Media & Advertising

Warner Bros. Discovery has structured its corporate split to concentrate roughly $17 billion in net debt inside a new linear-television entity called Global Networks, which will also hold the NBA, MLB, and NHL broadcast rights and all cable affiliate agreements. The company secured bondholder consents by May 27, 2026, using a $17.5 billion J.P. Morgan bridge facility, clearing the legal path for the separation and the subsequent Paramount Skydance acquisition targeted for Q3 2026. The arrangement leaves the long-term solvency of the debt-laden cable unit as an open question, since its ability to service interest payments depends entirely on declining linear revenues.

WPP Media's midyear 2026 forecast documents a structural inversion in television advertising: US connected TV upfront commitments of $17.73 billion have surpassed linear primetime's $16.98 billion, while global linear TV spend falls more than 11%. The report also reveals a $130 billion gap between WPP's total global ad revenue projection of $1.3 trillion and eMarketer's $1.17 trillion estimate, reflecting disagreement over how quickly AI-driven adoption will translate into measurable spend. Netflix's ad-supported tier reaching 250 million viewers provides the clearest evidence of where displaced linear budgets are landing.