Well, that’s not a good sign. It seems investors aren’t quite sold on the whole HBO Max renaming, as Warner Bros. Discovery’s stocks have dropped by 6%. Ever since the Discovery merger, the stocks for the company have been facing quite some troubling developments and likely aren’t adding any more pressure to its team trying to balance out its ever-increasing debt that led to the sacrifice of projects like Batgirl or a Scoob! Christmas special.
Overall, the market has been down over Wednesday as Paramount Global, Netflix, and Disney also faced a drop but Warner Bros. had the highest at 5.8%. The Dow Jones index dropped by 38.2 points with the Nasdaq dropping 102 points or 1%. Warner Bros. Discovery held its presentation during trading hours, hoping to push everything in a more positive direction but it seems Wall Street isn’t having it. So, it seems they still have a long way to go at this point.
In January, the company balanced out slightly after dropping below $10, as it now stands at around $15. It’s not a good sign though if they try to relaunch a three-year-old streaming service with a new name and most aren’t seeing this as a positive change. There is no analysis of just how the internet has reacted but the first ones in aren’t loving the name, as it seems to move further away from the brand that could’ve pulled in a bigger audience than a rather standard name like MAX.