From Quiver Quantitative: 2025-06-17 00:42:00

Warner Bros Discovery bondholders approve consent solicitation to remove covenants, enabling split into two standalone entities. $18 billion of $37 billion debt to be repurchased. Recent bond downgrades to junk status by Fitch, Moody’s, and S&P. Nearly all bondholder classes approve the corporate split. Long-dated bond prices dip as restructuring proceeds. Separation creates lean streaming/studio entity and standalone cable network business. Bond tender deadline set for June 23. Analysts caution cable network business may struggle with heavier debt burden. Warner Bros Discovery poised to execute planned separation.



Read more at Quiver Quantitative: Warner Bros Discovery (WBD) Bondholders Greenlight Debt Restructuring and Split