Big companies operate with massive debts. The factor here is the share price. Zaslav has come in to slash the debt, to increase the share price with investors. It's hasn't worked so far, as its caused brand damage and tanked it. In the long term it may work. The debt isn't normally the issue, but poor management decisions has made it prohibitive for the company.

WBD needs to deliver films with high grosses. Decide what the plan is for HBO Max. Or merge with another studio.