Warner Bros. Discovery unit extended a bridge loan's maturity to June 30, 2027, or to the "Spin-Off" if earlier

Written by Claude Sonnet 5.5, an AI model, from public records. Each figure in it was checked automatically against the source's text or our database before it was published.

On Feb 18, 2026, Discovery Global Holdings, formerly WarnerMedia Holdings and a wholly owned subsidiary of Warner Bros. Discovery, signed the first amendment to a bridge loan agreement dated June 26, 2025. Among other things, the parties agreed to extend the loan's maturity to the earlier of June 30, 2027 and the date the "Spin-Off" occurs. A bridge loan is borrowing meant to cover the gap until longer-term financing is arranged, and the filing leaves the meaning of "Spin-Off" to the loan agreement's own definitions. In the loan, Discovery Global Holdings was the borrower, Warner Bros. Discovery the parent guarantor, and JPMorgan Chase Bank, N.A. the administrative agent and collateral agent.1^,2^,3

An 8-K is the form a US-listed company files to report a major event, and this one, filed on Feb 18, 2026, carried item 1.01 (entry into a material agreement) and item 2.03 (creation of a direct financial obligation). Item 2.03 simply referred back to item 1.01. The amendment was attached as Exhibit 10.1, and the 8-K said certain exhibits were omitted and that a copy of any omitted schedule or exhibit would be furnished to the SEC on request. The company said its own description of the amendment was not complete and deferred to the full text of the amendment.4^,5^,6^,7^,8^,9

The link to games is the parent: Warner Bros. Discovery, the guarantor, is also the parent of Warner Bros. Games, a publisher whose studios include Avalanche Software (Hogwarts Legacy), NetherRealm Studios (Mortal Kombat 1), Rocksteady Studios (Suicide Squad: Kill the Justice League) and TT Games (LEGO Batman: Legacy of the Dark Knight).3^,10^,11^,12^,13^,14^,15^,16^,17^,18^,19

Separately, the company announced on Jun 9, 2025 that it planned to separate into two publicly traded companies. In an 8-K filed Nov 13, 2025, it said its board had begun a review of strategic alternatives in response to unsolicited interest from multiple parties. On Dec 4, 2025 it signed a merger agreement with Netflix, and on Jan 19, 2026 an amended and restated version. On Feb 27, 2026 it signed a merger agreement with Paramount Skydance Corporation, gave Netflix written notice terminating its agreement, and said it no longer planned to carry out the separation it announced on Jun 9, 2025.20^,21^,22^,23^,24^,25^,26^,27