Shares of Warner Bros. Discovery (NASDAQ: WBD) were heading lower today on reports that its TNT cable network was expected to lose the rights to air the NBA in the latest auction.

Separately, the stock also seemed to be declining in response to Paramount Global's slide after its rival reported disappointing earnings and took a step closer to a merger, seemingly putting a nail in the coffin of a once-rumored merger with Warner Bros. Discovery.

As of 1:26 p.m. ET, Warner Bros. Discovery stock was down 9% on the news.

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Source Fool.com