Warner Bros. Discovery stock rises for second straight day as company pays down debt

📆 09/06/2023 12:14 ص
📰 CNBC

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Warner Bros. Discovery said it paid off a chunk of debt this quarter, a development overshadowed by the departure of CNN chief Chris Licht.

Warner Bros. Discovery's stock rose in recent days after the company announced it was paying down some of its heavy debt load., Warner Bros. Discovery said it had repaid about $1.5 billion in debt on two of its loans. The company also announced it commenced a $500 million cash tender offer.

The analyst noted that Warner Bros. Discovery guided that it would have roughly $930 million in second quarter free cash flow, after ending the first quarter with $2.6 billion in cash.

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CNN CEO Chris Licht to leave - companyCNN Chairman and Chief Executive Chris Licht has stepped down from the media company, effective immediately, parent company Warner Bros. Discovery said on Wednesday.
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