CNN is worthless? Its parent company will reportedly write off a whopping $9.1 billion from its traditional television network.

Warner Bros. explores a net loss of nearly $10 billion in the second quarter, more than eight times higher than a year ago, with a devaluation of $9.1 billion in traditional television networks such as CNN. The devaluation reflects audiences constantly switching from cable TV networks to streaming, taking away most of the revenue from traditional TV advertising and subscription fees. Warner's stock price fell nearly 13% on Thursday, hitting a new low.

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