So we have heard already how well A Minecraft Movie did at the box office, and what a hit it turned out to be for entertainment giant Warner Bros. Discovery (WBD). In fact, it was a hit sufficient to make Warner feel a whole lot better about the upcoming summer movie season, because people still clearly want to go to the movies. In spite of this, shareholders were less than enthusiastic and sent shares down over 3% in Tuesday afternoon’s trading.
A Minecraft Movie pulled big for Warner, pulling in $163 million at the box office and effectively completing the humiliation conga line for Disney’s (DIS) Snow White. This not only made it the highest-grossing video game adaptation yet, swamping Universal’s (CMCSA) The Super Mario Bros. Movie, but it also had an unexpected side effect.
That side effect? It brought hope for a summer movie season that would not be trampled by economic uncertainty and people staying away from the theaters to save a buck. Fandango director of analytics Shawn Robbins noted “This film is another bellwether highlighting where studios and theaters can meet today’s young and family moviegoing audience looking for fresh, familiar and accessible blockbuster content.”
Yes, It’s a Sport
While this was a big day for movies, Warner continued to augment its presence in sports as well, knowing that, eventually, the movies stop. And Warner re-established an agreement between itself and the International Federation of Sport Climbing (IFSC) to continue to broadcast events on both Max and Discovery+ throughout Europe.
The deal, which lasts another four years, will offer up all IFSC Climbing events, including World Cup and World Championship events. Para Climbing events will be able to get in on the action as well. Further, the linear channels under Warner’s purview—TNT Sports in Great Britain and Ireland as well as Eurosport in the rest of Europe—will also get in on the semi-finals and finals of World Cup and World Championship events.
Is WBD Stock a Good Buy?
Turning to Wall Street, analysts have a Moderate Buy consensus rating on WBD stock based on 10 Buys and seven Holds assigned in the past three months, as indicated by the graphic below. After a 9.32% loss in its share price over the past year, the average WBD price target of $13.13 per share implies 67.26% upside potential.
