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Warner Bros. Discovery unveils streaming name change to ‘Max’ launching May 23

Yahoo Finance entertainment reporter Allie Canal joins the Live show to discuss the unveiling of Warner Bros. Discovery's new streaming service.

Video transcript

DAVE BRIGGS: Big day for Warner Brothers Discovery. Not so much as far as investors are concerned. The stock dropping 4 and 1/2% at the moment as the company announces a big change for its streaming platform. Here with the details, Yahoo Finance's Allie Canal. Wow, from the open, the stock dropped, but upon this release, it fell further. Not a great reaction to Max.

ALLIE CANAL: Yeah, it seems to be accelerating a bit. Now, there were some things that were revealed that had been reported on. So for example, the name, we officially got the name as Max. There's a lot of commentary on Twitter about whether they should have dropped the HBO component of it, but the emphasis throughout this entire call was that they don't want this to just be an association with HBO and that high profile scripted content.

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They want to emphasize that this is a place where you have everyone in the family can go and watch something. So you have that discovery content, all the reality TV shows, Chip and Joanna Gaines, Dr. Pimple Popper, and then you can also watch "Succession"--

DAVE BRIGGS: Thanks for that.

ALLIE CANAL: --if you want. Sorry about that. But yeah, so that is the name of the game here. It's going to be released on May 23. It comes in three tiers. The first two tiers match the current HBO Max pricing. So we have that ad-supported option at $9.99 a month, the ad-free version, 15.99 a month. And then there's going to be this new third tier dubbed Max Ultimate. It is ad-free, and it will cost $19.99 a month. You can get up to four concurrent streams, up to 4K ultra streaming.

But guys, this is pricey, you know, especially when you consider all that competition. But again, they're really leaning in on the fact that they are one of the only services that have this much content that you can dive into and that there's something for kids. There's something for parents. There's something for teenagers. And that's really what they really wanted to emphasize throughout this entire presentation.

SEANA SMITH: And Allie, speaking of the content, they have some new content that they're also planning to add to the platform. What do we know there?

ALLIE CANAL: So I mentioned that wide range of content. Within that are those long storied franchises, like Harry Potter, for example. And we will be getting a TV series, a live action TV series based on the Harry Potter books. So this is going to be a completely new cast. JK Rowling serves as producer. So really leaning in on that franchise content, which we have seen from competitors, like Paramount, for example. They have really leaned on franchises.

And their whole argument there is, you already have this built-in audience. We're at this pivotal moment where profitability trumps scale. So they want to make sure that not only are they luring subscribers into the platform, but that they are retaining those subscribers as well.

DAVE BRIGGS: Ooh, everyone's going to be all mad about the JK development.

ALLIE CANAL: People--

DAVE BRIGGS: The haters are going to come out.

ALLIE CANAL: And the hardcore Harry Potter fans-- I have friends that are hardcore about this-- they seem--

SEANA SMITH: It seems hardcore, right?

ALLIE CANAL: They seem a bit disappointed--

DAVE BRIGGS: I love Harry Potter.

ALLIE CANAL: --because why touch something that has such an iconic legacy? I don't know. Are you excited about this--

DAVE BRIGGS: Oh, I think--

ALLIE CANAL: --as a hardcore fan?

DAVE BRIGGS: --the more, the better. I think--

ALLIE CANAL: The more, the better, OK.

DAVE BRIGGS: --Harry Potter's fantastic. I think the kids that-- a whole new generation loves--

ALLIE CANAL: That's true.

DAVE BRIGGS: --this movie-- and series and movies. So why not incorporate a whole new generation deal?

ALLIE CANAL: I can't picture a new cast, right? Daniel Radcliffe--

SEANA SMITH: It's hard to picture it, yeah.

ALLIE CANAL: --is Harry Potter. You know what I mean?

SEANA SMITH: I know, and Dave can be a tough critic sometimes on these remakes.

DAVE BRIGGS: Amen.

SEANA SMITH: I don't know if you're going to like it enough.

DAVE BRIGGS: By the way, huge "Succession" news. I mean, did you see the latest episode?

ALLIE CANAL: I did see the latest episode.

DAVE BRIGGS: Whoa.

ALLIE CANAL: Dave, I've shown my entire family your cameos.

DAVE BRIGGS: Wow.

[INTERPOSING VOICES]

SEANA SMITH: This is what he loves to hear.

DAVE BRIGGS: I'm a big star.

ALLIE CANAL: He's a star. Kid, you're going to be a star.

SEANA SMITH: Star among us. All right, Allie Canal, great stuff. Thanks.