Warner Bros. Discovery said on Wednesday it wrote down the value of its television assets due to uncertainty over fees from cable and satellite distributors and sports rights renewals, sending its shares down nearly 10% in extended trading. The film and entertainment studio, which owns sports network TNT and streaming service Max, recorded a $9.1 … Read more
Paramount Global wrote down the value of its cable networks by nearly $6 billion and announced it would cut 15% of its jobs on Thursday, even as the company’s broadcast business reported its first quarterly profit. Paramount shares rose more than 5% in extended trading. The loss reflects a shrinking audience for cable TV networks … Read more
News Corp beat Wall Street estimates for fourth-quarter earnings on Thursday, boosted in part by growth in digital subscriptions at its Dow Jones business. The New York-based media giant, which owns The Post, Wall Street Journal and Dow Jones, said revenue in the quarter ended June 30 rose 6% to $2.58 billion, compared with $2.43 … Read more