Summary : Warner Bros. Discovery shares were battered Friday on the heels of its after-market second-quarter earnings report on Thursday that revealed the depth of the financial and operational pressures that the newly enlarged conglomerate is facing.

WB Discovery shares were down more than 17% at midday to the $14.50 range. The valuation of the company has plummeted in the four months since Discovery completed its spinoff transaction with AT&T.

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Warner Bros. Discovery shares were battered Friday on the heels of its after-market second-quarter earnings report on Thursday that revealed the depth of the financial and operational pressures that the newly enlarged conglomerate is facing.WB Discovery shares were down more than 17% at midday to the $14.50 range. The valuation of the company has plummeted in the four months since Discovery completed its spinoff transaction with AT&T.