Warner Bros. Discovery’s stock plummeted by 6% after unveiling its plans to revamp its streaming service HBO Max and transform it into Max. This news comes at a challenging time for the company, as it has been facing cost cuts and management changes since the merger of Warner Media and Discovery Inc.

During the presentation, the company confirmed the creation of new series based on existing brands, including a Harry Potter reboot series. It will feature seven seasons, one for each of the books in the saga.

Investors were not pleased with Warner Bros. Discovery’s plans and do not believe they are a long-term solution for the company. This has resulted in Warner Bros. Discovery’s shares declining since last year, now sitting around US $14.05. Disney, Paramount Global, and Netflix have also experienced similar losses.

CEO David Zaslav and his management team detailed plans to relaunch the three-year-old streaming platform as Max on May 23. The combined service will include the main assets of HBO, Turner, and Discovery’s suite of lifestyle channels.

Warner Bros. Discovery is a media and entertainment company that was formed as a result of the merger between WarnerMedia and Discovery, Inc. The company aims to be a global powerhouse in the field of creative and entertainment content distribution, with a focus on television and streaming. It seeks to leverage the strength and experience of both companies to create a portfolio of market-leading entertainment brands and properties.

In conclusion, Warner Bros. Discovery’s plans to revamp its streaming service have caused its stock to plummet, leaving investors concerned about their long-term viability. With the creation of a Harry Potter reboot series and a combined service, the company hopes to remain competitive in the ever-changing streaming industry.