WarnerMedia boss John Stankey disclosed the spending in a memo to employees of the AT&T-owned company. But what's happening with HBO Max?
The Los Angeles Times will provide around-the-clock updates on COVID-19 from across Southern California and around the world.Read our coverage from last week hereTracking the coronavirus in California: latest numbers | Support our journalism with a subscriptionHave a question about coronavirus? Send us your questions here. | You also can sign up for our newsletterSee latest photo galleryto help TV, film and theme park workers who have been idled by the coronavirus response.
Entertainment concerns including WarnerMedia have been pilloried by challenges stemming from the epidemic, such as the. The film studio has adapted by putting its theatrical releases on video on-demand services much sooner than it would normally have done, including “Birds of Prey.” Brokerage Cowen & Co. this week downgraded AT&T’s stock to “market perform” because of the expected damage from the pandemic, particularly to WarnerMedia. “Within its WarnerMedia business, we have reduced our estimates assuming heavy social distancing measures remain in place until June and that the economy is in a recession for the remainder of 2020,” Cowen & Co. said in its report.
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