Warner Bros. Discovery in $500 Million Negotiations to Sell Film and TV Catalog
Variety is reporting that Warner Bros. is selling some of the studio’s film and TV music-publishing assets. When concluded this would amount to approximately 500 million dollars in intellectual property being shed.
It is still unclear what specifics assets are up for sale, but “slightly less than half” of the studios catalog are likely moving to another heavy hitter. Sony’s name has been mentioned specifically as a potential suitor for the sale. Variety has speculated that music from “Sweeney Todd”, “Purple Rain,” “Evita”, “Rent”, along with several “Batman” films could be listed amongst the rights up listed. Even iconic music from “Casablanca” and “As Time Goes By” have been mentioned specifically in the report.
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Experts have weighed in on the deal saying that many of the assets are half a century old and therefore declining in value. Representative from Warner Bros. and Sony did not respond to Variety when asked for comment. Warner Brothers Studio is currently challenged by the lingering writers strike and box-office missteps plaguing the studio in recent months.
A potential sale could help the company clean some of it’s reported 49 billion dollars of debt. Warner Bros. joins a list of other entertainment giants that have recently cut back content or removed it entirely from their streaming service to serve as a write off. Disney recently removed several pieces of original content to reduce their tax burden and move towards financial profitability as demographic patterns shift.
Television, film, and streaming are all very much in flux as viewers change their consumption habits. Warner Bros. has been facing an uphill battle as television viewership is in overall decline. Stay tune for more updates as we follow all of the latest movement from Hollywood. What are your thoughts on all of the changed from major studios? Let us know your thoughts in a comment.
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