Rated: Baa3/BBB-/BBB EUR Spreads 2-5bps Wider

• WBD bonds are 2-5bps wider after the NBA released a statement overnight stating that Warner Bros’s proposal did not match of Amazon Prime Video's offer and so a LT deal has been made with Amazon.
• As previously stated, the legal ramifications are unclear but given the value in the contract a court case seems likely. The WBD contract remains in place until end-2025.
• Equity headlines imply a ~8% sell-off in WBD shares pre-US open.
• Previous bullets; https://marketnews.com/wbd-bonds-sell-off-on-reports-of-split-debt-expected-to-remain-with-tv-segment, https://marketnews.com/wbd-to-consider-matching-offers-as-nba-reportedly-finalises-deals-with-peers