Shares of Warner Bros Discovery Inc rose on the first trading day of the media and streaming firm formed from the $43 billion merger of Discovery Inc and assets of AT&T Inc. Warner Bros Discovery shares were up 2.3% at $24.99, while AT&T stock climbed 2.1% to $18.65 in premarket trade.
AT&T and Discovery set out to create a standalone media business in May last year and the deal was closed on Friday, with the new business housing channels including HBO, CNN and the Discovery Channel as well as franchises like "Batman" and "Harry Potter".
The company, which also owns streaming services HBO Max and Discovery+, now faces stiff competition from the likes of Netflix and Walt Disney Co's Disney+ at a time of cooling user growth.
WarnerMedia owns HBO, HBO Max, CNN, Warner Bros., DC Films, New Line Cinema, TBS, TNT, TruTV, Cartoon Network/Adult Swim, Turner Sports and Rooster Teeth, among other brands, and is part owner of the CW Network along with Paramount.
Discovery is the parent of Discovery Plus, Discovery Channel, HGTV, Food Network, TLC, Investigation Discovery, Travel Channel, Turbo/Velocity, Animal Planet, Science Channel and OWN (Oprah Winfrey Network).
AT&T and Discovery set out to create a standalone media business in May last year and the deal was closed on Friday, with the new business housing channels including HBO, CNN and the Discovery Channel as well as franchises like "Batman" and "Harry Potter".
The company, which also owns streaming services HBO Max and Discovery+, now faces stiff competition from the likes of Netflix and Walt Disney Co's Disney+ at a time of cooling user growth.
WarnerMedia owns HBO, HBO Max, CNN, Warner Bros., DC Films, New Line Cinema, TBS, TNT, TruTV, Cartoon Network/Adult Swim, Turner Sports and Rooster Teeth, among other brands, and is part owner of the CW Network along with Paramount.
Discovery is the parent of Discovery Plus, Discovery Channel, HGTV, Food Network, TLC, Investigation Discovery, Travel Channel, Turbo/Velocity, Animal Planet, Science Channel and OWN (Oprah Winfrey Network).
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