Warner Bros. Discovery Stock Drops After Max Presentation
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variety.comCynthia Littleton Business Editor Warner Bros. Discovery shares were down 6% at the close of trading Wednesday, on the heels of the company’s expansive presentation of its plans to overhaul the HBO Max streamer.
WB Discovery shares have been battered over the past year as the company dealt with post-merger cost-cutting and management realignment.
On Wednesday, the stock fell 5.8% to $14.05 on what was a down day overall for the market and a down day for most of WB Discovery’s media rivals, including Disney (down 2.5%), Paramount Global (3.3%) and Netflix (down 2%).
The Dow Jones index fell a modest 38.2 points while the Nasdaq dropped 102 points, or 1%. The hourlong WB Discovery presentation was held during trading hours, at 10 a.m.
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