Warner Bros. leadership Discovery (WBD) is looking to make more job cuts as a cost-cutting measure, according to a new report.
WBD, which owns CNN, Max, TNT and a host of other media properties, is planning to cut its streaming budgets by hundreds of millions of dollars, Bloomberg reported.
The company also plans to increase subscription prices, the outlet reported.
“The company is focused on long-term growth of the overall business, including Max, which has been a priority across WBD to expand original content offerings for our streaming audiences, including original news from CNN, March Madness and NBA Sports finals, international local language content and a new distribution agreement with A24,” WBD said in a statement to Bloomberg.
WBD shares fell to an all-time low last week as the company struggles to retain broadcast rights to NBA games, which are expected to cost billions of dollars a year.
The media conglomerate was formed in 2022 and is led by chief executive David Zaslav.
This story originally appeared on thehill.com read the full story
