Warner Bros. Discovery could become a target for an activist shareholder if Zaslav doesn't start to deliver wins for shareholders.
Warner Bros. Discovery shares plummeted Thursday after taking a $9.1 billion impairment charge on the decline of its linear business and uncertainty around NBA rights.
Nonetheless, Zaslav projected a message of confidence during the company's earnings conference call Wednesday. Warner Bros. Discovery also owns a number of other valuable businesses, including HBO, Warner Bros. studio and DC Comics. LightShed analyst Rich Greenfield has argued the company should dramatically scale back its direct-to-consumer aspirations and focus on licensing content to other, larger streamers.
There are two clear hurdles for a potential activist. The first is Malone's influence over the board. It's possible an activist fund may be scared away from angling for board seats if it thinks Malone's power is so great that any suggestions will be rendered pointless.
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