis of a fully diluted basis.
The combination makes a leading entertainment and media firm, Warner Bros.Discovery (or “WBD”.
Warner Bros.Discovery had earlier shut down the CNN+ streaming service within one month of the service’s launch and cost the company almost $300 million.
The new company will develop and publish the world’s best differentiated and complete collection of brands, content, and franchises in film, television and streaming.
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