Why Is Warner Bros. Discovery Stock Rising?

Warner Bros. Discovery, Inc. WBD shares are up Wednesday after Chairman and CEO of CNN Worldwide, Chris Licht, stepped down.

What To Know:  "I have great respect for Chris, personally and professionally," said David Zaslav, president and CEO, Warner Bros. Discovery. "The job of leading CNN was never going to be easy, especially at a time of huge disruption and transformation, and he has poured his heart and soul into it. While we know we have work to do as we look to identify a new leader, we have absolute confidence in the team we have in place and will continue to fight for CNN and its world class journalism."

An interim leadership team has been established while the company begins an active search for a replacement. This team includes Amy Entelis, EVP of talent and content development, Virginia Moseley, EVP of editorial, and Eric Sherling, EVP of US programming, as well as David Leavy, chief operating officer, on the commercial side.

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WBD Price Action: Shares of WBD were up 5.25% at $12.74 at the time of publication, according to Benzinga Pro.

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