Dear Zaz, Read This Before the “Synergies” Start…

David Zaslav
Zaslav came in speaking some hard truths to the media industry about legacy costs, blind Netflix envy, and free cash flow. Photo by Roy Rochlin/Getty Images
Julia Alexander
April 14, 2022

Yes, it’s only been a few days since David Zaslav unified his Warner Bros. Discovery empire, and infinite questions abound regarding who will get laid off, who will get layered, which couch cushions will unearth those $3 billion in synergies, and how Zaslav will manage the tens of billions in debt, especially as interest rates go up, all while spitting out $14 billion in EBITDA. But if Zaslav’s job comes down to optimizing his new company’s resources and managing the affiliated costs most efficiently, his outlook will likely follow from the relatively straightforward task of producing the most sought-after content and consolidating the distribution.