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Warner Bros. Discovery's (WBD) HBO Max Abandons Batman Series
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Warner Bros. Discovery (WBD - Free Report) -owned HBO Max has canceled six upcoming animated series, including Batman: Caped Crusader, which was meant to build on Batman: The Animated Series, co-created by Timm and aired on Fox Kids for 85 episodes from 1992-1995.
The other projects, which have been put on halt include Merry Little Batman, The Day The Earth Blew Up: A Looney Tunes Movie, Bye Bye Bunny: A Looney Tunes Musical, Did I Do That To The Holidays: A Steve Urkel Story, and The Amazing World of Gumball: The Movie. All six projects will continue production while they are shopped to other outlets.
Batman: Caped Crusader is the second project from J.J. Abrams that Warner Bros. Discovery recently decided not to move forward with after the science fiction drama Demimonde in June.
They are among dozens of titles that have been cut or removed from the streaming service as Warner Bros Discovery continues its cost-cutting measures, ahead of the merger of the HBO Max and Discovery+ services next year. The merged streaming service is expected to be rolled out in European markets and key Asia Pacific territories in early 2024.
WBD Cuts Down on Workforce, Scraps Projects to Cover Losses
The media giant reported a loss of $3.42 billion for the second quarter, partly due to obstacles related to its recent merger. Warner Bros. Discovery now expects 2022 adjusted EBITDA to come in between $9 billion and $9.5 billion, a decline from the previous forecast of $10 billion. Management also cut its full-year 2023 EBITDA guidance to $12 billion from $14 billion.
This Zacks Rank #3 (Hold) company recently decided to put the plans to launch HBO Max in India on hold. The service is expected to be rolled out in European markets and key Asia Pacific territories in early 2024. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
HBO Max has canceled exclusive movies Batgirl and Scoob!: Holiday Haunt and taken down other notable original shows and movies in recent weeks.
Of late, Warner Bros. Discovery has been curtailing kids and family content. Kids programs including Little Ellen and several seasons of Sesame Street were removed from HBO Max. Earlier this month, HBO and HBO Max laid off 70 workers (14% of its workforce) from the kids and family department.
The company also shut down the CNN+ streaming service in the United States within a month of the launch, which cost it around $300 million.
Other streaming providers including Netflix (NFLX - Free Report) and Disney (DIS - Free Report) have also been cutting costs and downsizing to sustain amid macroeconomic challenges. While Disney cut $1 billion from the 2022 budget, it will still spend $7 billion more than a year ago.
In May, as Netflix’s subscriber count flagged, the platform canceled some of its announced animation projects, including Antiracist Baby, Wings of Fire, and Pearl, an animation project from Meghan Markle. In the world of adult animation, Netflix also scrapped a planned adaptation of the acclaimed adult comic Bone, as well as original series Boons and Curses from animator Jaydeep Hasrajani.
WBD has been focusing on selective projects and content to sustain viewership on its streaming platforms. In the second quarter, Warner Bros. Discovery was the #1 TV portfolio for total time spent by viewers in the United States. TNT was the #1 TV network overall for Men 18-49 & 18-34, driven by sports, and TLC was the #1 cable network in the industry, ex-sports, in Primetime for Women 25-54.
The company has also partnered with Roku (ROKU - Free Report) and launched discovery+, WBD’s streaming service, as a premium subscription on The Roku Channel.
The premiere of House of the Dragon drew 9.986 million viewers across linear and HBO Max platforms in the United States on Sunday night, the largest audience for any new original series in the history of HBO.
Production is underway in Madrid on Playing Dirty (Monos con Pistola). The seven-part series comes from Jorge Valdano Sáenz and Pablo Tébar and is based on an idea from Carolina Bang and Álex de la Iglesia, whose drama 30 Coins is among HBO Max Europe’s most high-profile originals. Playing Dirty follows the life of soccer agent, Alberto Martín Ruiz, otherwise known as “Beto,” as he leaves the comfortable life of working at a large soccer agency to start his own venture.
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Warner Bros. Discovery's (WBD) HBO Max Abandons Batman Series
Warner Bros. Discovery (WBD - Free Report) -owned HBO Max has canceled six upcoming animated series, including Batman: Caped Crusader, which was meant to build on Batman: The Animated Series, co-created by Timm and aired on Fox Kids for 85 episodes from 1992-1995.
The other projects, which have been put on halt include Merry Little Batman, The Day The Earth Blew Up: A Looney Tunes Movie, Bye Bye Bunny: A Looney Tunes Musical, Did I Do That To The Holidays: A Steve Urkel Story, and The Amazing World of Gumball: The Movie. All six projects will continue production while they are shopped to other outlets.
Batman: Caped Crusader is the second project from J.J. Abrams that Warner Bros. Discovery recently decided not to move forward with after the science fiction drama Demimonde in June.
They are among dozens of titles that have been cut or removed from the streaming service as Warner Bros Discovery continues its cost-cutting measures, ahead of the merger of the HBO Max and Discovery+ services next year. The merged streaming service is expected to be rolled out in European markets and key Asia Pacific territories in early 2024.
Warner Bros. Discovery, Inc. Price and Consensus
Warner Bros. Discovery, Inc. price-consensus-chart | Warner Bros. Discovery, Inc. Quote
WBD Cuts Down on Workforce, Scraps Projects to Cover Losses
The media giant reported a loss of $3.42 billion for the second quarter, partly due to obstacles related to its recent merger. Warner Bros. Discovery now expects 2022 adjusted EBITDA to come in between $9 billion and $9.5 billion, a decline from the previous forecast of $10 billion. Management also cut its full-year 2023 EBITDA guidance to $12 billion from $14 billion.
This Zacks Rank #3 (Hold) company recently decided to put the plans to launch HBO Max in India on hold. The service is expected to be rolled out in European markets and key Asia Pacific territories in early 2024. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
HBO Max has canceled exclusive movies Batgirl and Scoob!: Holiday Haunt and taken down other notable original shows and movies in recent weeks.
Of late, Warner Bros. Discovery has been curtailing kids and family content. Kids programs including Little Ellen and several seasons of Sesame Street were removed from HBO Max. Earlier this month, HBO and HBO Max laid off 70 workers (14% of its workforce) from the kids and family department.
The company also shut down the CNN+ streaming service in the United States within a month of the launch, which cost it around $300 million.
Other streaming providers including Netflix (NFLX - Free Report) and Disney (DIS - Free Report) have also been cutting costs and downsizing to sustain amid macroeconomic challenges. While Disney cut $1 billion from the 2022 budget, it will still spend $7 billion more than a year ago.
In May, as Netflix’s subscriber count flagged, the platform canceled some of its announced animation projects, including Antiracist Baby, Wings of Fire, and Pearl, an animation project from Meghan Markle. In the world of adult animation, Netflix also scrapped a planned adaptation of the acclaimed adult comic Bone, as well as original series Boons and Curses from animator Jaydeep Hasrajani.
WBD has been focusing on selective projects and content to sustain viewership on its streaming platforms. In the second quarter, Warner Bros. Discovery was the #1 TV portfolio for total time spent by viewers in the United States. TNT was the #1 TV network overall for Men 18-49 & 18-34, driven by sports, and TLC was the #1 cable network in the industry, ex-sports, in Primetime for Women 25-54.
The company has also partnered with Roku (ROKU - Free Report) and launched discovery+, WBD’s streaming service, as a premium subscription on The Roku Channel.
The premiere of House of the Dragon drew 9.986 million viewers across linear and HBO Max platforms in the United States on Sunday night, the largest audience for any new original series in the history of HBO.
Production is underway in Madrid on Playing Dirty (Monos con Pistola). The seven-part series comes from Jorge Valdano Sáenz and Pablo Tébar and is based on an idea from Carolina Bang and Álex de la Iglesia, whose drama 30 Coins is among HBO Max Europe’s most high-profile originals. Playing Dirty follows the life of soccer agent, Alberto Martín Ruiz, otherwise known as “Beto,” as he leaves the comfortable life of working at a large soccer agency to start his own venture.