They were already a mess. That's why Jeff Bewkes sold it to AT&T. WB never should've sold their content to Netflix in the early 2010s. They had everything. Premium shows on HBO, movie slate with Warner Bros, Decent kids programming on Cartoon Network. They should've taken HBO Go internationally when Netflix decided to do it.
Jeff Bewkes understood that he missed the train and that's why he sold it at a premium price to AT&T. Good for Time Warner shareholders.
Btw WBD is currently in a better financial position than they were with AT&T. It takes time to reduce the debt in this advertising market.