Tax Write-Offs For Content Are Over At Warner Bros Discovery As CFO Once Again Scolds Entertainment Biz For “Spending Frenzy”

on the day of warner bros discovery Material deduction for tax purposes is over CFO Gunnar Wiedenfels,

2022 after a series of brutal axes, including the closure of big-budget tentpoles bat girlJJ Abrams’ HBO Drama Murder demimondeTBS series like The Big D, Chad And kill orange bear Also includes a raft of cancellations done by“We’re done with that chapter,” Wiedenfels said.

Speaking at the Citibank media conference, the exec once again took the opportunity to chastise the entire industry for its spendthrift ways. Asked by moderator and veteran Citi analyst Jason Bazinet where the company lies on the spectrum of bulk content production for direct-to-consumer and distribution among others, Wiedenfels replied, “The truth is in the middle.”

Weidenfels said that “it takes a while to make sure we do it right”, which is why the process took up to seven months.

“It was very important for all of us to really use 2020 to put the purchase accounting behind us, put those initial strategy changes behind us, get it all, take it from there in terms of our restructuring projections Receive, and then be able to turn on. page and go on,” he said.

WBD has received “a lot of public noise about the content writeoffs we took,” the exec continued. It’s “reflective of an industry that went overboard and went on a spending spree. A lot of the thinking was, ‘Let’s do more, more, more,’ not necessarily ‘Let’s do exactly the right things, let’s do what works. Is.’

The company estimated that it would achieve $3.5 billion in cost savings as a result of the merger.

The decline in WBD’s share price in recent months reflected the widespread uncertainty about the merger. They slipped below $9 last year, up from about $25 when the deal closed last April, although this week has been a strong start to the year. The stock was up nearly 6% today at around $11 in mid-day trading.