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Warner Bros. Entertainment Inc. (commonly known as Warner Bros. and abbreviated as WB), is an American diversified multinational mass media and entertainment conglomerate headquartered at the Warner Bros. Studios complex in Burbank, California, and a division of AT&T's WarnerMedia. Founded in 1923 by brothers Harry, Albert, Sam, and Jack Warner, the company established itself as a leader in the American film industry before diversifying into animation, television, and video games, and is one of the "Big Five" major American film studios, as well as a member of the Motion Picture Association (MPA).
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Hot August Write-Downs: Big Media Can’t Hide From Hard Decisions on Cable Valuations Any More

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variety.com

Cynthia Littleton Business Editor It may not have registered on the scale of the Moon landing, the “MASH” finale or the denouement of “Survivor” Season 1, but this was an incredibly momentous week for the business of television.

The parade of second quarter earnings reports for major showbiz conglomerates made it crystal-clear that there is no more avoiding the 800-pound gorilla on the balance sheets of Big Media.

It’s been a long time coming that the valuations long applied to old-fashioned cable channels have to be slashed by double digits.

And that’s what happened this week with Warner Bros. Discovery taking its eye-popping $9.1 billion write-down on the valuation of its core cluster of advertising-supported channels (think TNT, TBS, Cartoon Network, Discovery, Animal Planet, Food Network).

Read more on variety.com
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