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.