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S&P Downgrades Warner Bros. Discovery To Junk Status On “Weak Credit Metrics” That Would Get Worse If Company Splits
S&P downgraded Warner Bros. Discovery to junk status amid revenue and cash flow declines at linear TV. networks. It said a split in two wouldn't help.
It also said that from a credit perspective it’s not a fan of a possible WBD split, teased after an internal reorganization into two divisions (Streaming & Studios and Global Linear Networks). S&P changed its outlook on WBD to “negative” in August of 2024, and it hasn’t sold assets and won’t be able to on sufficient scale needed this year to impact the leverage ratio. WBD has just completed an internal reorganization into the two distinct operating divisions to enhance strategic flexibility and create potential opportunities to unlock additional shareholder value.
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