Paramount Takes $6 Billion TV Network Charge, Joins Warner Bros.

Paramount Global, the parent of Nickelodeon, MTV and other channels, took a second-quarter impairment charge of $5.98 billion on its cable networks, in yet another sign of weakness in the traditional TV industry.

The company made the decision after reevaluating the businesses in light of declining profit projections, shifts in the cable-TV subscriber marketplace and the recently agreed-to merger with Skydance Media, according to a statement Thursday.

The New York-based media giant joins Warner Bros. Discovery Inc. in taking such a step. Warner Bros. announced a $9.1 billion writedown on its cable networks on Wednesday, businesses that include CNN ...