Warner Bros. Discovery pops as CFO says new streaming service to come in spring
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Warner Bros. Discovery (NASDAQ:WBD) CFO Gunnar Wiedenfels said on Thursday that the media and entertainment giant's oft-discussed combined streaming service would debut in the spring. 
Warner Bros. Discovery (WBD) shares rose more than 5% in mid-day trading on back of Wiedenfels' comments, made at Citi's investment conference.
The new unnamed service will combine HBO Max - which is home to content from DC, TMC, HBO and more - along with Discovery+, which is more geared towards reality television.
In December, it was reported that Warner Bros. Discovery (WBD) was discussing 'Max' as the potential name for the combined service. 
Wiedenfels' comments echo those made by Warner Bros. Discovery (WBD) CEO David Zaslav, who said on the company's third-quarter earnings call in November that the combined service would be available in the spring. The new service was previously expected to launch in the summer.
Wiedenfels also said that the company was done with restructuring and writing off content.
"We took a little bit of time to make sure that we do it properly," Wiedenfels explained. "For some of the titles, weâve found new homes elsewhere. Thatâs why this took six or seven months. But I think weâve come to great solutions and, most importantly, weâre done with that chapter."
In addition, Wiedenfels noted that the company was planning twice as many theatrical releases in 2023 as it had in 2022. He also said that the company was not looking at any strategic asset sales.
Looking ahead, Wiedenfels pointed out that advertising market trends did not improve in the fourth-quarter, a key concern for all players in the media and entertainment space, particularly as worries about the decline of linear television persist. 
Warner Bros. Discovery (WBD) is slated to report fourth-quarter results next month.
Last month, Warner Bros. Discovery (WBD) disclosed that it was expecting higher charges due to its restructuring initiatives.