By Jill Goldsmith, Dade Hayes

Paramount Global took a huge hit to its profits, posting a nearly $6 billion writedown as part of its second-quarter earnings, a day after Warner Bros. Discovery reported an even bigger charge.

Both impairment charges each bring their carrying values for linear television assets in line with what they are likely worth now – let alone given years of declines and an uncertain future. WBD's, of $9.12 billion, was triggered by the recent loss of NBA games .

The timing for Paramount is related to getting its books in order ahead of the Skydance acquisition. The deal, announced last month, will go through as of 11:59 p.m. ET on August 21 if no better offer comes along. The write-off Paramount widened its operating loss to $5.3 billion from $250 million in the second quarter of 2023. "In the second quarter of 2024, we recorded a goodwill impairment charge for our Cable Networks reporting unit of $5.98 billion registered," the earnings report said in a small footnote.