DoorDash, Warner Bros. Discovery To Make Max Free To DashPass Subscribers
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Key TakeawaysWarner Bros. Discovery's Max streaming service now comes free with a DoorDash DashPass annual plan, which costs $96 annually. That's less than Max costs by itself.Last week, WBD reported a nearly $10 billion loss, with a $9.1 billion non-cash goodwill impairment charge from its cable networks segment.A Bernstein analyst downgraded the company after WBD stock hit its lowest level since 2009 on Monday.The partnership is the latest collaboration between streaming services and food-delivery firms.
Ordering snacks to munch on while watching "House of the Dragon" just got easier.DoorDash (DASH) has partnered with struggling entertainment conglomerate Warner Bros. Discovery (WBD) to make the Max streaming service available to its premium DashPass customers.Max (with ads) is now included with a DashPass annual plan, which costs $96 per year. That's cheaper than ad-free Max normally costs by itself. Customers can upgrade to ad-free Max for $10.99 per month. Shares of Warner Bros. Discovery climbed nearly 5% to $7.02 as of 2:30 p.m. ET Tuesday but the stock is down about 40% this year and hit its lowest level since 2009 on Monday. DoorDash stock rose almost 3% to $127.47. WBD's Cord-Cutting WoesLast week, WBD reported an almost $10 billion second-quarter loss, hit by a write-down in the value of its cable networks. A $9.1 billion non-cash goodwill impairment charge from its cable networks segment made clear that flagship networks like CNN and TNT continue to be disrupted by streaming services.The company was also rebuffed by the NBA when it matched Amazon's (AMZN) reported bid of $1.8 billion a year for the right to broadcast a package of games as part of a new 11-year, $77 billion media rights deal. The NBA instead chose Amazon's Prime Video, which boasts about 200 million monthly viewers, roughly double the number of WBD streaming customers.On Tuesday, Bernstein analyst Laurent Yoon dropped his rating for WBD to "market-perform" from "neutral," and slashed his price target to $8 from $10.DoorDash-Max the Latest Partnership Between Food-Delivery Firms, StreamersThe partnership marks the latest collaboration between food-delivery services and streamers.Instacart (CART) last year started providing Peacock, a unit of Comcast's (CMCSA) NBCUniversal for free to its paying Instacart+ subscribers in the U.S. In May, Amazon announced that it was offering its Prime members a free Grubhub+ membership worth $120 a year to win over consumers to its loyalty program. Read the original article on Investopedia.
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