Paramount Global on Thursday took a $6 billion write-down on its cable TV business, the day after Warner Bros. Discovery did the same for $9 billion.
Why it matters: Both companies are struggling to convince Wall Street that their streaming bets will make up for those losses.
Paramount Global's stock tanked 12% in after-hours trading Thursday, despite posting a streaming profit for the first time.
Warner Bros. Discovery's fell 9% to an all-time low after its earnings release.
Paramount's cable networks include MTV, VH1 and Comedy Central. WBD's include HGTV, Food Network, and CNN.
Between the lines: Both companies were created as a result of mega-mergers, yet neither are...
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