Media and Entertainment giant Warner Bros. Discovery is reportedly exploring the sale of its music library, which includes a vast catalog of film and TV series soundtracks.
According to a report from the Financial Times, citing sources, the assets could be valued at over $1 billion.
Warner Bros Discovery was formed in April last year via the merger of WarnerMedia with Discovery, after the former company completed its acquisition of WarnerMedia from AT&T.
The merger combined entertainment and media properties ranging from the Discovery Channel, to Warner Bros. Entertainment, CNN, DC, Eurosport, HBO, HBO Max, HGTV, the Food Network and more.
The FT report adds that the potential move is being explored as CEO David Zaslav seeks to reduce debt at the media giant following the formation of the new company.
Warner Bros. Discovery has total debt of around $50 billion.
Zaslav said in November that the company would be looking to cut costs by $3.5 billion over the next two years.
The FT’s sources said that the timing of the sale exploration comes as Warner Bros. Discovery wants to “capitalise on a hot market for music copyrights”.
Another source told the FT that the process is still only in the “early stages” and that “any deal would hold stipulations over access to and use of certain soundtracks”.
Amongst the soundtracks are those to the likes of Batman films and many others.
WaterTower Music is Warner Bros. Discovery’s in-house music label. It was launched in January 2010 as a rebranding of New Line Records and is distributed by Warner Music Group.
Billboard reports that the sale is being shopped by entertainment attorney Allen Grubman.Music Business Worldwide