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."
Nestlé has dismissed its CEO Laurent Freixe after an investigation into an undisclosed relationship with a direct subordinate. The company announced on Monday that the dismissal was effective immediately. An investigation found that Freixe violated Nestlé’s code of conduct. He had been CEO for a year. Philipp Navratil, a longtime Nestlé executive, will replace him. Chairman Paul Bulcke stated that the decision was necessary to uphold the company’s values and governance. Navratil began his career with Nestlé in 2001 and has held various roles, including CEO of Nestlé's Nespresso division since 2024.
Kraft Heinz is splitting into two companies a decade after they joined in a massive merger that created one of the biggest food companies on the planet. One of the companies will include brands such as Heinz, Philadelphia cream cheese and Kraft Mac & Cheese. The other will include brands like Oscar Mayer, Kraft Singles and Lunchables. When the company formed in 2015 it wanted to capitalize on its massive scale, but shifting tastes complicated those plans, with households seeking to introduce healthier options at the table. Kraft Heinz's net revenue has fallen every year since 2020.
