UPDATED: Shares of Warner Bros. Discovery fell more than 12% to an all-time low on Thursday morning after the media conglomerate, which relies heavily on its pay-TV business, announced a massive $9.1 billion writedown, reflecting the loss in value of its linear television networks.
Warner Bros. Discovery Q2 results include $9.1 billion charge
WBD shares fell to $6.73 per share (-12.7%) on Thursday, following the company’s second-quarter 2024 earnings report after the market closed. The stock closed at $7.02 per share on Aug. 8, down 9%.
The stock's lowest closing price was on June 18, 2024, when it closed the day at $6.99 per share; its intraday low over the past 52 weeks was previously $6.94 (on June 20). So far this year, shares of Warner Bros. Discovery are down 40%.
The share price drop wiped more than $1.6 billion off its market value, with Warner Bros. Discovery’s market cap standing at about $17.2 billion at the close of trading on Thursday. That’s compared to more than $50 billion after Discovery completed its acquisition of WarnerMedia in April 2022.
