“Two years ago market valuations and prevailing conditions for legacy media companies were quite different than they are today. This impairment acknowledges this and better aligns our carrying values with our future outlook.”

… but the biggest hit – and surprise – was the company’s stunning $9.1 billion charge taken to write down the value of its traditional TV networks, such as CNN and TNT, which were acquired in 2022 when Warner Bros Discovery was created as part of its acquisition of WarnerMedia. The write down confirmed that legacy cable channels like CNN and TNT are no longer worth what they were when the $42 billion merger was completed. In fact, judging by the ongoing mass layoffs at the former, one can argue that CNN’s value is now negative and will continue to be so until it stops hemorrhaging cash.

https://www.zerohedge.com/markets/cnn-effectively-worthless-after-parent-warner-bros-takes-91-billion-writedown