Three years after WarnerMedia joined Discovery Inc., the media conglomerate created from that merger says it needs to be nimbler to compete. Warner Bros. Discovery is saying That’s all, folks.

S&P Global downgraded the media giant's unsecured bonds, put it on a negative credit watch and will review whether to lower the company's other ratings

This week’s effective break-up of the US media group after just three years has left staff exasperated as the swashbuckling pay television era disintegrates.