That’s what WBD CEO David Zaslav said during an earnings call on Wednesday, referencing the company’s $9.1 billion goodwill impairment charge linked to the value of its legacy TV networks and “uncertainty” about sports rights now that the NBA is headed to streaming:

It’s fair to say that even two years ago, market valuations and prevailing conditions for legacy media companies were quite different than they are today, and this impairment acknowledges this and better aligns our carrying values with our future outlook.