Transcript: WBD Financial Panic: No Way Out
A new earnings report reveals David Zaslav's mounting woes — and need for a plan
Elaine Low (00:04):
Welcome to The Ankler Podcast. I'm Elaine Low, staff writer and author of the Series Business newsletter, here alongside the Ankler himself, Richard Rushfield, and, of course, Sean McNulty, who's doing a Freaky Friday with me. This week, I am hosting the podcast and talking about $9 billion write-downs, and he's working on his backhand, trying to get a little more topspin, right Sean?
Sean McNulty (00:24):
No, that will never happen, Elaine. No, I mean me and tennis have never, clearly, have never gotten along, but that's not why I don't know anything about the sport, but Rafa Nadal is not playing in the US Open. I saw that. Are you okay?
Elaine Low (00:35):
I will never be okay, Sean.
Sean McNulty (00:36):
Well, clearly I know, yes, I did see that this morning. I was like, “Oh no!” Elaine, your favorites not going to be at the US Open.
Elaine Low (00:43):
Listen, Andy Murray just retired at the Olympics. My little heart can only take so much this year of the greats retiring. But no, the real reason I'm in the hosting chair this week is, of course, because it's earning season for all of you listeners who can't get enough of hearing grown men in fleece vests say ARPU with a straight face. Richard, how would you guess what the earnings have been this week?
Richard Rushfield (01:04):
Well, there was Deadpool and then Inside Out, and so I think people are saying movies are back, so let's put more money into these companies.
Elaine Low (01:14):
If you had to guess where Warner Brothers Discovery’s share price was on a scale of things, how do you think they're doing this week?
Richard Rushfield (01:21):
You know, House of the Dragon’s finale was very exciting. So probably fantastic. I'd say they tripled this year, I'd imagine.
Elaine Low (01:32):
Close, they are at the lowest share price ever I think they've hit this week, dropping after yesterday's earnings report.
Richard Rushfield (01:38):
Do those people know that Daemon bent the knee for Ragnatha at the end there?
Elaine Low (01:45):
No spoilers, Richard.
Sean McNulty (01:46):
Really, Richard?
Richard Rushfield (01:50):
His dragon is going to join the-
Sean McNulty (01:52):
I know nothing about what you just said, but I'm still angry at this. So it's all right, I don't understand a word you said.
Richard Rushfield (01:58):
I think if the investors knew that, they’d-
Elaine Low (02:01):
They'd sing a different tune, yeah.
Richard Rushfield (02:03):
A little more receptive, yeah.
Sean McNulty (02:06):
Well, a little breaking news here, the WBD stock got back to $7, so we're back to $7, so that just happened.
Elaine Low (02:14)
Well, good for them. Good for them. We'll take what we can get, right? But, yeah, if there's like, a WTF award to give out for this quarter, I mean, Warner Brothers Discovery probably takes a cake this time around, huh Sean?
Sean McNulty (02:26):
I mean, that was my headline in The Wakeup today. Listening to that earnings call yesterday, a good solid hour, and when, as I put in the newsletter, when you write off $9 billion and you take 17 minutes in the earnings call before you bring that up, that's a choice, Elaine. That's a management choice, for sure.