Warner Bros. Discovery Stock Plunged. Here's Why.
Shares of Warner Bros. Discovery (NASDAQ: WBD) fell 16.5% on Friday, after the media conglomerate reined in investors' growth expectations. Warner Bros. Discovery was formed when AT&T spun off its WarnerMedia assets and merged them with Discovery. The combination joined popular TV networks like TBS, TNT, and CNN with streaming services HBO Max and Discovery+.