JPMorgan Chase (JPM) engineered a high-stakes deal to help Warner Bros. Discovery (WBD) split into two companies despite its heavy debt, Bloomberg News reported Wednesday, citing unnamed people briefed on the planning.

The bank offered creditors a rapid five-day "consent solicitation" to approve new deal terms, limiting their ability to organize resistance. JPMorgan Chase put up a record $17.5 billion bridge loan, the largest single-bank bridge loan to a high-yield borrower, the report said.

The report added that this was an unusual move, as the bank didn't secure permanent financing first. Still, top executives, including JPMorgan Chase Chief Executive Jamie Dimon, backed the plan, and in turn spoke with Warner Bros. Discovery CEO David Zaslav. Lawyers for creditors tried to push back but were unable to organize quickly enough, the sources reportedly said.

"The tender offer was designed to ensure a fair deal that benefitted both Warner Bros. Discovery and our bondholders, and we are pleased that more than 90% of bondholders saw the value in the transaction and elected to participate," Warner Bros. Discovery's Executive Vice President of Treasury, Investments, and Real Estate, Fraser Woodford, was quoted as saying.

JPMorgan Chase and Warner Bros. Discovery didn't immediately reply to MT Newswires' request for comments.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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