‘Traditional TV is dying’: can networks pivot and survive?

Warner Bros Discovery this week wrote down $9bn as it - and others - play catch-up with streaming and video services

Warner Bros Discovery's announcement this week of a $9bn (7bn) writedown in the value of its TV networks is a stark acknowledgment of the damage the streaming wars are inflicting on traditional broadcasting models.

The astonishing figure, which pushed the US entertainment group to a quarterly net loss of $10bn (7.9bn) and sent shares sliding 12% in early trading on Thursday, lays bare how channels such as CNN, TLC and the Food Network can no longer rely on a captive cable subscriber base.