Warner Bros. Discovery to split into two public companies; launches $14.6B debt tender

Warner Bros. Discovery, Inc.

Separation into Streaming & Studios (HBO, WB, DC) and Global Networks (CNN, TNT, Discovery); tax-free, closing by mid-2026.
David Zaslav to lead Streaming & Studios; Gunnar Wiedenfels to lead Global Networks.
Tender offers up to $14.6B for outstanding notes; consent solicitations to amend indentures; expires July 9, 2025.
Bridge loan of $17.5B committed by J.P. Morgan to finance tender offers; may increase to $20B.
Global Networks will retain up to 20% stake in Streaming & Studios for tax-efficient monetization to reduce debt.

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