Aug 4 • 36M

WBD and the Struggle of Legacy Studios

A tale of one day's three earnings calls reveals how entertainment companies no longer play the same game

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Listen in as The Ankler team and industry insiders break down Hollywood’s latest business headlines, power struggles and trends shaping the future of entertainment.
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PAIN POINTS Picketers outside Warner Bros. in Burbank. (Kevin Winter/Getty Images)


News out of Hollywood’s fabled Warner Bros., and its parent Warner Bros. Discovery, this week revealed the state of legacy media in its Q2 earnings call: streaming losses, subscriber losses, linear TV declines and a studio down 25 percent from last year. What was up? Cuts (i.e. layoffs and programming) and savings that led to increased free cash flow (the new incentive metric used to bonus top executives). “Nothing was growing,” says Sean McNulty, joined by Elaine LowRichard Rushfield and Janice Min. With entertainment barely mentioned the same day by Apple and Amazon on their earnings calls, and the AMPTP under pressure to settle with the unions, the team discuss the question of why the legacies stick together with their tech brethren: “They have as much business producing movies as Coke, Panasonic and GE did.”

Transcript here.

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