Warner Bros. Is Close to Winning Support for Debt Overhaul

Warner Bros. Discovery Inc. is close to winning support from creditors to overhaul its debt, a key part of a broader reorganization plan that would split the entertainment firm in two separate companies.

Law firm Akin Gump Strauss Hauer & Feld had sought to organize bondholders to oppose the deal, but it told them on Wednesday that not enough of them had signed up to effectively block it, according to people familiar with the matter, who asked not to be named because they aren’t authorized to speak publicly.

Representatives for Warner Bros. and Akin didn’t return messages seeking comment. The ...