Warner Bros. Discovery (WBD) shares plunged Thursday after the entertainment company reported a nearly $10 billion loss in the second quarter due to a write-down of the value of its cable networks.

The company recorded a $9.1 billion non-cash goodwill impairment charge in its cable network segment, reflecting how CNN and TNT, among others, continue to be disrupted by streaming services such as Netflix (NFLX).

And things aren’t looking much better for the company either after its subsidiary TNT Sports lost the lucrative 11-year media rights deal to broadcast NBA games last month.

Q2 results miss forecasts

Warner Bros. Discovery’s loss widened to $9.99 billion in the second quarter from $1.24 billion a year earlier, while revenue fell to $9.71 billion from $10.36 billion. Analysts surveyed by Visible Alpha expected a loss of just $562.7 million on revenue of $10.17 billion.

Cable networks are struggling across the board. Disney (DIS) said Wednesday that its combined streaming business of ESPN+, Disney+ and Hulu was profitable for the first time, but said revenue from its linear TV networks fell 7% year over year in the third quarter, sending shares tumbling.

Warner Bros. Discovery shares fell 8% to $7.07 shortly after the market opened on Thursday, bringing their decline to nearly 40% this year.