The future of the combined WarnerMedia and Discovery will look remarkably like television’s past—a business built on advertising revenue
to HBO’s buzzy new detective series. The merged company, to be called Warner Bros. Discovery, will lean into this heritage of storytelling and characters.
As the merger wends its way toward regulatory approval, Zaslav talked about creating a streaming service that would be differentiated from market leaders Netflix and Disney+. One approach is to offer an inexpensive product supported by advertising—not a shocking proposal from an executive who, in his 18-year tenure at NBC, developed a cable portfolio that included CNBC and MSNBC and later transformed Discovery from a niche provider to a leader in nonfiction programming.
“The difference in satisfaction between no commercials and three minutes is very low; three minutes is almost negligible,” said Zaslav. “And yet, for the advertiser, we’re making a massive CPM [rate paid per thousand viewers] on that.”
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