Jim Cramer - Mad Money Warner Bros. Discovery WBD-Q DON'T BUY Nov 10, 2023

Tanked last year, saddled with $50 billion in debt, but is rallying this year. AT&T shareholders didn't want to own WBD. Was down over 60% last year, but the 4th-best stock this year.

#4 performer in Q1, up 59%. Had an up and down 2022 after last year's merger. The stock has been over-hated and he loves their content.  But their debt is too high.

Warners is hosting a press event Wednesday. Buy shares ahead of it. He expects them to talk about cost efficiencies which the audience should welcome.

They report Friday. They have a challenging balance sheet. He wants to hear about cord-cutting and advertising (leaving TV and going into the internet?). The CEO can make things happen, given his experience.

The Fed will cut rates which helps WBD lower their debt, but he needs to see a quarter that demonstrates a lot of cash flow.

They just reported a brutal quarter, a $9.1 billion writedown on some of its linear TV assets, given cord-cutting and higher costs.

It reports Thursday. The new CEO has been reorganizing the company and paying down debt. The stock has been climbing as we get more facts about the impending break-up and the balance sheet improves.