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Discovery's Rough Ride Continues, CNN and TNT Parent Reports $91 Billion Loss
By Eric Thayer
Bloomberg -- Discovery's recent quarter was marked by a second-quarter charge.
Discovery, the parent company of CNN and TNT, has reported a second-quarter charge, highlighting the company's ongoing financial struggles. The charge, which was disclosed in the company's latest earnings report, stems from a reassessment of the value of its television networks. Discovery found that the networks were worth $91 billion less than the company had previously believed.
The write-down is a major setback for Discovery, which has been struggling to compete in the increasingly competitive global streaming market. The company has been hit hard by the rise of streaming giants like Netflix and Disney+, which have siphoned off viewers from traditional television networks.
Discovery's struggles are likely to continue in the months and years ahead. The company is facing increasing competition from streaming services, and it is unclear whether it can find a way to adapt to the changing media landscape.
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