FILE PHOTO: The Warner Bros logo is seen during the Cannes Lions International Festival of Creativity in Cannes, France, June 22, 2022. REUTERS/Eric Gaillard/File Photo
(Reuters) - Shares of Warner Bros Discovery plunged 12% in premarket trading on Thursday after a $9.1 billion write-down of the media giant's TV assets sparked fresh concerns about its traditional broadcasting business.
The company reported a $10 billion net loss for the second quarter due to the write-down and missed Wall Street estimates for quarterly results, overshadowing strong streaming subscriber growth thanks to its cheaper ad-supported offerings and the expansion of its streaming service Max to new markets.
