Warner Brothers – Discovery expects to record pretax charges of up to $4.3 billion as part of ongoing restructuring efforts at the film and TV company.
That includes as much as $2.5 billion in write-offs of content and projects in development, along with up to $1.1 billion for severance, retention, and relocation, according to a filing from the company Monday. Warner Bros. also expects $400 million to $700 million in costs to consolidate facilities.
The company was formed in April when AT&T sold its WarnerMedia division to Discovery. New CEO David Zaslav is in cost-cutting mode after promising $3 billion in savings from the deal. He’s shelved films, such as the almost-completed Batgirl, and has overseen layoffs across the company.