Warner Bros. Discovery to Lay Off Nearly 1,000 Employees in Cost-Cutting Measures
Warner Bros. Discovery is set to lay off nearly 1,000 employees, with the finance, business affairs, production, and Max streaming service departments most affected. The company has faced multiple rounds of layoffs since the Discovery-WarnerMedia merger, with challenges in the streaming industry and labor strikes contributing to the downsizing efforts. Investors are looking to the upcoming second-quarter earnings report for insights into the company’s streaming service subscriber numbers.
Former Time Warner CEO Gerald M. Levin Dies at 84
Gerald M. Levin, former CEO of Time Warner, has passed away at 84. He was known for orchestrating the ill-fated merger between Time Warner and America Online, which was widely regarded as one of the most disastrous corporate unions in American history. The merger initially celebrated as a pivotal moment, ultimately became emblematic of the excesses and failures of the dot-com bubble and the pursuit of so-called synergy. Reflecting on Mr. Levin’s legacy, Richard Parsons described him as a visionary with a keen understanding of the evolving digital landscape in the media and entertainment industry.
Rooster Teeth Shutting Down Operations After Two Decades
After more than two decades in operation, Rooster Teeth, the popular fandom, gaming, and comedy entertainment division, is shutting down its operations. The parent company, Warner Bros. Discovery, has been unsuccessful in its attempts to sell the unprofitable division and has announced the closure of Rooster Teeth, resulting in layoffs for its 150 full-time employees and impacting numerous contractors and content creators. Warner Bros. Discovery is currently in talks to sell the rights to certain Rooster Teeth catalog content and intellectual property, including popular series such as ‘RWBY,’ ‘Red vs. Blue,’ and ‘Gen:Lock.’ Additionally, the company is seeking to sell the Roost podcast network, which will continue to operate for the time being.