Warner Bros. Discovery (NASDAQ:WBD) stock is in the news today with talk of an event coming at the end of the month.
According to insider sources, Warner Bros. Discovery is planning to shut down CNN+ when April 30 rolls around. This comes only a few weeks after the premium subscription service was launched.
So why is Warner Bros. Discovery allegedly closing down CNN+? Insiders claim the shutdown is coming as Discovery wants to streamline streaming options. Executives at the company were already reportedly unhappy that the streaming service launched just before the closure of its merger with Warner Bros.
CNN+ was launched with a $300 million investment and it’s content won’t likely end. Instead, Warner Bros. Discovery will likely add its content to CNN supported by ads, or it could be included in HBO Max.
Chris Licht, the upcoming CEO of CNN, said the following about the change while speaking with Variety.
“This decision is in line with WBD’s broader direct-to-consumer strategy. In a complex streaming market, consumers want simplicity and an all-in service, which provides a better experience and more value than stand-alone offerings.”
WBD stock is seeing heavy trading on Thursday following news that it plans to close CNN+ down. That includes some 25 million shares of the company’s stock changing hands as of this writing. That’s already above the company’s daily average trading volume of about 13.2 million shares.
WBD stock is down 8.5% as of Thursday afternoon and is down 17.4% since the start of the year.
There’s more stock market news for investors to jump into below!
We’ve got all the most recent stock market coverage that traders need to know about for Thursday. Among that is what has shares of NextEra Energy (NYSE:NEE) stock falling, the latest rumblings from Mullen Automotive (NASDAQ:MULN), as well as Guardforce AI (NASDAQ:GFAI) stock gaining today. You can read all about these topics at the following links!
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- Why Is Guardforce AI (GFAI) Stock Up Today?
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.