Warner Bros. Discovery’s Big Day Of Revelations And Name Changes Ends With Their Stock Dipping 6%

Wednesday was a big day for Warner Bros. Discovery. They revealed they were changing the name of their streamer from HBO Max to simply Max. They formally announced new Harry Potter and Game of Thrones shows and more. There were teasers and first looks galore. It was CEO David Zaslav’s chance to show off all his hard work since taking over last year, and it should have ended on a high note. Instead it did the opposite.

As per Variety, at the close of Wednesday shares for the mega-company weren’t up but down, albeit slightly, at “only” about 6%. Granted, the media company wasn’t the only one whose stocks went down. Something similar happened to Disney (down 2.5%), Paramount Global (down 3.3%), and Netflix (down 2%).

Warner Bros. Discovery’s stocks have struggled over the last year. Right now it’s worth $14.05 but towards the end of last year it dipped below $10. Since then it’s hovered around the $14-$16 range.

Zavlav’s reign has been a controversial one, with lots of controversial cancellations and fears that the very popular and very acclaimed HBO Max — sorry: Max — would be stripped of all the things that make it arguably the best mainstream streamer on the market. But hey, at least they’re gaining such classy Discovery shows as MILF Manor.

(Via Variety)