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HomeEntertainmentWarner Bros. Discovery Stock Slides after Max Streaming Rebrand - WhatsNew2Day

Warner Bros. Discovery Stock Slides after Max Streaming Rebrand – WhatsNew2Day


Shares in Warner Bros. Discovery fell Wednesday after the Hollywood studio unveiled Max, its revamped streaming service that combines programming from both the original HBO Max streaming service and Discovery+.

Shares in WBD fell 87 cents, or just under 6 percent, to $14.00 after executives revealed the plan to reorganize its flagship streaming service.

Shares of the company were trading at $15.07 on Wednesday ahead of a press event in Los Angeles for the unveiling of Max, which launches May 23, as a more mainstream streaming offering for consumers outside of HBO’s core audience.

The newly combined streamer Max, which follows the $43 billion merger of WarnerMedia and Discovery last year, aims to better compete with Netflix and Disney+ in the online video arena.

WBD hopes stocks in the studio will recover as investors process new programming for the Max service, including Harry Potter And Conjure it TV shows, a new one Game of Thrones spin-off based on author George RR Martin’s Dunken and Egg novellas and a new one big bang theory spinoff.

To date, WBD has 96.1 million streaming subscribers on HBO, HBO Max and Discovery+. The company has not broken down its subscriber numbers by service, even though Discovery+ remains a standalone service.

Stocks in rival streaming services also had a bad day on Thursday. Netflix saw its share fall by $7.18, or just over 2 percent, to $331.03, while Walt Disney, which has moved away from linear TV with Disney+, lost its shares by $2.48, or about 2.5 percent. percent, fell to $97.94.

Merry C. Vega is a highly respected and accomplished news author. She began her career as a journalist, covering local news for a small-town newspaper. She quickly gained a reputation for her thorough reporting and ability to uncover the truth.

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