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WBD Equity At 15yr Low

COMMUNICATIONS

Rating: Baa3/BBB-/BBB-

  • WBD equity is now -13% since closing on 06 June and -36% YTD after the stock fell 6.8% to a 15-year low.
  • Much of the drop attributed to the end of merger discussions between National Amusement’s Paramount and Skydance Media. Warner Bros. once expressed interest in a deal with Paramount but put and end to the idea earlier this year.
  • it appears sentiment around market/competition volatility on Paramount’s deal failure is weighing on WBD with Paramount now to potentially explore asset sales, licensing shifts and/or strategic partnerships.
  • Stock also facing pressure from the risk of losing their NBA contract, streaming competition and recently announced discounted bundle offerings.
  • Spreads are +5bp WoW compared to +2.5bp for the Media & Ent sub-index.
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