Stock Pulse
Warner Bros. Discovery (WBD) announced a restructuring into two divisions: Global Linear Networks and Streaming & Studios, and reduced debt by $4.4B in 2024, achieving positive Adjusted EBITDA in its direct-to-consumer segment [11]. John Malone is transitioning from the board to Chair Emeritus after the 2025 stockholder meeting, retaining advisory influence while allowing for new board member Anton Levy, a private equity veteran, to join [1], [2], [11]. This board refresh aims to enhance expertise in technology and investment, potentially leading to increased operational efficiency and strategic shifts [7], [8]. While WBD saw box office success with films like "Dune: Part Two" [11], potential headwinds include reduced American film imports into China due to trade tensions, impacting international revenue [3], [5], and increased competition from companies like Amazon in theatrical releases [10]. The success of the low-budget "The Pitt" on Max points towards a potential shift towards cost-effective programming [9].