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One of them will be.
The restructure will shift off all the debt and failing assets leaving warner in an extremely favorable spot. Unclear how it will impact AEW since their contract would fall into both Global (the tv branch with all the debt) and Streaming (since it airs on max.) If Warner can pull this off though the Streaming branch will be in a great position. Stocks rose 9% on the announcement because the markets know whats going on here. Assuming the IRS allows the move (and thats questionable since this is clearly a ploy to offload the 37 billion debt accrued in the Discovery merger.) The tv side if theyre lucky will be sold off in a fire sale at best and implode into bankruptcy if not under the weight of the debt.
That said the way Sazlov has manipulated this debt in the last 4 years should have volumes written about it. Its been a magnum opus of corporate finance and if this move goes through will have taken him from COE of a failing and debt ridden Discovery to the CEO of a sustainable and profitable WB ready for sale in an IP hungry market. Its pretty insane. WB Global btw retains ZERO IP rights. Just debt and TV stations.
As far as AEW it wont ve until 2027 where any fall of out of this could impact them and there's no way to forecast what that impact would be. I dont think the TV side survives though. Once it goes belly up everyone who matters will be hired by the surviving WB Streaming & Studios and the debtors will be fucked.
Comcast did this last year but from a healthier position but the precedent does imply this will move forward.
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