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Warner Bros. Discovery reported second-quarter earnings after the bell on Wednesday that missed expectations on both the top and bottom lines while the company took a massive $9.1 billion impairment charge related to its TV networks unit. Including an additional $2.1 billion in costs related to its merger, the company took an $11.2 billion hit last quarter.
That impairment loss related to Warner’s TV networks is likely due to the ongoing death of cable and satellite TV . In the age of streaming, those TV assets are not worth what they were even ten years ago. Millions and millions of Americans are canceling their CSTV and moving to streaming. The problem for companies like Warner Bros. Discovery is that the streaming money doesn’t come close to making up for the money lost on CST.
The soft ad market is what happens in a faltering economy. Well, Hollywood wanted Joe Biden as president, so what we have here is Warner Bros. Discovery getting what it voted for. Boo hoo.
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