Why Warner Bros. Discovery, Inc. (WBD) Soared On Wednesday

We recently published a list of While Market Bleeds, These 10 Firms Soar. In this article, we are going to take a look at where Warner Bros. Discovery, Inc. (NASDAQ:WBD) stands against other best-performing stocks.

Warner Bros grew by 4.92 percent on Wednesday to close at $10.02 apiece as investor sentiment was buoyed by news that CNN’s chief operating officer, David Leavy, will return to the entertainment media giant.

According to a letter to CNN employees, Leavy, a long time key executive of Warner Bros. Discovery, Inc. (NASDAQ:WBD), is set to leave his current chief operating officer role at CNN.

He was praised for his “brilliant job stabilizing the company (CNN) at a difficult moment.”

A movie theater auditorium filled with an audience enjoying a blockbuster film.

“During the transition, he led CNN jointly with Amy Entelis, Virginia Moseley and Eric Sherling and played a central part helping me into my role as chairman and CEO before, as COO, leading multiple organizations and teams across revenue, promotion, operations and data,” CNN Chairman and CEO Mark Thompson said.

For his part, Leavy said that his moving over to CNN was originally just a six-month plan that turned into a multi-year drive to help the company pivot, transform, and reposition itself. His return to Warner Bros. Discovery, Inc. (NASDAQ:WBD) was a vote of confidence in his effectiveness in transforming the news giant.

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Disclosure: None. This article is originally published at Insider Monkey.