WarnerMedia CFO On Discovery Merger: 'We Know Consumers Need and Want More Content'
As consumers make choices between streaming services, WarnerMedia is hoping that offering a wide variety of content will entice audiences.
And with the Discovery merger expected to close in mid-year 2022, the company is working towards its goal of expanding its offerings.
"We have a really complementary, deep library of content with Discovery, and so we're excited about what the future holds," WarnerMedia Chief Financial Officer Jennifer Biry told Cheddar News. "We know that consumers need and want more content."
WarnerMedia posted solid quarterly results, with revenue surpassing $8 billion dollars as its entertainment business continues to boom. The media and entertainment giant saw wild success with its HBO Max division, which reached nearly 70 million subscribers globally.
Part of HBO Max's expansion began in June with the introduction of a free, ad-supported model.
"Customers who have purchased the product are deeply engaged with it," Biry said. "I think next year you'll continue to see that momentum grow as there's very little discrepancy next year between the products, because all the theatrical movies will launch the same date."
HBO Max was only available in the U.S. at the beginning of 2021. Now, it's currently in 46 countries, including most recently Spain and the Nordic region. WarnerMedia plans to produce local language content in these regions as well, and expand further in Europe in 2022.
"We saw with the pandemic we saw a significant increase in consumption on the platform," she said. "And so we are investing significantly more in our content because as I mentioned, more is better."
A big-screen adaptation of the anime “Chainsaw Man” has topped the North American box office, beating a Springsteen biopic and “Black Phone 2.” The movie earned $17.25 million in the U.S. and Canada this weekend. “Black Phone 2” fell to second place with $13 million. Two new releases, the rom-com “Regretting You” and “Springsteen — Deliver Me From Nowhere,” earned $12.85 million and $9.1 million, respectively. “Chainsaw Man – The Movie: Reze Arc” is based on the manga series about a demon hunter. It's another win for Sony-owned Crunchyroll, which also released a “Demon Slayer” film last month that debuted to a record $70 million.
The Federal Aviation Administration says flights departing for Los Angeles International Airport were halted briefly due to a staffing shortage at a Southern California air traffic facility. The FAA issued a temporary ground stop at one of the world’s busiest airports on Sunday morning soon after U.S. Transportation Secretary Sean Duffy predicted that travelers would see more flights delayed as the nation’s air traffic controllers work without pay during the federal government shutdown. The hold on planes taking off for LAX lasted an hour and 45 minutes and didn't appear to cause continued problems. The FAA said staffing shortages also delayed planes headed to Washington, Chicago and Newark, New Jersey on Sunday.
Boeing workers at three Midwest plants where military aircraft and weapons are developed have voted to reject the company’s latest contract offer and to continue a strike that started almost three months ago. The strike by about 3,200 machinists at the plants in the Missouri cities of St. Louis and St. Charles, and in Mascoutah, Illinois, is smaller in scale than a walkout last year by 33,000 Boeing workers who assemble commercial jetliners. The president of the International Association of Machinists says Sunday's outcome shows Boeing hasn't adequately addressed wages and retirement benefits. Boeing says Sunday's vote was close with 51% of union members opposing the revised offer.
