Warner Bros. Discovery employees faced another round of layoffs this week, particularly those in the cable-TV network side of the business.
The layoffs affected the company’s vast portfolio of cable-TV networks including the Discovery Channel, Investigation Discovery and the Food Network. The Turner Classic Movie channel also was affected and saw a major leadership shakeup as a result, which prompted concern among cinema fans and people dedicated to film preservation.
Known as TCM, the network is recognized as a place for preservation of classic films and a carefully curated lineup of guest introductions, documentaries and non-English-language movies. Its offerings are among the movies and shows included on Warner Bros. Discovery’s streaming app Max.
The shakeup at the network inspired Warner Bros. Discovery CEO David Zaslav to reach out to top filmmakers — including “Goodfellas” director and film preservation leader Martin Scorsese; Steven Spielberg, the filmmaker behind a trove of Hollywood masterpieces including “Schindler’s List;” and Paul Thomas Anderson, who directed acclaimed hits like “There Will Be Blood” — to reassure them the essence of TCM would not change under new leadership.
“Turner Classic Movies has always been more than just a channel. It is truly a precious resource of cinema, open 24 hours a day seven days a week,” the trio of filmmakers said in a joint statement. “And while it has never been a financial juggernaut, it has always been a profitable endeavor since its inception.”
Scorsese, Spielberg and Anderson added that Zaslav contacted them regarding the restructuring of TCM, adding they each spent time talking with the CEO, individually and as a group, “and it’s clear that TCM and classic cinema are very important to him. Our primary aim is to ensure that TCM’s programming is untouched and protected.”
Director Steven Spielberg.
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In April, Spielberg and Anderson had a discussion about film preservation efforts at the TCM Classic Film Festival. Zaslav joined them on stage, according to media reports.
A representative for Warner Bros. Discovery declined to comment beyond pointing to the filmmakers’ statement.
The merger between Warner Bros. and Discovery in 2022 created the biggest portfolio of cable-TV networks under one roof during a time of substantial cord cutting as many consumers opt for streaming services. The merger also came when major streaming platforms like Netflix began to see their subscribers plateau and turned their focus from growth to profitability.
Warner Bros. Discovery has been grappling with a hefty debt load stemming from the merger, and has been looking for ways to lower its costs. It has undergone a number of layoffs – which will amount to thousands of employees losing their jobs – as well as other measures, such as reducing content spending.
In addition, the company recently rebranded its flagship streaming service as Max, a combination of its Discovery+ and HBO Max content. Content from its cable-TV networks, including TCM, is featured on the service.
“We are heartened and encouraged by the conversations we’ve had thus far, and we are committed to working together to ensure the continuation of this cultural touchstone that we all treasure,” Scorsese, Spielberg and Anderson said in the statement.
A file photo of Hiroki Totoki, Sony Group Corporation executive, delivering a keynote address at CES 2025 in Las Vegas, on January 6, 2025.
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Sony Group shares rose about 2% Wednesday in volatile trading after the Japanese conglomerate announced a 250 billion yen ($1.7 billion) share buyback and operating income beat estimates.
Operating income for the last three months of the financial year came in at 203.6 billion yen, beating mean analyst estimates of 192.2 billion yen, though it was down 11% from the same period last year.
In the earnings report, the Japanese-based electronics, entertainment and finance company announced a stock buyback of shares worth 250 billion yen.
Sony also provided details on a partial spinoff of its financial unit. The company plans to distribute slightly more than 80% of the shares of common stock of the spinoff to shareholders of Sony Group through dividends.
The financial unit will list its financial operation this year and will be classified as a discontinued operation in Sony’s accounting from the current quarter, the company added.
However, Sony’s outlook for the current financial year ending in March was lackluster.
The company forecasted its operating profit to rise a slight 0.3% to 1.28 trillion yen, after flagging a 100 billion yen hit from U.S. President Donald Trump’s trade war.
Yet, Sony clarified that the estimated tariff impact did not reflect the trade deal made between the U.S. and China on May 12 and that the actual impact could vary significantly.
A Samsung Group flag flutters in front of the company’s Seocho building in Seoul.
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Samsung Electronics on Wednesday announced that it would acquire all shares of German-based FläktGroup, a leading heating and cooling solutions provider, for 1.5 billion euros ($1.68 billion) from European investment firm Triton.
Samsung said the acquisition would help it expand in the heating, ventilation and air conditioning business as the market experiences rapid growth.
“Our commitment is to continue investing in and developing the high-growth HVAC business as a key future growth engine,” said TM Roh, Acting Head of the Device eXperience (DX) Division at Samsung Electronics.
The acquisition of FläktGroup stands to bolster Samsung’s position in the HVAC market against rivals such as LG Electronics.
FläktGroup supplies heating, HVAC solutions to a wide range of buildings and facilities, notably data centers which require a high degree of stable cooling. Samsung said it anticipates sustained growth in data center demand due to the proliferation of generative AI, robotics, autonomous driving and other technologies.
FläktGroup has more 60 major customers, including leading pharmaceutical companies, biotech and food and beverage firms, and gigafactories, according to Samsung’s statement.
Samsung said in March that its HVAC solutions had achieved double-digit annual revenue growth over the past five years, and that the company aimed to boost revenue by more than 30% in 2025.
