speaks on 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.to discuss the fashion company's results from its first quarter. Louvet affirmed his belief that the best way to retain customers was consistency and toThere's the closing bell on Wall Street and now it's market domination over time.
So, you know, ultimately, this is an environment that's really been liquidity driven and, and so that often presents opportunities for patient investors. So there isn't a lot necessarily outside of the anecdotal earnings that we see from time to time to really emphasize.So again, uh you know, we're in a little bit of an air pocket of news which is probably contributed to some level of volatility.So not much to there but, but some on the calendar.
Certainly, there could be some level of repricing left but the fact that that reeds are really hanging in there again, they have a uh an income component.So we're not saying get overly aggressive.If credit was selling off, they're not, they're really hanging there quite well.Second quarter numbers just crossing the wire down the stairs down 1.4% in reaction off of the gate out of the gate here.$641.5 million is what had been estimated.
So a lot of puts and takes, I'm also interested to see um what the opportunities are internationally and also what, you know, the analysts who cover this name, think, you know, post Gensler, what, what, what the crypto business could look like.You can tune into your finance tomorrow during wealth. You're seven years into your, what tenure as CEO where are you at in bringing this iconic company into a whole new age?
It was all about the dream and the American dream and our purpose is to inspire the dream of a better life through authenticity and timeless style. Um This general uh aspirational dimension, execute along those values and our and the purpose I mentioned earlier and then keep it fresh.Olympics Fashion Show, Olympics, Wimbledon, uh Salon de La Mob.So I apologize for the the obvious nature of the comment but being clear on who your consumer is, what matters to them.
And I expect us to continue to prune the doors if they don't meet these two criteria of, can we show up in a way that's consistent with the image we wanna build?So we've, we've basically guided that this year, we will close about 45 doors in total. Uh talks about international expansion investments they're making in content, uh talks about existing linear partnerships pursuing new bundling opportunities, but at least the immediate reaction here.Yeah, I mean, so basically what they have done here is writing down or taking a charge of $9.1 billion because the value of the traditional TV networks has fallen to such an extent that David Zaslav, the CEO thought that this was necessary step.
The network segment where there was, as you've highlighted that really steep, write down continuing to face really strong pressure on both the advertising and distribution front as this really continues to be a really challenged area of the business and direct to consumer. Uh It is definitely a number of factors here to lead to some challenges and certainly Warner's tried to replace the lost NBA rights.But at the end of the day, it's, it's not the same, it's gonna be really challenging to replace that programming.
So if we think about where the business is today, there certainly are so many challenges ahead of it.It has some incredibly successive or successful shows and movies that's produced over the years, we've seen what Warner can do when it is firing all cylinders. Because also if you look over at the direct consumer segment, it shifted back to a loss this quarter of $100 million or so after last year, noticeably being profitable.
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