Why Warner Bros.Discovery Shares Are Plunging Today

Warner Bros.Discovery Inc WBD is shutting down CNN's news streaming service CNN+ on April 30.
The new management (formed after CNN's former parent company, WarnerMedia, merged with Discovery) decided to shut down the service following its March 29 launch.
WBD CEO David Zaslav looks to house all of the company's brands under one streaming service. Some CNN+ programming may eventually live on through that service.
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Andrew Morse, the EVP overseeing CNN+, will depart the company after a transition period.
Recently, WBD suspended every external marketing spending for CNN+ and laid off CNN's CFO Brad Ferrer after it failed to attract viewers.
Zaslav was annoyed by the decision of Jason Kilar, the former CEO of WarnerMedia when it was owned by AT&T, to launch CNN+ just weeks before Discovery looked to take over operations, Variety reports.
Price Action: WBD shares traded lower by 8.39% at $21.08 on the last check Thursday.