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.

The film and television giant will turn its cable networks, including CNN and TNT, into one company and its streaming and studios business into another.

Warner Bros. Discovery will split into two companies by next year, with much of its streaming and movie production moving under one company and its live sports and news to another, according to the Washington Post .

At the end of March, Warner Bros. Discovery had gross debt of $38.0 billion, which is comprised of “total debt” ($37.4 billion) and financial leases ($535 million). The 2022 merger of WarnerMedia (owned by AT&T) and Discovery, Inc. created more than $50 billion of debt.

EXCLUSIVE: Adam Galen has been promoted to Vice President of Development at Warner Bros. Pictures Animation, the division’s President Bill Damaschke announced on Tuesday. In his elevated role, Galen will work alongside Susan Akinbola to lead the studio’s feature development slate,