When Hollywood boss David Zaslav pulled off one of the biggest bond sales in corporate history to pave the way for his creation of Warner Bros. Discovery, the Federal Reserve still had its benchmark interest rates at its lowest in living memory.
The $30 billion he raised in March 2022 to finance the takeover of AT&T's media assets made perfect sense in a world where money had no cost and growth was the only currency that mattered to investors.
