Warner Bros. Discovery (WBD) leadership is looking to make further job reductions as a cost-cutting measure, according to a new report.
WBD, which owns CNN, Max, TNT and a number of other media properties, is eyeing cuts to its budgets on streaming by hundreds of millions of dollars, Bloomberg reported.
The company also plans to raise pricing for subscriptions, the outlet reported.
“The company is focused on the long-term growth of the business overall, including Max, which has been a priority across WBD to expand the original content offerings for our streaming audiences including news originals from CNN, March Madness and NBA Finals from sports, local language content from international, and a new distribution deal with A24,” WBD said in a statement to Bloomberg.
WBD’s stock fell to an all-time low last week as the company fights to retain broadcasting rights for NBA games, which are expected to go for billions of dollars per year.
The media conglomerate was formed in 2022 and is led by chief executive David Zaslav.