Commissar SFLUFAN Posted August 8 Share Posted August 8 Warner Bros. Discovery Says Its TV Channels Are Worth $9 Billion Less Than It Thought WWW.INDIEWIRE.COM Warner Bros. Discovery in its earnings says its TV assets are worth $9 billion less than it had assessed, because of weak advertising and the NBA. Quote Warner Bros. Discovery just realized its TV networks are worth $9.1 billion less than it originally thought, leading to a net loss of $10 billion in the second quarter of 2024. The massive plummet in valuation is being recognized as a “non-cash goodwill impairment charge” primarily coming from the “Networks” section of the company. That must have been one eye-opening internal audit. WBD blames the devastating change in value to the “difference between market capitalization and book value” due to a soft U.S. advertising market and “uncertainty” surrounding future carriage deals. And oh yeah, the loss of the NBA certainly doesn’t help. Quote Link to comment Share on other sites More sharing options...
Jason Posted August 8 Share Posted August 8 Is this a real loss of value of just Zaslav cooking the books for another tax writeoff? Quote Link to comment Share on other sites More sharing options...
Commissar SFLUFAN Posted August 8 Author Share Posted August 8 1 minute ago, Jason said: Is this a real loss of value of just Zaslav cooking the books for another tax writeoff? I genuinely believe this is an actual loss in value of those linear networks. Quote Link to comment Share on other sites More sharing options...
Brian Posted August 8 Share Posted August 8 It’s been a constant dumpster fire with him in charge so I’m sure they will continue to let him lead. 1 Quote Link to comment Share on other sites More sharing options...
Kal-El814 Posted August 8 Share Posted August 8 lol... lol Quote Link to comment Share on other sites More sharing options...
sblfilms Posted August 8 Share Posted August 8 It appears from several articles a significant part of the write down is *just* from losing the NBA. Had no idea it meant that much to the networks WBD owns. Quote Link to comment Share on other sites More sharing options...
Brian Posted August 8 Share Posted August 8 He had exclusive negotiating rights to the NBA and fucked it up. He deserves to be ousted. Quote Link to comment Share on other sites More sharing options...
Commissar SFLUFAN Posted August 8 Author Share Posted August 8 4 hours ago, Brian said: It’s been a constant dumpster fire with him in charge so I’m sure they will continue to let him lead. Pressure mounting on Warner Bros. Discovery CEO David Zaslav to deliver value for shareholders WWW.CNBC.COM Warner Bros. Discovery could become a target for an activist shareholder if Zaslav doesn't start to deliver wins for shareholders. Quote Warner Bros. Discovery CEO David Zaslav needs a win. Soon. Since merging Discovery with WarnerMedia in 2022 and immediately slashing billions in costs, Zaslav has struggled to convince shareholders that his company is a worthy investment. Warner Bros. Discovery shares have fallen about 70% since April 8, 2022, the day the merger closed. His tenure has been defined by implementing thousands of layoffs, cutting movies and TV series for tax efficiencies, killing off CNN+ a month after its launch, hiring and firing CNN CEO Chris Licht, getting heckled at Boston University’s commencement by students chanting “pay your writers” during last year’s writers’ strike, and suing the NBA after the league chose not to renew media rights with his company following nearly 40 years in business together. Making matters worse for him, Zaslav has long been one of the highest paid CEOs in the country. His 2023 compensation rose 26.5% to almost $50 million. Zaslav’s bonus is tied to increasing free cash flow and reducing debt, a mandate driven by John Malone, the media mogul and influential board member who has championed Zaslav, first at Discovery and now at Warner Bros. Discovery, which has a market capitalization of about $17 billion and $37.8 billion in debt. The stock dropped roughly 9% in trading Thursday. The company took a whopping $9.1 billion impairment charge Wednesday given the loss of value in its linear cable networks — which still accounts for more than 100% of the company’s adjusted EBITDA. That means the rest of the company lost money. Warner Bros. Discovery blamed “the continued softness in the U.S. linear advertising market and uncertainty related to affiliate and sports rights renewals, including the NBA” for the size of the write-down. That’s not music to investors’ ears. Quote Link to comment Share on other sites More sharing options...
thewhyteboar Posted August 9 Share Posted August 9 Quote David Zaslav saw his total compensation package last year jump by more than $10 million to $49.7 million in 2023 Hey WBD, I could lose you $9.1 billion too, and I could do it for like half of what you're paying Zaslav! Quote Link to comment Share on other sites More sharing options...
Reputator Posted August 9 Share Posted August 9 15 hours ago, Kal-El814 said: lol... lol lmao even Quote Link to comment Share on other sites More sharing options...
Reputator Posted August 9 Share Posted August 9 10 hours ago, thewhyteboar said: Hey WBD, I could lose you $9.1 billion too, and I could do it for like half of what you're paying Zaslav! Right? I screwed up a lot of things in my life but I'd love to fail as well as Zaslav. Quote Link to comment Share on other sites More sharing options...
stepee Posted August 9 Share Posted August 9 brb writing down my value by xxx so I only earned $1 this year Quote Link to comment Share on other sites More sharing options...
silentbob Posted August 9 Share Posted August 9 Well, he’s an asshole Cartoon Network Website Shuttered, Now Redirects to Max for Streaming WWW.COMINGSOON.NET Warner Bros. Discovery has shut down Cartoon Network's website, as it now redirects visitors to a Max landing page for streaming. 2 Quote Link to comment Share on other sites More sharing options...
Greatoneshere Posted August 9 Share Posted August 9 3 hours ago, silentbob said: Well, he’s an asshole Cartoon Network Website Shuttered, Now Redirects to Max for Streaming WWW.COMINGSOON.NET Warner Bros. Discovery has shut down Cartoon Network's website, as it now redirects visitors to a Max landing page for streaming. This is worthy of the guillotine for Zaslav. Quote Link to comment Share on other sites More sharing options...
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