Warner Bros. stock takes tumble after $9B impairment charge

Shares in Warner Bros. Discovery (WBD) took a massive dive this week after the company reported more than $9 billion in impairment charges as it struggles to shore up its financial health before the end of the year.

WBD stock was down 6 percent in aftermarket trading Wednesday, after it reported $9.1 billion in impairment charges including a loss of value on its linear television assets, Variety reported. The company also took another $2 billion hit in other charges.

WBD owns media assets including CNN, TNT and DC Comics.

The media conglomerate currently sits at a less than $19 billion market cap just two years after a megamerger with Discovery that came with a price tag of more than $40 billion.

Last month WBD was outbid by Amazon, NBC and ESPN on the next round of NBA broadcasting rights, a major setback that has Wall Street watchers questioning the conglomerate’s long-term financial health.

The company earlier this summer laid off hundreds of employees as a cost-cutting measure and is likely to face further pressure from investors to trim spending before the end of the fiscal year.