Warner Bros. Bondholders Approve Company's Split
Warner Bros. Discovery said creditors have lent their support to a debt deal that allows the company to separate into two public businesses.
The entertainment company said Monday that by the end of last week, it had received enough backing from creditors to move forward with the plan to separate its HBO Max streaming service, movie studio and TV production business from its cable networks.
The split effectively undoes much of the 2022 merger between Warner Media and Discovery Communications.
To effect the split, Warner Bros has secured a $17.5 billion bridge loan from JPMorgan Chase to buy back a chunk of its debt. Bondholders also have agreed to certain restrictions in their debt covenants with the company.
Write to Dean Seal at dean.seal@wsj.com
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