Shares of Warner Bros. Discovery (WBD) are falling after the NBA rejected its matching offer to maintain the rights to broadcast and stream games after next season. The NBA said the offer "did not match the terms" of Amazon's (AMZN) proposal.

Jared Blikre and Seana Smith report more on the story and what the loss means for the outlook of Warner Bros. Discovery.

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This post was written by Melanie Riehl