Why Warner Bros. Discovery Stock Popped Today
Many investors discovered their love for Warner Bros. Discovery (NASDAQ: WBD) on Monday. The entertainment giant's share price rose by an encouraging 3.9% on the day, following news that its latest divestment had closed. The stock's performance convincingly beat the 2.6% rise of the S&P 500 index.
Warner Bros.' counterparty in the deal, peer Nexstar Media Group (NASDAQ: NXST), announced that it is now the majority owner of The CW Network. All told, Nexstar holds 75% of The CW, with the remainder being owned by its sellers Warner Bros. and Paramount Global (NASDAQ: PARA). Both of the latter companies are retaining 12.5% stakes.
The CW's initials stand for CBS, now a part of Paramount, and Warner Bros. In 2006 the two companies jointly launched the channel, which was focused on younger viewers with fresh and legacy shows such as Buffy the Vampire Slayer and Dawson's Creek.
Source Fool.com
