Warner Bros. Discovery Stock Plummets Following ‘Batgirl’ Cancellation

Warner Bros. Discovery‘s stock plummeted in value days after the cancellation of Batgirl.

On Thursday August 4, 2022, Warner Bros. Discovery held their Q2 earnings call. This specific call was subject to heavy interest amongst fans of the DC Extended Universe, given that two days prior, the news dropped that the release of Batgirl was cancelled, and will be used as a tax write-off for the company.

The Q2 earnings call went over the new plans to update the DC Comics brand, as well as new intentions to merge both HBO Max and Discovery+ as one streaming service. CEO David Zaslav confirmed the cancellation of Batgirl, while also heavily-promoting upcoming films such as Black Adam, Shazam! Fury of the Gods, and The Flash.

However, shares in the company dropped sharply on Friday August 5, 2022. The company was down 15% following its earnings debut. Wall Street analyst Steven Cahall of Wells Fargo downgraded his rating on shares in the company slashing his stock price target from $42 to $19.

Analysts have expressed that despite the quality assets under Warner Bros. Discovery, it is undergoing some post-merger growing pains, and “risks and capital structure create a greater range of outcomes.”

Batgirl was set to feature Leslie Grace as Barbara Gordon, as well as J.K. Simmons as Commissioner Gordon, Brendan Fraser as Firefly, and Michael Keaton as Bruce Wayne/Batman. Keaton is still set to reprise his role as his version of the Caped Crusader in the upcoming DCEU film, The Flash.

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Source: THR