Why Warner Bros. Discovery Stock Is Rising Thursday

Warner Bros. Discovery Inc WBD shares are trading higher Thursday following reports HBO announced a monthly price increase for its streaming service HBO Max.

What Happened: According to a Deadline report, HBO is increasing the monthly price for HBO Max from $14.99 to $15.99 in what is its first price increase since it launched in 2020.

The $1 hike will catapult HBO Max to the top of the list of most expensive streaming services, ahead of Netflix Inc's NFLX standard plan which comes in at $15.49 per month. 

Related Link: Jefferies Upgrades Netflix: Here's What You Need To Know

"This price increase of one dollar will allow us to continue to invest in providing even more culture-defining programming and improving our customer experience for all users," the company reportedly said in a statement.

The price increase news comes just hours after Warner Bros. Discovery announced a content deal with Amazon.com Inc's AMZN prime video platform in France. HBO Max launched on the prime video platform in the U.S. last month. 

See Also: Amazon Stock Pops Higher, Prints This Reversal Signal: What Could Happen Next?

WBD Price Action: Warner Bros. Discovery has a 52-week high of $31.55 and a 52-week low of $8.82. 

The stock was up 3.13% at $13 at time of publication, according to Benzinga Pro.

Photo: courtesy of HBO Max.