FILE PHOTO: The Warner Bros logo is seen during the Cannes Lions International Festival of Creativity in Cannes, France, June 22, 2022. REUTERS/Eric Gaillard/File Photo
(Reuters) -S&P lowered its outlook on Warner Bros Discovery to "negative" from "stable", citing declines in the media company's cable TV business that could worsen with the potential loss of broadcast rights for the National Basketball Association games.
The cable TV business, which brings in about half of Warner Bros Discovery's revenue, has been struggling with a slump in ad dollars and cord-cutting by consumers shifting to streaming.
