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Top Analyst Begs Warner Bros. Discovery To Explore M&A, Asset Sales, Spinoff; With Stock In The Tank “All Options Need To Be On The Table”
Longtime media analyst Jessica Reif Erlich begged Warner Bros. Discovery explore M&A, asset sales and any other options with the stock in the tank.
“At current levels, we believe exploring strategic options for WBD would create more shareholder value vs. the status quo,” she wrote in a note to clients today. She was bullish at the time of the merger given WBD’s set of “unique and valuable assets” and its scale, which could help protect the challenged linear business as streaming ramped up. Figuring the shares have nowhere to go but up, she reiterated her ‘buy’ rating, but lowered the price target to $12 given ongoing linear declines and a more competitive advertising landscape.
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