Warner Bros Discovery this week wrote down $9bn as it – and others – play catch-up with streaming and video services
Warner Bros Discovery’s announcement this week of a $9bn writedown in the value of its TV networks is a stark acknowledgment of the damage the streaming wars are inflicting on traditional broadcasting models.
The rapid consumer shift away from high-priced TV packages, coupled with the inexorable decline in advertising, has forced traditional TV companies to invest billions in low-cost streaming services to catch up with first movers such as Netflix.
“Unfortunately, the stock performance is a clear indication that investors see little optimism that the tides may soon start to turn,” says Robert Fishman, senior analyst at MoffettNathanson.
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