CNN Effectively Worthless After Parent Warner Bros Takes $9.1 Billion Writedown – IOTW Report

CNN Effectively Worthless After Parent Warner Bros Takes $9.1 Billion Writedown

Zero Hedge

What had been obvious “to the rest of us” for years, is finally official: late last night, shares of Warner Bros. Discovery, the parent of CNN and TNT, crashed 10% to the lowest level on record after it reported dire results, which missed across the board and plunged across every income statement category…

 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. more

15 Comments on CNN Effectively Worthless After Parent Warner Bros Takes $9.1 Billion Writedown

  1. I wonder how big of a bonfire it takes to burn through over $9 billion? You’d think Warner Bros would at least film it and try to recoup so of their losses on pay-per-view.

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  2. $9 Billion?
    That’s about one week.
    In Ukrainian Times.
    Pensions and Salaries for every living CITIZEN of that country .
    Think we are still doing Afghanistan daily salaries, TODAY.

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  3. Wait. What? So sucking up to America’s enemies, pandering to parasites, telling our Lord to go to get lost, and stabbing America in the back is not a formula for success? Who knew?

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  4. LCD, Don’t they. I believe Joe Rogan has filed a law suit against them too. He just won one against MSNBC. (I Think). And oh by the way Rogan has a larger viewing audience than either network. I’m hoping when they file suit against these lying assholes they are also suing the individual reporters and staff.

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