Overview

• WBD launched debt tender offers and secured a $17.5 billion bridge facility from JPMorgan as part of its corporate restructuring.
• Its stock rose about 8% following the financing announcement, signaling investor approval of the debt realignment.
• Streaming & Studios, to be led by David Zaslav, will include Max/HBO Max, HBO and Warner Bros. Pictures.
• Global Networks, headed by Gunnar Wiedenfels, will assume most of the company’s debt and retain CNN, TNT, TBS and U.S. sports rights.
• The split, first announced in April, is set to complete by mid-2026 and is designed to enable targeted growth and potential mergers.