Warner Bros. Discovery reported an 11% decline in TV advertising revenue for the most recent quarter, missing earnings targets and causing its stock to fall.
Executives blamed audience declines on domestic cable news and entertainment networks amid the ongoing cord-cutting trend in the US.
CNN ratings continued their downward slide, with no CNN shows in the top 15 most watched cable news programs.
As the traditional cable TV model collapses due to cord-cutting and inflation dampens consumer spending, media companies like Warner Bros.
Discovery are struggling to adapt to the new streaming landscape.
The results demonstrate the challenges facing legacy cable networks as viewing habits shift to on-demand options.
