
Breakingviews - WBD boss David Zaslav reprises Elmer Fudd act
WBD unveiled plans to separate, opens new tab its streaming services and film studio from its cable networks into two publicly traded entities. The legacy TV business will keep up to a 20% stake in its sister company, which Zaslav will run.
The breakup became practically inevitable almost immediately after the ink dried on Discovery's $43 billion merger, opens new tab with WarnerMedia in 2022, which followed the $15 billion takeover, opens new tab of Scripps five years earlier. Building a successful TV, film and video-streaming behemoth proved as elusive as wascally wabbits. Netflix (NFLX.O), opens new tab, YouTube and others were too hard to catch. Zaslav fell $4 billion short of his $14 billion EBITDA target in 2023 and didn't even come close to the sum the next year either.
About $34 billion of net debt complicates the breakup. Details have not yet been disclosed, but Chief Financial Officer Gunnar Wiedenfels said a majority of it is destined for the cable networks outfit that he will lead, while the streaming arm will keep a 'not insignificant' amount.
Zaslav is trying to pare down the amount by offering to buy back as much as $15 billion of it at a premium to where it had been trading pre-announcement, backed by a new term loan from JPMorgan. Under the terms, creditors who don't participate in the cash tender over the next month will be left with unsecured holdings that may get knocked further down the capital structure. It's unlikely that this bit of financial engineering will help with the next, as both companies are still apt to be heavily indebted.
WBD shareholders have become exasperated with Zaslav's cartoonish antics. With a stock price that has tumbled from about $30 to below $10 over the past four or so years, they rejected his lavish $52 million pay package. He may yet orchestrate another deal or two, perhaps finding buyers for each of the companies if he manages to pull off the split. Given his past performance, however, there may be more hare-brained ideas along the way.
Follow Jennifer Saba on Bluesky, opens new tab and LinkedIn, opens new tab.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


The Sun
16 minutes ago
- The Sun
Chelsea star Liam Delap ‘splits from model girlfriend, 25,' as she posts cryptic message
CHELSEA new boy Liam Delap has reportedly 'split' from stunning model girlfriend Leanna Paul. Delap, 22, had been dating the 25-year-old model and social media influencer for over a year. 6 6 But Delap and Paul's relationship has ended while the striker is on Club World Cup duty in the US. After dating for more than a year, a source told entertainment outlet Glam, Set & Match that the couple have called it quits. After the break-up, the Scottish beauty dropped a hint about what may have happened on her Instagram story. One post read: "You can't keep someone loyal by loving them harder." England under-21 international Delap moved from Ipswich Town to Chelsea in a £30million move earlier this summer. He inherited the No9 shirt number at Stamford Bridge and scored his first goal for the club during a 3-0 win over ES Tunis in Philadelphia. He has featured on five occasions during the Club World Cup, starting each of the last four. Tuesday night sees Delap and co line out against Fluminense in the competition's semi-final stage. 6 6 Paul has just under 200,000 Instagram followers, which lists her as a blogger and model. She also includes 'Bachelor of Law Grad with Honours' in her Instagram bio. Here is why Liam Delap is the perfect striker for Chelsea On TikTok, that number jumps to over 325,000 followers. Should Chelsea beat Fluminense, they will face either PSG or Real Madrid in the Club World Cup final on Sunday. Enzo Maresca 's side have beat LAFC and ES Tunis, but lost to Flamengo in the group stages. In the knockouts, Chelsea beat Benfica 4-1 in extra-time and Palmeiras 2-1 to reach Tuesday's semi-final. The club starts its Premier League campaign at home to Crystal Palace on August 17th. 6


Daily Mail
25 minutes ago
- Daily Mail
Las Vegas's millionaire population triples in four years
Millionaires have been flocking to Las Vegas at unprecedented rates and buying up lavish properties, a new study has revealed. From 2019 to 2023, the number of millionaires moving to the Sin City metropolitan area has boomed by 166 percent, according to Rent Cafe, which crunched numbers from Census Bureau data. Sin City has become somewhat of a wealthy person's safe haven thanks to Nevada's forgiving tax policies. Nevada has no state income tax - a major perk for the rich. There are not any corporate income, franchise, inheritance or gift taxes either. The cost of living is also relatively low. Meanwhile in neighboring California, the state taxes anyone making over a million dollars 13.3 percent - likely why Sher has seen a spike in wealthy former Golden State residents coming to Vegas. Roughly a third of Nevada transplants have long been Californians. Nearly 39,000 Californians moved there last year, beating the previous year by roughly 2,000. Actors Mark Wahlberg and Dean Cain (pictured), as well as singer Celine Dion and boxer Floyd Mayweather, are among the celebrities who have bought homes in prestigious Vegas neighborhoods over the years. Panda Express co-founder Andrew Cherng (pictured right), DCM co-founder David Chao, along with other prominent figures in the business world have also opted for Las Vegas. Some of the valley's most expensive and exclusive neighborhoods include The Ridges and MacDonald Highlands, where the median prices of sold homes are $2.3million and $2.4million respectively, according to At one point it looked like Southern Nevada would offer an even bigger draw to the area for stars with a plan to bring Hollywood Studios there. But the bill died in legislation. 'The movie studio bill not passing was a missed opportunity, but it doesn't slow us down,' Sher told the Las Vegas Review-Journal. However the real estate broker remains hopeful for the future. 'Vegas is still on the cusp of something major. From F1 to the Super Bowl, NHL, NFL, and even talks of MLB, the city's infrastructure is growing to support high-income industries. This is just the beginning,' he said. The same reason the wealthy may have their hearts set Vegas is why the City of Lost Wages has become an unsuspecting retirement location over the past few years - a cheaper cost of living. Stephen Miller, a professor of economics at the Center for Business and Economic Research at the University of Nevada, Las Vegas, said that phenomenon had been occurring for more than a decade. 'They retire, they sell their house, they come to Las Vegas and buy a house, maybe they downsize a but even if they don't downsize, the price is going to be lower,' he told Daily Mail in 2023. 'And the equity they take out of the house in in Southern California, or Northern California, more than allows them to live comfortably here in Nevada, and maybe still have some money left over,' he added.


Times
31 minutes ago
- Times
I am the shark whisperer — but my critics call me ‘plain old crazy'
From the brilliant azure of the Pacific Ocean emerges a giant of the deep, its black eyes and pale belly gliding silently through the water. For most, the sight of an approaching great white shark would trigger terror and an urge to escape as quickly as possible. But Ocean Ramsey is not like most swimmers. She is a 'shark influencer', a former model who posts viral videos of her petting the terrifying maneaters to her 2.2 million followers on Instagram. Now her work is the subject of a Netflix documentary by an Oscar-winning director, titled Shark Whisperer, that has drawn withering denunciation from critics. In the eyes of her fans, she is a heroic campaigner for animal welfare. To wildlife experts, she is a shameless self-promoter who glamorises reckless risk-taking and puts lives in danger.