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Warner Bros Discovery anticipates a $1.6 billion charge for scrapped content. Stocksak


© Stocksak. FILE PHOTO – The Warner Bros logo can be seen at the Cannes Lions International Festival of Creativity, Cannes, France, June 22, 2022. REUTERS/Eric Gaillard

(Stocksak). -Media company Warner Bros Discovery said Monday it expects to book a $1.3 billion to $1.6 million pre-tax charge in the third quarter. This is primarily due to content pulled via the streaming service HBO Max like “The Not-Too Late Show with Elmo.”

AT&T Inc (NYSE:)’s WarnerMedia unit and Discovery Inc completed their merger in April to form Warner Bros Discovery.

Following the merger, the company took a series cost-cutting measures as part its streaming overhaul. The company expects that the restructuring efforts will be completed substantially by the end of 2024.

The company’s August quarterly report revealed a new strategy to merge HBO Max streaming with Discovery+. This will combine WarnerMedia’s dramas and comedies with Discovery’s reality programs.

After-market trading saw the shares of the company drop 0.3%

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