Warner Bros. Discovery (WBD) shares plunged Thursday after the entertainment company recorded an almost $10 billion second-quarter loss, hit by a 澳洲幸运5官方开奖结果体彩网:write-down in the value of its cable networks.

The company posted a $9.1 billion non-cash goodwill impairment charge from its cable networks segment, showing that CNN and TNT, among others, continue to be 澳洲幸运5官方开奖结果体彩网:disrupted by streaming services like Netflix (NFLX).

The company's fortunes don't look much brighter, either, after its TNT Sports unit last month lost out on the luܫcrative 11-year media rights deal to show NBA games.

Q2 Results Miss Estimates

Warner Bros. Discovery's second-quarter loss widened to $9.99 billion from $1.24 billion last year, while revenue fell to $9.71 billion from $10.36 billion. Analysts polled by Visible Alpha anticipated a loss of just $562.7 million on $10.17 billion in revenue.

Cable networks across the board are struggling. Disney (DIS) on Wednesday said its 澳洲幸运5官方开奖结果体彩网:combined streaming business of ESPN+, Disney+, and Hulu was profitable for the first time, but said revenue at its linear TV networks fell 7% year-over-year in the third quarter and shares fell.

Warner Bros. Discovery shares sank 8% to $7.07 soon after the opening bell Thursday. They are down almost 40% this year.