1、BofA Securities does and seeks to do business with issuers covered in its research reports.As a result,investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.Investors should consider this report as only a single factor in making thei

2、r investment decision.Refer to important disclosures on page 10 to 13.Analyst Certification on page 9.Valuation&Risk on page 9.12858682 Warner Bros.Discovery(Subsidiary issuer)Road map to toon town Company Update Surveying upcoming catalysts On August 1,$14.3bn of WBD bonds are expected to enter

3、 the ICE HY Index representing 1%of the index($15bn entered Bloomberg HY Index in July).On August 7,WBD will report 2Q25 results,with ad trends and Studio results in focus.By 4Q25,we look for i)potential Bridge Loan refinancing for at least one side of the business(our base case is S&S),and ii)r

4、ating agency updates on issuer ratings and subordinated notching.End-2025,Comcast intends to complete its spin-off of its cable networks,Versant.In February 2026,WBD will report their first full quarter results without the NBA.Mid-2026,WBDs separation of GN and S&S is expected to be completed,th

5、ough it is possible it could be close sooner if WBD can get approval for partial year financials(i.e.9 months of 2022)as one of the prerequisites is 3 years of financials(2023,2024,2025).By year-end 2025/26,carriage agreements with YouTube and Altice USA may be up for renewal accounting for+11mn sub

6、scribers.Details page 2.ICE Index inclusions&tender cusip mappings WBD raised$17bn via secured Bridge Loan financing and tendered$17.6bn bonds(face)with$14.4bn cash in June.Bond holders who submitted consents and tenders that were not repurchased received Amended Notes(New Cusip).In July,$15bn o