Amid $3.42 Billion Loss, LeBron James’ Dream Project Gets Big Setback from Warner Bros and HBO Max

LeBron James has suffered a heavy setback before the start of the 2022-23 season as his upcoming movie House Party has been shelved by the streaming service, HBO Max. The news comes in the wake of the streaming service’s parent company Warner Bros. Discovery reporting a whopping $3.42 billion loss in its quarterly report. The movie House Party was supposed to be produced under the banner of LeBron James and his friend, Maverick Carter’s new production company SpringHill Company.

Earlier this year, Warner Bros. announced its merger with Discovery. In fact, this is the first quarterly report of the media conglomerate since their blockbuster merger. Warner Bros. Discovery generated about $9.82 billion in revenue in the last quarter, which is significantly less than the $11.91 billion expected.

By the end of the second quarter, the company reported a total number of 92.1 million users across all streaming platforms. The second quarter has seen an increase in subscribers by about 1.7 million. However, the company’s stock plummeted drastically following the report.

LeBron James and Maverick Carter’s new movie shelved

Meanwhile, the news of a merger between Warner Bros. and Discovery sparked speculations that HBO Max and Discovery+ could end up as a single streaming service. As it turns out, the CEO of the company David Zaslav has confirmed the move. Until then, the two streaming platforms would share their content.

The company has ascribed the blame for the loss to complications resulting from a merger. However, the media conglomerate promises to cut its losses soon in the subsequent quarters. In addition, Zaslav has revealed that the streaming service has a 10-year plan that marks a strategic shift from the previous kind of content.

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As a result of the shift, the platform is undergoing extensive changes. One of them is the shelving of LeBron James‘ movie. Instead, the platform is looking to focus more on DC-related content.

James’ House Party

Announced in 2018, the film was directed by Grammy-winning director Calmatic. James remembers watching the original House Party(1990) in his early years. Since then, he wanted to make another version of the evergreen classic.

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The film embodies the theme of a high school party gone wrong. In the movie, two high schoolers throw a party at LeBron James’ house leading to the loss of the Lakers superstar’s championship rings.