Warner Bros Discovery now expects to incur total pre-tax restructuring charges of $4.1 – $5.3 billion, which includes $2.8 – $3.5 billion of content impairment and development write-offs as it takes a hatchet to its programming. That’s well above the merged company’s initial announcement of charges for $3.2 – $4.3 billion related to its restructuring and transformation initiatives, which included $2 – $2.5 billion on th content side.
Restructuring is ongoing and “could result in additional impairments above the revised estimates,” WBD noted in an SEC filing Wednesday.
The restructuring initiatives are still expected to be substantially completed by the end of 2024.
The company is not revising the previously disclosed estimates for organization restructuring costs, facility consolidation activities and other contract termination costs, or cash expenditures.
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