Bill Cohan joins guest host Julia Alexander to dissect Warner Bros. Discovery’s latest financial headaches—from its debt downgrade into quasi-junk territory to stagnant EBITDA growth. They debate C.E.O. David Zaslav’s stewardship of the company, the timeline for a potential spinoff involving WBD’s linear channels, and whether Zaz is laying the groundwork for a major M&A play.

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327: Heidelberg Castle