Warner Bros. Discovery, Inc WBD HBO Max looks to pull off new original programming in parts of Europe and shut down Cinemax's TV Everywhere platform, Cinemax Go, TechCrunch reports.
Warner's latest restructuring will see the removal of HBO Max originals like Hungarian drama "The Informant," Swedish comedy "Lust," and "Kamikaze" from Denmark from the service in European territories like Central Europe, Denmark, Finland, the Netherlands, Norway, Sweden, and Turkey.
On July 31, Warner will shutter the free streaming service Cinemax Go, simplifying the number of streaming services in its portfolio. The restructuring will keep it on track for its cost-cutting plan worth $3 billion in savings.
Warner has a debt of ~$55 billion. Its share price has steadily dropped since the merger between Discovery and WarnerMedia, with its current market cap of $34 billion.
Warner continues to prioritize the upcoming integration of Discovery+ content into the HBO Max platform. While other services like Netflix, Inc NFLX and Walt Disney Company DIS Disney+ focus on international programming and sports to drive subscribers, Warner looked to cost-cutting measures.
After enjoying massive popularity during the pandemic, the streaming industry is battling subscriber loss amid recovery coupled with surging inflation and lower consumer spending.
Price Action: WBD shares traded lower by 0.52% at $14.37 on the last check Wednesday.
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