Warner Bros. Discovery Inc. was downgraded to junk by Moody’s Ratings, cementing the media giant as a fallen angel just years after it sold one of the biggest high-grade bond deals on record.

Every deal has its own rationale and its own narrative that follows separation – you can’t say the act itself guarantees any particular outcome. What's next for this one?

Warner Bros. Discovery is splitting into two separate publicly traded companies – one oriented around the HBO Max streaming service and Warner Bros. studio, and the other around CNN and other television networks.