Warner Bros.
Discovery's rough ride continued through its most recent quarter, with the company taking a $9 billion write-down to reflect the diminishing value of its struggling television channels. The David Zaslav-led media company posted disappointing second-quarter earnings Wednesday, sending its shares tumbling in after-hours on Wall Street.
' The company blamed continued softness in advertising revenue coming to its linear television business, which includes CNN, TBS, HGTV, TLC, Animal Planet and the Food Network. It also noted the 'uncertainty related to affiliate and sports rights renewals, including the NBA.' The earnings come less than two weeks after Discovery filed a breach of contract lawsuit against the NBA, asking a judge to prohibit the league from awarding a television contract to Amazon Prime Video.
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