Paramount Q2 Loss Balloons to $5.4B, LA Mayor Tries to Slow Production Exodus and Disney vs. WBD Is Tale of 2 Earnings

Plus: WBD stock plunges 11%, Endeavor looks to sell OpenBet and IMG Arena and Lionsgate shrinks Q2 loss to $59M [Paramount Global earnings]( [Paramount Global Q2 Net Loss Balloons to $5.4 Billion as Company Takes $5.98 Billion Impairment Charge on Cable Networks]( By Lucas Manfredi Paramount Global’s net loss widened to $5.4 billion during its second quarter of 2024 as the media giant recorded a goodwill impairment charge of $5.98 billion for its cable networks and announced it would cut 15% of its workforce as part of $500 million in cost cuts. The impairment charge resulted primarily from a downward adjustment to the unit’s expected cash flows from linear TV affiliates. Paramount executives said it also related to the estimated total company market value indicated by the company’s pending $8 billion merger with David Ellison’s Skydance Media, which is expected to close in the third quarter of 2025. [Read More]( --------------------------------------------------------------- [LA mayor Karen Bass]( [LA Mayor Karen Bass Launches Film and TV Task Force to Slow Production Leaving for Other Cities]( By Tess Patton Los Angeles Mayor Karen Bass launched a new Film and Television Task Force via executive directive Wednesday in hopes of streamlining the local production and permit process and slowing industry “leakage to other markets.” The signed directive marked the first official order of business since assembling the mayor’s office inaugural Entertainment Industry Council in late July, which saw senior leaders across practices convene to work toward post-COVID and -strike production recovery in the city. [Read More]( --------------------------------------------------------------- [David Zaslav and Bob Iger]( [Disney vs. Warner Bros. Discovery: A Tale of 2 Earnings | Analysis]( By Alexei Barrionuevo Wednesday’s earnings calls told a tale of two enormous entertainment companies going in starkly different directions. Warner Bros. Discovery shocked Hollywood with a $10 billion quarterly net loss that included a $9.1 billion write-down on the value of the company’s struggling linear TV assets. [Read More]( --------------------------------------------------------------- [Streaming-Theatrical- David Zaslav attends HBO's "House Of The Dragon" Season 2 Premiere at Hammerstein Ballroom on June 03, 2024 in New York City.]( [Warner Bros. Discovery Stock Plunges Over 11% After Taking $9.1 Billion Impairment Charge on Linear TV Networks]( [Endeavor Earnings]( [Endeavor Looks to Sell OpenBet, IMG Arena Ahead of Silver Lake's Take-Private Deal]( [Lionsgate Earnings]( [Lionsgate Shrinks Q2 Loss to $59 Million Despite Box Office Slips]( [News Corp. Reports 6% Boost in Q4 Revenue to $2.58 Billion, Touts OpenAI Deal]( --------------------------------------------------------------- [WrapPRO logo] Discover why entertainment executives and professionals rely on the WrapPRO platform daily for exclusive coverage, analysis, deeper reporting, and access to VIP events & screenings throughout the year. [Subscribe Today]( --------------------------------------------------------------- [Facebook]( [Twitter]( [Instagram]( [YouTube]( TheWrap | 2034 Armacost Ave Los Angeles, CA 90025 [Preferences]( | [Unsubscribe]( [LiveIntent Logo]( [AdChoices Logo](