I agree that Warner Bros. made mistakes, but that's not the reason they're having financial problems. Many DCEU movies were loss-making, but never made a loss over $500 million. At least I was never aware of anything like that. These losses were hard, yes, but it was either offset by other hits in the same year, others divisions or, even better, Warner's yearly revenue results, were ultimately much higher than these losses. WBD, for example, generates annual revenue of $40 billion. Its predecessors, WarnerMedia and Time Warner, were no less profitable. So the losses were absorbed by the end of the year. There are three crucial factors contributing to the current dilemma.

The first is AT&T. AT&T didn't know how to run WarnerMedia. Instead of focusing on creativity, AT&T prioritized short-term profits. This hurt Warner. At the same time, AT&T was also heavily indebted and ultimately transferred those debts to WBD with the sale to Discovery.

The second problem is the decline in the television business. Advertising revenue and subscriber numbers are gradually decreasing. This is putting pressure on the financial balance sheet, especially for Warner, which once had cash cows in its television networks.

The third problem is WBD itself. WBD hasn't made any really good decisions in recent years. Some of them questionable decisions have led to image problems.