Linear television continues to decline, while Hollywood movie giant Warner Bros. (WBD.US) has been downgraded to a "junk" rating by Standard & Poor's.

According to the Wise Finance and Economics APP, Warner Brothers Discovery, a global leader in the entertainment industry and streaming services and a Hollywood film giant, has been downgraded by one of the world's three major credit rating agencies, S&P Global Ratings, to below investment grade, with a "junk" credit rating. Media reports indicate that on Tuesday, Warner Brothers Discovery's issuer credit rating was lowered to "BB+" by the agency, which is one notch below investment grade minimum of "BBB-".