The companies announced the renewal of a multi-year cooperation to integrate the companies' services. As a result, both companies are rising today. Warner Bros. Discovery (WBD.US) is gaining more than 4%, while Charter Communications (CHTR.US) is up nearly 2.5%.
With this deal, the premium Max service offered by Warner Bros. Discovery, (which includes all HBO and Max content, as well as Discovery+) will be available on all Spectrum TV Select packages at no additional charge to customers.
The addition of Max and Discovery+ significantly enhances Spectrum's bundled offerings, which, when added to Disney+, ESPN+, Paramount+, AMC+, BET+ and Vix, will offer customers broad access to content within a single package.
For WBD, this means an expanded distribution network and the potential to reach millions of Spectrum TV customers. On top of that, the long-term agreement favorably extends Spectrum's distribution of WBD's portfolio of linear networks, including TNT, CNN, Food Network, HGTV, TLC, Discovery, TBS, Adult Swim and Investigation Discovery.
WBD remains in a strong downtrend, although the trend has begun to flatten out over the past month. Today's news allowed the price to approach the level of the exponential moving averages. The last attempt to break through those levels ended in a retreat of the company's stocks price. Source: xStation
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