Analysts point to the David Zaslav-led company's expected loss of the NBA contract and underperformance in key business units during the past two years.
Warner Bros. Discovery's sluggish performance and $9-billion write-down in the value of its cable TV channels is rattling investors, sending the beleaguered company's stock on a steep slide. Shares fell as much as 11% in early trading Thursday after the company acknowledged during its second quarter earnings call that the expected loss of its NBA contract had negative ramifications on its TV business.
'Unfortunately, the stock performance is a clear indication that investors see little optimism that the tides may soon start to turn,' MoffettNathanson media analyst Robert Fishman wrote in a separate report Thursday.
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