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Warner Bros. Discovery’s Credit Rating Cut to Junk Status by S&P, Citing Weak Linear TV Outlook
Declines forecast for Warner Bros. Discovery's linear TV business led S&P Global Ratings to cut the media company's credit rating to junk status.
Discovery, primarily due to the “continued revenue and cash flow declines at its linear TV operations,” which will offset growth at the company’s streaming and studio segments. Discovery has reorganized the company into two divisions: one comprising its streaming business (plus HBO) and production studios, and the other composed of the rest of its cable TV portfolio. The reorg, which was completed in Q1, will “create opportunities as we evaluate all avenues to deliver significant shareholder value,” CEO David Zaslav said in originally announcing the separation last December.
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