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Why Warner Bros. Discovery Stock Tumbled Today

TheMotleyFool 
0 0 01.09.23
Why Warner Bros. Discovery Stock Tumbled TodayPhoto, wide shot, wide-angle lens, soft focus, Movie theater, sunset photo at golden hour, photo by Marc Adamus: https://oaidalleapiprodscus.blob.core.windows.net/private/org-IbuNdCATsFaPOITjFOv2kJh3/user-AXaxqjBUW45D8BadJEo9mUpW/img-gXhfb5xMEy8zG0qLmxYAOaHt.png?st=2023-05-14T13%3A29%3A06Z&se=2023-05-14T15%3A29%3A06Z&sp=r&sv=2021-08-06&sr=b&rscd=inline&rsct=image/png&skoid=6aaadede-4fb3-4698-a8f6-684d7786b067&sktid=a48cca56-e6da-484e-a814-9c849652bcb3&skt=2023-05-14T01%3A25%3A03Z&ske=2023-05-15T01%3A25%3A03Z&sks=b&skv=2021-08-06&sig=cyWAC06qXhBJ4kv4K4eQVNNwtdGGK962uEjAh4%2B61ZY%3D
 

Shares of Warner Bros. Discovery (NASDAQ: WBD) took a dive today in response to the dispute between Disney (NYSE: DIS) and Charter Communications (NASDAQ: CHTR), the owner of the Spectrum cable network. Disney blocked ESPN and other Disney-owned channels from being shown on Spectrum, signaling a souring environment in the video entertainment industry.

As a result, Warner Bros. Discovery, which makes most of its profit from cable channels like CNN, TBS, TNT, and HBO, finished the day down 12%, while Disney lost 2.4% and Charter gave up 3.6%.

Paramount Global (NASDAQ: PARA), a close peer of Warner Bros. Discovery, was down 9.5% on the news.

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Source Fool.com

Discovery Communications Inc. B Stock

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