Moody’s Ratings has downgraded debt issued by units of Warner Bros. Discovery Inc., adding another complication to the media giant’s discussions with bondholders after it announced plans to split in t...

The owner of CNN and HBO Max, Warner Bros Discovery, says it will split into two companies by the middle of next year.

The company points out that the newly minted entities would each produce healthy free cash flow and intends for each to be listed as publicly traded companies.