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Warner Bros Discovery Will Take Up To $4.3 Billion In Restructuring Charges From Merger

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Warner Bros Discovery will take a hit of between $1.3 billion and $1.6 billon in pre-tax restructuring charges for the third quarter ended in September as part of the ongoing merging of its operations, primarily from content write-downs.

The company said in an SEC filing Monday it plans to complete its restructuring initiatives by the end of 2024 with total charges coming in between $3.2 billion-$4.3 billion. That includes “strategic content programming assessments” leading to content and development write-offs of approximately $2 billion-$2.5 billion.

The charges, which also include organizational restructuring, facility consolidation activities and other contract-termination costs, is part of the merged company’s plan to achieve the significant $3 billion cost synergies it promised Wall Street.

The company took a $1 billion restructuring hit in the second quarter, including more than $800 million in content and development as it started a global strategic review of content following the deal. That included $496 million for content impairment and $329 million for content development write-downs. WBD also noted $208 million for employee terminations for the three months ended in June as it moved to “integrate Warner Media and establish an efficient cost structure.”

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Layoffs have been rolling out across divisions. Warner Bros Television is axing more than a quarter of its workforce amid changes in unscripted and animation. HBO and HBO Max laid off 14% of staff in August and cuts have targeted streaming and marketing.

Series have been scrapped or canceled including Full Frontal With Samantha Bee. Nearly finished HBO Max film Batgirl was an early casualty under CEO David Zaslav.

In addition to content and development impairments, total write-downs include $800 million-$1 billion in organization restructuring including severance, retention and relocation; and $400 million-$700 million in facility consolidation activities and other contract terminations. Of the total amounts above, the company said, the estimated cash expenditures from the organization restructuring, facility consolidation activities and other contract-termination costs will be in the range of approximately $1 billion-$1.5 billion.

Warner Bros Discovery closed its merger in April and first introduced the combined company to investors and the industry during a rocky quarterly earnings call and presentation in August with a big net loss, disappointing revenue, high debt and a slower outlook for streaming. CFO Gunnar Wiedenfels called 2022 a transition year and said that a full look at the combined numbers, possible only after the deal was closed, required adjustments to forecasts for this year and next.

The stock took a nosedive, losing close to half its value since the deal. It closed off 2.3% today at $13.18 — down from $24 at the merger and from more than $31 at its 52-week high pre-deal.

WBD reports third-quarter earnings November 3.

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Netflix & Paramount+ To Profile ‘Strip Search Caller’ ; TVOKids Spotlights Down Syndrome With Toon Series; ‘One Piece Film Red’ London Takeover — Global Briefs

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Netflix & Paramount+ UK To Profile ‘Strip Search Caller’

Netflix and Paramount+ have struck a first of its kind-of-deal over a true crime documentary telling the story of the strip search caller in the U.S. Paramount+ has taken UK rights to Pervert: The Hunt for the Strip Search Caller and Netflix has rest of world on the doc, which it will be calling Don’t Pick Up the Phone. The deal is believed to be the first time two streamers have worked in such a way in the UK and rest of world. The doc tells the shocking story of a hoax caller who targeted fast food restaurants across the U.S. – posing as a police officer investigating a theft, the caller instructed managers to strip-search the young female employees he said were suspects. For many victims, what began as a humiliating strip search escalated into sexual abuse.

Canada’s TVOKids Spotlights Down Syndrome In Animated Series ‘Griffin And Turner’

EXCLUSIVE: Ontario, Canada’s TVOkids and Big Jump Entertainment are working on 2D-animated series Griffin and Turner. Based on real Canadian brothers who a significant online following, the show follows the supportive pair as they, their friends and family undertake personal challenges but focus on the journey rather than winning. Turner has Down syndrome, and TVOKids executive producer Kirsten Hurd noted the series has been developed in consultation with the Down syndrome community. Producer Big Jump is behind shows such as Shutterbug and Big Words, Small Stories.

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London Gets ‘One Piece Film Red’ Takeover After Record Haul

To celebrate the record-breaking haul of One Piece Film Red in the UK, the Straw Hat Pirates are set for a takeover of iconic London locations on November 26. Via local distributor Anime Limited and Toei Animation, the cast and memorable scenes from the series will be projected onto the County Hall of London, opposite the London Eye as well as other key locations. One Piece Film: Red has grossed over £800,000 in the UK and Ireland since it released earlier this month, making it the biggest of the long-running franchise. A phenomenon in Japan, One Piece Film Red has grossed $162M to date worldwide 



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‘All Quiet On The Western Front’, ‘Belfast’ Top 2022 EFA Arts & Crafts Awards

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Edward Berger’s All Quiet On The Western Front and Kenneth Branagh’s Belfast top the European Film Academy’s Excellence Awards honoring achievement in the arts and crafts categories, the winners of which were announced on Wednesday.

Belfast won best European Production Design for Jim Clay, whose credits include Children Of Men, for which he won a Bafta in 2006, and Murder On The Orient Express.

The drama, set against the backdrop of the beginnings of “The Troubles” in Northern Ireland in 1969, also won best European Costume Design for Charlotte Walter (Blithe Spirit, Misbehaviour)

Netflix-backed German WWI drama All Quiet On The Western Front won best European Make-up & Hair for Heike Merker, and Best European Special Effects for Frank Petzold, Viktor Müller and Markus Frank.

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 In other categories, best European Cinematography was won by Kate McCullough for her work on Colm Bairéad’s Irish-language drama The Quiet Girl.

Best European Editing went to Özcan Vardar and Eytan İpeker for Turkish director Emin Alper’s drama Burning Days.

Polish composer Paweł Mykietyn won best European Original Score went for Jerzy Skolimowski’s EO.

Best European Sound went to Simone Paolo Olivero, Paolo Benvenuti, Benni Atria, Marco Saitta, Ansgar Frerich & Florian Holzner for Michelangelo Frammartino’s cave exploration drama The Hole.

The winners, which are decided by a special expert jury, will receive their awards at the European Film Awards ceremony on 10 December in Reykjavík.

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Jennifer Lopez’s Social Media Mysteriously Goes Dark

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EXCLUSIVE: The actress, producer and top-selling performing artist’s social media channels including Instagram, Facebook, Tik Tok and Twitter have suddenly gone dark in their featured/cover images.

Reps for Jennifer Lopez were unavailable for comment, but we hear from others that The Hustlers and Marry Me actress is on the verge of announcing a new project.

Here’s a look at her Instagram tonight:

While Lopez’s Instagram had erased all posts, a trail of her previous postings remained on Facebook, Tik Tok and Twitter. Across all four social media portals, Lopez counts close to 347M followers, the majority of that coming from her Instagram.

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Lopez’s Nuyorican Productions in June 2021 signed a multi-year first-look deal with Netflix spanning feature films, TV series and unscripted content, with an emphasis on projects that support diverse female actors, writers and filmmakers. Lopez co-runs Nuyorican Productions with her producing partner Elaine Goldsmith-Thomas.

Lopez scored her best opening for a live-action movie at the domestic box office with STX’s 2019 stripper caper Hustlers which debuted to $33.1 million, and grossed $105M stateside, $157.6M worldwide.  As a recording artist, Lopez has sold over 70 million albums, with J.Lo became her bestselling album with 3.8M copies sold in the U.S. and 12M global. Her Netflix thriller The Mother from director Niki Caro is set to debut in May. Her romantic comedy Shotgun Wedding with Josh Duhamel will hit Prime Video on Jan. 27.

On Facebook, one of her followers, Steffany Merino wrote, “What’s happened? Hope you and your wonderful family are ok. I’ll pray for your health and safety.”

Again, we hear something special is in the works in the next few days.



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