Premarket price
$28.78
+0.28%
25 Aug 2026, 07:14 EDT
Active U.S. equity premarket trading as WBD’s Harry Potter recast puts launch to two-season trial
Warner Bros. Discovery has addressed a key casting vacancy in its major upcoming streaming series. Kit Harington is set to portray Gilderoy Lockhart, stepping in after Nicholas Hoult exited due to scheduling issues. Filming for the second season is scheduled to start this fall.
gilderoy lockhart · Warner Bros. Discovery (NASDAQ:WBD)
A casting fix inside a much larger streaming test
Kit Harington replaces Nicholas Hoult in season two. The investor question is whether December’s first-season launch can turn a flagship franchise into profitable subscriber, advertising and consumer-products growth.
Market value
$72.1bn
Google Finance snapshot
Streaming Q2 revenue
$3bn+
first quarter above threshold
Streaming Q2 EBITDA
$512m
+63% ex-FX YoY
The operating bridge
reportedprofitmanagement target
What changed
Lockhart actorHarington replaces Hoult
ReasonScheduling conflict
Season 2 shootFall 2026
Season 1 debut25 Dec 2026
StudioWarner Bros. Television
Streaming monetization
Q2 adjusted EBITDA marginnearly 17%
Ad-supported subscriber shareabout 40%
International ad revenue growth+73% ex-FX
Management expects front-loaded Harry Potter marketing to move fourth-quarter margins.
Balance sheet and valuation
Q2 total revenue$8.7bn
Q2 free cash flow$572m
Net debt$29.7bn
Net leverage3.4×
52-week range$11.25–$30.00
Analyst recommendations
| Analyst / firm | Rating | Target | Date | vs. $28.70 close |
|---|---|---|---|---|
| Joseph Bonner · Argus | Buy | $31.00 | Aug 17 | +8.0% |
| Laurent Yoon · Bernstein | Hold | $27.75 | Aug 14 | −3.3% |
| Sean Diffley · Morgan Stanley | Hold | $29.00 | Aug 10 | +1.0% |
| Doug Creutz · TD Cowen | Hold | $26.00 | Aug 7 | −9.4% |
Google Finance: 2 Buy, 8 Hold, 0 Sell; average target $29.29, 2.1% above the close.
Investor calendar
Fall 2026
Season two filming begins.
Q4 2026
Harry Potter marketing expense rises.
Dec 25
Season one premieres.
Mar 2, 2027
Scheduled merger antitrust trial.
Jun 1, 2027
Deal holdback date cited by WBD.
Bull case
Harington’s prior Lockhart voice work supports continuity. A strong Christmas debut could lift subscriber growth, ad yield and consumer-product demand while preserving the 20%+ streaming margin path.
Risk case
The recast is operationally small. Franchise fatigue, launch costs, production delays or Paramount merger litigation could matter far more than casting continuity.
Sources
Variety, Aug. 25 · WBD Q2 shareholder letter · WBD results · Google Finance · Investor’s Business Daily
Market snapshot: 25 Aug 2026, 07:14 EDT. Analyst data displayed by Google Finance on the same date.
Warner Bros. Discovery Shares Gain 2% on Harry Potter Speculation While Merger Spread Remains at 8.8%
Shares of Warner Bros. Discovery finished up 1.97% at $28.48 on Tuesday, outperforming a broader market which saw the S&P 500 slip 0.69%. The stock's 2.66-point advantage over the index stands out beyond the headline increase.
NASDAQ: WBD · Investor dashboard
Warner Bros. Discovery
The likelihood of a deal now carries more influence on the share price than discussions about the franchise.
$28.48
▲ 1.97%
Close · Aug. 18, 2026, 4:00 p.m. EDT
Deal gross spread
8.85%
$2.52 to Paramount’s $31 cash offer.
Related session
+2.66 pts
WBD +1.97% versus S&P 500 -0.69%.
Position within 52-week range
92%
Position within the $11.25–$30.00 range.
Analyst price target consensus
$29.82
Neutral consensus; 4.7% above the close.
Reference prices
Market closeAnalyst averageCash consideration
Recent analyst ratings
| Firm | View |
|---|---|
| Seaport Global | Buy · $31 |
| Benchmark | Hold |
| Guggenheim | Hold |
| 10-analyst consensus | Neutral |
Q2 performance overview
Factors that could challenge the thesis
State litigation delays or blocks the Paramount transaction.
Linear advertising remains weak after a 22% ex-FX decline.
Theatrical softness limits stand-alone valuation support.
Harry Potter attention fails to convert into retention or pricing.
Paramount Shares (NASDAQ:PSKY) Gain 1.5% After $1.88 Billion Bond Matches 16% of Market Cap
NEW YORK, August 18, 2026, 23:00 EDT — Paramount stock climbed 1.5% on Tuesday after the issuance of a $1.88 billion bond, which corresponds to 16% of the company’s current valuation.
Paramount Skydance · NASDAQ:PSKY
Merger delay is now equity-sized
Market data: August 18, 2026, 16:00 EDT close
After-hours check: 23:00 EDT
After-hours check: 23:00 EDT
U.S. market closed
PSKY close
$10.43
+1.5% Tuesday · $10.41 after hours
Five-session return
+13.0%
Versus WBD +5.8%
Bond / market value
16.1%
$1.88bn / $11.70bn
Five-session media-stock returns
PercentDelay-cost scale
Company estimatesFees through June 1$1.70bn
Extra financing costs$190mn
WBD cash offer$31.00/share
Gross WBD spread8.8%
FactSet mean PSKY target$9.81
Returns and ratios rounded. After-hours prices can change.
Three Days of Warner Bros. Discovery Merger Delay Equal Value of $20 Million Coyote vs. Acme Shortfall
Warner Bros. Discovery, Inc. traded mostly unchanged at around $27.92 on Tuesday, as positive initial feedback rekindled conversation about the previously-cancelled Coyote vs. Acme. The movie’s significance lies less in its immediate impact on earnings and more in what it suggests about management of key intellectual property.
Paramount Stock Gains as CNN Sale Option Meets a $1.3 Billion Warner Delay Bill
Paramount Skydance Corporation closed 1.4% higher at $10.28 on Monday. The media group asked a judge to make merger challengers post a $1.88 billion bond. The filing turns legal delay into a measurable earnings risk.
Paramount Shares Climb Amid Warner Deal Postponement, Posing $7 Million Daily Challenge
Paramount Skydance Corporation shares gained ahead of the weekend as investors factored in a higher likelihood of ending the ongoing legal battle with Warner Bros. Discovery, Inc.. Paramount ended Friday at $10.14, up 9.4% on the week. Warner closed at $27.99, a rise of 4.2%. U.S. markets will remain closed until Monday.
Paramount stock (PSKY) fee on $650 million deal outweighs profit; Ellison considers California move
Paramount Skydance Corporation climbed 0.8% in premarket trading on Wednesday, following news that Chief Executive David Ellison is considering relocating the company outside of California. The consideration comes as a legal challenge from 12 states holds up Paramount's planned acquisition of Warner Bros.
Warner Bros. Discovery (NASDAQ:WBD) rises 3.2% as cash-offer gap persists – Investing.com
Warner Bros. Discovery gained 3.2%, closing at $26.29 on Friday. The stock advanced after a Wall Street Journal report stated that California Governor Gavin Newsom has called for an out-of-court settlement regarding the antitrust lawsuit involving twelve states. The lawsuit challenges WBD's deal to sell assets to Paramount Skydance.
Ellisons’ $9.8 billion Warner Bros takeover risk exceeds Paramount’s valuation
Paramount Skydance Corporation lost 2.6% on Thursday. The company’s market capitalization remained close to $8.66 billion. According to Bloomberg, the Ellison family could be liable for $9.8 billion if the Warner Bros. Discovery, Inc. deal is blocked by regulators. That risk amounts to about 113% of Paramount’s public equity value.
$1.7 Billion Timer Ticks as Paramount-Warner Deal Faces Delay
Paramount Skydance has agreed to a court-ordered pause that may increase the total cost of its Warner Bros. Discovery acquisition by approximately $1.7 billion. The legal delay now represents a significant monetary expense.
Paramount Skydance (NASDAQ:PSKY) Confronts $210 Million Monthly Countdown
Paramount ended Friday at $8.21, after hitting its 52-week low of $8.17. Shares dropped after a court decision halted its proposed acquisition of Warner Bros. Discovery, Inc..
Deal Discount on Warner Bros. Discovery (NASDAQ:WBD) Shares Surpasses Buffer From Delay-Fee
Shares of Warner Bros. Discovery, Inc. closed at $25.77 on Friday, leaving a 20.3% gross spread to the $31 per share cash proposal from Paramount Skydance Corporation.
Warner Bros Discovery (NASDAQ:WBD) shares drop as court stay lifts deal spread over 19%
Shares of Warner Bros. Discovery fell on Monday following a federal judge's decision to halt the proposed sale. Paramount Skydance Corporation has been prevented from completing the $110 billion deal until after August 3.
Oregon backs away from bid to delay Paramount–Warner Bros—Spread at 16.6% draws focus
Oregon’s attorney general has pulled a court motion asking for a delay of Paramount Skydance Corp’s $110 billion deal for Warner Bros. Discovery Inc, clearing the closest legal hurdle for now. But the state’s broader suit is still on. Oregon said it’s weighing its next move after Paramount pushed back against requests for records tied to its regulatory lobbying.
Netflix Stock Gains as Live-TV Push Draws Focus to Cash Yield
Netflix rose 0.2% in Friday’s premarket after a report said the company is looking at always-on live channels and service bundles to offset sluggish viewer engagement. The move comes with Nasdaq 100 futures down 0.3% and Netflix’s Q2 earnings due in six days.
Wall Street Eyes Musk’s SEC Deal and Other Legal Moves Today
Judge Sparkle Sooknanan signed off on the SEC’s settlement with Elon Musk, clearing the way for the deal over his slow disclosure of buying Twitter shares. But in her order, Sooknanan flagged concerns, saying courts aren’t just “a rubber stamp.” She pointed out the terms: a Musk trust puts up $1.5 million, while the SEC said Musk’s delay let him pocket $150 million.
Netflix shares underperform Nasdaq as NBCUniversal tie-up chatter fails to move premium
Netflix, Inc. lagged the tech rally on Monday. Shares finished at $73.78, off 0.04%. The Nasdaq Composite added 2.1% and the S&P 500 rose 1.2%. The spread came as traders looked to media merger chatter, with buyers chasing likely acquisition targets and betting on cable deals, but skipping over Netflix.
Paramount-Warner Bros. Merger Cleared by DOJ, Faces More Reviews
Paramount Skydance got the go-ahead from the U.S. Justice Department’s Antitrust Division for its planned Warner Bros. Discovery deal. The agency said the merger won’t hurt competition or consumers in streaming, linear TV, or film production and distribution. The Antitrust Division said it looked at over 2 million documents from more than 80 custodians, plus data and industry feedback.
Paramount Skydance shares up after DOJ OK on Warner Bros. merger, PSKY hurdles ahead
Paramount Skydance Corporation shares are in play again after the U.S. Justice Department approved its planned takeover of Warner Bros. Discovery. The antitrust review said the deal probably won’t hurt competition or consumers. That’s key for PSKY, which is trading more like a merger bet these days. Every regulatory green light cuts merger risk, while any new legal snag makes closing the media deal more expensive for investors.
Warner Bros. Discovery Stock Holds Below $31 Deal Price After DOJ Clears Paramount Merger
Warner Bros. Discovery, Inc. shares moved higher but stayed well below Paramount Skydance’s agreed takeover price after the U.S. Justice Department closed its antitrust investigation into the proposed media merger. The latest available quote showed Nasdaq-listed WBD at $26.98, up $0.12, with intraday volume of about 16.2 million shares and a market value near $67.2 billion.
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