Overview

• Warner Bros. Discovery is eliminating well under 100 positions in its cable television division as part of a new round of job cuts.
• First-quarter revenue for the global linear TV networks segment fell 7% year-over-year to $4.7 billion and adjusted operating income slid 15% to $1.79 billion.
• The company completed its split into Global Linear Networks and Studios & Streaming divisions in December to enhance operational agility.
• S&P Global Ratings downgraded Warner Bros. Discovery’s credit rating to junk status, citing ongoing revenue and cash flow declines in linear TV.
• CEO David Zaslav has said the restructuring will improve strategic flexibility and help unlock shareholder value through tighter cost management.