Seeing Zaslav courtside at Knicks games now that they’re in the playoffs makes me ambivalent about watching Knicks games.
JTB 5-1-24
EXCERPT from NYT:
Undeterred, Zaslav’s team laid off thousands more people and, in another cost-saving innovation, removed some of their own content, including nearly 200 episodes of “Sesame Street” and dozens of movies, from HBO Max to spare the company residual payments linked to long-term viewership numbers and enable more write-downs. In November, he raised his synergy target from $3 billion to $3.5 billion. A few months later, just weeks after his celebrity-heavy 63rd birthday party at Mr. Chow in Beverly Hills — guests included Larry David, Kevin Costner and Robert Downey Jr. — he raised the target yet again, from $3.5 billion to $4 billion.
Even as the cuts accumulated, the stock remained stuck. This posed a more personal problem for Zaslav: His pay was closely tied to W.B.D.’s share price. His 2021 total compensation was a staggering $246.6 million. But as the stock crashed in 2022, so did Zaslav’s compensation, falling to $39.3 million. He was slashing and burning like a champion; even if Wall Street wasn’t pleased, the board was. Although Zaslav has said many times that money doesn’t interest him — he works now, he says, for his legacy — he didn’t object in March when the board amended his contract to address this problem. In the future, his compensation would be linked less closely to the stock price and more closely to the cash flow he was creating, largely through cuts. Still hunting for cash savings, Zaslav announced in April that he was combining Discovery’s unscripted programming with HBO’s scripted programming and other content from the Warner Brothers library into a single streaming service, Max, an unlikely pairing that one W.B.D. executive half-jokingly referred to as “‘MILF Manor’ meets ‘Succession.”’
To Hollywood, all this was starting to look depressingly familiar. “The series of mergers that led us here — first the $85 billion AT&T-Time Warner merger and then the $43 billion WarnerMedia Discovery merger — have each promised to create a better competitor, but have instead left the merged entity debt-burdened and focused on cutting costs to rationalize these disastrous business decisions,” the Writers Guild of America West said in a report in late January. The streaming wars had been punishing for most of Hollywood’s writers. The hunger for content spawned a ceaseless wave of corporate consolidation that turned a high-wage, hits-driven business into a high-volume, low-wage one. Screenwriting became gig employment as royalties shriveled, the size of writing rooms shrank and seasons were shortened. And now everyone was retrenching. The writers had been disrupted, but unlike Zaslav, they had not been able to find a way to grow their salaries.
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Real Estate Developer and Modular Builder
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