Warner Bros. Discovery may overhaul DC Entertainment unit: report
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Warner Bros. Discovery (NASDAQ:WBD) may look to overhaul its DC Entertainment unit in an effort to better maximize its value, Variety reported.
DC Entertainment, which houses comic book heroes such as Batman, Superman, Wonder Woman and The Flash, has had a mixed run of success at the box office going back to 2016, with Batman v Superman. The movie, helmed by director Zack Snyder, earned $871 million at the box office, but was poorly received by critics and a number of industry experts felt the movie should have surpassed $1 billion in box office receipts.
Some movies, such as Wonder Woman, Aquaman and its most recent offering, The Batman, have been both box office and critical hits, while other movies, such as Justice League, Birds of Prey (and the Fantabulous Emancipation of One Harley Quinn) and David Ayer's Suicide Squad have been less well received.
Batman v Superman received something of a second wind when Warner Bros. released an extended version, as did Zack Snyder's Justice League, which recut the aforementioned Justice League, directed by Joss Whedon, and helped spur subscriber growth for HBO Max.
Warner Bros. Discovery (WBD) Chief Executive David Zaslav may look to bring someone into the company similar to what Disney (DIS) has done with Marvel's Kevin Feige.
The news outlet, citing multiple sources close to the situation, added that Warner Bros. Discovery (WBD) could have DC Entertainment become its own content vertical, which would impact both film development, streaming and the creative arm inside DC.
Warner Bros. Discovery (WBD) shares fell slightly more than 2.5% to $25.31 in mid-day trading on Thursday.
The company did not immediately return a request for comment from Seeking Alpha.
On Wednesday, Bank of America initiated coverage on Warner Bros. Discovery (WBD) with a buy rating and a $45 price target, as the firm sees the combined media empire creating "a global media powerhouse that offers a compelling growth and deleveraging profile."