There was a time in the entertainment industry when senior executives who were on the way out had the luxury of a long runway to make it look like they were the ones who decided that the time had come to move on.
WarnerMedia is bracing for massive layoffs across the company that are expected as early as next week. The cuts will be part of a broader restructuring and downsizing at WarnerMedia parent company AT&T. The new streamlined operational structure that Kilar unveiled makes sense for the new era when content is truly king and networks are no longer the locus of organization for TV companies. “De-layering” is the watchword of the era.
Greenblatt, who was chairman of WarnerMedia Direct to Consumer and Streaming, and Reilly, who oversaw programming forand Turner’s TNT, TBS and TruTV, are both seasoned programming executives who came up the ranks when network-centered management of programs and people were the organizing principle of activity.
After more than 20 years of vertical integration, companies like WarnerMedia, endowed with a massive production asset as well as channels, are following the money. The most lucrative and growing source of profits for entertainment giants these days is content licensing.
Here DiMartinoBooth - white collar firings in the media biz.
Sounds like it’s just about time to announce a DirecTV spinoff to Charlie Ergen. I’m betting on October!
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