New York | Los Angeles | Two of America’s biggest television companies have admitted that their cable channels are worth $US15 billion ($23 billion) less than they had thought, highlighting the accelerating collapse of what had once been one of the most lucrative businesses in media history.
Paramount on Thursday (Friday AEST) wrote down the value of its cable channels – which include MTV, Nickelodeon and Comedy Central – by $US6 billion. This came just 24 hours after Warner Bros Discovery wrote off $US9 billion of the value of its cable channels, including CNN, HGTV and the Food Network.
