David Zaslav had a particularly tough day.
The Warner Bros. Discovery boss watched Wednesday afternoon as his company’s already anemic stock price plummeted more than 10% in after-hours trading, hitting a dangerous new low of $6.90 after the company reported second quarter earnings.
The selloff occurred after WBD posted a $9.1 billion write down on its troubled network assets. It’s a reflection of how quickly the traditional television business is deteriorating and imperiling companies such as WBD, which rely on linear channels for the bulk of their revenue. WBD owns some of the most recognizable cable channels, including CNN, HGTV, TNT, and TBS — all of which have seen worrisome audience decays as cord-cutting slices overall viewership and household reach.
Comments
No comments on this item Please log in to comment by clicking here