市场消息：华纳兄弟探索公司(WBD.O)将拆分为两家领先的媒体公司。 ...

华纳兄弟探索公司将分拆为两家媒体公司。 ...

Core Viewpoint - Warner Bros. Discovery plans to split into two public companies by next year, responding to the industry's shift from cable to streaming [1] Group 1: Company Structure - The split will create two entities: Streaming and Studios, which will include movie properties and HBO Max, and Global Networks, which will encompass CNN, TNT Sports, and Discovery [1] - CEO David Zaslav will lead the Streaming and Studios company, while current CFO Gunnar Wiedenfels will become CEO of Global Networks [2] Group 2: Timeline and Market Impact - The company expects to complete the split by the middle of 2026 [2] - Warner Bros. Discovery shares were halted in extended trading on the announcement [2]

华纳兄弟探索公司将拆分为两家领先的媒体公司。（彭博） ...

智通财经6月9日电，华纳兄弟探索公司将分拆为两家媒体公司。 ...

Core Points - Warner Bros. Discovery, Inc. has initiated offers to purchase outstanding notes and debentures totaling up to $14.6 billion, along with soliciting consents for proposed amendments to the indentures governing these notes [1][2][3] Group 1: Offer Details - The offers will expire at 5:00 p.m. New York City time on July 9, 2025, unless extended or terminated earlier [2] - To receive the Total Consideration, holders must validly tender their notes by June 23, 2025, to be eligible for the Early Tender Premium [2][3] - Holders who tender notes after the Early Tender Deadline will receive the Tender Offer Consideration, which is the Total Consideration minus the Early Tender Premium [2] Group 2: Consent Solicitation - The company is soliciting consents from holders of certain series of notes to adopt proposed amendments, with a Consent Expiration Time set for June 13, 2025 [2][3] - Holders of specific notes can deliver Consent Only Instructions without tendering their notes [3][4] - The Total Consideration for each series of notes will be determined on June 24, 2025, unless extended [2][3] Group 3: Financial Details - The aggregate purchase price for the offers is capped at $14.6 billion, subject to Pool Tender Caps and SubCaps [1][3] - Specific notes have different acceptance priority levels, with the highest priority being level 1 [3][4] - The Total Consideration includes an Early Tender Premium of $50 per $1,000 principal amount for eligible notes [2][3]

Group 1 - Warner Bros. Discovery is initiating another round of layoffs, primarily affecting the cable television segment, with cuts expected to be in the double digits but under 100 employees [1] - The global linear networks division reported a 14% decline in operating profit to $1.8 billion and a 6% decrease in revenue to $4.8 billion in the first quarter [2] - CEO David Zaslav has reorganized the company into two divisions: Global Linear Networks and Studios & Streaming, aiming for quicker decision-making regarding restructuring [3] Group 2 - The reorganization follows the appointment of Channing Dungey as Chairman and CEO of Warner Bros. Television Group and U.S. Networks, who has promoted Brett Paul and Howard Lee to new roles [5] - The U.S. Networks leadership team includes Susan Kolar as Chief Financial & Strategy Officer and Karen Bronzo as Chief Global Marketing Officer for U.S. Networks & News [6]

Core Viewpoint - Shareholders of Warner Bros. Discovery (WBD) have rejected CEO David Zaslav's proposed pay package, reflecting dissatisfaction with the company's performance amid falling revenue and stock decline [2][4]. Company Performance - WBD has experienced a 60% decline in stock value over the past three years, with shares currently trading below $10, down from $24 at the company's formation in April 2022 [2][3]. - In the first quarter, WBD reported a loss of $453 million, with revenue falling 10% year-over-year, although it generated $2.1 billion in adjusted EBITDA [7]. - The company's debt has been reduced by nearly $20 billion since the merger of WarnerMedia and Discovery, but its revenue continues to decline, leading to a junk status downgrade by S&P Global [8][9]. Strategic Challenges - WBD's efforts to compete with streaming giants like Netflix and Disney have not met expectations, with the rebranding of its streaming service from Max back to HBO Max seen as a strategic retreat [9][10]. - Despite adding 22 million streaming customers in the past year, the overall performance has not positioned WBD as a strong competitor in the streaming market [10]. Potential Structural Changes - Analysts suggest that splitting WBD's assets could unlock value, with a potential division into Global Linear Networks and Streaming & Studios [11][12]. - There is a growing belief among investors that a spinoff could enhance the attractiveness of WBD's growth assets, particularly its streaming business [12][13].

Core Points - Shareholders at Warner Bros. Discovery rejected the executive compensation plan for 2024, particularly highlighting CEO David Zaslav's $51.9 million package [1][3] - The non-binding advisory vote saw 59% of shareholders voting against the pay plans, with a general threshold of 70% support considered notable [3] - The company's stock has struggled since the merger three years ago, leading to a downgrade to junk status by S&P due to weak credit metrics [4] Compensation and Governance - The vote, known as say-on-pay, is a requirement for publicly traded companies, and while non-binding, boards are expected to consider the results seriously [2] - The compensation committee adjusted the metrics they set to increase Zaslav's pay, raising concerns among shareholders [4] - Institutional Shareholder Services recommended voting against WBD's executive pay, citing limited responsiveness to shareholder concerns after consecutive years of low support [5]

Core Points - A majority of Warner Bros Discovery shareholders voted against the 2024 pay packages for CEO David Zaslav and other top executives, with over 59% rejecting the proposal on a non-binding basis [1][3] - Zaslav's total compensation for 2024 increased by 4% from the previous year, reaching $51.9 million [3] - The company is facing challenges in its cable TV business due to cord-cutting and is focusing on its streaming and studios divisions [3] - Warner Bros Discovery missed first-quarter revenue estimates and reported a larger-than-expected loss [3] - The company is exploring a potential breakup, having laid the groundwork for a possible sale or spinoff of its declining cable TV assets [4][7] - In the January-March quarter, Warner Bros Discovery added 5.3 million streaming subscribers, surpassing market expectations but still trailing behind Netflix [5] - The company reverted to using the HBO branding for its streaming service, Max, after dropping it two years ago [6]