Warner Bros. Shares Tumble on $9.1 Billion TV Network Writedown
- Charge reflects defection of TV audiences and advertisers
- Action follows loss of NBA broadcasting pact last month
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Warner Bros. Discovery Inc. shares tumbled to their lowest level ever after the entertainment giant took a $9.1 billion charge for writing down the value of its traditional TV networks.
The company, created in 2022 when Discovery Inc. acquired WarnerMedia, concluded that cable channels like CNN and TNT are no longer worth what they were when the $42 billion merger was completed.