What's Going On With Warner Bros. Discovery (WBD) Shares

Warner Bros. Discovery Inc WBD shares are trading lower by 2.25% to $13.70 going into the close of Friday's session. The stock is pulling back following recent strength after CNN CEO Chris Licht on Wednesday stepped down.

Furthermore, Amazon.com, Inc. AMZN reportedly announced its plans on Wednesday to introduce an ad-supported tier for Prime Video. The company is also engaging in discussions with Paramount and other companies to explore the possibility of incorporating ad-based tiers of their services through Prime Video channels.

What Else?

WBD says the company is actively searching for a replacement while maintaining a strong interim leadership team comprised of programming leaders Amy Entelis, Virginia Moseley, Eric Sherling and David Leavy.

Warner Bros. Discovery CEO David Zaslav meanwhile expressed confidence in the current team and their commitment to CNN's journalism.

"I have great respect for Chris, personally and professionally," said Zaslav.

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"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."

According to data from Benzinga Pro, WBD has a 52-week high of $17.65 and a 52-week low of $8.82.