Warner Bros. Discovery (NASDAQ: WBD) ties bridge loan maturity to spin-off
Rhea-AI Filing Summary
Warner Bros. Discovery, Inc., through its wholly owned subsidiary Discovery Global Holdings, Inc., amended its existing non-investment grade leveraged bridge loan agreement. The amendment extends the bridge loan’s maturity to the earlier of June 30, 2027 or the date a specified spin-off occurs, with Warner Bros. Discovery continuing as parent guarantor and JPMorgan Chase Bank, N.A. serving as administrative and collateral agent.
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Insights
Warner Bros. Discovery extends key bridge loan maturity.
Warner Bros. Discovery, via Discovery Global Holdings, Inc., amended a non-investment grade leveraged bridge loan so that it now matures at the earlier of June 30,
This structure ties repayment timing directly to completion of the spin-off, giving lenders and the company a clear linkage between the strategic transaction and the bridge financing. The involvement of JPMorgan Chase Bank, N.A. as administrative and collateral agent continues under the amended terms.
The actual financial impact depends on the bridge loan’s size and pricing, which are not detailed here. Subsequent filings describing the spin-off’s progress and any refinancing plans will clarify how long this bridge facility remains in place relative to the June 30,
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
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Form
CURRENT REPORT
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| Item 1.01 | Entry into a Material Definitive Agreement. |
Bridge Loan Amendment
On February 18, 2026, Discovery Global Holdings, Inc. (formerly known as WarnerMedia Holdings, Inc.) (“DGH”), a wholly-owned subsidiary of Warner Bros. Discovery, Inc. (the “Company”), entered into Amendment No. 1 (“Bridge Loan Amendment”) to that certain Non-Investment Grade Leveraged Bridge Loan Agreement, dated as of June 26, 2025 (the “Existing Bridge Loan Agreement” and, as amended by the Bridge Loan Amendment, the “Bridge Loan Agreement”), among DGH, as borrower, the Company, as parent guarantor, the lenders from time to time party thereto, and JPMorgan Chase Bank, N.A., as administrative agent and collateral agent, pursuant to which the parties thereto agreed, among other things, to extend the maturity of the bridge loan to the earlier of (x) June 30, 2027 and (y) the date that the Spin-Off (as defined in the Bridge Loan Agreement) occurs.
The foregoing description of the Bridge Loan Amendment does not purport to be complete and is subject to, and qualified in its entirety by reference to, the full text of the Bridge Loan Amendment, which is attached as Exhibit 10.1 hereto and is incorporated herein by reference.
| Item 2.03 | Creation of a Direct Financial Obligation |
The information in Item 1.01 of this Current Report on Form 8-K is incorporated by reference into this Item 2.03.
| Item 9.01 | Financial Statements and Exhibits. |
| Exhibit Number |
Description | |
| 10.1* | Amendment No. 1 to Bridge Loan Agreement, dated as of February 18, 2026, among Discovery Global Holdings, Inc. (f/k/a WarnerMedia Holdings, Inc.), Warner Bros. Discovery, Inc., the lenders party thereto and JPMorgan Chase Bank, N.A. as collateral and administrative agent | |
| 101 | Inline XBRL Instance Document - the instance document does not appear in the Interactive Date File because its XBRL tags are embedded within the Inline XBRL document | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |
| * | Certain exhibit(s) have been omitted pursuant to Item 601(a)(5) of Regulation S-K. A copy of any omitted schedule or exhibit will be furnished supplementally to the SEC upon request. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: February 18, 2026 | WARNER BROS. DISCOVERY, INC. | |||||
| By: | /s/ Gunnar Wiedenfels | |||||
| Name: | Gunnar Wiedenfels | |||||
| Title: | Chief Financial Officer | |||||
FAQ
What did Warner Bros. Discovery (WBD) change in its bridge loan on February 18, 2026?
Which subsidiary of Warner Bros. Discovery (WBD) is the borrower under the amended bridge loan?
How is the maturity of Warner Bros. Discovery’s amended bridge loan determined?
Who acts as administrative and collateral agent for Warner Bros. Discovery’s amended bridge loan?
What document contains the full terms of Warner Bros. Discovery’s Bridge Loan Amendment?
Filing Exhibits & Attachments
5 documents