Warner Bros. Discovery Announces Early Results and Upsize of Previously Announced Cash Tender Offer
NEW YORK, May 23, 2024 /PRNewswire/ — Warner Bros. Discovery, Inc. (“Warner Bros. Discovery” or the “Company“) today announced the early results of the previously announced cash tender offer (the “Tender Offer“) by its wholly-owned subsidiaries, Warner Media, LLC, Discovery Communications, LLC and WarnerMedia Holdings, Inc. (each, an “Issuer” and together, the “Issuers“) for the outstanding notes in the order of priority listed in the table below (together, the “Notes“). The Company also announced that the aggregate purchase price of the Notes that the Issuers intend to purchase in the Tender Offer is increased from the previously announced amount to an aggregate purchase price (excluding accrued and unpaid interest) of approximately $2.615 billion (the “Aggregate Tender Cap“) of the Notes, an amount sufficient to accept in full the principal amount of Notes in Acceptance Priority Levels 1 to 11 tendered at or prior to 5:00 p.m., New York City time, on May 22, 2024, the early tender deadline for the Tender Offer (the “Early Tender Deadline“). Except as described in this press release, all other terms of the Tender Offer as described in the Offer to Purchase, dated May 9, 2024 (the “Offer to Purchase“), remain unchanged. Capitalized terms used but not defined in this press release have the meanings given to them in the Offer to Purchase. The Issuers do not expect to accept for purchase any Notes with Acceptance Priority Level 12.