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Warner Bros. Discovery will split into two media giants

Warner Bros. Discovery is splitting into two media companies. One will largely keep studios and streaming, while the other keeps live cable networks.

“By operating as two distinct and optimized companies in the future, we are empowering these iconic brands with the sharper focus and strategic flexibility they need to compete most effectively in today’s evolving media landscape.” This means it will be buying back some of the bonds while also asking bondholders to loosen their terms, and will offer cash incentives to those who agree to sell or restructure. According to The Hollywood Reporter, the majority of the total debt will be held by Global Networks, while “a not-insignificant portion” will remain with Streaming & Studios.

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