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WBD
USCommunication Services · Entertainment
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WBD is a deleveraging story wrapped in a streaming-vs-linear transition. The $35B+ net debt pile from the 2022 Discovery+WarnerMedia merger forces management to prioritize FCF over growth optics. Max DTC turned profitable in 2025 and is scaling internationally; linear Networks is melting (-8 to -12% revenue/yr) but still throws off cash.
The strategic split into Streaming/Studios + Global Networks (announced 2025, targeted mid-2026 close) is the catalyst - separates the growth asset from the melting ice cube.
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