Time Warner plans to boost HBO’s programming budget, just as rivals including Netflix are doing, CEO Jeff Bewkes told an investor gathering yesterday.
“We have a pretty hefty budget, a couple of billion dollars,” he told the UBS Global Media and Communications Conference. “We’re not spending our programming money on library product. We’re doing original shows. … We’ve been increasing it, and we’ll keep increasing it.”
Acknowledging that the pricing arrangements are “complicated,” Bewkes said Time Warner just controls HBO’s wholesale price.The plans won’t be hurt by AT&T’s new decision to offer HBO to DirecTV Now customers for an additional $5 a month — a surprisingly low amount.
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