Warner Bros. Discovery Stock Plunges On $10 Bn Quarterly Loss

Warner Bros. Discovery's poor second quarter came two years after it was formed by a merger between WarnerMedia and Discovery (Credit: AFP)

Warner Bros. Discovery's share price plunged more than 10 percent after-hours on Wednesday after it reported a quarterly loss of almost $10 billion.

Almost all of the loss was down to a $9.1 billion write-down in the value of the US media giant's cable network, it announced in a statement, underscoring the challenges facing the legacy television industry.