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Warner Bros Discovery Bondholders Back Breakup Plan

Christopher Yarborough by Christopher Yarborough
June 16, 2025
in Business
Warner Bros. Discovery logo displayed on a smartphone with a blue interface in the background.

Warner Bros Discovery bondholders voted in favor of splitting the media conglomerate into two separate publicly traded companies which represents a major achievement for the company’s business restructuring plan.

The plan includes the separation of Warner’s studios and HBO Max streaming operations from its declining cable TV assets. The bondholders supported Warner Bros Discovery’s decision to purchase almost half of the $37 billion debt that resulted from its 2022 merger.

The proposal needed covenant modifications to maintain debt with the legacy cable unit while granting the streaming and content unit increased operational freedom. The proposed plan faced criticism from analysts because it could harm certain creditors who held unsecured bonds connected to the struggling cable business.

Warner Bros Discovery announced that bondholder groups reached approval rates of 99% despite facing legal disputes and bondholder attempts to negotiate better terms. The bondholders have until June 23 to submit their bonds for the deal.

Major credit agencies have downgraded the company’s debt to junk status, prompting forced selling by investment-grade funds. The company must now execute the split while working to stabilize its finances despite industry challenges and investor doubts.

Tags: Warner Bros Discovery
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