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Warner Bros. Discovery is taking a bigger write-off on content and development than it initially anticipated. In a securities filing Wednesday, WBD said that it now expects to take write-offs and impairments related to content and development costs of $2.8 billion to $3.5 billion, up from $2 billion to $2.5 billion as initially projected in October. That reflects an additional charge of $800 million to $1 billion.
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The media company, formed earlier this year by the merger of AT&T Inc's (T.N) WarnerMedia unit and Discovery Inc. has undertaken a series of cost-cutting measures since the merger, including canceling projects such as the live-action version of the DC Comics character "Batgirl", a planned "Wonder Twins" film, and shutting down the CNN+ streaming news service.
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The company said on Wednesday that a number of HBO and HBO Max programs will be packaged in a new bundle to be sold to third-party free, ad-supported streaming services. Those shows include Westworld and The Nevers, as well as FBoy Island, Legendary, The Time Traveler’s Wife and Raised by Wolves.