In reporting its fourth-quarter and 2020 financials on Wednesday, telecom giant AT&Tdetailed some impairment charges for various businesses, including WarnerMedia and DirecTV, affected by the coronavirus pandemic and streaming video revolution.
Its fourth-quarter expenses included "charges of approximately $780 million from the impairment of production and other content inventory at WarnerMedia, with $520 million resulting from the continued shutdown of theaters during the pandemic and the hybrid distribution model for our 2021 film slate," the company said.