It's a really difficult environment for streamers right now. And I think WBD is in a position where it is going to have to establish itself in the space which often requires a significant amount of capital. Content spend is a big issue with some of these companies, and honestly Discovery wasn't all that popular anyways. WBD plans for over $20B in content spend in 2022. This wouldn't be much of an issue but the company took on some heavy debt on the balance sheet in the merger.
Overall I think it's undervalued simply because of the hammering streaming companies are taking. But, it's still not likely a company I'd be looking to buy right now until we at least see a bottom when it comes to negative sentiment towards streamers.