Form 8-K · Current Report · Filed 2025-06-26

Warner Bros. Discovery, Inc. Enters into a Bridge Loan Agreement

On June 26, 2025, Warner Bros. Discovery, Inc.'s subsidiary, WarnerMedia Holdings, Inc., entered into a Non-Investment Grade Leveraged Bridge Loan Agreement for an 18-month $17.0 billion term loan to finance the anticipated early settlement of previously-announced cash tender offers and consent solicitations, repayment of existing credit facilities, and for general corporate purposes. The loan is secured by a lien on substantially all of the personal property assets of Warner Bros. Discovery, Inc., WarnerMedia Holdings, Inc., and certain of its wholly-owned domestic subsidiaries. Concurrently, Warner Bros. Discovery, Inc. and its subsidiaries entered into an amendment to an existing multicurrency revolving credit agreement, reducing the commitments to $4 billion and providing for the early termination upon the consummation of a planned Separation Transaction. The amendment permits incurrence of debt and liens in connection with the bridge loan agreement and aligns the negative covenants with those in the bridge loan agreement.