Warner Bros. Discovery, Inc. 8-K

What Happened
On February 18, 2026 Warner Bros. Discovery, Inc. (WBD) filed an 8-K disclosing Amendment No. 1 to a Non‑Investment Grade Leveraged Bridge Loan Agreement for its wholly‑owned subsidiary Discovery Global Holdings, Inc. (f/k/a WarnerMedia Holdings, Inc.). The Bridge Loan Amendment extends the bridge loan’s maturity to the earlier of (x) June 30, 2027 and (y) the date the Spin‑Off (as defined in the loan agreement) occurs. JPMorgan Chase Bank, N.A. serves as administrative and collateral agent; WBD remains the parent guarantor.

Key Details

• Amendment date: February 18, 2026; original bridge loan dated June 26, 2025.
• New maturity: earlier of June 30, 2027 or the Spin‑Off closing date.
• Parties: Discovery Global Holdings, Inc. (borrower), Warner Bros. Discovery, Inc. (parent guarantor), lenders party to the loan, and JPMorgan Chase Bank, N.A. (agent).
• The amendment is filed as Exhibit 10.1 to the 8‑K and is incorporated by reference.

Why It Matters
The amendment pushes the bridge loan’s deadline into mid‑2027 (or until the Spin‑Off), giving the company more time to complete the planned transaction or arrange refinancing without an immediate maturity pressure. WBD continues to act as parent guarantor, so the loan remains a material financing item for the company’s capital structure and liquidity planning. The filing does not disclose changes to principal amount, pricing, or other economic terms beyond the maturity extension.