Warner Bros. Shares Tumble on $9.1 Billion TV Network Writedown

Warner Bros. Discovery Inc. shares tumbled to their lowest level ever after the entertainment giant took a $9.1 billion charge for writing down the value of its traditional TV networks.

The company, created in 2022 when Discovery Inc. acquired WarnerMedia, concluded that cable channels like CNN and TNT are no longer worth what they were when the $42 billion merger was completed.

“Two years ago market valuations and prevailing conditions for legacy media companies were quite different than they are today,” Chief Executive Officer David Zaslav said on a call with investors on Wednesday. “This impairment acknowledges this and better ...