Confusion over how the media giant plans to restructure its debt following a spinoff of cable channels like CNN and TNT have rattled the market for its bonds.

Credit ratings agency Fitch Ratings on Wednesday downgraded Warner Bros Discovery to junk status following the company's announced split-up earlier this week, as investors weigh the deal's likely impact on holders of its debt.

Warner Bros. Discovery is splitting into two separate publicly traded companies – one oriented around the HBO Max streaming service and Warner Bros. studio, and the other around CNN and other television networks.