Warner Bros. Discovery makes big media even bigger

With Warner Bros. Discovery now a reality, it heralds a new era in the content game that will likely include even more dealmaking.

Why it matters: Warner Bros. Discovery's creation added another new media giant to a world that's filling up with them. That, of course, leads to speculation about continued dealmaking among smaller players.

• WBD's market cap expects to be in the $45 billion to $60 billion range (an Axios estimate put its closer to $60 billion at the end of its first day of trading).
• It's still far behind Disney and Netflix, which have market caps in the $100s of billions. Don't even ask us about tech conglomerates like Apple and Amazon, where market caps end in trillion, not billion.

By the numbers: Warner Bros. Discovery's first day of trading did not feature that many fireworks. Its stock price was largely stable, closing up 1.3% at $24.78 a share.

• That could change in the coming days, as AT&T shareholders — who were granted 71% of WBD shares — look to sell those shares.
• Analysts on Monday put WBD's target share price between $27-$40.