Warner Bros. Discovery to cut $825 million in tax on its scrapped and scrapped content, according to a recent regulatory filing. The fledgling company disclosed the information in the documents on Friday (Across The Hollywood Reporter), explaining that the number comes from content that was canceled or permanently deleted in the second quarter of this year. This number reportedly includes a $496 million reduction in content, representing content that was already in production or was in production prior to its exclusion. It also includes $329 million in content development write-offs, representing programming that hasn’t gone beyond the development stage. The content is a question from various Warner Bros. film and television studios. Discovery, Line Networks, and streaming services like HBO Max and Discovery+.
“Weak content and development write-offs resulted from a global post-merger strategic review of content,” Warner Bros. Discovery wrote in the filing.
This number reportedly does not include recent cancellations of bat girl And the Scoop!: Holiday Hunt, which was first announced earlier this week. It was later reported that both films, which had already been completed and were due to premiere on HBO Max, had been boxed for tax cuts, which will apparently be taped next quarter. In the days that followed, Warner Bros. Discovery also has six HBO Max exclusives from its streaming platform, and has canceled the already completed third season of Little Elaine.
According to reports, this Q2 number may include the cancellation of HBO Max-exclusive from DC The Wonder Twins The movie, which abruptly closed in May of this year after spending months in pre-production. The film had KJ Apa and Isabel May starring as the titular super-twin. Q2 may also include a number of deprograms in TNT and TBS, both of which put new script development on hold after the merger. It could also include CNN+, a streaming service that shut down just weeks after its launch.
All this comes as David Zaslav, CEO of Warner Bros. Discovery, aims to cut $3 billion from the company’s budget over the next few years. The company has already announced plans to combine HBO Max and Discovery+ into a single streaming service, which will happen virtually as early as the summer of 2023.
Zaslav said on Warner Bros.’s quarterly earnings call. Discovery earlier this week: “Having content that resonates with people is much more important than just having a lot of content.”
What do you think of this new report surrounding Warner Bros. tax cuts? Discovery? Share your thoughts with us in the comments below!
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