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NBA Loss Sinks Warner Bros. Discovery Stock – Bad For Max, Could Hasten Linear Decline, Wall Street Fears
Shares of Warner Bros. Discovery fell in early trade after losing rights to the NBA yesterday to three big rivals.
Tim Nollen of Macquarie Equity Research downgraded the stock this morning to “neutral” from “outperform”, meaning he doesn’t think it’s going anywhere soon. The former is bad enough – ad revenues will now drop sharply starting in 4Q25, and bargaining leverage on cable affiliate renewals now falls. But the NBA declared, without elaborating, that it was not a match — possibly because of the greater reach of the massive e-commerce and entertainment giant — and closed the deal with Amazon.
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