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.
Gilbert Flores | Variety | Getty Images
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.
Lisa Su, president and CEO of AMD, talks about the AMD EPYC processor during a keynote address at the 2019 CES in Las Vegas, Nevada, U.S., January 9, 2019.
Steve Marcus | Reuters
AMDsaid on Wednesday that its board of directors approved $6 billion in share buybacks. The stock climbed 6%.
The authorization is in addition to $4 billion in existing approved share repurchases, the company said.
“Our expanded share repurchase program reflects the Board’s confidence in AMD’s strategic direction, growth prospects, and ability to consistently generate strong free cash flow,” AMD CEO Lisa Su said in a statement.
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AMD, the most important artificial intelligence chip company aside from Nvidia, reported 96 cents in earnings per share on $7.44 billion in revenue in its fiscal first quarter.
AMD announced a deal potentially worth $10 billion in investment on Tuesday to support an AI company called Humain in Saudi Arabia with chips. Su was in Saudi Arabia this week to announce the deal.
AMD said that it would provide graphics processors for AI as well as central processors needed to build AI servers to Humain, which is also buying Nvidia processors. Bank of America analyst Vivek Arya added $10 to his price target for AMD, bringing it to $130 per share, on the news.
A file photo of Hiroki Totoki, Sony Group Corporation executive, delivering a keynote address at CES 2025 in Las Vegas, on January 6, 2025.
Artur Widak | Nurphoto | Getty Images
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.