CNN parent WBD stock price was 27/share 3 years ago. Today the stock is worth 7 bucks and company is writing down asset prices pertaining to CNN. Free market doing its thing to reveal what's garbage. I mean most of knew it for years but it's gratifying to see this.

I mean, to be fair the majority of legacy cable tv networks have seen a huge decline. I wouldn't call that very gratifying given millennial and gen z viewership tendencies.

Fox news remains higher but that's not surprising when you look up the stats on the median viewership age of Fox News, 66 years old, lmao. That's still very much your cable TV viewership group that are all about to die.

Less than half Gen Z watch Broadcast news, and its not much different for Millennials and guess whos the most liberal, so of course CNN, MSNBC, etc. viewership is going to drop harder than someone like Fox. Its logical.

im not even gonna post it, but, recently an australian BBC reporter got in a spot of trouble for perhaps the most heinous animal abuse case ive ever heard of, and got, wait that cant be right, ok im reading it is right, 10 years with a chance for parole.

This post was edited by thesnipa on Aug 9 2024 09:16am

Do you think this trend became known over the last 12 months or was apparent for years now? I mean the chord cutting trend and millennials and younger watching less TV instead streaming or consuming media via social media, w.e. has been well known even at the time when this deal happened 3 years ago. So then the management/CEO had a severe miscalculation of these assets value and that's why we're seeing these charge downs. The got bamboozled and overpaid for shit assets, and now the share value is down 75% over last 5 years, at a time when SPY is up 84% over same time frame.

Yes, you absolutely push write-downs as far out as you can until you can just take a bath in a year and what a perfect time with WBD's stock already being cut down to where it is. This is just common practice, its why audits are so worthless time and time again. Was it known at the time of purchase, I'd have to assume so and it was a disservice to shareholders, but during that sort of COVID era every business was paying massive premiums that made no sense at all for businesses and then instantly things got written down. The tech sector was littered with it, acquire and worry if it was worth it later. Fintech probably being the worst offender but it was happening across the board.

I mean you're in finance, I don't know if you have had to work with external or internal audit, but its a joke. You can borderline get anything past them. Its not much different for valuators either.

This digs up the early days of my career working internal audit for a large pub-co, the co-op students did the vast majority of the work, me being one of them. Its laughable. External audits not much better, level 1's, 2's and seniors with a total of 3 years experience doing the vast majority of all work prior to manager review, then partner, then QC & FSQC , but by that time all the works already been done. Valuations are done by the same inexperienced staff that went a slightly different route in public practice.

Just looking, looks like Paramount wrote its cable TV business off too. Take a bath now, try to over perform the next few quarters via transforming the intellectual property acquired. Given cable TV has clearly been in a decline, presumably they do have a future plan for that intellectual property.

This post was edited by SBD on Aug 9 2024 09:53am

https://www.startribune.com/feds-say-a-minneapolis-violence-interruptor-was-founded-by-bloods-gang-leaders-theyre-pushing-back/601026146

Minneapolis has been paying large amounts of protection money to the Bloods street gang since the George Floyd riots. They set up a fund for ""violence interruptors"" to serve as an 'alternative' to policing, ie a 'community policing' scheme. The people being paid were Bloods leadership. The organizer of the 'Agape Movement' set up for this fund was Desean Solomon, who is on federal racketeering charges for gang leadership, who was already convicted of murder, riot and illegal gun possession for a drive-by shooting that was caught on surveillance footage.

Luger has been busy in Minneapolis cleaning up the fucking mess that local attorneys, politicians and judges made. They set people free out a revolving door, he locks them up for good. Some gang member gets spun out on his 30th felony gun possession charge, Luger sends him to prison for 30 years. Now he's locking up the same people mayor frey is funding.

While not exactly political, this is one of the craziest positions i've seen. I would think they will eventually settle out of court though with Disney paying out more as a result of taking this position.

https://www.theguardian.com/us-news/article/2024/aug/14/disney-wrongful-death-lawsuit

Ya signed up for a free Disney + trial, that means it waves your ability to take us to court for anything that happens including injuries at our parks due to our own negligence.

Wild. I hope Disney gets absolutely thrashed for taking that position.

This post was edited by SBD on Aug 15 2024 10:54am

i lol'd pretty hard

Disney's Wonderland, the Happiest Place on Earth.

>Wife dies due to neglifence from Disney's Park Staff
>Spouse Requests Settlement
>Sorry you signed up for a Disney + tiral that previously expried that waived us from mostly everything. Get fucked.


I don't think Disney probably thought this would work, but on the off chance it did, it would be worth it to them because it would set crazy precedent for future liability.

This post was edited by SBD on Aug 15 2024 11:36am

The publicity of it all just sounds so terrible, what even is their endgame?