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Tag: David Zaslav

  • Michael De Luca, Pam Abdy to head Warner Bros. Pictures Group; Toby Emmerich steps down

    Michael De Luca, Pam Abdy to head Warner Bros. Pictures Group; Toby Emmerich steps down

    Mumbai: Former MGM film executives Michael De Luca and Pam Abdy have been appointed co-chairpersons and CEO of Warner Bros. Pictures Group. They replaced longtime studio executive Toby Emmerich who has announced that he is stepping down as Warner Bros. head.

    Each of the divisions including Warner Bros. Pictures, New Line Cinema, DC-Based Film Production, and Warner Bros. Feature Animation will break into three distinct segments – Warner Bros. Pictures/New Line Cinema, Warner Bros. Feature Animation, and DC-Based Film Production. Each will have its own separate leadership. 

    The decision is part of the company’s new long-term strategy. In the meanwhile, the segments are still managed by the film group, with De Luca and Abdy in charge of day-to-day operations. De Luca and Abdy were MGM Studios’ motion picture group chairman and president, respectively. They decided to leave after Amazon acquired MGM.

    Simultaneously, Toby Emmerich will launch his own production company at Warner Bros. studio, focused on film, television and streaming. Warner Bros. Discovery will finance Emmerich’s ventures and hold distribution rights to films & series as part of an exclusive five-year deal.

    Screenwriter and producer Emmerich has been president and chief content officer of Warner Bros. Pictures Group since 2017. Previously, he served as president and chief operating officer of New Line Cinema. He joined Warner Bros. in 1992 as a dual development and music executive and has worked there for the past 30 years.

    In a statement, Warner Bros. Discovery CEO David Zaslav said, “I have known Toby for many years and have tremendous respect for his vision and ability to create extraordinary cinematic experiences. He has led a best-in-class studio team and was the driving force behind an incredible, diverse collection of films and series. Toby is also an exceptional person and longtime friend to me and to many and I am personally very happy to continue our working relationship. I am thrilled that he’s chosen to remain a part of our Warner Bros. Discovery family with this long-term production deal and look forward to seeing the fantastic stories that he and his team will create for us in the years ahead.” 

    Speaking about his venture, Emmerich said, “It has been an honour and a pleasure to be part of this storied company these last three decades and to lead the world-class Warner Bros. film studio team, and I am incredibly proud of what we have been able to accomplish together. This seemed like the perfect time to transition to something new and I am excited to be pursuing my passion for storytelling in a more hands-on way with my own production company.” 

    Further, on the newly appointed co-chairpersons and CEO of Warner Bros. Pictures Group, Zaslav said, “Michael and Pam are supremely talented creative leaders with a proven track record of success. We are thrilled to welcome them both to our Warner Bros. Discovery family, and look forward to seeing them take this nearly century-old iconic studio to even greater heights of excellence in film.”

    With a global box office collection of $5.57 billion in 2018, Warner Bros. Pictures Group achieved its most successful year ever under Emmerich’s leadership.

    Films such as “Aquaman” – the most popular DC Superhero film ever and Warner Bros’. second-biggest title of all time – “Fantastic Beasts: The Crimes of Grindelwald,” “Ready Player One,” “The Meg,” “Rampage,” “A Star is Born,” “The Nun,” and “Crazy Rich Asians,” helped Emmerich fuel this success. Also, the studio in 2019 delivered the highest-grossing R-rated film of all time, DC’s “Joker,” which grossed $1.08 billion worldwide and won two Academy Awards, as well as the horror sequel “IT Chapter Two.”

  • Discovery, AT&T close in on WarnerMedia transaction

    Discovery, AT&T close in on WarnerMedia transaction

    Mumbai: Discovery Inc and AT&T have announced that they have closed their transaction to combine the WarnerMedia business with Discovery. The combined entity is a premier standalone global media and entertainment company Warner Bros Discovery, which will begin trading on the Nasdaq with the start of trading on 11 April, under the new ticker symbol ‘WBD.’

    The new company combines WarnerMedia’s premium entertainment, sports and news assets with Discovery’s leading non-fiction and international entertainment and sports businesses, including Discovery Channel, discovery+, Warner Bros. Entertainment, CNN, CNN+, DC, Eurosport, HBO, HBO Max, HGTV, Food Network, Investigation Discovery, TLC, TNT, TBS, truTV, Travel Channel, MotorTrend, Animal Planet, Science Channel, New Line Cinema, Cartoon Network, Adult Swim, Turner Classic Movies and others.

    “Today’s announcement marks an exciting milestone not just for Warner Bros Discovery but for our shareholders, our distributors, our advertisers, our creative partners and, most importantly, consumers globally,” said Warner Bros Discovery CEO David Zaslav. “With our collective assets and diversified business model, Warner Bros Discovery offers the most differentiated and complete portfolio of content across film, television and streaming. We are confident that we can bring more choice to consumers around the globe while fostering creativity and creating value for shareholders.”

    “We are at the dawn of a new age of connectivity, and today marks the beginning of a new era for AT&T,” stated AT&T CEO John Stankey. “With the close of this transaction, we expect to invest at record levels in our growth areas of 5G and fiber, where we have strong momentum, while we work to become America’s best broadband company. At the same time, we’ll sharpen our focus on returns to shareholders. We expect to invest for growth, strengthen our balance sheet and reduce our debt, all while continuing to pay an attractive dividend that puts us among the top dividend-paying stocks in America.”

    Under terms of the agreement, which was structured as a Reverse Morris Trust transaction, at close AT&T received $40.4 billion in cash and WarnerMedia’s retention of certain debt. Additionally, shareholders of AT&T received 0.241917 shares of WBD for each share of AT&T common stock they held at the close. As a result, AT&T shareholders received 1.7 billion shares of WBD, representing 71 per cent of WBD shares on a fully diluted basis. 

    Discovery’s existing shareholders own the remainder of the new company. In addition to their new shares of WBD common stock, AT&T shareholders continue to hold the same number of shares of AT&T common stock they held immediately prior to close.

  • Chris Licht to be head of CNN post WarnerMedia-Discovery merger

    Chris Licht to be head of CNN post WarnerMedia-Discovery merger

    Mumbai: Discovery Inc has announced its plans to appoint Chris Licht as the new chairman and chief executive officer of CNN Global. The appointment will be effective following the completion of Discovery Inc’s acquisition of WarnerMedia, expected in early Q2.

    Discovery expects that Licht will start at CNN in early May, after Discovery’s acquisition of CNN is complete. He will report directly to Warner Bros Discovery CEO David Zaslav.

    Licht has spent more than 20 years in broadcast news and currently serves as executive vice president of special programming at CBS. He has created, led and strengthened award-winning news and entertainment shows and programming, including “The Late Show with Stephen Colbert,” “CBS This Morning,” and MSNBC’s “Morning Joe.”

    “I have known and admired Chris for more than 15 years and strongly believe he is the best person to lead CNN Global as part of Warner Bros. Discovery,” said Warner Bros Discovery CEO David Zaslav. “Chris is a dynamic and creative producer, an engaging and thoughtful journalist, and a true news person. He has more than two decades of broadcast experience across local, cable and national news. He has been in the field, in the control room and on the set. He is a highly principled individual who is trusted, hard-working and makes every organization stronger, more innovative, and more cohesive.”

    “I’m honored to have this opportunity, especially at such an important time for our country and the world,’’ said Licht. “CNN has a rich and storied legacy and I both promise to uphold it and build upon it. I am eternally grateful to Stephen Colbert and the peerless Late Show team for an unforgettable run. I am looking forward to returning to my journalism roots.”

  • Discovery-WarnerMedia merger gets clearance from European Commission

    Discovery-WarnerMedia merger gets clearance from European Commission

    Mumbai: Discovery Inc has received unconditional clearance from the European Commission to move ahead with its merger agreement with WarnerMedia and is on track to close the deal by second quarter 2022. The company filed a merger proxy earlier this month and has scheduled a stockholder meeting on 11 March.

    “We, of course, are pleased to receive unconditional clearance from the European Commission, the expiration of the HSR waiting period, and clearance from other key international markets, and AT&T having received a favorable private letter ruling from the IRS,” said Discovery president and chief executive officer David Zaslav. “We also filed our merger proxy earlier this month and have scheduled our stockholder meeting for March 11th. Following the vote, and assuming the deal is approved by our stockholders, we expect to be on track to close in Q2.”

    Discovery reported its fourth quarter results for the year 2021. The company posted revenue of $3.18 billion, an increase of 10 per cent to the prior year quarter. Its direct-to-consumer business added two million subscribers since the end of Q3 totalling to 22 million subscribers.

    “2021 was by all measures an exceptional year for our company, in which we achieved significant operational, financial, and strategic objectives,” added Zaslav. “We grew our global DTC paying subscribers to 22 million, a tailwind for our strong distribution revenue growth of 11 per cent, while global advertising revenues grew 10 per cent due to continued strength in our key markets and share gains. Additionally, we ended the year with nearly $ four billion of cash on hand and generated robust cash flows, supporting our ability to invest in growth initiatives. Further, the successful recent broadcast of our second Winter Olympic Games across Europe, on the heels of our first broadcast of the Summer Olympic Games, underscores one of our key differentiators: in-language and locally relevant content. All of which position us well to take advantage of the remarkable opportunities ahead for Warner Bros. Discovery, which we believe will be among the world’s most dynamic media companies.”

  • AT&T likely to close WarnerMedia-Discovery merger by June-end

    AT&T likely to close WarnerMedia-Discovery merger by June-end

    Mumbai: US major AT&T has reported its fourth-quarter financial results on Wednesday. The company’s WarnerMedia segment posted revenues of $9.9 billion, a growth of 15.4 per cent year-on-year driven by content licensing and direct-to-consumer subscription growth. The company said that it expects the WarnerMedia-Discovery transaction to close by the second quarter of 2022.

    “We are encouraged with how the process for the WarnerMedia deal is progressing and now expect the transaction to close in the second quarter,” said AT&T CEO John Stankey. “Coming off an outstanding year with HBO Max, we plan to hand off the business with a strong exit velocity, and we look to further our international momentum and deliver more world-class content for viewers.”

    He further added, “When the deal closes, the investments made in both content and HBO Max growth, coupled with strong execution by the team, will ensure Warner Bros Discovery is positioned as a leading global media company with the depth of content and the capabilities required to lead in the next era of media.”

    WarnerMedia’s streaming service HBO Max added 13.1 million subscribers in 2021 and currently has a base of 73.8 million subscribers globally. The investor presentation also revealed that WarnerMedia saw a DTC subscription revenue growth of 11.5 per cent from $1.7 billion to $1.9 billion in the fourth quarter.

    In May 2021, AT&T announced that it had proposed a merger between Discovery Inc and its media subsidiary WarnerMedia, which would be spun off into a new publicly-traded company to be known as Warner Bros Discovery. The merged entity would be led by Discovery CEO David Zaslav. The transaction was approved by the European Commission in December 2021 and it is expected to be completed in mid-2022.

  • More media deals on anvil says Discovery CEO David Zaslav, as streaming war intensifies

    More media deals on anvil says Discovery CEO David Zaslav, as streaming war intensifies

    New Delhi: Emerging fresh from the blockbuster deal that led to Discovery’s merger with AT&T’s WarnerMedia, company’s CEO David Zaslav said that media consolidation will only accelerate from here, and he intends to be a catalyst.

    “We’re not done yet,” Zaslava told reporters on Tuesday, as he reached Sun Valley, Idaho to attend the annual Allen & Co. conference. “The talk of the week is going to be that the industry is going to start consolidating a little bit more.”

    The streaming war is heating up this summer, with a slew of media mergers shaking up the global entertainment industry. In May, AT&T agreed to spin off its media operations with Discovery Inc in May, to create a new global entertainment and media business, named Warner Bros. Discovery to be led by Zaslav. The deal could close in eight months, though it may also take longer, he had earlier said.

    Soon thereafter E-commerce giant Amazon announced its$8.45 billion deal to acquire the film and television company Metro-Goldwyn-Mayer  to earn more big-spending Prime subscribers as it competes with Netflix and Disney Plus.

    “We’re all vying for eyeballs and people’s time, and we’re all telling stories,” Bloomberg quoted Zaslav saying. “I think the Amazon deal with MGM is interesting. It reinforces that we need to be bigger.”

    Zaslav’s key role in getting AT&T’s WarnerMedia to align itself with the network he leads has ensured that stays in charge of the company through at least the end of 2027. His previous employment contract effective till 2023, was extended this June.

    The Sun Valley Conference, from 6 to 10 July, is attended every year by who’s who of the finance, tech and media worlds, holding deliberations on the key media trends. The annual media finance conference hosted and funded by private investment firm Allen and Company could not be held in 2020 due to the pandemic.

    Apple CEO Tim Cook, Facebook founder and CEO Mark Zuckerberg and COO Sheryl Sandberg; Disney chief executive Bob Chapek, Netflix co-CEOs Reed Hastings and Ted Sarandos are other key names who are likely to attend the conference. 

  • Warner Media-Discovery merged outfit named Warner Bros.Discovery

    Warner Media-Discovery merged outfit named Warner Bros.Discovery

    MUMBAI: When two well-known media firms fuse, there’s always a big debate about what the new organisation should be called? But the folks at Discovery and AT&T have kept their life simple: they have decided to call the proposed global entertainment outfit being born out of the merger between Hollywood entertainment powerhouse Warner Bros and  the firm founded by John Hendricks as ‘Warner Bros.Discovery.’

    A press release issued by Discovery stated that “The Warner Bros. Discovery name will honor, celebrate and elevate the world’s most-storied creative studio in the world with the high quality, global nonfiction storytelling heritage of Discovery.”

    David Zaslav, President and CEO of Discovery and the future CEO of the proposed Warner Bros. Discovery combined company, unveiled the new name to WarnerMedia employees from the Warner Bros. studio lot in Burbank, CA, where he said:

    “Warner Bros. Discovery will aspire to be the most innovative, exciting and fun place to tell stories in the world – that is what the company will be about.  We love the new company’s name because it represents the combination of Warner Bros.’ fabled hundred year legacy of creative, authentic storytelling and taking bold risks to bring the most amazing stories to life, with Discovery’s global brand that has always stood brightly for integrity, innovation and inspiration. There are so many wonderful, creative and journalistic cultures that will make up the Warner Bros. Discovery family. We believe it will be the best and most exciting place in the world to tell big, important and impactful stories across any genre – and across any platform: film, television and streaming.”

    The initial wordmark for the proposed company includes the iconic line from the Maltese Falcon, “the stuff that dreams are made of,” an additional homage to the rich legacy of Warner Bros. and the focus of what the proposed company will be about.

    In May, AT&T and Discovery reached a definitive agreement to combine WarnerMedia’s premium entertainment, sports and news assets with Discovery’s leading nonfiction and international entertainment and sports businesses to create a single company.

    Warner Bros. Discovery will bring together leadership teams, content creators, and high-quality series and film libraries in the media business, while accelerating both companies’ plans for leading direct-to-consumer (DTC) streaming services for global consumers. The new company will unite complementary and diverse content strengths with broad appeal — WarnerMedia’s robust studios and portfolio of iconic scripted entertainment, animation, news and sports with Discovery’s global leadership in unscripted and international entertainment and sports.

    The “pure play” content company will own one of the deepest libraries in the world with nearly 200,000 hours of iconic programming and will bring together over 100 of the most cherished, popular and trusted brands in the world under one global portfolio, including: HBO, Warner Bros., Discovery, DC, CNN, WB Games, Turner Sports, Cartoon Network, HGTV, Food Network, TNT, TBS, Turner Classic Movies, Wizarding World, Adult Swim, Eurosport, Magnolia, TLC, Animal Planet, ID and many more.
    Warner Bros. Discovery will be able to increase investment and capabilities in original content and programming; create more opportunity for under-represented storytellers and independent creators; serve customers with innovative video experiences and points of engagement; and propel more investment in high-quality, family-friendly nonfiction content, says the press release.

  • Discovery extends David Zaslav’s employment contract

    Discovery extends David Zaslav’s employment contract

    MUMBAI:  When you swing a deal like he has done, you probably deserve to be rewarded. Discovery president & CEO David Zaslav played a key role in getting AT&T’s WarnerMedia to align itself with the network he leads, an announcement of which was made earlier this week. Well, his labour has yielded fruit as his employment contract has been extended to run through 31 December 2027 from its previous effective date of 2023.

    Of course, we all know that the merger of the two media firms will lead to the creation of a behemoth offering WarnerMedia’s premium entertainment, sports, and news assets and Discovery’s leading nonfiction and international entertainment and sports businesses. And it was announced that Zaslav will lead the proposed new company.

    Since joining it in 2007, Zaslav has steered Discovery to new heights starting with taking it public in 2008, stream rolling it into the Fortune500 in 2014, acquiring Scripps Networks Interactive, in a transaction which closed in 2018 and ramping up its direct-to-consumer efforts under discovery+. The definitive real-life subscription streaming service launched in the US in January 2021 with more than 55,000 episodes, and internationally, continues its rollout to more than 25 markets and accounts for 15 million subs already.

    The Discovery comprises nearly 20 per cent of ad-supported pay-TV viewership in the US and nearly seven billion monthly video views, making it the No 1 pay-TV portfolio in Uncle Sam, claims a press release. And its global distribution has surpassed three billion viewers.

    Before Discovery Zaslav had a distinguished career at NBCUniversal, where he was instrumental in developing and launching CNBC and also played a role in the creation of MSNBC.

  • Discovery Q1: d2c arm leads growth, income tumbles

    Discovery Q1: d2c arm leads growth, income tumbles

    NEW DELHI: Discovery Inc has 15 million total paying direct-to-consumer subscribers across its global portfolio, it said on Wednesday, as it reported financial results for the quarter ended 31 March 2021.

    The growth was primarily led by discovery+, having crossed 13 million total paying direct-to-consumer subscribers, since its launch on 4 January early this year.

    “The global rollout of discovery+ is off to a fantastic start by any measure. Key metrics, including subscriber additions, customer engagement, and retention, are exceeding our expectations and demonstrating sustained momentum into the second quarter,” said Discovery president and CEO David Zaslav. “Our strong direct-to-consumer performance underscores the outstanding value and appeal of our content, brands and personalities to both consumers and distribution partners alike. We continue to expand the reach of discovery+ with recent launches on Comcast Xfinity and Amazon Prime Video Channels. At the same time, we continue to extend our overall engagement with viewers across screens, anchored by another quarter as the most-watched pay-TV portfolio in the US and our seventh consecutive quarter of international share growth.”

    The media company’s net income dipped 62.9 per cent to $140 million, or 21 cents per share, during the quarter.

    However, revenue rose four per cent to $2.79 billion, edging past Wall Street estimates of $2.78 billion.

    The international advertising revenues increased 16 per cent and distribution revenues were flat, or decreased two per cent ex-FX. Advertising revenue in the US declined two per cent, partly due to lower overall ratings, and to a lesser extent secular declines in the pay-TV ecosystem and lower inventory.

    For the first quarter, Discovery was among the most-watched pay-TV portfolio in the US among key demographics, driven in part by TLC, which was popular among its key female demographics, the company said.

    Internationally, the company said it enjoyed an impressive seventh consecutive quarter of linear share growth, anchored by growth in female genres and best ever quarterly performances in several markets, including the UK, France and Germany. International networks revenues increased 6.9 per cent year-on-year to $987 million. Advertising revenues were up 15.7 per cent, while distribution revenues were down 0.2 per cent.

    The broadcaster said it will invest more than ever in the content across the board to support these platforms in 2021.

    “We expect international distribution revenue to accelerate to mid-single-digit growth during the second quarter,” said Discovery chief financial officer Gunnar Wiedenfels, adding that though the company is investing against a rigorous financial framework, it is also gearing up for two sets of Olympic games this summer and in Q1 next year, both of which will be tentpole events for the marketing of its d2c and linear brand.

  • Discovery incurs $8 mn loss in Q1 2018 with Scripps acquisition

    Discovery incurs $8 mn loss in Q1 2018 with Scripps acquisition

    MUMBAI: Discovery’s earnings release for Q1 2018, for the quarter ended 31 March 2018, shows that the company suffered a slight loss of $8 million due to the costs linked with the acquisition of Scripps Networks Interactive (Scripps). Q1 revenue of $2307 million was 43 per cent higher year-on-year (yoy) from $1610 million.

    Net income in the previous quarter was $215 million and the $8 million loss was primarily due to lower operating results, higher restructuring charges and other transaction costs associated with the acquisition of Scripps and higher interest expense.

    Excluding the impact of foreign currency transactions and the Scripps, The Enthusiast Network and the Oprah Winfrey Network transactions, revenue increased by 14 per cent as international networks grew by 28 per cent and US networks grew by three per cent.

    US revenue was up by 42 per cent boosted by the three above-mentioned transactions, with a 55 per cent gain in advertising revenue to $627 million and a 26 per cent increase in distribution revenue to $514 million.

    International networks revenue for the first quarter of 2018 increased by 47 per cent to $1098 million. Distribution and advertising revenue was up by 20 per cent to $537 million and 37 per cent to $385 million, respectively.

    Distribution revenue growth was primarily due to increases in digital revenue and higher contractual rates in Europe following further investment in sports content, contributions from content deliveries under licensing agreements in Asia and increases in rates in Latin America, partially offset by decreases in subscribers in Latin America and decreases in contractual rates in Asia. Advertising revenues increased primarily due to increases in pricing and volume across key markets in Europe and increases in ratings from coverage of the Olympics, partially offset by lower pricing and delivery in Latin America and Asia. The significant growth in other revenues is primarily due to sublicensing of Olympics sports rights to broadcast networks throughout Europe.

    First quarter adjusted operating income before depreciation and amortisation (adjusted OIBDA) increased by 16 per cent to $697 million on a reported basis, excluding the impact of the above-mentioned transactions and foreign currency fluctuations, adjusted OIBDA decreased by nine per cent as the three per cent growth at US networks was more than offset by a 37 per cent decline at international networks primarily due to the timing of costs associated with the Olympics.

    Discovery president and CEO David Zaslav said, “The first quarter of 2018 was a historic and pivotal period for Discovery. We closed on our transaction to acquire Scripps Networks Interactive, becoming the global leader in real-life entertainment and home to an enhanced portfolio of quality and trusted enthusiast brands. As our industry continues to evolve, we are uniquely positioned to maximise the value of our traditional pay-TV business while driving new opportunities and growth from our digital and direct to consumer businesses around the world.”

    Speaking in an earnings call, Zaslav said that the company has a good cash flow for the future. He said, “Whether it’s investing in content, IP, platforms, products and services, extending our content onto all bundles and services, whether linear, digital, mobile, or direct-to-consumer, or just buying back our stock, we will have the cash to decide. Our focus on cost efficient, real life entertainment leveraged across all formats, regions and methods of delivery, gives us another distinct advantage over our peers. We’re not caught up in the increasingly competitive and high-cost scripted content game that has captured so much of our industry’s attention and resources over the past several years. We’re also not renters. We own the vast majority of our content across regions, platforms and formats, and have the flexibility to take it wherever we want.”

    He added that the company is truly international with the ability to take content around the world in multiple languages, and the Scripps IP was just the start.

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