Warner Bros. Discovery is in negotiations to sell about half of its film and TV music-publishing assets for an estimated price tag of $500 million, Hits and Variety report.
It’s uncertain for now which of Warner studio’s assets are being sold, but music from films such as Casablanca, Purple Rain, Evita, Sweeney Todd, Rent, and the Batman franchise are rumored to be included in the deal. Sony is reportedly the frontrunner to acquire the rights.
Some business insiders have noted that it would be a smart business move for Warner Bros. Discovery to sell right now and help pay off their $49.5 billion debt while the music catalog market is booming. But on the other hand, some observers have noted that these assets are “declining” in value and would have little opportunity to be put to good use, as many are upwards of 50 years old and no longer feel relevant in current pop culture.
Warner Bros. Discovery has had a rocky journey over the past year or so, having shelved completed projects, removed hundreds of episodes of classic TV from streaming, and cancelled popular contemporary shows. The company also recently laid off a significant number of higher-ups at Turner Classic Movies, prompting filmmakers Martin Scorsese, Steven Spielberg, and Paul Thomas Anderson to call an emergency meeting with CEO David Zaslav to discuss the future of the channel.