After Discovery Merged with Warner Bros., they have been on a cost cutting binge selling off part of the company and cutting projects. This all comes as the company is working to pay off roughly $50 billion in debt it currently has. Now according to a report from the Financial Times, Warner Bros. Discovery is looking into the sale of its music library in a sale that could be worth over $1 billion.
According to reports, the deal is in the early stages as Warner Bros. Discovery is considering all options to help bring down its debt and increase its revenue. They may also be looking for ways to get cash to help launch their new merged streaming service that will bring HBO Max and Discovery+ into a single service.
This deal could include all or some of the following music publishing groups Warner Bros. Discovery currently owns.
- Lorimar Music Publishing, Inc.
- Lorimar Music A Corp. (ASCAP)
- Lorimar Music Bee Corp. (BMI)
- New Line Melodies (SESAC)
- New Line Music Corp. (BMI)
- New Line Tunes (ASCAP)
- T-L Music Publishing Company, Inc.
- Eleven Hundred Music (SESAC)
- L-T Music Publishing (BMI)
- T-L Music Publishing (ASCAP)
- Turner Music Publishing Inc.
- RET Music, Inc. (ASCAP)
- Super Satellite Music (BMI)
- Techwood Music, Inc. (ASCAP)
- Ten Fifty Music, Inc. (BMI)
- Title Match Music, Inc. (SESAC)
- Turner Music Canada, Inc. (SOCAN)
- Warner-Barham Music LLC (BMI)
- Warner-Hollywood Music LLC (SESAC)
- Warner-Olive Music LLC (ASCAP)
Earlier this month, Chief Financial Officer Gunnar Wiedenfels talked about the company’s efforts to cut costs. “We shaved off a lot of the excess last year, and I think that’s something that everyone else in the industry is going to go through,” he went on to say. “We’re coming from an irrational time of overspending with very limited focus on return on investment.
Warner Bros. Discovery stock is currently at about half of its value from the start of 2022. Many think the company is on the right path, but it still has a long way to go to get back to where it needs to be.