Warner Bros. Discovery's debt deal introduces an industry-first non-boycott covenant, reshaping bondholder agreements.

Warner Bros. Discovery Inc. was downgraded to junk by Moody’s Ratings, cementing the media giant as a fallen angel just years after it sold one of the biggest high-grade bond deals on record.

With the newfound success of traditional TV shows like Tracker and 911, we may see WBD in its new split form reviving linear programming like it was 2010 again. WBD may not own a major TV channel like NBC or CBS, but it can still bring back old-fashioned TV all the same. Who knows, we may be on the edge of a CW renaissance.