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Warner Bros. Discovery CEO David Zaslav has struggled to convince shareholders that his company is a worthy investment.
The company took a $9.1 billion impairment charge on the decline of its linear business and uncertainty around NBA rights.
Discovery shares have fallen about 70% since April 8, 2022 , the day the merger closed.
Discovery generated more than $6 billion in free cash flow last year , buoyed by a drastic drop in content spending from the writers' and actors' strikes.
That number will drop to about $4 billion this year as Hollywood has gotten back to work.
Disney 's media properties appear on the upswing after several years of pain.
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