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While Netflix posts healthy profits, Disney looks like it will remain profitable moving forward, and Peacock and Paramount are in the red but trimming losses (@lucas_shaw / Bloomberg) https://t.co/3HpoqfLLpX https://t.co/NKy61eCPrI
$WBD and $PARA both took big write-downs on their cable businesses this week. WBD reported a $9.1B impairment charge after losing the NBA rights deal. Paramount took a nearly $6B write-down, citing "recent indicators in the linear affiliate marketplace." https://t.co/1CF7vFac4b
Some good news: Streaming is now a profitable business. The five major Hollywood streaming services will collectively turn a profit for the first time this year. (Doesn't include Amazon and Apple because they don't report these numbers.) https://t.co/T0qSwnGQ44
The cable industry experienced a significant decline, losing $15 billion in value over a 24-hour period. This downturn is attributed to major write-downs by Warner Bros Discovery (WBD) and Paramount, which reported $9.1 billion and $6 billion in write-downs, respectively. WBD's financial setback is partly due to losing NBA media rights, which has weakened its network and impacted Max's subscriber growth. The shrinking pay-TV market is struggling to compete with larger streaming companies. Despite these challenges, streaming services have shown profitability, with Disney achieving profitability across its combined streaming businesses for the first time, a quarter ahead of schedule.
