Warner Bros Discovery will not be selling its Polish network TVN. Following a strategic review, WBD management has decided to keep the broadcaster in its ranks, according to a note sent today to staff from Kasia Kieli, Head of WBD Poland and CEO at TVN, and Gerhard Zeiler, President of International at WBD. “That review has been completed, and WBD has concluded that the best path forward is retaining ownership of TVN, continuing to support our business, our strategy and the incredible journalistic work of ...

Warner Bros. Discovery CEO David Zaslav saw his total compensation tick up to $51.9 million in 2024, from $49.7 million in 2023. The company released the figures in its annual proxy statement. Zaslav is by far the best-compensated of any of the company’s top execs. For years, especially when he led Discovery, he was among the highest paid CEOs in corporate America. J-B Perrette, head of streaming and games, saw his total pay decline slightly in 2024, to $19,7 million from $20.1 million. The other senior c ...

Core Points - Dr. John C. Malone will not seek re-election to the Board of Directors of Warner Bros. Discovery and will transition to the role of Chair Emeritus effective after the 2025 Annual Meeting of Stockholders [1] - As Chair Emeritus, Dr. Malone will continue to attend Board meetings and provide strategic counsel to the Board and management team [2] - David Zaslav, President and CEO, praised Dr. Malone's strategic insights and contributions to the company's growth and transformation [3] - The Board will nominate Anton Levy for election at the Annual Meeting, maintaining a total of 13 directors, with 12 being independent [3] Company Overview - Warner Bros. Discovery is a leading global media and entertainment company, creating and distributing a diverse portfolio of branded content across various platforms including television, film, streaming, and gaming [4] - The company operates in over 220 countries and territories, offering content in 50 languages through iconic brands such as Discovery Channel, Max, CNN, HBO, and many others [4]

后来，在美国法律的限制下，好莱坞大制片厂无法再继续垂直掌控电影的各个环节，于是他们开始进行横 向并购。经过几十年的发展，好莱坞的制片厂格局从当年的「5 大 3 小」，逐渐变成了由华纳兄弟、派拉 蒙、索尼、迪士尼和环球组成的好莱坞 5 大传统制片厂。除此之外， 随着流媒体的崛起，制片方式完全不 同的流媒体巨头奈飞，如今也被业内看作是好莱坞巨头之一。 2019 年，总部也设在好莱坞的奈飞，宣布正 式加入美国电影协会（MPAA），成为了协会里的第一位流媒体视频服务成员。 ▲ 好莱坞 5 大传统制片厂 | 图源：Backstage 可以说，在过去几十年里，好莱坞巨头们的命运一直紧密地联系在一起。而最近几年，他们也面临着同样 的挑战。2020 年，疫情重创全球电影产业。疫情结束后，2023 年又迎来了美国编剧工会和演员工会大罢 工，导致 2024 年的好莱坞新片供应不足。 在很多人心目中，好莱坞一直都被看作是美国乃至全球电影工业的代名词。甚至「好莱坞大片」也已经成 为了人们对于美国高水准、大制作电影的一种形容。但最初，好莱坞其实是美国加州的一个市，直到 1910 年，它和洛杉矶市合二为一，好莱坞也就因此成为了洛杉矶市的 ...

Jack Black, Jason Momoa, and Sebastian Hansen as seen in Warner Bros. and Legendary Entertainment's "A Minecraft Movie."Warner Bros.' struck gold over the weekend."A Minecraft Movie," the studio's co-production with Legendary Entertainment, snapped up $163 million at the domestic box office during its debut.The movie not only set a record for the highest-opening video game adaption, surpassing Universal's "The Super Mario Bros. Movie," but it also gave a much needed jolt to the domestic box office."Generati ...

In the latest market close, Warner Bros. Discovery (WBD) reached $8.08, with a +0.12% movement compared to the previous day. The stock outperformed the S&P 500, which registered a daily loss of 0.23%. On the other hand, the Dow registered a loss of 0.91%, and the technology-centric Nasdaq increased by 0.1%.Coming into today, shares of the operator of cable TV channels such as TLC and Animal Planet had lost 27.1% in the past month. In that same time, the Consumer Discretionary sector lost 19.11%, while the S ...

Core Points - Warner Bros. Discovery, Inc. will report its first-quarter 2025 results on May 8, 2025, before the market opens [1] - A conference call to discuss the results will be held at 8:30 a.m. ET on the same day [1] - The company provides access to a telephone replay of the call and an audio webcast for twelve months [2] Company Overview - Warner Bros. Discovery is a leading global media and entertainment company with a diverse portfolio of branded content across various platforms [3] - The company operates in over 220 countries and territories, offering content in 50 languages [3] - Key brands under Warner Bros. Discovery include Discovery Channel, Max, CNN, HBO, and many others [3]

Watch on Deadline The planned addition of Levy to the board follows the arrival earlier this year of Anthony Noto and Joey Levin as independent directors. "We are making meaningful progress to achieve our vision for Warner Bros. Discovery and harness the power of our unique, world-class assets to drive profitable growth," CEO David Zaslav said. "We continue to move forward with urgency to improve performance and position our businesses for success over the near- and long- term amid the evolving industry lan ...

Core Viewpoint - Warner Bros. Discovery, Inc. plans to appoint Anton Levy as an independent director to its Board of Directors in connection with the 2025 Annual Meeting of Stockholders, following a thorough search process led by the Nominating and Corporate Governance Committee [1][3]. Group 1: Appointment Details - Anton Levy is currently an Advisory Director at General Atlantic and has previously held senior leadership roles, including Co-President and Chairman of Global Technology [2][4]. - Levy has a strong investment background, having led significant investments in major technology companies such as Airbnb, Alibaba Group, and Uber, contributing to his reputation for value creation [2][4]. Group 2: Corporate Governance and Strategy - The addition of Levy aligns with Warner Bros. Discovery's commitment to enhancing its board with industry experts who have proven track records in value creation [3]. - The company is focused on improving performance and positioning its businesses for success in a changing industry landscape, with confidence that Levy will provide valuable insights [3]. Group 3: Company Background - Warner Bros. Discovery is a leading global media and entertainment company, creating and distributing a diverse portfolio of branded content across various platforms, including television, film, and streaming [5]. - The company operates in over 220 countries and territories, offering content in 50 languages through iconic brands such as CNN, HBO, and Discovery Channel [5].

Summary of Key Points from the Conference Call Industry Overview - The conference call primarily discusses the **High Yield (HY) Telecom, Cable, and Media** sectors, highlighting the competitive landscape and investment needs that are affecting credit outlooks across these industries [11][67]. Core Insights and Arguments 1. **Cautious Outlook for HY Telecom and Cable**: The overall outlook for HY telecom and cable remains cautious due to intense competition and significant investment needs, which are expected to keep leverage elevated [11][67]. 2. **Media Sector Pressures**: The HY media sector faces secular pressures such as cord-cutting and macroeconomic uncertainties that may adversely impact advertising revenues this year [11][12]. 3. **Credit Spread Risks**: Risks to credit spreads are skewed to the downside, prompting recommendations for more defensive sector trades while identifying attractive relative-value buying opportunities [12][67]. 4. **CHTR HY/IG Differential**: Expectations for the CHTR HY/IG differential to decompress in 2025, with a recommendation to sell certain CHTR bonds while buying others to capitalize on this shift [14][17]. 5. **Debt Issuance and Leverage**: CHTR is projected to issue approximately $1.1 billion in net debt this year, with year-end 2025 pro forma net leverage expected to be around 4.25x [17]. 6. **Potential M&A Activity**: The call suggests that ATUS/CSCHLD might benefit from potential M&A activity, with recommendations to buy lower-dollar guaranteed notes [18][21]. 7. **SATS Opportunities**: SATS is highlighted for refinancing prospects and spectrum valuation, with specific trade recommendations for secured and unsecured notes [22][27]. 8. **LUMN's Mass Markets Segment**: A potential sale of LUMN's Mass Markets segment is seen as a catalyst for the company, with a valuation of approximately $6.6 billion [31][30]. 9. **SBGI vs. GTN Leverage**: SBGI's net leverage is expected to increase more significantly than GTN's in 2025, with specific trade recommendations to sell SBGI and buy GTN bonds [37][41]. 10. **CCO's High Leverage Risks**: CCO's high leverage presents downside risks, with expectations for spreads to widen due to macroeconomic uncertainties and investor fatigue [46][42]. Additional Important Insights - **Consolidation Trends**: The call notes that consolidation and M&A could increase as telecom and cable players seek to remain competitive and profitable [21]. - **Market Pricing Dynamics**: The market is currently pricing in hypothetical scenarios for various companies, indicating a complex landscape for credit assessments [72][70]. - **Strategic Uncertainties in Media**: The media sector is facing strategic uncertainties while waiting for direct-to-consumer (DTC) gains to outpace pressures from traditional linear models [73][74]. This summary encapsulates the key points discussed in the conference call, providing insights into the current state and future outlook of the HY Telecom, Cable, and Media sectors.