Media and Leisure big Warner Bros. Discovery is reportedly exploring the sale of its music library, which features a huge catalog of movie and TV collection soundtracks.
In response to a report from the Monetary Occasions, citing sources, the belongings could possibly be valued at over $1 billion.
Warner Bros Discovery was shaped in April final 12 months by way of the merger of WarnerMedia with Discovery, after the previous firm accomplished its acquisition of WarnerMedia from AT&T.
The merger mixed leisure and media properties starting from the Discovery Channel, to Warner Bros. Leisure, CNN, DC, Eurosport, HBO, HBO Max, HGTV, the Meals Community and extra.
The FT report provides that the potential transfer is being explored as CEO David Zaslav seeks to cut back debt on the media big following the formation of the brand new firm.
Warner Bros. Discovery has complete debt of round $50 billion.
Zaslav stated in November that the corporate can be trying to reduce prices by $3.5 billion over the following two years.
The FT’s sources stated that the timing of the sale exploration comes as Warner Bros. Discovery needs to “capitalise on a sizzling marketplace for music copyrights”.
One other supply informed the FT that the method remains to be solely within the “early levels” and that “any deal would maintain stipulations over entry to and use of sure soundtracks”.
Amongst the soundtracks are these to the likes of Batman movies and many others.
WaterTower Music is Warner Bros. Discovery’s in-house music label. It was launched in January 2010 as a rebranding of New Line Information and is distributed by Warner Music Group.
Billboard experiences that the sale is being shopped by leisure legal professional Allen Grubman.Music Enterprise Worldwide