At the end of March, Warner Bros. Discovery had gross debt of $38.0 billion, which is comprised of “total debt” ($37.4 billion) and financial leases ($535 million). The 2022 merger of WarnerMedia (owned by AT&T) and Discovery, Inc. created more than $50 billion of debt.

S&P Global downgraded the media giant's unsecured bonds, put it on a negative credit watch and will review whether to lower the company's other ratings

Monday's news that Warner Bros. Discovery is splitting into two companies has fueled chatter about which execs will end up leading the new entities.

Confusion over how the media giant plans to restructure its debt following a spinoff of cable channels like CNN and TNT have rattled the market for its bonds.

The CEO also said that Disney+ will "probably" emulate Netflix and stop reporting subscriber numbers at some point, he noted during a CNBC appearance.

EXCLUSIVE: Adam Galen has been promoted to Vice President of Development at Warner Bros. Pictures Animation, the division’s President Bill Damaschke announced on Tuesday. In his elevated role, Galen will work alongside Susan Akinbola to lead the studio’s feature development slate,