Warner Bros Discovery rises on securing $17 billion bridge loan
Warner Bros Discovery's WBD.O shares rise 3% to $11.5
Company said in a filing late Thursday it has secured a $17 billion bridge loan facility, ahead of its major strategic separation
Early in June, WBD announced plans to separate into two companies — one focusing on streaming and studios businesses, while the second will house entertainment, sports and news brands
The signing of the loan "seems to be an important piece of the puzzle, to continue the CEO David Zaslav's plans to reinvigorate the company," said Art Hogan, chief market strategist at B Riley Wealth
Michael Ashley Schulman, chief investment officer of Running Point Capital, said the agreement "boxes in funding risk and removes a 'what-if-they-can’t-close?' overhang."
Up to last close, stock had risen 5.5% YTD
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