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S&P Comments On WBD’s NBA Trial

COMMUNICATIONS

Rating: Baa3/BBB-/BBB-

  • Potential outcomes: 1) Case goes to trial and WBD loses (pressures network segment and ability to garner fees from distributors) 2) WBD or settles for compensation (same as first outcome albeit with some offsetting monetary effect) 3) WBD gains some NBA games (helps maintain some affiliate fees though advertising still suffers) 4) WBD wins (best outcome).
  • Credit implications: NBA loss has a minor impact in 2024 and a modest in 2025 though would pressure EBITDA beyond 2025 despite lower costs due to lost revenues as S&P considers the NBA to be one of the top three sports leagues in terms of pricing premiums.
  • S&P rating/outlook predicated on a drop to 3.5x by end-2025 with FOCF-to-debt maintained >10% against current leverage at 4.8x and FOCF >16% as of 31 March. A negative outlook is possible if reduced performance prevents these targets being met.
  • https://disclosure.spglobal.com/ratings/en/regulatory/article/-/view/type/HTML/id/3222722
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