even a cape crusader can't get warner bro's ceo david zaslav out of this latest pickle. the star of the $100 million film"the flash"making headlines at this hour and the stock is down 7% today alone and charlie breaks it next. closing bell, we're about 15 minutes away. dow is still floundering down around 82 points. do not expect much of a change till tomorrow when we get that all important consumer inflation report for the month of july. tomorrow's final hour is going to be really crucial. set that dvr or join me live. less: first bat girl and now the flash causing more headaches for warner brother's dis-covid ray after its star ezra miller was arrested and charged with felony burglary for stealing alcohol from a residence in vermont. in vermont? moon shine? okay, it's just the latest continuey involving "the flash"lead actor and miller was ayred in hawaii twice this year for assault and facing several allegations of abuse in iceland and berlin. >> iceland? liz: despite miller's brushes with the law, ceo david zaslav said the long awaited flick is still a go and set to

the debut report for the media conglomerate since the $43 billion merger, ceo david zaslav announcingy're exploring the free ad-supported service. let's welcome rich greenfield. thank thanks for joining us. is your view on streaming, how has it evolved over the last six months? we're all sort of nodding when we hear what zaslav might do we all knew this was coming, but the world changes quickly as far as technology. >> i think in this case, a little bit of this is sort of like that movie "apollo 13." houston, we have a problem and if you're zaslav, you're looking at at&t and you yare lie oh, my god, i can't believe i bought in these conditions warner bros. discovery is blaming the at&t projections as unreliable, not to mention the overall macro economic environment. so what they're effectively doing, joe, is scrambling to figure out, cash flow has come in well below expectations, they've got a lot of debt. they're trying to find a way to generate dollars, maybe like a pluto or tubi tv, they're looking at a licensing deal with amazon and going back into amazon channels, that's somethin

ceo david zaslav is moving away from a streams first mindset to focus on boosting wdb theatrical and paid tv businesses. as zaslav puts cash flow over subscribers, paramount saying challenges will affect the media company. the streamers are not doing well. i would argue that's much more on the message that david zaslav put out saying, yeah, with so much competition, the whole streaming picture is being diluted with the ability to monetize it and disney down, netflix down as well. couple of gig economy stocks reporting earnings. door dash shares reversed and much higher earlier and they're down about 2.25% after the food delivery services lost for the second quarter widened due to heavy investments and san francisco based company raise add key annual forecast saying the total value of all app orders and subscriptions will be about $51 billion to $54 billion and stocks are down at the moment. shares of lyft revving higher by 15% after the ride hailing service reported an unexpected quarterly profit and said its ridership is at the highest level since before the pandemic. the company al

i think you're right there i think what's interesting about what zaslav said trying to repudiate hisdecessor running the warnermedia assets and said the decision to put all of their films direct on streaming is not something they want to continue with going forward. they want to make sure they have the theatrical out of the wind and instead of putting all eggs in the streaming basket they warrant to generate revenue from licensing constent seen the media companies move away from. exceptions like sony sony has been the arms dealer, they like to call themselves, for these streaming wars we've seen warner discovering, others, too, saying let's keep best content and focus best content on our streamer. zaslav's same, need diverse revenue streams and it's not just about our streaming service. >> things going in cycles. thanks. >>> meanwhile, shares of digital medical players, plunging this morning. more on this as the outlook and the rest with cpo after the break. don't go away. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job descr

zaslav pulled the plug on it. promotion, distribution? >> it is everything.iz: if i'm michael keaton, i'm annoyed. >> be real clear, they produced an incredibly woke batman. when they put it before audiences think they will get other stuff, old michael keaton batman, chris shin bale batman, they got something george soros would like. they turned their nose up on it. this did not do well in screenings. keep that in mind. liz: charlie, thank you very much. the stock definitely on the move. we'll keep an eye on it. closing bell four minutes away. the dow need to finish up 481 points. today it will exit the correction territory it entered back on march 7th. we're 459 points at the moment. there is this. goldman sachs initiating coverage of burlington stores and ross with buy ratings, telling investors off price retailers are a good defensive sector. our countdown closer, already on the case. loves soft price retailers, particularly two nails she believes will get their sea legs back soon. joining me, 48 billion assets unmanagement, cain andersen portfolio manager

what did you make of david zaslav shocking much of the streaming world and maybe their investors when he declared the era of streaming evangelism is over. you know that business very well. >> i do, thanks for having me on the show. always a pleasure, liz. so, look, streaming is far from dead. streaming is very robustly growing and netflix over 220 million subscribers and disney+ last we saw had 137 million subscribers. hbo max is doing well, paramount plus added subscribers. stream asking a new paradigm for consumers to interact with and consume awesome content, i think it's here to stay. i think warner bro's, david zaslav has his work cut out for him and he'll succeed wildly, but he has a lot of debt, he has linear channels, traditional theatrical business and streaming, all which he has to manage very cohesively and align all those businesses in order to maintain his paying back the debt and growing his dollars, which i'm sure he will. i wouldn't read too much into the statements. liz: when you look at all the subs that netflix for example lost over the past two quarters. the first

warner bro's dis-covid ray chief david zaslav making good to cut costs at the media giant. management is laying off 70 staffers. the majority of which work in the hbo max department. take ago look at shares of warner bro's discovery. right now the stock is down about 3.33%. chachartly, you ratterred this t week. charlie: yeah, he said we're going to combine these streaming services with discovery -- hbo max. max. cheryl: yeah, it gets confusing. charlie: we're going to talk about disney later. he was going to combine and we report that had a i did before and report that had it would lead to rounds of layoffs and from what we understand, this is the first round. again, from my sources close to the company, there'll be more layoffs, more downsizing, there's going to be an incredible focus on cost here. i mean, one thing that zaslav believed there was too many silos in the old warner media company, the old time warner media. lots of overspending in certain streaming services over there. hbo+, a lot of overspending. cheryl: slow down in advertising for tv. charlie: he's got his

chief david zaslav new streaming strategy. charlie gasparino reporting broke some of that story. but also his cunning strategy too. >> most of the story yesterday on your show. what we reported was that they're going to merge the discovery plus with hbo max, the two major streaming services. they will merge those two together under one entity. there is going to be cost cuts involved in that. i don't believe they're going to give specifics cost cuts and layoffs in this earnings. they will announce the merger but not going to i have get specifics how much they will save but there clearly will be savings. from what i understand of people inside of company, telling fox business network there could be significant layoffs in the coming weeks and months ahead. liz: obviously. >> merging legal departments, merging manment, you're merging tech, you're merging marketing. liz: synergies. >> i hate that word. we keep hearing that. >> job cuts. >> synergies a lot of things. these are the downside of synergies not just cost cutting. he has to save $3 billion worth. some of the interesting stuf

>> i would point out that david zaslav has to cut about $3 billion in costs and there could be multipleshelf a movie like this yes, they've $90 million they could spend another $200 million to market. he might be angering a lot of people in the creative community. i was hearing a lot about their yesterday in the hollywood world about how frustrated they would be to have a big piece of content never see the light of day. >> i heard all about it. my son is a film junkey and twitter was exploding. they're real i will, really unhappy. and hbo max, some rumors about what happened there as well for content, right, julia? >> well, there have been a lot of rumors flying around about hbo max, but i would just say -- and i'm not going to repeat the rumors, but i would say david zaslav understands the importance of hbo and hbo max. how they end up combining that with discovery and how much they charge for the bundle, we're waiting to hear on that. but i think they very much understand the value of the brand and the premium content that they're so known for in these shows, whether it's succession o

ceo zaslav is jetting right and left to pay off debt and hbo max will launch a new 30% off promotional for a limited time only to lock in new customers. the plan will run through october 30th of in year. the move comes as the platform prepares to dump 36 titles this week, including 20 original productions. this again in an effort to cut costs. warner bro's discovery down 1% at this moment and down 44% year to date. este lauder investors are slapping lipstick on the investor. the company behind mac and clinique missing quota. coal shares taking a tumble after the company slashed full year forecast underscoring este lauder issue weighing on income issue customers and kohls down 7.25% and flip over to macys and nordstrom and not an apples to apples comparison and they're dipping in the wake of kohls forecast cut and dillards happens to be clinging to a slight bit of gains here. investors digest today's retail earnings, the gap is set to drop its second quarter report one week from today. ahead of that, yeezy designer and rapper kanye west known as ye stirring up collaboration with the ret

david zaslav and his colleagues are talking about the addition in an ad free -- in addition to the ad free version, they are seeing an opportunity for a totally free ad supported version of this new streaming service, where they will use that to onboard new subscribers who could potentially pay for another version down the line. they are also referencing that controversial decisions of the $90 million movie may have taken some aggressiv challenges there, they are focusing on possibility. >> for the last few days, you have seen the story and all of the bad news out. this is a lot of news between cnn and -- they are making a lot of changes to a really noisy quarter, but do you think that is what's happening? >> i am just looking at the notes. i took them on the beginning of the early and they said 2022 will be a transition year. they are trying to figure out how to combine the companies concerned and why they'll be disciplined and careful about the rollout. when it comes to the back end and figuring out what they will be doing to run this new combined, it does seem like they are trying

and by the way, what is his boss, discovery ceo david zaslav? what a does he think about all this is you know, the new cnn the same as the old failure left wing fake news.in cnng here with reaction, former florida attorney general pam bondi, along with fox news contributor joe concha. goodha to see you both.et and let's start with you, cnn. all right. so it's no different. i mean, if anybody on this network made a similar comment against a liberal justice, what do you think would happen? you'd be gone and you should be gone. i mean, it's hard news that fox news and that's the difference. you know, these guys are acting like they're auditioning for a spot, the first male spot on the view. it's ridiculous what they're doing. you know, what they did toin justice alito, what he said to justice later. the only thing the guy saidim that was accurate is he's got too much time on his hands. auguste is a slow month. well, you know what? g if it is focused on the good things right now in this world ,talk about our great police officers, talk about our mem

under david zaslav and the new team that's come in from discovery that runs warner bros.this is a focus on a profitable streaming service that is just one part of the company. i think "game of thrones" are the prequel, house of the dragon, this is very much sort of what their bread and butter is this is what they love creating, really quality programming and i think you're going to see them focus on fewer numbers. they're not going to be as broad as they were of about. they're killing some of the reality programming. they're really starting to focus hbo on what you and i, andrew, think of as hbo. >> let me ask you about that part of the strategy is also effectively merging the hbo max experience in that subscription with the discovery plus experience, which has a lot of that reality, and so many of those other programs so in some ways it also feels that they are targeting the netflixs of the world. >> it's just a level of aggression when you think about what they were doing before, the only place you would see content, if you would go on right now, if anyone watching this