Warner Bros Discovery slides as $9 billion write-down highlights TV woes


FILE PHOTO The Warner Bros logo is seen during the Cannes Lions International Festival of Creativity in Cannes France June 22 2022. REUTERSEric GaillardFile Photo

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.


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