Abolish the brand. If Budweiser needs to have a light beer in their lineup, create a new name and brand. Bush Zero or something.
Although even I have problems with such a name.
Of course it's only in the low teens of top selling beers. Then there's the #2 seller, Busch Light, formerly behind Bud Light, also produced by Anheuser Busch Inbev
Not having seen any large reaction to these brands they may be picking up some of the decline in Bud Light, especially Corona. I've seen draft Bush Light replace Bud Light on at least one occasion. They'd be cannibalizing their own brand, but it might be necessary in the long run.
actually, Bush Zero is something I prefer, Busch Zero would be a non-starter for me. I laughed even though it’s a lame attempt at humor.