After the Hollywood studio announced Max, its updated streaming service that integrates content from the original HBO Max streaming service and Discovery+, the stock price of Warner Bros Discovery fell on Wednesday (12 April).
Following the executives’ announcement of the proposal to restructure its leading streaming service, shares of WBD dropped by 87 cents, or almost 6%, to $14.00.
Before a press conference in Los Angeles for the announcement of Max, scheduled to launch on May 23, as a more mainstream streaming service for users beyond the core HBO audience, the company’s stock opened trading on Wednesday at $15.07.
Following the $43 billion merger of WarnerMedia and Discovery last year, the newly combined streamer Max seeks to compete more effectively with Netflix and Disney+ in the online video market.
When viewers watch the new Harry Potter and The Conjuring TV episodes, a new Game of Thrones spinoff based on author George R.R. Martin’s Dunk and Egg novellas, a new Big Bang Theory spinoff, and another new programming for the Max service, WBD will be hoping that shares in the studio will increase.
With HBO, HBO Max, and Discovery+ together, WBD currently has 96.1 million streaming members. Even though Discovery+ will remain a standalone service, the firm has not disclosed its subscriber figures by service.
The articles that follow are supplemental reading that you may find to be of interest to you:
- Warner Bros Discovery To Combine HBO Max Discovery+
- ‘Rip Cartoon Network’ Tweet After Warner Bros. Merger
- Warner Bros. TV Group Lays Off Employees
On Thursday, shares of competing streaming providers also experienced a decline. Walt Disney, which has shifted away from linear TV with Disney+, saw its shares fall by $2.48, or about 2.5 percent, to $97.94, while Netflix saw its price fall by $7.18, or just over 2 percent, to reach $331.03 on the market.
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