Warner Bros. Discovery has been downgraded to BB+, or junk bond status, for 2025 and 2026 by S&P Global over linear TV weakness as the Hollywood studio continues to pivot to the streaming space.
The ratings firm continued its outlook for WBD as stable, but pointed to weak credit metrics overall to explain its bond rating markdown to speculative grade. “We lowered our 2025 and 2026 forecast due to continued challenges in WBD’s linear television networks segment, which we forecast will offset growth at its studio and streaming segments,” S&P Global said in a statement.
