With Warner Bros. Discovery, David Zaslav launches a new renovation
Discovery Inc. Chief Executive David Zaslav revealed his penchant for Hollywood nostalgia two years ago, buying the Beverly Hills home of the late movie producer Robert Evans.
The deal marks the fourth major consolidation in Hollywood in three years as legacy media companies adapt to the streaming revolution. It follows Walt Disney Co.'s takeover of much of Rupert Murdoch’s 21st Century Fox; Viacom’s merger with CBS Corp.; and Amazon’sTheir businesses have been roiled by Netflix, Amazon and Apple, which spend freely to buy TV shows and movies for their streaming services.
WarnerMedia veterans have been bracing for a culture clash in a company that has had four CEOs in four years. Industry observers expect the company to combine the support staff for the two streaming services, Discovery+ and HBO Max, and pare the ranks of executives who oversee the domestic cable TV channels.But the cost-cutting could hinder Zaslav’s ability to pour more money into HBO and Warner Bros. to bolster its pipeline of programming and better compete against Netflix, Disney and Amazon.
“The day-and-date strategy wasn’t that much of a win because the cost was enormous,” said media analyst Michael Nathanson of the MoffettNathanson firm. “But it was helpful to rethink the theatrical window and they get credit for that.” The company also must try to extend the life of its linear cable channels, which produce huge profits, at a time when cord-cutting continues.
Beyond integrating the two companies and charting strategy, Zaslav probably will face additional scrutiny. “He’s been in the entertainment business for such a long time. Why doesn’t he have connections with Latino executives that he could have brought onto his management team?” the group’s president, Brenda Castillo, asked this week. “This raises deep concerns about how Latinos are hired, treated and portrayed by Warner Bros. Discovery in their content.”For AT&T, the sale marks a humbling retreat for the company’s big Hollywood ambitions.
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