Warner Brother's Discovery (WBD)
Disclaimer: Nothing on this site, including this page, constitutes investing advice. Please do your own due diligence. On 11/30/22, I initiated a position on WBD (Warner Brother's Discovery) at $11.06. The high level rationale is as follows: The value of the intellectual property (media) WBD owns is likely worth more then the current valuation of WBD. The IP includes top tier names like The Matrix, Harry Potter, The Game of Thrones. WBD is also trading at a 1.85x NTM TEV/Rev vs. NFLX's 4.59x and DIS' 2.57x. WBD is also at a 28B market cap vs. NFLX's 141B. WBD appears too cheap. WBD's board is likely one of the best boards a media company can have. In particular, incredibly able executives from Liberty Media, including the legendary John Malone, compose the board. Obvious cost savings: the combination of Warner Brother's and Discovery means redundancies can be reduced. For example, both HBO and Discovery both have engineering teams which creates similar IP (eng
