This article is part of a directory: A Timeline of HBO Max's Content Purge, From Batgirl to Infinity Train and Beyond
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As the HBO Max content purge continues with the streaming service pulling much of its original content, the stock price of the newly merged Warner Bros. Discovery is in free fall.

Following numerous cancellations with developed projects like Batgirl and Scoob 2, as well as the removal of 36 beloved animated series like Infinity Train, Warner Bros. Discovery's stock prices have been sinking since Aug. 4. The company closed that day at $17.48 and sits at $12.79 as of this writing, marking its lowest stock price since 2009. As Schaeffer's Investment Research notes, Warner Bros. Discovery's stock value has dropped nearly 50% since the beginning of the year.

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On a slightly more positive note for the company, Warner Bros. Discovery also experienced a 1.4% increase in stock price following the premiere of the new Game of Thrones prequel series House of the Dragon. The HBO original holds the record for being the most-watched premiere in 2022 and beat out the release of Stranger Things Season 4 in viewership metrics, though the high volume of server traffic caused HBO Max to crash for some users. Stock analysts are split on the viability of investing in the company. Some still regard Warner Bros. Discovery stock as worth buying, but others, namely short sellers, are selling their stock as soon as possible.

Warner Bros. Discovery's Controversial Moves

The fluctuating stock price comes alongside the company's revamping post-merger following significant company-wide layoffs and writing down $825 million in content losses. The company's long-term plan is to merge HBO Max and Discovery+ into one unified streaming service offering content that appeals to a wider range of demographics. HBO Max is still able to bring in viewers with original content like House of the Dragon, yet controversial decisions like removing 200 episodes of Sesame Street are giving potential investors pause for thought.

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The studio is still actively looking for alternative ways to generate revenue with its original content. HBO Max recently revealed that six of its original animated projects (including the highly anticipated Batman: Caped Crusader), while not canceled, will no longer appear on the streaming service. They will instead be licensed out to other streamers as part of Warner Bros. Discovery president and CEO David Zaslav's new content distribution strategy. The effect these wide-reaching changes will have on the company's stock price has yet to be seen.

House of the Dragon airs Sundays on HBO and is available to stream same-day on HBO Max.

Source: Google Finance, Schaeffer's Investment Research