The business model for the cable network depends on the continued growth of affiliate fees. Any slowdown in the growth of these fees, as pay-TV subscribers continue to decline, could tremendously hit profitability.

International expansion exposes the company to multiple country-specific risks and regulatory regimes that may be more challenging than in the U.S. 

The streaming space is crowded. Warner Bros. Discovery may need to fund losses for many years to build a sizable customer base. 

Max has a long runway for growth available in both the U.S. and internationally. The firm’s original series and the deep and constantly expanding library would drive the growth.

The firm owns the rights to the majority of original programming broadcast on its channels, especially unscripted content, creating a large library that can generate multiple revenue streams. 

Warner Bros. Discovery owns one of the best rosters of production studios for both scripted and unscripted content. 

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Warner Bros. Discovery

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Analyst ratings

63%