NEW YORK (CelebrityAccess) — Media giant Warner Bros. Discovery is reportedly exploring a potential sale of as much as $1bn in musical assets, including its library of film and television soundtracks.
The potential sale, which was first reported by the Financial Times, is being explored as the company seeks to cut costs and shed debt, which has grown to more than 50 billion following the merger of Warner Bros. Discovery in 2022.
The merger, which closed in April 2022, saw the combination of multiple high-profile assets, including Warner Bros Film & Television Studios, Home Box Office (HBO), comic book publisher D.C. Entertainment, as well as cable television mainstays such as Discovery, CNN, Turner Broadcasting and Scripps networks, as well as stakes in CW network, and Food Network, among others
According to the Financial Times, sources said the negotiations for the potential sale are in the early stages and noted that the company is hoping to take advantage of the current sellers market for music copyrights.
One source noted to the FT that the deal would include stipulations pertaining to access and use of certain soundtracks.
Billboard reported that the sale is being overseen by noted entertainment attorney Allen Grubman.