Warner Bros. movie studio has shaken up its executive ranks after missing several films last year, putting pressure on film teams to improve performance and profitability.
Veteran marketing executive Josh Goldstein and international film distribution chief Andrew Cripps announced their departures from the company Wednesday morning. Neither executive was responsible for planning the film, selecting cast members, or producing the film.
The move comes as Warner Bros. Discovery CEO David Zaslav is increasingly interested in running the studio. The company has about $40 billion in debt, a holdover from Discovery’s acquisition of WarnerMedia from AT&T about three years ago. Since then, the company has laid off thousands of jobs and cut jobs.
Mr. Zaslav and other executives signaled to Wall Street that the Burbank film division was key to the company’s success and strengthening its financial position during turbulent times.
“As the theatrical film business continues to evolve, we continue to support WBD’s film business,” Warner Bros. movie studio heads Mike De Luca and Pam Abdi said Wednesday in an internal memo explaining the move. We will focus on growth.”
“As we build for the future, we have made the decision to realign our business units around a single global business to strengthen collaboration among all team members over the coming years,” De Luca and Abdi said in a statement. Ta.
Warner Bros. produced only two of the top 10 movies last year.
Two highly anticipated films, the musical Joker: Folie à Deux and Furiosa: The Mad Max Saga, underperformed.
“Dune: Part 2” performed the best, ranking fifth in global ticket sales and grossing $714 million. Godzilla x Kong: New Empire came in seventh place with $571 million.
Once again, Walt Disney Studios and Universal Pictures took the lead. Disney’s “Inside Head 2” was last year’s box office champion, with ticket sales exceeding $1.7 billion.
Mr. Cripps, a veteran, joined the studio more than five years ago and served as president of international distribution.
Cripps said, “I have thoroughly enjoyed my time here, amidst the ravages of COVID-19 and the upheaval the industry has experienced, but what has made my time here truly special is the people and the international community. Kudos to my team,” Cripps wrote in a memo. staff.
Goldstein proved his marketing chops while an executive at Universal Pictures and became a consultant to Warner Bros. during the pandemic, where he remains an executive.
“Over the past few years, I have had the pleasure of working with a team that I deeply respect and who have given their best to every campaign in every conceivable film genre,” Goldstein wrote in the memo. “From Barbie to Beetlejuice to Dune and Wonka, your work is nothing short of an inspiration, and we can’t thank you enough for your contribution to the many successes we’ve shared together. ”
Jeff Goldstein will now oversee all theatrical distribution.
Abdi and De Luca said in a joint memo that Dana Nussbaum and Christian Davin “will step in on an interim basis to oversee the global marketing team.”
“Each has spent many years at the studio and brings a great deal of experience and insight to their roles. In addition, John Stanford, currently vice president of creative advertising, will lead theatrical creative advertising on behalf of the studio’s upcoming releases. ,” Abdi and De Luca wrote.
