Cable television has been hit hard by cable cancellations this year, with Paramount and Warner Bros. Discovery reportedly writing down the value of their cable television networks by nearly $15 billion.

In a sobering second-quarter earnings report released yesterday, Warner Bros. Discovery (WBD) announced a massive $9.1 billion write-down of its television stations. This write-down means that these cable television stations have lost over $9 billion in value.

The news shocked some in the media industry and highlighted the ongoing challenges facing traditional broadcasters amid changing viewing habits and the growing dominance of streaming platforms. WBD’s portfolio includes major broadcasters such as CNN, TNT and TBS, all of which have seen declining viewership in recent years.

Paramount said its cable television channels, including Nickelodeon, MTV and Comedy Central, had lost $5.98 billion in value.

This came after Paramount suffered an 11% decline in overall revenue from those networks. Those losses were partially offset by a 16% increase in Paramount’s streaming services.

Cable TV ratings continue to decline, which is driving down the value of cable TV channels. This decline in ratings reduces the value of the channels by nearly $15 billion, according to these two brands.