Shares in Warner Bros Discovery gained more than 5 to finish the trading day at 25.97 after earlier rising as much as 11 with a few more bulls piling into the new stock.
It is just the third day of trading for Wbd, which moved sideways yesterday after starting off on Monday at 24.08. WarnerMedia formally spun off from AT&T and completed its 43 billion merger with Discovery last Friday. AT&T shareholders own 71 of the new company, though Discovery management is in charge. Volume was heavy, approaching six times the stock’s average.
The upswing came on a day of broader progress for the stock markets, with the Nasdaq up 2 and the Dow rising 1. Other media and tech companies’ gains were generally more modest than Warner Bros Discovery’s, however.
Jessica Reif Ehrlich, a longtime media analyst with Bank of America, issued a full-throated endorsement of Wbd in a report this morning, initiating coverage with a “buy” rating.
It is just the third day of trading for Wbd, which moved sideways yesterday after starting off on Monday at 24.08. WarnerMedia formally spun off from AT&T and completed its 43 billion merger with Discovery last Friday. AT&T shareholders own 71 of the new company, though Discovery management is in charge. Volume was heavy, approaching six times the stock’s average.
The upswing came on a day of broader progress for the stock markets, with the Nasdaq up 2 and the Dow rising 1. Other media and tech companies’ gains were generally more modest than Warner Bros Discovery’s, however.
Jessica Reif Ehrlich, a longtime media analyst with Bank of America, issued a full-throated endorsement of Wbd in a report this morning, initiating coverage with a “buy” rating.
- 4/13/2022
- by Dade Hayes
- Deadline Film + TV
Shares of At&T were off more than 3% in midday trading Monday after the company unveiled its plans to restructure its WarnerMedia unit.
The stock dip takes place on a day when the Dow Jones Industrial Average is off more than 300 points. Share of the telecommunications giant fell $1.08 per share to $29.76 from $30.95 at the open.
As part of the re-organization, HBO CEO Richard Plepler and Turner President David Levy will leave the company, while former NBC Entertainment chief Robert Greenblatt will join. Many of the Turner cable network will be redeployed in units aimed at particular audiences: CNN, Hln and Turner Sports will form the bulk of a division that makes live programming, while Cartoon Network will move to Warner Brothers to add heft to a content business aimed at families and adults.
One analyst suggested the moves would make WarnerMedia more competitive at a time when media companies are increasingly...
The stock dip takes place on a day when the Dow Jones Industrial Average is off more than 300 points. Share of the telecommunications giant fell $1.08 per share to $29.76 from $30.95 at the open.
As part of the re-organization, HBO CEO Richard Plepler and Turner President David Levy will leave the company, while former NBC Entertainment chief Robert Greenblatt will join. Many of the Turner cable network will be redeployed in units aimed at particular audiences: CNN, Hln and Turner Sports will form the bulk of a division that makes live programming, while Cartoon Network will move to Warner Brothers to add heft to a content business aimed at families and adults.
One analyst suggested the moves would make WarnerMedia more competitive at a time when media companies are increasingly...
- 3/4/2019
- by Brian Steinberg
- Variety Film + TV
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