Warner Bros. Discovery (WBD) is climbing 3.5% after KeyBanc reiterated an Overweight rating and maintained a $14 price target on the shares. KeyBanc’s note came after WBD issued upbeat guidance on its streaming services yesterday morning.

Warner Bros. Discovery, amid a crackdown on DEI by the Trump administration, is jettisoning the diversity and equity parts of its DEI initiatives.

Warner Bros Discovery is shutting down three of its videogame development studios in a move aimed at boosting profitability for its gaming division amid a sluggish recovery in the market, a spokesperson for the company's games unit said on Tuesday.

The media giant, which boasts a total of 116.9 million streaming subscribers, says it has a clear path to reach at least 150 million globally by the end of 2026

Following Paramount Global yesterday, Disney a few weeks ago and a rush of tech and other corporate backtracking on DEI, Warner Bros. Discovery said it is making a few changes to its policy including dropping references to diversity and equity.

Warner Bros. Discovery is doing away with the term DEI, but says it is still committed to inclusion within its company. In a memo sent to staff Thursday, the company said it plans to continue to tell inclusive and diverse stories and to build an "inclusive team" through its recruiting and training programs.