Warner Bros. Discovery: An Undervalued Media Giant That Could Dominate Streaming [Seeking Alpha]
Warner Bros. Discovery, Inc. - Series A (WBD)
Company Research
Source: Seeking Alpha
Value investors including Seth Klarman have purchased big stakes in recent years. Michael Burry bought a stake as recent as Q4 2023. Even though unpopular, current leadership is executing well and has significant skin in the game. Advertising spending is forecasted to be significantly stronger in 2024 on the back of the presidential elections and the Olympics. Warner Bros. Discovery's current valuation is very attractive. Even without top-line growth, Warner Bros. Discovery could return 20-25% annually just by paying down debt. Investment Thesis After falling 65% since April 2022, Warner Bros. Discovery's ( NASDAQ: WBD ) valuation is at an all-time low. A forward FCF yield of ~25% and the huge potential of its streaming service Max provide us with a compelling entry point. Short introduction In April 2022 Discovery merged with WarnerMedia to create a new media giant: Warner Bros. Discovery. AT&T Inc. ( T ) spun off WarnerMedia and then merged it with Discovery in what
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WBD
News
- Cramer's week ahead: Earnings from Disney, Uber and Warner Bros. Discovery [CNBC]CNBC
- NBA Playoffs 2024: How to Watch Cavaliers vs. Magic, Clippers vs. Mavericks Tonight [CNET News]CNET News
- What happens if Warner Bros. Discovery loses its NBA rights? [Yahoo! Finance Canada]Yahoo! Finance Canada
- What happens if Warner Bros. Discovery loses its NBA rights? [Yahoo! Finance]Yahoo! Finance
- NBA TV Rights Deal Targets $76 Billion Payout – 3X the Current Pact [Yahoo! Finance]Yahoo! Finance
WBD
Earnings
- 2/23/24 - Miss
WBD
Sec Filings
- 4/19/24 - Form ARS
- 4/19/24 - Form DEF
- 4/19/24 - Form DEFA14A
- WBD's page on the SEC website