Warner Bros. Discovery is taking a write-down of $9.1 billion on its own book value to reflect the diminishing value of its television channels, including the former Turner properties of TNT, CNN, Cartoon Network and TBS.
WBD reported the write-down, also known as a noncash goodwill impairment charge, from its networks segment in its second quarter earnings released late Wednesday. WBD’s total revenues in the second quarter were $9.7 billion, which was 5% lower compared to the prior year quarter.
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CNN Effectively Worthless After Parent Warner Bros Takes $9.1 Billion Writedown | ZeroHedge