WarnerMedia CFO On Discovery Merger: 'We Know Consumers Need and Want More Content'
As consumers make choices between streaming services, WarnerMedia is hoping that offering a wide variety of content will entice audiences.
And with the Discovery merger expected to close in mid-year 2022, the company is working towards its goal of expanding its offerings.
"We have a really complementary, deep library of content with Discovery, and so we're excited about what the future holds," WarnerMedia Chief Financial Officer Jennifer Biry told Cheddar News. "We know that consumers need and want more content."
WarnerMedia posted solid quarterly results, with revenue surpassing $8 billion dollars as its entertainment business continues to boom. The media and entertainment giant saw wild success with its HBO Max division, which reached nearly 70 million subscribers globally.
Part of HBO Max's expansion began in June with the introduction of a free, ad-supported model.
"Customers who have purchased the product are deeply engaged with it," Biry said. "I think next year you'll continue to see that momentum grow as there's very little discrepancy next year between the products, because all the theatrical movies will launch the same date."
HBO Max was only available in the U.S. at the beginning of 2021. Now, it's currently in 46 countries, including most recently Spain and the Nordic region. WarnerMedia plans to produce local language content in these regions as well, and expand further in Europe in 2022.
"We saw with the pandemic we saw a significant increase in consumption on the platform," she said. "And so we are investing significantly more in our content because as I mentioned, more is better."
Macy’s is rejecting a $5.8 billion takeover offer from investment firms Arkhouse Management and Brigade Capital Management, saying they didn’t provide a viable financing plan. The firms offered $21 per share for the stock they don’t already own.
Sports Illustrated's employee union said in a statement that the layoffs would be a significant number and possibly all, of the NewsGuild workers represented.
CEO and founder of Pinstripes Dale Schwartz shares his thoughts on taking the company public, why they're set for growth this year, and why he's not concerned about inflation weighing on the restaurant sector.
With hype continuing to build for A.I. projects, expert insight on what companies seem poised to benefit, plus how it will impact the lives of everyday consumers.
Ford says it’s reducing production of the F-150 Lightning electric pickup vehicle as it adjusts to weaker-than-expected electric vehicle sales growth. The automaker said about 1,400 workers will be impacted by the move.
Walmart Inc. is raising the starting base pay for store managers, while redesigning its bonus plan that will put more of an emphasis on profits for these leaders.
