Warner Bros. Discovery Reports $11.2 Billion Loss

Warner Bros. Discovery reported a massive $11.2 billion loss in Q2 2024, primarily due to a $9.1 billion write-down of its TV networks' value, reflecting the challenges in the legacy television sector and the shift to streaming. This loss was compounded by $2.1 billion in merger-related costs. CEO David Zaslav acknowledged the difficult conditions but noted minor gains in the streaming sector, with 3.6 million new subscribers for Max. The company also faces uncertainty in the advertising market and sports rights renewals, including a lawsuit against the NBA over contract disputes. Despite these struggles, Disney reported robust performance in its streaming and film divisions, significantly boosting its overall financial results.