Warner Bros. Discovery, Inc (NASDAQ:WBD) is shutting its Danish production arm affecting roles in double-digits.
The American film and entertainment studio prepared to shutter Warner Bros International Television Production Denmark and consolidate into WBD’s Swedish production base in Stockholm, Deadline reports.
Fredrik Hillerbrand, Managing Director of WBITVP Denmark, will exit shortly after overseeing a transition. Johan Idering, Managing Director of WBITVP Sweden, will assume duty for Denmark, adding to his responsibilities in Sweden and Norway. A business review is underway to contain the situation.
WBD is discussing with broadcasters about restructuring productions.
Existing production commitments will likely be honored, but commissioning, production, and other teams in Denmark will be supervised from Sweden going forwards.
A similar model is already in place at WBITVP Norway, which operates out of Sweden.
Several factors have hit Denmark’s production sector in the past 18 months, including a commissioning deadlock due to the clash between unions and streamers and fear over a streaming levy.
Costs also surged in the country due to the strength of the local currency and the lack of a local tax rebate system.
In 2022, WBD retreated from local production for HBO Max in most European territories, with 29 execs vacating their roles.
Price Action: WBD shares traded lower by 0.51% at $13.60 premarket on the last check Thursday.
