‘Traditional TV is dying’: can networks pivot and survive?

As viewers reject expensive packages, and advertising declines, companies have invested billions in low-cost streaming services. Photograph: vicnt/Getty

Warner Bros Discovery’s announcement this week of a $9bn (£7bn) writedown in the value of its TV networks is a stark acknowledgment of the damage the streaming wars are inflicting on traditional broadcasting models.

The astonishing figure, which pushed the US entertainment group to a quarterly net loss of $10bn (£7.9bn) and sent shares sliding 12% in early trading on Thursday, lays bare how channels such as CNN, TLC and the Food Network can no longer rely on a captive cable subscriber base.