Shares of Warner Bros. Discovery (WBD) are plunging in after-hours trading after taking a $9.1 billion impairment charge on its linear networks. The release states that the charge was a "response to the difference between market capitalization and book value, continued softness in the U.S. linear advertising market, and uncertainty related to affiliate and sports rights renewals, including the NBA."

As a result, the company reported a loss of $4.07 per share in the second quarter compared to the expected loss of $0.21. Revenue of $9.7 billion was short of the expected $10.2 billion.

WBD added 3.6 million global direct-to-consumer subscribers in the quarter, more than the 1.89 million the Street was anticipating.

Market Domination Overtime anchors Julie Hyman and Josh Lipton break down the entertainment giant's earnings.

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This post was written by Stephanie Mikulich.