Warner Bros. Discovery has revealed that its TV channels are worth $9 billion less than the company thought. The loss is attributed to impairment amid falling cable TV network values.
Written by UNN with reference to The Wall Street Journal.
Details
Warner Bros. Discovery reported losses of $9.1 billion, which were caused by a number of factors. These include cable cutoffs, falling ratings, and a weak advertising market. Streaming platforms such as Netflix have drawn audiences and subscribers away from what was once the engine of the media industry, the WSJ notes.
According to media reports, Warner Bros Discovery reported lower-than-expected sales in the second quarter of 2024. At the same time, the company made significant write-downs, with its shares falling 11% in over-the-counter trading.
For reference
Rival Disney reported earlier on Wednesday that its TV network's revenue for the quarter fell 7 percent to $2.7 billion.