Warner Bros. Discovery Stock Tanks Over 9% Amid Concerns It Could Lose NBA Rights [Yahoo! Finance]
Warner Bros. Discovery, Inc. - Series A (WBD)
Company Research
Source: Yahoo! Finance
The stock was off 73 cents, or 9%, to $7.41 in midday trading after earlier dropping to its lowest point in a year, $7.39. Trading volume of nearly 36 million shares surpassed average daily trading volume of about 29 million shares less than two hours into the session. The slump followed news that Comcast's NBCUniversal is ready to pay about $2.5 billion a year to wrest a deal with the NBA from Warner Bros. Discovery's TNT network. The Wall Street Journal reported that CEO David Zaslav's team is making “last-ditch efforts” to keep the rights for the games. The “NBA on TNT” has aired since 1989, making the network one of the league's oldest broadcast partners. Games also air on Warner Bros. Discovery's Max streaming service. WBD has been paying an average fee of $1.2 billion under its current deal, The Journal reported. It was unable to reach a new agreement with the NBA before its exclusive negotiating period expired last week, opening the door for NBCU to make a bid, per the r
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- 5/9/24 - Miss
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Sec Filings
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- 5/15/24 - Form 4
- 5/14/24 - Form 8-K
- WBD's page on the SEC website