Yahoo Finance media reporter Allie Canal details the latest shakeup at Warner Bros. Discovery, which resulted in two top executives being ousted from their roles.
SEANA SMITH: Let's take a look at shares of Warner Brothers Discovery because that stock up just about 3% today. The move higher coming after we got news of more cuts at the company. Alexandra Canal has been following this story for us. And Allie, this time, it looks like the shakeup's coming from the executive ranks.
ALLIE CANAL: From the executive side, a lot of these names are from the Discovery side of the business. And the key word here seems to be streamlining. That's in all the internal memos. It comes amid these larger restructuring costs. If we take a look at those executives that are now departing, we see Nancy Daniels. She oversaw channels at Discovery, TNT, TBS. We also had Jane Latman. She led the company's HGTV and Food Network divisions. Matthew Butler from the Travel Channel side, and Scott Lewers, who ran franchise series expansions.
They are all out at this point. And it adds onto other departures that we've seen in recent months. For example, the former head of DC Film, Walter Hamada, he exited the company in October. And that marked the fifth motion picture studio executive to depart the company since Zaslav's takeover. And David Zaslav, he's been very aggressive when it comes to cutting costs. He is aiming to cut about $3 billion of cost over the next two years.
We've seen layoffs at the company, most recently at CNN. We've seen the scrapping of several projects, Patty Jenkins, "Wonder Woman 3." That broke earlier this week, the Hollywood Reporter saying that that movie is dead at this point. So just a lot of speculation about where this company goes from here. And it just really underscores the complexities of this merger. And although the stock is up today, it is down more than 50% year to date.