Warner Bros. Discovery (WBD) slides further in Wednesday's after-hours session after reporting second quarter revenue of $9.7 billion ($10.22 billion expected) and a much wider-than-expected loss of $4.07 per share (a loss of $0.21 was originally forecasted). This adjusted loss is tied to the media giant's $9.1 billion impairment charge, writing down its linear TV networks.

Third Bridge Group sector analyst Jamie Lumley speaks with Josh Lipton and Julie Hyman about the consumer challenges WBD faces across its brands, especially as it becomes more likely it will be outbid for the NBA's streaming rights after this season.

"There's definitely been a lot of speculation on M&A, and really the give and take here is although it might improve some business segments if there were some assets spun off or a bit of a divide, it is really challenging to separate out the different divisions of this company," Lumley explains. "There's the pipeline of the content production over towards the linear side and also streaming. It's not really easy to separate that out because then there's also the big piece where this is still a company with over $40 billion in debt after the most recent quarter, and where that ends up ultimately will be a huge burden on whichever segment has it."

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This post was written by Luke Carberry Mogan.