Shares in Warner Bros. Discovery plummeted to an all-time low Tuesday, as the company fights to retain broadcasting rights to the NBA and shore up Wall Street’s confidence in its financial future.
The company’s stock was trading at less than $8 per share as of Wednesday morning, with Bloomberg noting the price reflected an all-time low since the massive media conglomerate was formed in 2022.
Warner Bros. Discovery’s stock fell by double digits this week following a report in The Wall Street Journal that outlined how the company has been unable to secure a new deal with the NBA on broadcast rights.
Several outlets in recent days have reported a major streamer, like Amazon, or another legacy media company, such as Comcast, are prepared to offer upwards of $2 billion per year for rights to broadcast NBA games, setting up a potentially expensive fight for Warner Bros. Discovery if it wishes to remain in the running.
Warner Bros. Discovery owns several top media properties, including CNN, Max and Turner Sports.