shares of warner bros. discovery.plunging down little over 10% after the first combined earnings call a round-up of what we learned next. >>> don't miss the interview with lyft cero john zimmer. squawk is coming right back. throughout history i've observed markets shaped by the intentional and unforeseeable. for investors who can navigate this landscape, leveraging gold, a strategic and sustainable asset... the path is gilded with the potential for rich returns. >>> welcome back to "squawk box. warner bros. discovery with $3.42 billion loss since the $43 billion merger of the companies. for more, let's bring in cynthia li littleton and tom rogers i want to thank you for joining us cynthia, you know, i listened to the call i think a lot of people listened to the call last night the stock now down 10% much of the news was to be expected, but the forecast and pulling that forecast back is what tripped up the market here. >> we learned a lot yesterday about the state of warner bros. discovery and the state of the macro pa

warner bros discovery is a newly merged company, that combined the old warner brothers, that's familiarith discovery, maker of some reality programming. and as the new executive team came in, theyjust decided to shift strategy. this movie, batgirl, is actually intended to go directly to hbo max, the streaming service, but its budget approaches that of a theatrical release. under the new management, the company thinks that these big budget films really should have some sort of a theatrical run — audiences should see them in theatres, generate some ticket sales and buzz, and then go to the streaming service. this movie, however, was not quite good enough for theatrical release, would have required an additional investment on the part of warner bros discovery, and then another $30 million, $50 million to promote it, to get audiences excited to see it in theatres. so, that additional cost just was not worth it in the estimation of the new executive team at warner bros discovery. just based on those test audiences, that i mentioned, people watched it, said they did not like it, it was a stin

warner bros. discoveryessarily helping, though, saying they the direct-to-streaming strategy is not economically viable option ju julia boorstin covered the call last night. >> a number of notes hitting the shares, after david zaslov talked about unexpected challenges and how he's working for new ways to make money, also licensing more of their content to others, and also working to preserve the theatrical window wells far og downgrading to equal weight, warning, quote, the assets are great, but the risks and capital structure create a greater range of outcomes we prefer names without the added baggage, for now now, move fit nathan son lowering its estimates, without hurting the linear networks portfolio, citing concerns about the elevated dead load, make rho headwinds and faster cord cutting. paramount is trading down after a downgrade by jpmorgan -- now down about 5%, downgrade to underweight, saying pay tv declines continue to be a substantial headwind while the evolution of the film instrument is more u

was not quite good enough and would have required an additional investment on the part of warner bros discoveryditional cost was not worth it in the estimation of the new executive team at warner bros discovery. just based on test audiences, people did not like it, it was a sticker?— a sticker? exactly. what sources _ a sticker? exactly. what sources are _ a sticker? exactly. what sources are telling - a sticker? exactly. what sources are telling me l a sticker? exactly. what| sources are telling me is a sticker? exactly. what i sources are telling me is it would have required some additional work, some reshooting to get it to the level that it can be shown in theatres. another nuance to this, dc is one of the crown jewels of the warner brothers library and the new management is hoping to release films and series that are really of a high calibre in the hopes of matching the economic performance of walt disney co. �*s marvel films. this did not hit the mark. it '5 marvel films. this did not hit the mark.— hit the mark. it is not going to hbo max _ hit the mark. it is not going to hbo max either

earlier this month, warner bros. discovery announced that warner bros. ll soon merge into a single service. this family canceled four services, saving at least $30 a month. >> we much more loyal to the show itself and not as much the streaming platform >> reporter: if the pandemic with its captive stay-at-home audiences was the dawn of the streaming era, consider this the wakeup call. gabe gutierrez, new york >> we were figuring out which service we haven't used in months >> why do we continue to pay for that one you neff ver know something might come on. ten bucks here, ten bucks there, doesn't seem like a lot, but it adds up. >> and if you don't know where to find so >>> right now at had:30, a heat wave hitting the bay area. meteorologist kari hall is tracking a microclimate weather alert. ahead she breaks down how hot it's expected to get in your neighborhood and how long it will last. >>> plus -- >> the most important thing, if we can't prevent them, we need to hold people accountable and make arrests. >> addressing attacks, finding out the steps the

we have an earnings alert on warner bros. discovery, the streaming stocks shrinking after more than 9 1/2%. they have been listening in and she joins us with the latest. julia, what's being said? >> warner bros. discovery shares dropping as david says they have identified some additional unexpected challenges that have and will continue to acquire our focus and attention. the talk of inflation and the threat of a recession and the like. they are adjusting their guidance and talking about that right now. he was going into some details about the plans to merge xp l max -- hbo max and the new combined service in the u.s. slowly roll it out in the europe and asia and are not rushed, but will be disciplined and focused on the possibility of the service. as for what it will look like, they say the new scale of content options and improved user experience will minimize overturn and improve monetization. david zaslav and his colleagues are talking about the addition in an ad free -- in addition to the ad free version, they are seeing an opport

let's start with warner bros. discovery.ly, they are making changes and planning to make a lot more. there is some uncertainty about where this is going. what's your take? >> the first thing we have to do is almost step back from the amount of subscribers gained. what is the actual value of this content? how do we go through hbo max and discovery? will we talk about the team's approach to streaming, it's different from netflix or disney where there increasing constantly. he does not want to be in the content spend war. instead, he wants to say we want to get to profitability, we want the most value for our dollar. emily: what are you expecting them to do as they merge these two platforms? they talk about a big culling. hbo max is taking movies out of the rotation that are already filmed because they don't want to spend money on marketing. i'm thinking about the new batgirl movie which has already been shot. >> the key thing is amortization. looking at the amount of debt that the team brought in, looking at what he can do spe

are they seen as a more positive for warner bros. discoverydisney is doing okay hard to say, but you can see the impact so far this morning we're back after this. what drives you? what do you want to leave behind? what do you want to give back? what do you want to be remembered for? that's your why. it's your purpose, and we will work with you every step of the way to achieve it. at pnc private bank, we'll help you take care of the how. so tell us - what's your why? ♪♪ ♪♪ giorgio, look. the peanut butter box is here. ralph, that's the chewy pharmacy box with our flea and tick meds. it's not peanut butter. i know, i know. but every time the box comes, we get the peanut butter. yes, because mom takes the meds out of the box and puts them in the peanut butter. sounds like we're getting peanut butter. yes, but that is the chewy pharmacy box. ♪ the peanut butter box is here. ♪ ♪ the peanut butter box is here ♪ alright, i'm out. pet prescriptions delivered to your door. chewy. lily! welcome to our third bark-ery. oh, i can tell business is going thr

the rings, because it is a great example of the different strategy you are now seeing, as warner bros. /discoveryersus the old management team. if any of the viewers watching this, turn on amazon's prime video, they can actually watch all of the original lord of the rings. those are warner bros.. though should be on hbo max and they are on hbo max but they are also on amazon's prime video. you see this culture that's really changing inside of warner media, where instead of making it the exclusive home of content, there going back to more of a licensing model. where it is on hbo max but now you can also get it on amazon prime. where that never would've happened with the prior management team. your sing a focus on licensing to generate profits, versus the northstar, which was streaming hbo max. hbo max is no longer the sole focus of warner bros./discovery. they're looking to make money, like licensing to third parties like amazon. emily: we are seeing streamers making more moves into sports. amazon is going to show thursday night football in bars and restaurants as part of a deal with directv. you

stock number one warner bros. discoveryres slammed after the second quarter loss on charges related to the combination of discovery and warner media sales missing forecast by $2 billion. they cited canceled contracts and slowing of streaming growth. stock hammered down 10%. stock number two is doordash up 11% sales topping forecast and the company which stock has lost half the value in a year it is well positioned to deal with softer beconsumer spending. time will tell stock number three amc. up 517 million new shares under the ticker symbol ape. that's a nod to the investors who call themselves apes the stock down 9% right now in earnings we watch the second class of shares which will roll out at amc. >>> still on deck on "worldwide exchange." more on the big win for the senate democrats and what support from krysten sinema can mean for the future of the now scaled back build back better agenda and big win for private equity billionaires. stick around >> announcer: today's big number 95%. that's the year over year decrease

the numbers are in and it is a record breaker for warner bro's discovery streamer hbo max. folks, we were talking about this yesterday; right. nearly 10 million people, this is the number we finally got, tuned into the premier of the game of thrones prequel house of the dragon making it the largest audience for any new hbo original series. yes. the big ratings might have been bigger though because thousands of viewers reported technical issues, particularly viewers trying to watch the show using amazon fire sticks. they could not log on and see it. you could have predicted the big ratings anyway because on sunday, house of the dragon trended on twitter for 14 hours and number one on google trends. that said, even with the two-thirds of a percent move to the upside for warner bro's discovery, not even the dragons can save them, the stock lost 14% this month and 45% year to date. chinese ev makers getting swamped after one of them paying a wider than expected seconder quarter loss and guidance for third quarter sales and deliveries. x pang getting clobbered down 10.5% and wha

we'll run down the stocks to watch and a big win for warner bros. discovery.use of the dragon" pulling in 10 million viewers the second hour of "squawk box" begins right now >>> good morning, and welcome back to "squawk box" here on cnbc, live from the nasdaq market site in times square. becky's off today. u.s. equity futures trying to make a stand, rebound a little bit. 4 42 points. the nasdaq over 2.5% it's up marginally this morning. the ten-year is up 3%. it's either going above or below that level, i'll make that prediction and check out crude and natural gas. crude on the possibility of an opec cut just some murmurings in the market and natural gas given what's happening in europe, that's a big, big number that we're seeing almost $10 now. and winter's coming. andrew, with the "game of thrones" reference, and keel' swe'll see how europe handles that. >> winter's coming to the market, too? winter came to the crypto. >> morgan stanley's mike wilson will join us at 8:00 a.m. eastern time, and his notion back then, and we'll get to talk about it, his notion

warner bros. discoverynges at cnn to a big, big bet on house of dragons on hbo we'll talk with axios reporter, sarah fisher, after this h >>> welcome back to "squawk box. futures right now pointing to a lower open nasdaq down by 155 crypto's also risk-off bitcoin falling to a new three-week low, down by 8.5% ether is down by about 9.5% right now. andrew >>> meantime, shares of warner bros. discovery under pressure coming amid turmoil at cnn they've canceled one of the longest-running programs but the company is hoping for success with "house of dragon", premieres on sunday night. lots going on at warn er media o warner bros. discovery folks trying to understand what's happening at cnn, what's happening at hbo and beyond. give us the big picture and maybe take us down granularly about what you think the big conversation is right now. >> yeah, the big picture is that when these two companies combined, there's a ton of debt, over $50 billion worth of debt so the leadership trying to streamline operation and co

warner bros. discovery opening up a new front in the war for subscribers. call the company's chief announced discovery and max will merge into one. it is said to launch in the u.s. next summer. hbo maxon discovery plus account for 92 million subscribers between them. split the company reports they cut 4% of its workforce. down nearly 8% today. one persons trash is another's treasure they are calling it the trash. company reports a garbage bag inspired it. the price? $1800. to the pub the average cost nationwide is down to $4.13. that is a price we haven't seen since april. still a gallon cost $90 $0.90 more this time of year than it did last time. >> i am shepard smith on cnbc >> florida's governor suspends the state attorney for his stance on the abortion law. >> we will make sure -- gabby petito her mom. the revenge of the air traveler. it could have the airlines paying you cash. >> the department of transportation planning more specific rules about when the airlines have to give you a refund. right now the guidelines are vague. you can get a refund when

we have to take another look if we can at warner bros dis-covid i have shares -- discovery shares and look at bottom of s&p and media conglomerate down 16% after missing second quarter results and the company lowered full year targets for 2022 and 2023. company also confirmed what charlie gaspier reno was reporting, h bo mocks and discovery -- hbo max and discovery will roll into one and wbd will develop a free ad supported tier for that. ceo david zaslav is moving away from a streams first mindset to focus on boosting wdb theatrical and paid tv businesses. as zaslav puts cash flow over subscribers, paramount saying challenges will affect the media company. the streamers are not doing well. i would argue that's much more on the message that david zaslav put out saying, yeah, with so much competition, the whole streaming picture is being diluted with the ability to monetize it and disney down, netflix down as well. couple of gig economy stocks reporting earnings. door dash shares reversed and much higher earlier and they're down about 2.25% after the food delivery services lost for the

cnn and israel are part of the same parent warner bros. discoveryars is making a comeback after a six-year break. listen to this. ♪ >> she teamed up with music legend, elton john. a dance track called, pulled me closer. elton john says, he believes their duet will give her some much-needed confidence boost after a decade of conservative ship that controlled her career and private life. >>> i will be back in just a moment. for more at the cnn newsroom, please stay with us. my moderate to severe plaque psoriasis... ...the burning, the itching. the stinging. my skin was no longer mine. emerge tremfyant®. with tremfya®, most people saw 90% clearer skin at 16 weeks. the majority of people saw 90% clearer skin even at 5 years. tremfya® is the first medication of its kind also approved for adults with active psoriatic arthritis... ...and it's 6 doses a year after 2 starter doses. serious allergic reactions may occur. tremfya® may increase your risk of infections and lower your ability to fight them. tell your doctor if you have an infection or symptoms or

warner bro's discovery down 1% at this moment and down 44% year to date. lauder investors are slapping lipstick on the investor. the company behind mac and clinique missing quota. coal shares taking a tumble after the company slashed full year forecast underscoring este lauder issue weighing on income issue customers and kohls down 7.25% and flip over to macys and nordstrom and not an apples to apples comparison and they're dipping in the wake of kohls forecast cut and dillards happens to be clinging to a slight bit of gains here. investors digest today's retail earnings, the gap is set to drop its second quarter report one week from today. ahead of that, yeezy designer and rapper kanye west known as ye stirring up collaboration with the retail chain. ye directed new collection for the line, yeezy gap, to be displayed in gigantic trash bags instead of on hangers and abs leading some to say having customers dig through trash bags for sizes is insulting. what's behind the rapper's thinking here. we take you live to the gap in time square where eric shawn spo

cnn and hbo have the same parent company of warner bros.-discovery incorporated.uber, please stay with us. i'll be back in just a moment with more "cnn newsroom." zyrteeeec... works hard at hour one and twice as hard when you take it again the next day. so betty can be the... barcode beat conductor. ♪ go betty! ♪ let's be more than our allergies! zeize the day. with zyrtec. - custom shirts help people feel like they're part of a team. my name is timothy chi, and i'm the ceo of weddingwire. we're very proud customers of custom ink. we keep coming back to custom ink because of the quality of product, the customer service and the ease of use. that moment you walk in the office and people are wearing the same gear, you feel a sense of connectedness and belonging right away. and our shirts from custom ink help bring us together. - [announcer] custom ink has hundreds of products to help you feel connected. upload your logo, or start your design today, at customink.com when we started selling my health products online our shipping process was painfully slow. then we foun

warner bro's discovery stock is one of the top leaders on the s&p 500. the 3.6% gain comes ahead of sunday's hbo max debut of game of thrones spin off house of the dragon. wbd has suffered through a brutal year falling 4 2% since january. house of the dragon is the pre-cprequel to the game of thrs or got as its known, promises intrigue and violence. i'm about to get violent if lobster gets anymore ex-pen civpensiveand we're being told s will shell out more for the lobster roll as inflation drives up price again of the catch and in turn is pinching the profits of lob terrific men that work -- lobster men that work hard to catch it. jeff loche live from a lobster port in port, maine. jeff. jeff: on board a ship. they don't come fresher than that, that one is ready to bite you. if you blow on the -- watch it. he snapped close. isn't that something? i tell you, this is right, what you're saying about the pinch right now because even though lobster prices at dock are down, they're staying up for lobster rolls and that's even though the inputs for this and by

. >>> warner bros. discovery hitting pause on a number of films.uaman" and "shazam" is cutting back as they look to save money. >>> and pink floyd catalog is not close to striking a deal with blackstone. "worldwide exchange" is back in a moment makes trading easier. with its customizable options chain, easy-to-use tools, and paper trading to help sharpen your skills, you can stay on top of the market from wherever you are. power e*trade's easy-to-use tools make complex trading less complicated. custom scans help you find new trading opportunities. while an earnings tool helps you plan your trades and stay on top of the market. >>> shares of peloton on the move ahead of the its earnings report results are out ahead of the open the figures on the back of news that peloton is strike ing a del with amazon. marking the first partnership in the bid to broaden customer base and navigate supply chain worries and reduce the store footprint. let's discuss that and more with ed yruma at piper sandler. good morning to you, ed. why don't we talk about the restr

take ago look at shares of warner bro's discovery. right now the stock is down about 3.33%. chachartly, you ratterred this t week. charlie: yeah, he said we're going to combine these streaming services with discovery -- hbo max. max. cheryl: yeah, it gets confusing. charlie: we're going to talk about disney later. he was going to combine and we report that had a i did before and report that had it would lead to rounds of layoffs and from what we understand, this is the first round. again, from my sources close to the company, there'll be more layoffs, more downsizing, there's going to be an incredible focus on cost here. i mean, one thing that zaslav believed there was too many silos in the old warner media company, the old time warner media. lots of overspending in certain streaming services over there. hbo+, a lot of overspending. cheryl: slow down in advertising for tv. charlie: he's got his eyes on cost and again, we'll hear a lot about layoffs. unless you're one of the 70, i don't want to make climate it's a cut and if you're one of the 70, that hurts. it's not a good t

the warner bros. discovery finished at about 7/2%. of house of dragons last night drawing rave reviews from audiences as well as from critics and then paramount also down 5% though it is still in -- in august. walt disney shares down about 3 1/2%. take a look at social stocks. snap is now down nearly 77%. meta-platforms also losing about 3%. twitter and pinterest talk about it. on friday morgan stanley --. >>> sometimes you and he said just that. and i percent stake. 50 million youth that means to an billion dollars in class. i was going to do it once and then do the routine. he showed me how to do and that misses the whole point. if you are paying someone you have show up. that's the whole deal. if you are not paying them, you don't go. if i know he will charge me either way, shame you a little bit? >>> final trait is sponsored by interactive brokers. time for the final trait. karen, quick. >> too early then but again now. >> guy? >> apa, you big stud. >> can? >> pfizer. tsc. sea of red. thank you for watching fast money. you know wh

pictures executive emma watts it closed the mgm division and saw two executives depart for warner bros. discoverye a lot of talk around the watercooler as who lands where. >> it is an historical time to be content creator if you produced a couple of mildly successful shows, you might just get $100 million deals. bertha, we have to talk. let's talk after the show. we're smart. we can come up with something. we can figure it out >> put our thinking caps on. >> yeah. exactly. maybe our money caps on. bertha, see you in a few minutes. interesting story coming up. >>> right now, let's talk oil. as you know, there have been some relief at the gas pump the last few months. oil prices above pre-pandemic levels and have come down since spring demand for gas is still remaining high with millions of americans potentially hitting the road and going back to the office three or four or five days a week, it could pop more that with american production not rising quickly and america now exporting oil which could be the recipe for higher prices let's talk about this with jay young. ceo of independent oil and gas

virgin galactic, warner bros., discovery, biden hosting a labor union's meeting on inflation reductionof course we have the tesla agm. that is a prelude to the main event tomorrow. kailey: the jobs report for july here in the u.s. coming up tomorrow on friday. that is going to be the big one to watch. from revlon and wpp. it could have some major implications for the federal reserve has pushed the market really hard this week. coming up, richard haass will be joining balance of power with david westin on television and radio. i am heading home, guy. you are heading to the radio booth. booth. at fidelity, guy: your dedicated advisor will help you create a comprehensive wealth plan for your full financial picture. with the right balance of risk and reward. so you can enjoy more of...this. this is the planning effect. so many people are overweight now so you can enjoy more of...this. and asking themselves, "why can't i lose weight?" for most, the reason is insulin resistance, and they don't even know they have it. conventional starvation diets don't address insulin resistance. that's why

parent company warner bro's discovery said house out of the dragon saw the biggest turnout since gamethrones. t-mobile and spacex are partnering on a phone that would work in areas with no cell coverage. t-mobile ceo joins spacex founder elon musk in texas yesterday and they plan to roll out the program next year starting with text messages and eventually moving on to voice and data and send and receive and talk anywhere pretty amazing. t-mobile is down 2.8%. well, the 2022 college football season is set to kick off across the pond tomorrow. the nebraska corn huskers will face off with a northwestern wildcats in the college football classic. this will be the first international college game in over five years. the matchup comes at a historic moment when college athletes can profit off their athletic career withs name, image, and likeness deals. grady trimble joining us from the campus of northwestern university in evanston, illinois. hey, grady. grady: hey, lauren. college athletes is big business and now it's one that student athletes themselves can make money off with name, image an

the warner bro's discovery ceo axing the release of the dc comics film batgirl after it's been shot and paid for and that's just for starters. making a big announcement tomorrow. charlie will break it right now, next. closing bell we're 14 minutes away. dow is up a clean 500 points right now and nasdaq percentage winner here, up 2.7%. we're coming right back. the dow is on the verge of closing out of correction territory. stay with us, we'll see if they can do it. this is xfinity rewards. our way of showing our appreciation. with rewards of all shapes and sizes. [ cheers ] are we actually going? yes!! and once in a lifetime moments. two tickets to nascar! yes! find rewards like these and so many more in the xfinity app. ♪. liz: folks, we're getting breaking news right now. a report that republican congresswoman of indiana, jackie walorski died in a car crash. wnbu, south bend reporting the story. two others reportedly killed in the crash. this story is developing. as soon as we get more we'll bring it to you. let us transition to shares of warner brothers discovery. they are popping thi

hbo max is part of warner bros. discoverywhich is coming off merger and under a lot of financial pressure they need "game of thrones" to bring in subscribers amazon is in ecommerce they can spend what it takes on "lord of the rings." the early reviews are it is very he good. people have been saying somewhat surprisingly it is pretty good a lot of anticipation to see how this connects with consumers over labor day weekend >> all that money, you wonder how other streamers will compete with the behemoths >> it is like being shot in the face with money cannons. that was an executive from an old fashioned company that needs to show quarterly profits. it is a "game of thrones" in hollywood. >> cynthia littleton thank you so much. >>> it was a blockbuster weekend for classic car collecting nearly 800 cars sold for nearly $470 million at auction in monterrey, california. one is a 1937 mercedes-benz. it passed through several owners, including the king of afghanistan. that car sold for nearly $10 million. then this 1937 bugatti it sol

warner bros. discovery opening a front in the war of scrtreaming subs subscribers.he chief announced hbo max and discovery plus will merge. we are waiting for the new name. it is set to launch next summer. hbo max and discovery plus. >>> beyond meat struggling the company out with unappetizing second quarter earnings the results are wider than expected loss and weak sales the company reports it will cut 4% of the work force this comes a week after mcdonald's uprooted the mcplant from the restaurants the research firm added the company to zombie stocks that stock of beyond meat down 8% today and more than 50% this year. >>> and one person's trash is another treasure luxury fashion house balenciaga is giving them a garbage bag they call it the trash pouch the company reports a garbage bag inspired the calfskin drawstring sack. the price is cheap $1,800. >>> today at the pump. the average cost nationwide for a gallon of gas is down to $4.13. we have not seen that price since late april still costing 95 cents more than last year. >>> on wall street the dow down 86. s&p

michael burry sold out all of his equity positions, including meta, alphabet, warner bros. and discoverynd apple. one standout was viking global which went on a buying spree, at least double stakes in meta, block and take two during the quarter. now, important to note as always, these positions are backdated to june 30th they have likely changed since then after so much has mapped in the market this summer, guys so interesting to look at the fact that berkshire hathaway was buying up paramount and interest in warner bros., is discovery. what is the angle there other than the fact that the stocks have been sold off so much >> i think it's a value play that's all we can glean from the 13f filings. we don't know what the current positions are with regard to media stocks there has been a lot of activism in media as well as i know you and i have gotten to collaborate on in recent years so part of it comes from, you know, hedge funds that are more deeply involved in activism and that has been an attractive sector for that group of individuals. and then part of it is just a value play and, you

want to get to julia boorstin with a look ahead at warner bros. discoveryich we're going to hear about tonight. >> good morning. let's start off with paramount's better than expected 19% revenue growth the stock down this morning. it's now down about 3%, as we've seen with some media companies it is the streaming numbers that are moving the stock taking a look at the company's total direct-to-consumer describer base of 64 million, that is a million and a half short of analyst expectations. the company lost more than expected on the direct-to-customer division. paramount plus grew a hair less than expected. and pluto tv service had fewer active user than it anticipated. it had nearly 70 million compared to the 73 million that the street forecast. the ceo saying in q2 we grew total company revenue by 19% and took market share in streaming and blast tv, in box office and upfront dollars all while increasing our penetration of the most important growth market in media streaming. the earnings call will come up in about 15 minutes, and we'll see if some of these

hbo max is part of warner bros. discoveryich is just coming off a merger and they are under a lot of financial pressure. game of thrones needs to bring in subscribers. amazon as we all know is in a very different business. it is in the e-commerce business . they can spend what it takes on lord of the rings. the early reviews on this show say it is very good. people have been saying, you know, somewhat surprisingly that it is pretty good. there has been a lot of anticipation on how this will connect with consumers over labor day weekend. >> cynthia, all that money, you wonder how other streamers will compete. >> that is a big problem. an executive said it is like being shot in the face with money cams. that was from an executive from an old fashion company who needed to share orderly profits. it is a game of thrones, as we call it these days. >> cynthia, great to have you. thank you so much. >>> it was a blockbuster weekend for classic car collecting. 800 cars sold for $170 million in monterey, california. one of them, this 19

warner bros. discoveryich has the rightsl to the harry potter franchise, issued a statement condemning the threats against her. rowling says police are now investigating. >> valerie castro, thank you. >>> china turning up the dial and restarting military drills near taiwan after another group of u.s. lawmakers made an unannounced trip to the island. taiwan's defense ministry reported detected 30 chinese warplanes and five warships near the island today. beijing says the military exercises are a solemn response to a surprise visit to taiwan by democratic senator ed markey and a congressional delegation. their trip comes less than two weeks after house speaker nancy pelosi infuriated beijing with her own trip to the island. >>> brittney griner's defense team appealing her drug conviction in russia. the basket all-star's attorney announced the move today. she says it could take up to three months before a court actually here's the appeal. earlier this month, a judge sentenced griner to nine years in a russian

for a changing world. >>> warner bros. discovery delaying release dates as the company continues to cut costs the sequel to "aquaman" delayed. she was in that. >> johnny depp >> yes set to hit the screen in march fans have to wait for christmas day 2023 "shazam" and of jim nabors life st story? no release date pushed from this december sorkin, you are a hollywood movie expert person. what does this mean exactly? do the movies stink or are they bad like the one they canceled does it save money to wait for the release date do they tweak it is it not a good time to release it is it a better time? >> i don't know. i think these are timing issues. or against other movies or thinking there is an opening with seasonality this is unlike -- the other film like "bat girl" was an accounting issue >> they got a tax benefit. >> they are taking lots of other programming off hbo max. that is about residuals. not having to pay residuals. at the same time, declutter the service given there is so much clutter. this is a different thing. looking at th

having said that paramount down 16%, actually one of the better performers, and then we get to warner bros. discoveryyou asked pet about it yesterday, take in nearly $2 billion, but what they say is a deep dive of pressure testing, what they found and what they bought the compete hopes to be down to four times by 2023, in terms of four times ebitda that said, we still don't know the answer when it comes to the overall economics of this business had won't like anything like the old cable business, where the margins were amazing. >> cnn, with that billion -- >> yeah. >> i was talking about it yesterday. i was very surprised that mr. zazlov, anything is the k.o.d., right? >> it does raise the question, do they fully understand what thin buying? did they pressure ittest everything enough? the answer would be, perhaps when you have to talk about certain access taking the limit hbomax b 2 b, and direct to hbomax films, which we did not find sufficient support, maybe they didn't -- maybe they paid too high a price is what it amounts to >> that's what i think. >> if the economy weaken, you don't want to be i

hbo max is no longer the sole focus of warner bros.'s discovery.hey are licensing from third parties like amazon. >> we are seeing these streamers make more moves into sports. amazon will show thursday night football in bars and restaurants as a deal with directv. you're talking about there being more viewers on streaming than on cable for the first time ever. his sports the only way to take streaming to the next level to that next generation or chapter? >> sports is a great way to get people to come in. if you have champions of the which is what paramount plus just acquired, the only way you can watch it is to sign up for paramount plus. if you want to watch wrestlemania, you have to have peacocks. each of these platforms are by his close of sports rights. the negative is you don't own the content. you have to keep fighting every 3, 5, 7, you have to keep fighting for these. netflix owned stranger things forever. it is not disappearing. they don't have to rebid for those rights in three years. sports is a double-edged sword. but what is interestin

you too, my friend we'll talk about warner bros. discoveryorrow >>> we have another hour of "squawk on the street" ahead, so don't go anywhere. you'll always remember buying your first car. and buying your starter home. or whatever this is. but the things that last a lifetime like happiness, love and confidence... you can't buy those. but you can invest in them. we believe that your investments should work harder for the future you imagine. and that's where our strategic investing approach can help. t. rowe price. invest with confidence. >>> good tuesday morning welcome to another hour of "squawk on the street. i'm david faber with melissa lee. carl and morgan both have the morning off. we are down generally speaking, the nasdaq by far in most negative territory a half hour into trading. >> here are the three movers, unity and applovin moving in opposite directions. we have a mixed picture this morning, and finally chip names on the move as we await president biden to sign the law into law here's what sanjay mehrotra told jim and david this m

transition to disney+ based on the economics we have heard from the new management team of warner bros. and discoverythey feel about that math? jason: i think everyone settled into a pretty reasonable equilibrium. short of the theatrical window, that is the common consensus. disney has been there a while and i think others are following. i do not expect any real pivot from disney on that front. jon: ok. we will watch to see with the company has to say. jason, thank you for your analysis. jason bazinet, citigroup global head of cmt with a preview on disney. when we come back, elon musk selling $6.9 billion in tesla shares in case he needs it for twitter. more on what this means for his future in court. this is bloomberg. ♪ jon: this is "bloomberg markets ." i am jon erlichman with caroline hyde. time for what it's worth and the number is $6.9 billion. that is how much tesla stock elon musk sold to make sure he had enough cash on hand if he is forced to go through the acquisition of twitter. he already sold billions of dollars of stock this year. he is now offloaded $32 billion worth of tesla shares th

the fat acts fell between emerge between warner bros. and discovery had made david zaslow the ceo.ot rid of cnn plus. so batgirl will have company in the on appointment line. cnn lasted a few days while batgirl was never released, but somehow both got the exact same number of viewers. but sadly for now batgirl will have to make back money the old-fashioned way, dancing on that bat pole. a sexist would say! tyrus, what is wrong with this movie that it's -- >> nothing is wrong. this is great. good for him, glad david is here. you make a movie about checking a box and you want to check on the boxes and add all the people and all this and that at this and that and then the script socks so you're going to run a movie that's going to ruin your franchise you can be woke and then realizing woke is broken if you did the right thing, we are going to stop this now because yes, we could make your happy political movie, but no one's going to buy. or we could save the company and start making good movies again with actor second act in people -- nothing against the people involved with this but t

cnn plus was first ago, cnn is part of the big umbrella warner bros. and discovery have.treaming services, discovery plus, hbo max into one. will this lead to announced layoffs? this is announced, during earnings call at 4:30 eastern time. are they going to announce specific layoffs? no but from what i understand they will talk cost savings, this will lead to significant layoffs, management teams, duplicate of management teams, duplicate of marketing teams, tech teams, that is what happens, not a fun thing to report but it will happen. everyone is cutting to make numbers particularly debt burdened media companies in fierce competition, streaming was thought of as the wave of the future. it is so competitive and hard to make money, netflix after recent travails, that is where we are. we will get some more detail. it will be interesting to see the name of the new entity. i hear rumblings that hbo is unlikely to be the new name. that is what i heard but who knows? we will see what they say. casey is head of hbo content, likely to play a major role from this whole thing, they

warner bros. made the discovery. take a look at the 10 year comparison. i think that is the most telling. we talked day today so often. to get that out of the way. you actually make a bet on management teams. i feel good about something. i don't think a company has got it. the other one does. sometimes, you can do very well. >> you just need to go on t- mobile. will you take a look at that? >> 100%. >> add the dividend. >> this is important. i don't believe that's inclusive. just comparison. >> look at verizon. straight line for 10 years. >> .46. >> that shows you it has not moved in 10 years. they have captured market share. they have capitalized on the spectrum position. it has begun to not compete with six wireless products. we have parent companies. it has taken market shares. we reported quarter after quarter. we have a key period of a number of years ago. it has become almost the largest wireless company for market caps in the country. worth noting. >> is 10% bigger. i think it's going to pass verizon. >> the market cap with your girlfriend? >> 10%. >> i want to ask you something. w

hbo max and discovery plus are merging with parent company warner bros., promising a free service ase. it's set for summer, 2023. no word on what the new service would be called. >>> and why put mustard your hot dog when it can go on your doughnut? french's is giving away free mustard infused doughnuts on national mustard day which is tomorrow. it's happening at different dough locations around new york city or on line through brooklyn-based dough's website beginning at 9:00 a.m. eastern. >>> that is your cbs "money wtch" report for this friday morning. i'm matt pieper, cbs news, new york. >>> south korea is headed to the moon. >> three, two, one, zero, ignition and lift off. [ applause ] >> the asian nation's first lunar orbiter hitched a ride aboard a spacex rocket from florida's cape canaveral. the $180 million mission will send a satellite to the moon and look for a future landing site for a robotic probe. south korea wants to land its own spacecraft on the lunar surface by 2030. the satellite is set to arrive at the moon in december. >>> meantime, for spacex what goes up must co

warner bros. opening a new front for streaming. they announced that hbo max and discovery merge into one. it is set to launch in the u.s. next summer. hbo max and discovery plus account for her about 92 million subscribers. >>> beyond me struggling to find business. they cannot with unappetizing second-quarter earnings today. the company also reports it will cut 4% of its workforce. an equity research firm has been added to a list of zombie stocks. that is beyond meet. >>> and one persons trash is another treasure. thankfully luxury designer they are calling it balenciaga is giving people a trash bag. the price, $1018 >>> the average cost nationwide for a gallon of of gas is down to $4.13. still, a gallon cost $.95 more than it did this time last year. >>> on wall street, the dow is down and the s&p is down 3. the nasdaq up by 52. >>> i am shepherd smith. it is the bottom of the hour. time for the top of the news. the florida governor spends the status tony for his stance on the abortion law. the reasons for the punishment and the response of attorneys. >>> the mother of g

warner bros. the parent company that owns cnn that they combine hbo max and discovery, their big streaming platformsbeen looking at this. though tomorrow could be the day david announces that. new leadership, the name the keeps coming up, the guy who runs programming for hbo, would become the new head of the unit and that is where the prices begin. yc looking to cut the king of all media, heavy debt burdens since the wind down a year ago. cost-cutting, streaming is not doing as well. you add it all up and this is a company that is under tremendous financial pressure but as i have been reporting, stock is starting to pop today, it was up the last couple days on rumors this was going down so tomorrow, thursday. jackie: it is positive for the bottom line. charles: is like that. in any event keep an eye out, this is a long time coming. zaslow of consider the king of all media but that is a longer-term chart. he's got a monumental task ahead of him. cutting costs, improving programming, making sure streaming works and he wasn't bashful about getting rid of cnn plus. this would be his next major corporate