Paramount Global and Warner Bros. Discovery stocks fell Friday, after Wolfe Research cut its rating, citing increasing concerns about falling ad spending.
Shares of Paramount Global and Warner Bros. Discovery Inc. took a hit Friday after they were downgraded at Wolfe Research because of increasing concerns that advertising spending would fall.
With... Shares of Paramount Global and Warner Bros. Discovery Inc. took a hit Friday after they were downgraded at Wolfe Research because of increasing concerns that advertising spending would fall. With that in mind, Supino said his recent industry checks suggest that upfront spending by advertisers, or spending before the new TV season begins, will fall “well short of expectations,” with potential for the first rollback in pricing in over a decade, excluding the effects of the COVID pandemic.
The shares of both Paramount and Warner Bros. fell 0.5% in morning trading to buck the gains seen in their peer group, as the Communication Select Sector SPDR exchange-traded fund XLC rose 0.2%.
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