Warner Bros. Discovery and CEO David Zaslav were sued Monday by investors who experienced “significant losses and damages” caused by fallout from the studio’s rights negotiations with the National Basketball Association.
The media giant lost the rights to NBA games in July: The new deal with ESPN, NBCUniversal and Prime Video will start with the 2025–2026 season. In June, the Wall Street Journal valued the multi-studio deal at $76 billion.
The suit filed Monday is on behalf of all shareholders who acquired WBD securities between Feb. 23 and Aug. 7. WBD chief financial officer Gunnar Wiedenfels was also named as a defendant.