Warner Bros. Discovery's stock plummets to new low amid concerns the media giant could lose its NBA rights [CNN]
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Source: CNN
WBD's already rock-bottom stock price plummeted nearly 10% on Tuesday after a report in The Wall Street Journal signaled the media conglomerate could be in for an expensive battle to maintain its NBA broadcast rights, with shares ending Tuesday at $7.36. That figure represents an all-time low for WBD, the parent company of CNN. Industry insiders have repeatedly underscored how important it is for the network and WBD to retain the NBA broadcast rights. “It's a must have,” a media executive stressed to CNN on Tuesday. WBD had an exclusive negotiating window with the NBA, but it expired earlier this month, allowing other companies, such as NBCU, to make bids. The Journal report — authored by Joe Flint, Amol Sharma, and Isabella Simonetti — said that NBCUniversal “is prepared to pay an average of about $2.5 billion a year” to air a set of NBA games, effectively doubling the current fee paid by WBD. Under the proposal, NBCU would air some league games on its broadcast network, potenti
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