Warner Bros. Discovery plunges 16% as CEO warns of 'generational disruption' to media

Wed, 11/08/2023 - 13:52

NEW YORK, NEW YORK - MAY 18: David Zaslav, CEO, Warner Bros. Discovery speaks onstage during the Warner Bros. Discovery Upfront 2022 show at MSG Studios on May 18, 2022 in New York City

Kevin Mazur/Getty Images for Warner Bros. Discovery

Warner Bros. Discovery stock dropped more than 16% on Wednesday following it's third quarter earnings report.
The media company reported a decline in ad revenue during the third quarter.
Chief executive David Zaslav warned of a "generational disruption" in media.

Shares of Warner Bros. Discovery dropped more than 16% Wednesday following a third-quarter earnings report that missed Wall Street's expectations and pointed to a weak advertising market and industry outlook.