Investors in Warner Bros. Discovery (NASDAQ: WBD) have had a challenging year, with the stock down 48% in the last six months and almost 12% since July. Warner Bro. Discovery was formed in April from the merger of WarnerMedia and Discovery, saddling the new company with $55 billion of debt.

As a result, CEO David Zaslav has made multiple cost-cutting moves, such as canceling many international projects, laying off executives, and canceling a nearly completed DC film. The drastic changes haven't all sat well with consumers or investors, leading to a sharp decline in the share price.

But significant progress in paying down debt in its first four months of business and its long-term strategy make the company a bargain for investors willing to hold for several years. 

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Source Fool.com