10:40 AM EDT, 07/25/2024 (MT Newswires) -- Warner Bros. Discovery ( WBD ) shares dropped 6% in recent Thursday trading after losing a media rights deal with the National Basketball Association, and Macquarie downgraded the stock to neutral from outperform.

Several news outlets reported Wednesday the NBA has turned down an offer from Warner Bros. Discovery ( WBD )-owned TNT Sports because it did not meet the terms of the offer from Amazon.com's ( AMZN ) Amazon Prime Video.

The NBA said late Wednesday it has renewed its partnership with Walt Disney ( DIS ) and signed new agreements with Comcast ( CMCSA )-owned (CMCSA) NBCUniversal and Amazon ( AMZN ).

Price: 7.94, Change: -0.53, Percent Change: -6.26