Warner Bros. Discovery CEO David Zaslav is prioritizing cash generation over everything else.
The underlying rationale behind Zaslav's cost-cutting strategy centered on turning Warner Bros. Discovery into a cash flow generator. Not only would cash be needed to pay off debt, but Zaslav's pitch to investors would be to view his company as a shining light in the changing entertainment world — a legacy media company that actually makes real money.
Zaslav is trying to give Warner Bros. Discovery a head start on what may be a year of downsizing among large media and entertainment companies. His strategy appears clear: Cash generation will coax Wall Street into seeing his company as an industry outperformer. But he'll need to keep together a company
Even before Zaslav gave his directive to all of the division heads, the new CEO was already thinking about how to boost cash flow. That was at least part of the motivation to eliminate CNN+, which had a spending budget of about $165 million in 2022 and an eventual $350 million, according to people familiar with the matter.
Zaslav hopes his reconstruction of Warner Bros. Discovery will deliver two results. First, it will showcase the company as a fully diversified content machine, featuring top brands and intellectual property in prestige TV , movies , reality TV , kids and superheroes , news and sports .Second, he wants it to prove that a modern media company that's spending billions on streaming video can also generate billions in cash flow. The company has estimated 2023 EBITDA will be $12 billion.
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