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S&P Puts Warner Bros. Discovery on Negative Credit Watch

The ratings firm cited a linear TV decline for revising its outlook to negative, from stable, while affirming the 'BBB-' rating.

WBD, led by CEO David Zaslav, has been under pressure from Wall Street amid industrywide challenges, including advertising softness and cord-cutting, as investors look for a return on an expensive transition from legacy linear TV networks to the digital streaming world. “Additionally, the potential loss of the NBA broadcast rights starting in the second half of 2025 could exacerbate an already challenging environment for its linear television segment and further pressure de-leveraging efforts in 2026 and beyond,” S&P added in its research note. WBD and TNT Sports recently filed a lawsuit against the NBA over the league’s decision to sell a package of rights to Amazon Prime Video and rejecting a matching third-party offer.

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