S&P lowers outlook for Warner Bros Discovery to ‘negative’ on cable TV decline

S&P lowered its outlook on Warner Bros Discovery to “negative” from “stable”, citing declines in the media company’s cable TV business that could worsen with the potential loss of broadcast rights for the National Basketball Association games.

The cable TV business, which brings in about half of Warner Bros Discovery’s revenue, has been struggling with a slump in ad dollars and cord-cutting by consumers shifting to streaming.