WBD Stock Slumps, Trading Volume Ranks 194th as Legal Clash with Sling TV Sparks Industry-Wide Debate

On September 9, 2025, Warner Bros. , , ranking 194th in market activity. The stock’s underperformance coincided with a high-profile legal dispute that escalated as the company filed a breach-of-contract lawsuit against Dish Network’s Sling TV. The litigation centers on Sling’s new short-term subscription packages—Day, Weekend, , bypassing traditional monthly subscription models.

WBD alleges that the Passes violate licensing agreements by enabling temporary access to its networks, including TNT, CNN, and TBS, without adherence to recurring payment terms. The company argues this disrupts its business model, which relies on steady subscription revenue to fund programming and content production. In its filing, WBD emphasized that Dish launched the service without prior consultation, a move it claims could encourage other distributors to adopt similar non-subscription-based offerings. EchoStar, Sling’s parent company, defended the initiative as a “customer-first model” that challenges outdated pricing structures and empowers consumers with flexible access.

This legal action follows a nearly identical lawsuit from Disney in August, highlighting a broader industry conflict over evolving consumer preferences. Both companies contend that short-term passes undermine the economics of bundled programming, particularly for events like sports and award shows. Sling’s Day Pass, for instance, , according to the service’s promotional materials. WBD warned that the trend could erode relationships with other distribution partners, many of whom have already inquired about replicating the model.

To execute a daily-rebalanced, 500-stock “top-volume” strategy we need a bit more detail so the data pull and calculations are accurate.

1. Stock universe • All U.S. listed equities? • Or a specific index membership list (e.g., current S&P 500, Russell 3000, etc.)?

2. Weighting method • Equal-weight each of the 500 names selected each day? • Or volume-weighted / market-cap-weighted?

3. Trade price assumptions • Enter at each day’s close and exit at the next day’s close (1-day holding period)? • Or use open prices the next morning for exit?

4. Survivorship bias / delistings • Is it acceptable to ignore delisted stocks (i.e., use current-survivor universe), or do you prefer survivorship-bias-free data?

Once we lock these in, I can generate the data-retrieval plan and run the backtest.