Warner Bros. Discovery (WBD) is a global media and entertainment company that offers a diverse portfolio of content across television, film, streaming, and gaming **[0001437107-24-000017_wbd-20231231.htm:7]** **[0001437107-24-000017_wbd-20231231.htm:89]** **[0001437107-24-000110_disca-20240331.htm:22]**. The company operates through three main segments: Studios, Networks, and Direct-to-Consumer (DTC) **[0001437107-24-000017_wbd-20231231.htm:7]** **[0001437107-24-000017_wbd-20231231.htm:89]** **[0001437107-24-000110_disca-20240331.htm:22]**. WBD generates revenue from advertising, distribution fees, content licensing, and sales of consumer products and themed experiences **[0001437107-24-000017_wbd-20231231.htm:7]**. The company leverages its intellectual property across various platforms, including gaming, where it has seen significant success with titles like "Hogwarts Legacy" **[WBD_3376363_11]**.

1. **Studios** - Engages in the production and release of feature films, television programs, and interactive gaming, along with related consumer products and themed experience licensing **[0001437107-24-000017_wbd-20231231.htm:7]** **[0001437107-24-000017_wbd-20231231.htm:89]**.
2. **Networks** - Comprises domestic and international television networks, generating revenue through advertising and distribution fees **[0001437107-24-000017_wbd-20231231.htm:7]** **[0001437107-24-000017_wbd-20231231.htm:89]**.
3. **Direct-to-Consumer (DTC)** - Focuses on premium pay-TV and streaming services, offering a wide range of content directly to consumers **[0001437107-24-000017_wbd-20231231.htm:7]** **[0001437107-24-000017_wbd-20231231.htm:89]**.

78c8c8623098b7b289a38bdbfa0d9a5a50a7b60cbd4fd3e7e07d29c3ee6ac1be

| Metric (Unit)                  | Q4 2022      | Q1 2023      | Q2 2023      | Q3 2023      | Q4 2023      | Q1 2024      | Q2 2024      | Q3 2024      |
|--------------------------------|--------------|--------------|--------------|--------------|--------------|--------------|--------------|--------------|
| Global ARPU (USD)              | 7.58  **[0001437107-23-000013_wbd4q22trendingschedulef.htm:8]**   | 7.48  **[0001437107-23-000074_wbd1q23earningsreleasefi.htm:3]**   | 7.71  **[0001437107-23-000141_wbd2q23earningsreleasefi.htm:3]**   | 7.82  **[0001437107-23-000169_wbd3q23earningsreleasefi.htm:3]**   | 7.94  **[0001437107-24-000013_wbd4q23earningsreleasefi.htm:3]**   | 7.83  **[0001437107-24-000107_exhibit99-1wbd1q24earnin.htm:3]**  | 8.00  **[0001437107-24-000165_disca-20240630.htm:40]**   | 7.84  **[0001437107-24-000187_disca-20240930.htm:42]** **[0001437107-24-000184_wbd3q24earningsreleasefi.htm:3]** **[0001437107-24-000184_wbd3q24earningsreleasefi.htm:0]**  |
| Domestic ARPU (USD)            | 10.83  **[0001437107-23-000013_wbd4q22trendingschedulef.htm:8]**  | 10.82  **[0001437107-23-000074_wbd1q23trendingschedulef.htm:5]**  | 11.09  **[0001437107-23-000141_wbd2q23earningsreleasefi.htm:3]**  | 11.29  **[0001437107-23-000169_wbd3q23earningsreleasefi.htm:3]**  | 11.65  **[0001437107-24-000013_wbd4q23earningsreleasefi.htm:3]**  | 11.65  **[0001437107-24-000013_wbd4q23earningsreleasefi.htm:3]**  | 12.08  **[0001437107-24-000165_disca-20240630.htm:40]**  | 11.99  **[0001437107-24-000187_disca-20240930.htm:42]**  |
| International ARPU (USD)       | 3.71  **[0001437107-23-000013_wbd4q22trendingschedulef.htm:8]**   | 3.48  **[0001437107-23-000074_wbd1q23earningsreleasefi.htm:3]**  | 3.65  **[0001437107-23-000169_wbd3q23trendingschedulef.htm:5]**   | 3.78  **[0001437107-23-000169_wbd3q23earningsreleasefi.htm:3]**  | 3.88  **[0001437107-24-000013_wbd4q23trendingschedulef.htm:6]**   | 3.88  **[0001437107-24-000013_wbd4q23trendingschedulef.htm:6]**   | 3.85  **[0001437107-24-000165_disca-20240630.htm:40]**   | 4.05  **[0001437107-24-000187_disca-20240930.htm:42]**  |
| DTC Subscribers (millions)     | 96.1  **[0001437107-23-000013_wbd4q22earningsreleasefi.htm:3]**   | 97.6  **[0001437107-23-000074_wbd1q23earningsreleasefi.htm:3]**   | 95.8  **[0001437107-23-000141_wbd2q23earningsreleasefi.htm:3]**   | 95.1  **[0001437107-23-000169_wbd3q23earningsreleasefi.htm:3]**   | 97.7  **[0001437107-24-000013_wbd4q23earningsreleasefi.htm:3]**   | 99.6  **[0001437107-24-000107_exhibit99-1wbd1q24earnin.htm:3]**   | 103.3  **[0001437107-24-000163_wbd2q24earningsreleasefi.htm:3]**  | 110.5  **[0001437107-24-000184_wbd3q24earningsreleasefi.htm:3]** **[0001437107-24-000184_wbd3q24earningsreleasefi.htm:0]**  |
| Domestic Subscribers (millions)| 54.6  **[0001437107-23-000013_wbd4q22trendingschedulef.htm:8]**   | 55.3  **[0001437107-23-000074_wbd1q23trendingschedulef.htm:5]**   | 54.0  **[0001437107-23-000141_wbd2q23earningsreleasefi.htm:3]**   | 52.6  **[0001437107-23-000169_wbd3q23earningsreleasefi.htm:3]**   | 52.0  **[0001437107-24-000013_wbd4q23trendingschedulef.htm:6]**   | 52.7  **[0001437107-24-000107_exhibit99-1wbd1q24earnin.htm:3]**   | 52.4  **[0001437107-24-000165_disca-20240630.htm:38]**   | 52.6  **[0001437107-24-000184_wbd3q24earningsreleasefi.htm:3]**  |
| International Subscribers (millions)| 41.5  **[0001437107-23-000013_wbd4q22trendingschedulef.htm:8]**  | 42.3  **[0001437107-23-000074_wbd1q23earningsreleasefi.htm:3]**  | 41.8  **[0001437107-23-000141_wbd2q23earningsreleasefi.htm:3]**  | 42.5  **[0001437107-23-000169_wbd3q23earningsreleasefi.htm:3]**  | 45.6  **[0001437107-24-000013_wbd4q23earningsreleasefi.htm:3]**  | 46.9  **[0001437107-24-000107_exhibit99-1wbd1q24earnin.htm:3]**  | 50.8  **[0001437107-24-000163_wbd2q24earningsreleasefi.htm:3]**  | 57.9  **[0001437107-24-000184_wbd3q24earningsreleasefi.htm:3]**  |

8f928e68f5a32e1f4c623f778a59b779cd35a4f43d93612922cbc5c8b9842194

Global ARPU (USD)

Domestic ARPU (USD)

International ARPU (USD)

DTC Subscribers (millions)

Domestic Subscribers (millions)

International Subscribers (millions)

f4444bcbb706cbb38613584e7a07224cc5b19bb9d3edb3b57a87a7cfd232264e

| Metric [Unit: $ Million] | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 |
|--------------------------|---------|---------|---------|---------|---------|---------|---------|---------|
| **Studios Segment**      | **3,842**  **[0001437107-23-000013_wbd4q22earningsreleasefi.htm:1]**  | **3,212**  **[0001437107-23-000074_wbd1q23earningsreleasefi.htm:1]**  | **2,581**  **[0001437107-23-000141_wbd2q23earningsreleasefi.htm:2]**  | **3,226**  **[0001437107-23-000169_wbd3q23earningsreleasefi.htm:1]**  | **3,173**  **[0001437107-24-000013_wbd4q23earningsreleasefi.htm:1]**  | **2,821**  **[0001437107-24-000110_disca-20240331.htm:26]**  | **2,449**  **[0001437107-24-000163_wbd2q24earningsreleasefi.htm:1]**  | **2,680**  **[0001437107-24-000184_wbd3q24earningsreleasefi.htm:1]**  |
| **Networks Segment**     | **5,519**  **[0001437107-23-000013_wbd4q22earningsreleasefi.htm:2]**  | **5,581**  **[0001437107-23-000074_wbd1q23earningsreleasefi.htm:2]**  | **5,758**  **[0001437107-23-000141_wbd2q23earningsreleasefi.htm:3]**  | **4,868**  **[0001437107-23-000169_wbd3q23earningsreleasefi.htm:2]**  | **5,037**  **[0001437107-24-000013_wbd4q23earningsreleasefi.htm:2]**  | **5,125**  **[0001437107-24-000110_disca-20240331.htm:27]**  | **5,272**  **[0001437107-24-000163_wbd2q24earningsreleasefi.htm:2]**  | **5,010**  **[0001437107-24-000187_disca-20240930.htm:39]**  |
| **DTC Segment**          | **2,451**  **[0001437107-23-000013_wbd4q22earningsreleasefi.htm:3]**  | **2,455**  **[0001437107-23-000074_wbd1q23earningsreleasefi.htm:3]**  | **2,732**  **[0001437107-23-000141_wbd2q23earningsreleasefi.htm:1]** **[0001437107-23-000141_wbd2q23earningsreleasefi.htm:2]** **[0001437107-23-000141_wbd2q23earningsreleasefi.htm:3]** **[0001437107-23-000141_wbd2q23earningsreleasefi.htm:0]**  | **2,438**  **[0001437107-23-000169_wbd3q23earningsreleasefi.htm:3]**  | **2,529**  **[0001437107-24-000013_wbd4q23earningsreleasefi.htm:3]**  | **2,460**  **[0001437107-24-000110_disca-20240331.htm:19]**  | **2,568**  **[0001437107-24-000163_wbd2q24earningsreleasefi.htm:3]**  | **2,634**  **[0001437107-24-000184_wbd3q24earningsreleasefi.htm:3]**  |

53c4bc84db650102e43df8f0362c10089b5863723a9ef01a3ec5e49055cbc854

Adjustments for Non-Cash Items [USD, Millions]

Stock-Based Compensation [USD, Millions]

Changes in Working Capital [USD, Millions]

Capital Expenditures (CapEx) [USD, Millions]

Proceeds from / Repayments of Debt [USD, Millions]

Share Repurchases [USD, Millions]

Dividend Payments [USD, Millions]

Net Change in Cash [USD, Millions]

013a9d3c8b1f03b2031fbb02a79c39b92bf208762ef605488fcf8e0fcac8e5af

bbfeb7fa8e78077b7a1917fc7f4e4ef19c2fa6573dfe88dcebfa4a828dd64ac5

1. Given that **subscriber growth in the U.S. is lagging behind competitors like Netflix**, and that penetration gaps exist in **lower-income, price-sensitive households**  **[WBD_3406469_10]** , what concrete strategies are you implementing to **close this gap** and **enhance your reach within this segment**, and how do you plan to measure the effectiveness of these initiatives?

2. With the ongoing **declines in linear advertising and affiliate revenues**  **[WBD_3406469_13]** , and considering the importance of the **Networks business to your overall profitability**  **[WBD_3406469_3]** , what specific cost reduction opportunities have you identified to **mitigate these revenue declines**, and how confident are you in the sustainability of the Networks business profitability going forward?

3. As you have acknowledged the need for **meaningful industry consolidation** to improve the **consumer experience** and **provide stronger platforms**  **[WBD_3406469_10]** , what is your strategic stance on potential **M&A activities or partnerships**, and how do you plan to balance this with the goal of **unlocking shareholder value** in the current regulatory environment?

4. With the **Max ad-supported tier** expanding from **one market to over 45** in under six months  **[WBD_3406469_12]** , and considering your **light ad load** and room for growth in ad capacity, what are your targets for achieving **advertising scale** in direct-to-consumer, and what specific steps are you taking to innovate in ad formats and pricing to maximize this opportunity?

5. Considering that many of your assets are currently **undervalued**  **[WBD_3406469_2]** , and that the company is focused on enhancing shareholder value, what are the **tangible benefits** of maintaining an **integrated company structure** encompassing both **growth segments** like **Studios and Streaming** and **declining segments** like **Linear Networks**  **[WBD_3406469_14]** , and are you open to **structural changes** to unlock value if the market continues to undervalue the combined entity?

01a8bd95d9656d0e1d5e4d084213b9c5a93c2c0541bd21000b805a18cd1521dc

Studios

- Distribution

- Advertising

- Content

- Other

Networks

Corporate

Inter-segment Eliminations

Total Revenue

3e35afa0a5d4bc609bb385601305f0abde238ca1282a428d3b0403db93480eaf

77db7a3b4db90f2e6fa2664e6b7c216f444642f00cc57896636078db048e29b5

### Q3 2024 Earnings Call
- **Issued Period**: Q3 2024
- **Guided Period**: Q4 2024 and FY 2025
- **Guidance**:
  1. **Direct-to-Consumer (D2C) Business**:
     - Similar levels of subscriber-related revenue growth and EBITDA contribution in Q4 2024.
     - Confident in exceeding **$1 billion in EBITDA in 2025** for the D2C segment  **[WBD_3406469_5]** **[WBD_3406469_3]** .
  2. **Free Cash Flow**:
     - Healthy conversion of EBITDA in Q4 2024 despite increased net cash content spend  **[WBD_3406469_7]** .
  3. **Net Leverage**:
     - Expect to delever year-over-year with a long-term target of 2.5 to 3x gross leverage  **[WBD_3406469_7]** .
  4. **Studios Business**:
     - Studio Q4 2024 EBITDA expected to increase by a few hundred million dollars year-over-year  **[WBD_3406469_6]** .
  5. **Overall Company Performance**:
     - Improved profit results for Studios in Q4 2024, aiming for at least **$3 billion** in growth  **[WBD_3406469_4]** **[WBD_3406469_14]** .

### Q2 2024 Earnings Call
- **Issued Period**: Q2 2024
- **Guided Period**: Second half of 2024 and FY 2025
- **Guidance**:
  1. **Direct-to-Consumer (DTC) Segment**:
     - Positive EBITDA anticipated in the second half of 2024, targeting over **$1 billion in EBITDA by 2025**  **[WBD_3397063_3]** **[WBD_3397063_9]** **[WBD_3397063_15]** .
  2. **Studios Segment**:
     - Improvements expected in TV production business post-strike  **[WBD_3397063_15]** .
  3. **Networks Segment**:
     - Decrease in distribution and network ad revenue, with strong performance in Europe  **[WBD_3397063_9]** **[WBD_3397063_15]** .
  4. **Free Cash Flow**:
     - Meaningful free cash flow generation expected in the second half of 2024  **[WBD_3397063_9]** **[WBD_3397063_7]** .
  5. **Olympics Impact**:
     - Negative impact on EBITDA from the Olympics, affecting the Networks segment  **[WBD_3397063_9]** **[WBD_3397063_17]** .

### Q1 2024 Earnings Call
- **Issued Period**: Q1 2024
- **Guided Period**: Q2 2024 and FY 2024
- **Guidance**:
  1. **EBITDA Target**:
     - Aim for **$1 billion EBITDA target for 2025**  **[WBD_3387821_2]** .
  2. **Direct-to-Consumer (D2C) Segment**:
     - Profitability expected in 2024 despite launch investments  **[WBD_3387821_6]** .
  3. **Subscriber Growth**:
     - Nearing **100 million subscribers**, with continued growth anticipated  **[WBD_3387821_2]** .
  4. **Advertising Revenue**:
     - Record D2C advertising revenue expected in Q2 2024  **[WBD_3387821_6]** .
  5. **Free Cash Flow**:
     - **$1.3 billion improvement** in free cash flow in Q1 2024  **[WBD_3387821_1]** .
  6. **Cost Savings**:
     - Path to exceed more than **$1 billion of remaining cost savings**  **[WBD_3387821_7]** .

### Q4 2023 Earnings Call
- **Issued Period**: Q4 2023
- **Guided Period**: FY 2025
- **Guidance**:
  1. **EBITDA Guidance**:
     - On track for **$1 billion in EBITDA for the D2C segment by 2025**  **[WBD_3374798_3]** **[WBD_3374798_7]** .
  2. **Debt and Leverage**:
     - Long-term gross leverage target of **2.5 to 3x**  **[WBD_3374798_6]** **[WBD_3374798_1]** .
  3. **Free Cash Flow**:
     - Continued strong free cash flow generation expected in 2024  **[WBD_3374798_5]** **[WBD_3374798_11]** .
  4. **International Expansion**:
     - Rollout of Max in key international regions in 2024  **[WBD_3374798_3]** .
  5. **Content and Production**:
     - Focus on refreshing content pipeline with significant releases in 2024 and 2025  **[WBD_3374798_3]** **[WBD_3374798_2]** .
  6. **Advertising Revenue**:
     - Acceleration in D2C advertising revenue expected in 2024  **[WBD_3374798_5]** .

948ccbf871ab4c276fd491b503f485ed3b42592662471d41742e851a6e90bdb8

| Name                  | Position                                      | Start Date          | Short Bio                                                                                                                                                                                                 |
|-----------------------|-----------------------------------------------|---------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| David M. Zaslav       | President, CEO, and Director                  | April 8, 2022       | David M. Zaslav has been serving as the President, CEO, and Director of WBD since the closing of the WarnerMedia Transaction on April 8, 2022. He was previously the President and CEO of Discovery, Inc. from January 2007 until April 2022  **[0001437107-24-000017_wbd-20231231.htm:47]** **[0001437107-24-000102_wbd-20240419.htm:18]** . |
| Gunnar Wiedenfels     | Chief Financial Officer                       | April 8, 2022       | Gunnar Wiedenfels has been the CFO of WBD since April 8, 2022. He was the CFO of Discovery, Inc. from April 2017 until the merger in 2022  **[0001437107-24-000017_wbd-20231231.htm:47]** **[0001437107-23-000019_disca-20221231.htm:46]** .                                                                                                 |
| Bruce L. Campbell     | Chief Revenue and Strategy Officer            | April 8, 2022       | Bruce L. Campbell has been the Chief Revenue and Strategy Officer at WBD since April 8, 2022. He has been an executive officer since 2008 and held various senior roles at Discovery  **[0001437107-24-000017_wbd-20231231.htm:47]** **[0001437107-23-000019_disca-20221231.htm:46]** .                                                      |
| Lori Locke            | Chief Accounting Officer                      | April 8, 2022       | Lori Locke has been the Chief Accounting Officer at WBD since April 8, 2022. She was Discovery's Chief Accounting Officer from June 2019 to April 2022  **[0001437107-24-000017_wbd-20231231.htm:47]** .                                                                                       |
| Jean-Briac Perrette   | CEO and President, Global Streaming and Games | April 8, 2022       | Jean-Briac Perrette serves as the CEO and President of Global Streaming and Games at WBD since April 8, 2022. He was previously President and CEO of Discovery International from June 2016 until April 2022  **[0001437107-24-000017_wbd-20231231.htm:47]** .                                  |
| Adria Alpert Romm     | Chief People and Culture Officer              | April 8, 2022       | Adria Alpert Romm has been the Chief People and Culture Officer at WBD since April 8, 2022. She was Discovery's Chief People and Culture Officer from April 2019 to April 2022  **[0001437107-24-000017_wbd-20231231.htm:47]** **[0001437107-23-000019_disca-20221231.htm:46]** .                                                            |
| Savalle C. Sims       | Chief Legal Officer                           | October 2023        | Savalle C. Sims has been the Chief Legal Officer at WBD since October 2023. She was previously the Executive Vice President and General Counsel from April 8, 2022, until October 2023  **[0001437107-24-000017_wbd-20231231.htm:47]** .                                                       |
| Gerhard Zeiler        | President, International                      | April 8, 2022       | Gerhard Zeiler has been the President, International at WBD since April 8, 2022. He was the President of WarnerMedia International from August 2020 to April 2022  **[0001437107-24-000017_wbd-20231231.htm:48]** **[0001437107-23-000019_disca-20221231.htm:47]** .                                                                         |
| Daniel E. Sanchez     | Class III Director                            | October 1, 2024     | Daniel E. Sanchez was appointed as a Class III Director on the Board of WBD effective October 1, 2024. His initial term will expire at the company's 2025 annual meeting of stockholders  **[0001437107-24-000168_disca-20240916.htm:1]** .                                                     |

938235e97334c69a76db7e5ece60b75001c29241c9df7f3bd6c654e42f2f420f

U.S.

Non-U.S.

U.S. Networks

International Networks

Other

Education and Other

Corporate, Inter-segment Eliminations, and Other

fa940c487c67643374e4bea559539fb3891deb2ddb44f029d79dddde227c6015

**Quarterly guidance for Q4 2024:**
- **Subscriber-related revenue growth and EBITDA contribution**: similar levels  **[WBD_3406469_5]** **[WBD_3406469_3]**  (no prior guidance)  
- **Free cash flow**: healthy conversion of EBITDA in Q4 2024  **[WBD_3406469_7]**  (no prior guidance)  
- **Net leverage**: expect to delever year-over-year with a long-term target of 2.5–3×  **[WBD_3406469_7]**  (no prior guidance)  
- **Studios business**: Q4 2024 EBITDA expected to increase by a few hundred million dollars year-over-year  **[WBD_3406469_6]**  (no prior guidance)  
- **Overall company performance**: improved profit results for Studios in Q4 2024, aiming for at least $3 billion in growth  **[WBD_3406469_4]** **[WBD_3406469_14]**  (no prior guidance)

**Annual guidance for FY 2025:**
- **D2C EBITDA**: confident in exceeding $1 billion  **[WBD_3406469_5]** **[WBD_3406469_3]**  (no change from prior guidance “targeting over $1 billion”  **[WBD_3397063_3]** **[WBD_3397063_9]** **[WBD_3397063_15]** )

1d5143d37787a310654a4703084bd6c4b5ee83087dc57be3bbbd2ab08ef83c00

| Name                        | Start Date | End Date | Reason for Change |
|-----------------------------|------------|----------|-------------------|
| PricewaterhouseCoopers LLP | 2008  **[0001437107-24-000017_wbd-20231231.htm:84]**    | Present  | Current auditor   |

bef78cf5ef02cd958f2361168d55ee9dc4d4f2d5aa44a34c0a6dec5d43278ee3

25c47320a85b1347d6ed1ce8cc59eb4e0c06afc51e096ad00d7a875bfbfcf7e2

23794d91c53ae875c8e247d72561e35d9d06ee07c70c9e0dbcc977a6d161504a

- Total Revenue: $9,623 million (-4% YoY from $9,979 million)  **[0001437107-24-000187_disca-20240930.htm:10]** **[0001437107-23-000173_disca-20230930.htm:14]**   
- Studios: $2,680 million (**-17% YoY** from $3,226 million)  **[0001437107-24-000187_disca-20240930.htm:10]** **[0001437107-23-000173_disca-20230930.htm:14]**   
- Direct-to-Consumer (DTC): $2,634 million (+8% YoY from $2,438 million)  **[0001437107-24-000187_disca-20240930.htm:10]** **[0001437107-23-000173_disca-20230930.htm:14]**   
- Operating Income: $281 million (**+190% YoY** from $97 million)  **[0001437107-24-000187_disca-20240930.htm:31]** **[0001437107-24-000187_disca-20240930.htm:1]** **[0001437107-23-000173_disca-20230930.htm:1]** **[0001437107-23-000173_disca-20230930.htm:35]**   
- Net Income: $135 million (swung from -$446 million YoY)  **[0001437107-24-000187_disca-20240930.htm:31]** **[0001437107-24-000187_disca-20240930.htm:1]** **[0001437107-23-000173_disca-20230930.htm:1]** **[0001437107-23-000173_disca-20230930.htm:35]**   
- EPS (Diluted): $0.06 (up from -$0.17 YoY)  **[0001437107-24-000187_disca-20240930.htm:1]** **[0001437107-23-000173_disca-20230930.htm:1]**   

3794adb5034a16aabc4c7451e746653623594ed35a4ea569fd98f20968a157e8

86a4f7f3dd5ecee1b05aefda0bd042525380674cd6220b01a973f843417ed3c0

d242a0e751c2f6d9d9182921e58e5006d77e960cece9e5205d4860c12dfa5080

Domestic ARPU Year-over-Year Percentage Increase (percentage)

International ARPU Year-over-Year Percentage Increase (percentage)

Global ARPU Year-over-Year Percentage Increase (percentage)

Number of Domestic DTC Subscribers (millions of subscribers)

Number of International DTC Subscribers (millions of subscribers)

Total DTC Subscribers (millions of subscribers)

3a39db78ef683b6245a3d8d7f20a6f083767fee250db63a80546ab59c93709b0

| Year  | Amount Due (Millions) | Debt Type         | Interest Rate (%) | % of Total Debt |
|-------|-----------------------|-------------------|-------------------|-----------------|
| 2024  | 296 **[0001437107-24-000187_disca-20240930.htm:46]**           | Senior Notes      | 3.900 **[0001437107-24-000187_disca-20240930.htm:14]**     | 0.7% = (296 / 40,209) * 100 **[0001437107-24-000187_disca-20240930.htm:2]** **[0001437107-24-000187_disca-20240930.htm:46]** |
| 2025  | 2,749 **[0001437107-24-000187_disca-20240930.htm:46]**         | Senior Notes      | N/A               | 6.8% = (2,749 / 40,209) * 100 **[0001437107-24-000187_disca-20240930.htm:2]** **[0001437107-24-000187_disca-20240930.htm:46]** |
| 2026  | 1,500 **[0001437107-24-000187_disca-20240930.htm:15]**         | Senior Notes      | 6.412 **[0001437107-24-000187_disca-20240930.htm:15]**     | 3.7% = (1,500 / 40,209) * 100 **[0001437107-24-000187_disca-20240930.htm:2]** **[0001437107-24-000187_disca-20240930.htm:15]** |
| 2030  | 700 **[0001437107-24-000187_disca-20240930.htm:14]**           | Senior Notes      | 4.302 **[0001437107-24-000187_disca-20240930.htm:14]**     | 1.7% = (700 / 40,209) * 100 **[0001437107-24-000187_disca-20240930.htm:2]** **[0001437107-24-000187_disca-20240930.htm:14]** |
| 2033  | 915 **[0001437107-24-000187_disca-20240930.htm:14]**           | Senior Notes      | 4.693 **[0001437107-24-000187_disca-20240930.htm:14]**     | 2.3% = (915 / 40,209) * 100 **[0001437107-24-000187_disca-20240930.htm:2]** **[0001437107-24-000187_disca-20240930.htm:14]** |
| 2042-2062 | N/A               | Senior Notes      | 1.90-8.30 **[0001437107-24-000187_disca-20240930.htm:47]** | N/A             |

4f86ea0e26154dff87b1f939926e5d228c951b83b4233e73823c59ca906733d2

- WBD's **Direct-to-Consumer (DTC) business is poised for significant growth and profitability**, driven by international expansion into new markets, a strong upcoming content slate including popular franchises, ARPU improvements through price increases and ad-lite tiers, and strategies like cracking down on password sharing.  **[WBD_3397063_16]**
- **Global rollout of Max presents substantial subscriber growth opportunities**, as WBD plans to expand into the remaining 50% of addressable markets, including major countries like the UK, Germany, and Italy, leveraging partnerships and bundles to accelerate growth and improve the consumer experience.  **[WBD_3397063_17]** **[WBD_3397063_11]**
- WBD is **leveraging its strong IP portfolio to expand in the growing gaming industry**, viewing gaming as a core part of its strategy, aiming to capitalize on the unique growth opportunities in interactive entertainment by strengthening capabilities in areas like free-to-play games and integrating their popular franchises.  **[WBD_3397063_12]**

b7b5f577e45cd208a3dc05d0ae50d37b7dc95369e33f5936b4676879e7149284

1. **Free Cash Flow Guidance**  
   **Q:** What's the outlook for free cash flow this year?  
   **A:** While we won't provide specific guidance, last year's **$6.2 billion** included a **$1 billion** strike benefit that will reverse in 2024. We expect interest expense, CapEx, and restructuring expenses to decline, and we're committed to maintaining a **60% cash conversion** rate. Our focus remains on deleveraging and generating free cash flow.  **[WBD_3374798_11]** 

2. **EBITDA Growth and Segments**  
   **Q:** Any color on EBITDA growth by segment?  
   **A:** In Studios, it's a hit-driven business with variability. For DTC, we're committed to maintaining profitability while fueling profitable top-line growth, aiming for **$1 billion** EBITDA in 2025. In Linear, trends are improving, but we won't make long-term projections. We'll continue to be transparent about what we're seeing.  **[WBD_3374798_10]** 

3. **Advertising Outlook**  
   **Q:** Can you elaborate on advertising strength and outlook?  
   **A:** We've seen improvements into Q1 across the board. In the U.S., improving ratings and upfront deals are kicking in. Streaming advertising is growing at over **50%**. Internationally, key markets like Poland and Italy are performing well. While we can't predict the rest of the year, we're in a much better place now.  **[WBD_3374798_12]** 

4. **DTC International Expansion**  
   **Q:** What's the plan for Max's international rollout?  
   **A:** We're excited to launch in new markets starting in 2024, including France and Belgium in Q2, with Asia and Australasia likely in 2025. This expansion targets the other half of our total addressable market and is a huge tailwind for subscriber and revenue growth over the next 24 months.  **[WBD_3374798_12]** 

5. **NBA Rights Negotiations**  
   **Q:** How will you make NBA rights financially viable?  
   **A:** While we're in exclusive discussions, we approach sports rights by knowing exactly what value we assign and staying disciplined. We expect some inflation in costs but will optimize returns. We've had a strong partnership with the NBA for **40 years** and hope to continue it positively.  **[WBD_3374798_13]** 

6. **New Sports Streaming Venture**  
   **Q:** Details on the new skinny sports bundle?  
   **A:** We're targeting the over **60 million** U.S. households not in traditional cable. The new app-based product lets fans watch all major sports playoffs without worrying about channels. It's designed for younger consumers and meets strong demand without accelerating cord-cutting. We're partnering with Disney and Fox and will be aggressive in marketing it.  **[WBD_3374798_10]** 

7. **Capital Allocation Strategy**  
   **Q:** How will you allocate capital with increased free cash flow?  
   **A:** We're focused on deleveraging the company to reach our **2.5 to 3x** leverage target. We've invested heavily in our businesses, including hundreds of millions into studio operations. While we have the option to look at other assets, it's a high bar, and we prefer to invest in our strong content portfolio and storytelling capabilities.  **[WBD_3374798_11]** 

8. **Third-Party Content Sales**  
   **Q:** What's your approach to selling content to third parties?  
   **A:** We're open to serving both our platforms and third parties, evaluating deals case by case. We sell content only co-exclusively, retaining it on Max. We've resumed aggressive activity in Warner Bros. Television, with over **100 series**, and are monetizing our vast library while keeping core branded programs in-house.  **[WBD_3374798_12]** 

9. **Rebundling and Partnerships**  
   **Q:** Is rebundling inevitable in streaming?  
   **A:** We believe rebundling makes sense to improve the consumer experience, which is currently cluttered. It could happen through intermediaries like Apple, Amazon, or Roku, or we could do it ourselves. Bundling Max with services like Netflix can provide a meaningful experience, and our sports venture exemplifies a more fluid offering.  **[WBD_3374798_14]** 

10. **Studios Strategic Initiatives**  
    **Q:** When will Studio strategies impact finances?  
    **A:** After two challenging years, we expect much better performance this year with a compelling lineup, including "The Watchers," "Beetlejuice," "Joker 2," and DC projects like "Superman" and "Supergirl." We're optimistic about significant upside in the next two years as we balance beloved brands with new content like "Barbie."  **[WBD_3374798_9]** 

f9a76adf6c41641e5b3f3606dc9e459b508e4146771c83ea8d414aadb18f18ff

1. **Unlocking Shareholder Value**  
   **Q:** Are you considering splitting the company to unlock value?  
   **A:** Management emphasizes their focus on operating under the **"One Warner Bros Discovery"** strategy, highlighting the benefits of integration across their businesses.  **[WBD_3397063_13]**  They are constantly evaluating strategic options but believe in the value of their combined assets and are not currently planning a split.  **[WBD_3397063_13]** 

2. **Potential Loss of NBA Rights**  
   **Q:** How would losing NBA rights affect Networks EBITDA?  
   **A:** Management acknowledges the NBA is a **profitable right** for them.  **[WBD_3397063_13]**  While they won't discuss specifics, they have considered various scenarios in their analysis and remain confident in their strategic planning.  **[WBD_3397063_13]** 

3. **Offsetting Pay-TV Declines**  
   **Q:** Can your efforts offset pay-TV declines to grow earnings?  
   **A:** Management believes there is **tremendous upside** in both their DTC and Studio businesses, which is enough to offset linear declines.  **[WBD_3397063_15]**  They expect acceleration in topline growth and significant opportunities across drivers of the business, aiming for over **$1 billion in EBITDA by 2025**.  **[WBD_3397063_15]** 

4. **Max DTC Growth Potential**  
   **Q:** How do you see Max's future in streaming?  
   **A:** They are expanding Max globally, now launched in Latin America and Europe, with **over 100 million DTC subscribers**.  **[WBD_3397063_11]**  The focus is on being a global leader, leveraging relationships and local content to drive sustainable growth.  **[WBD_3397063_11]** 

5. **Goodwill Write-down Explanation**  
   **Q:** What's behind the goodwill impairment related to the NBA?  
   **A:** The **$9.1 billion goodwill impairment** is due to a full re-evaluation of their Networks segment.  **[WBD_3397063_11]**  The NBA rights discussion was a triggering event, but no single factor drove the impairment.  **[WBD_3397063_11]** 

6. **Carriage Negotiations Strategy**  
   **Q:** Any changes in carriage deals amid NBA programming changes?  
   **A:** Management won't discuss specific negotiations but emphasizes their effectiveness in securing meaningful increases for content through robust offerings across channels.  **[WBD_3397063_12]**  They have a strong presence in **200 countries** and focus on delivering value to distributors.  **[WBD_3397063_12]** 

7. **EBITDA Outlook for Second Half**  
   **Q:** Can you level set EBITDA expectations for H2?  
   **A:** They expect a **significant step forward** in DTC.  **[WBD_3397063_14]**  The Studio has two big films in the pipeline, and the TV production business is improving post-strike.  **[WBD_3397063_14]**  Visibility in the linear ad market is low, with Q3 typically weaker due to sports scheduling.  **[WBD_3397063_14]** 

8. **Strategic Value of Video Games**  
   **Q:** Is gaming a core part of your portfolio?  
   **A:** They see gaming as a **huge opportunity**, owning valuable IP like **Hogwarts Legacy**, the #1 game last year.  **[WBD_3397063_12]**  They aim to expand in the **free-to-play** space and consider gaming a growth area.  **[WBD_3397063_12]** 

9. **Max Global Expansion**  
   **Q:** How many markets will Max reach?  
   **A:** Max is currently in **65 markets**, with plans to expand to more than **50% of global markets** they're not yet in.  **[WBD_3397063_16]**  They anticipate significant subscriber growth, adding **tens of millions** over the next 18–24 months.  **[WBD_3397063_16]** 

10. **Impact of Olympics**  
    **Q:** How will the Olympics affect your business?  
    **A:** The last Olympics under the old contract will result in a loss this quarter due to costs recognized when games occur.  **[WBD_3397063_17]**  The new arrangement focuses on streaming rights, expected to drive engagement and **subscriber acquisition**.  **[WBD_3397063_17]** 

e4a775be25871681d3c6fc6f4f0d6152337bd3d4bff27bb931be444f79a89206

- **Strong free cash flow generation and deleveraging efforts**: Warner Bros. Discovery generated **$6.2 billion** in free cash flow in 2023, achieving a **60% conversion of EBITDA to free cash flow**.  **[WBD_3374798_7]**  The company paid down **$5.4 billion** of debt during the year, reducing net leverage to **3.9x EBITDA**.  **[WBD_3374798_6]**  They are committed to further deleveraging in 2024, with expectations of lowering interest expense, capital expenditures, and restructuring costs.  **[WBD_3374798_14]**
- **Positive momentum in advertising revenue**: The company is seeing improvements in advertising across both U.S. and international markets. Domestic ad sales are pacing meaningfully better in Q1, benefiting from strong upfront deals and improving ratings trends.  **[WBD_3374798_12]**  Internationally, key markets like Poland and Italy are performing well, with Italy being the **fastest-growing group** in that market.  **[WBD_3374798_12]**
- **Significant growth potential from international expansion of Max**: Warner Bros. Discovery plans to launch Max in new international markets, aiming to double its addressable market over the next 24 months.  **[WBD_3374798_12]**  Launches are planned in Latin America next week, Europe starting in the second quarter with France and Belgium, and Asia and Australasia likely in 2025  **[WBD_3374798_12]** **[WBD_3374798_11]** . This international rollout is expected to be a **huge tailwind for subscriber and revenue growth**.  **[WBD_3374798_11]**

bcce3864bbf00ebd89e4ea724b17d02a2eed69a8f23caffbe55c2d1688d0f90e

1. **EBITDA Improvement and NBA Rights**  
   **Q:** Can cost improvements help reaccelerate EBITDA and retain NBA rights?  
   **A:** Management believes they can strengthen EBITDA through continuous cost improvements, which may enable a more aggressive offer to retain NBA rights.  **[WBD_3387821_14]**  They have dramatically changed the company's financial discipline, focusing on process improvements that will pay dividends over many years.  **[WBD_3387821_14]**  This includes replacing multiple ERP systems and unifying the team under a "one company" mentality.  **[WBD_3387821_14]** 

2. **Churn Reduction and Bundling Benefits**  
   **Q:** How will bundles affect churn and DTC earnings over time?  
   **A:** Churn has decreased dramatically but is still above target; management aims for churn below **3%** to achieve a healthy business.  **[WBD_3387821_14]**  Bundling, especially with existing distributors in Latin America and Europe, is a significant helper in reducing churn.  **[WBD_3387821_14]**  These bundles often result in higher ARPU and LTV, improving the value of DTC earnings over time.  **[WBD_3387821_14]** 

3. **Disney-Hulu-Max Bundle Impact**  
   **Q:** What is the strategy and outlook for the Disney-Hulu-Max bundle?  
   **A:** The bundle with Disney+, Hulu, and Max offers a compelling package with the greatest offerings in kids, family, and adult content.  **[WBD_3387821_8]** **[WBD_3387821_9]** **[WBD_3387821_12]**  Priced attractively, it is expected to have a positive impact on ARPU and subscriber LTV.  **[WBD_3387821_8]** **[WBD_3387821_9]** **[WBD_3387821_12]**  Management does not see the need to add other services to this bundle at this time.  **[WBD_3387821_12]** 

4. **Advertising Shift to Streaming**  
   **Q:** Can streaming ads offset linear ad declines soon?  
   **A:** While linear ad sales are declining, management sees significant growth in streaming advertising.  **[WBD_3387821_12]**  The combined company's advertising trend improved from down **10%** to down **7%**, driven by support from streaming ads.  **[WBD_3387821_12]**  They expect a long period of coexistence between linear and streaming ads, with streaming offering CPM benefits and inventory growth.  **[WBD_3387821_12]** 

5. **Company Restructuring and Future Outlook**  
   **Q:** How will the company look in the next two years?  
   **A:** Management has restructured each business for efficiency and growth, focusing on creative excellence and real free cash flow.  **[WBD_3387821_10]**  They have invested in great content and talent, with HBO having possibly its best year ever.  **[WBD_3387821_10]**  They believe the business will look very different in **2–3 years**, and much better for consumers.  **[WBD_3387821_10]** 

6. **International Expansion and Partnerships**  
   **Q:** What are the plans for international growth?  
   **A:** The company sees great potential outside the U.S., emphasizing that **two-thirds** of a mature subscription business comes from international markets.  **[WBD_3387821_10]** **[WBD_3387821_14]**  They have local content and relationships in every market and are working with distributors to offer products through broadband, capturing younger consumers.  **[WBD_3387821_10]** **[WBD_3387821_14]** 

7. **Marketing Strategy for Bundles**  
   **Q:** How will marketing work for the Disney-Hulu-Max bundle?  
   **A:** Both parties will continue to market their offerings individually, but the bundle will be prominently positioned in the purchase flows of Max, Hulu, and Disney+.  **[WBD_3387821_13]**  There will be a significant amount of marketing support from both parties, including on-air promotions and performance marketing.  **[WBD_3387821_8]** **[WBD_3387821_13]** 

8. **Potential Acquisition of Paramount+ Content**  
   **Q:** Are you interested in acquiring Paramount+ content?  
   **A:** Management is always looking for good content to enhance their offering.  **[WBD_3387821_13]**  They have previously structured deals for content like "South Park," bought NASCAR for the summer, and have an output deal with A24.  **[WBD_3387821_13]**  They are open to opportunities that provide a better consumer experience.  **[WBD_3387821_13]** 

9. **Enhancing Ad Tech on Linear Networks**  
   **Q:** How are you improving ad tech on linear networks?  
   **A:** Management is beginning to match analytics and data on linear networks with digital platforms through targeted advertising and dynamic ad insertion within linear streams.  **[WBD_3387821_11]**  They see additional opportunities with the shift in distribution landscape and the greater share of virtual MVPDs.  **[WBD_3387821_11]** 

2b5cf7283419e6d9f751e7f8013469b1c632cbfaa45a82ba27aec88c8d7ccbe3

- **WBD's Max streaming service added over 7 million net subscribers in Q3**, driving significant **EBITDA growth**, and expects continued **revenue, profit, and subscriber growth** in future quarters  **[WBD_3406469_8]** .
- **The Studios segment is set to bounce back profit-wise next year**, with expectations to reach **$3 billion** and then further growth, driven by improvements across the film group, TV production, franchises, games, and content licensing, leading to sustainable long-term growth  **[WBD_3406469_14]** .
- **Strategic partnerships and potential industry consolidation** are seen as opportunities to enhance shareholder value and improve consumer experience, with WBD engaging in partnerships like the **Disney Max Hulu bundle** to drive subscriber growth  **[WBD_3406469_12]** **[WBD_3406469_10]** .

a77e15a9164b61da9b230246d51d3f60667535b06e94614e721348af1433a4ff

- **Strategic partnership with Disney to bundle Max with Disney+ and Hulu** creates a compelling value proposition expected to drive subscriber growth and improve retention, becoming an **anchor in household entertainment**, and enhancing DTC profitability.  **[WBD_3387821_12]** **[WBD_3387821_14]**
- **Leveraging advanced advertising technologies and data analytics**, WBD is monetizing both linear and digital platforms more effectively, capturing growth opportunities in **targeted advertising** and benefiting from higher CPMs.  **[WBD_3387821_11]** **[WBD_3387821_14]**
- **Continuous improvement mindset and operational restructuring** have strengthened WBD's efficiency and **financial discipline**, focusing on **high-quality content** and a **'one company' approach** to global marketing, positioning it for future growth.  **[WBD_3387821_10]** **[WBD_3387821_14]**

0046815ba522d4905a3d78e1b05a2bce40682ff835e51dbebb3126480a081282

- **Churn Remains Above Target Levels**: David Zaslav stated that churn is "still above our longer-term target" and is "just a killer in this business," highlighting difficulties in subscriber retention.  **[WBD_3387821_14]**
- **Uncertainty Over NBA Rights Renewal Costs**: Concerns were raised about Warner Bros. Discovery's ability to "find enough cost improvement" to make a "more aggressive matching offer" to retain NBA rights, which could lead to increased expenses or losing key content.  **[WBD_3387821_14]**
- **Linear Advertising Revenue Declines**: Gunnar Wiedenfels acknowledged that the "linear advertising trend is still down," despite some growth in streaming advertising, indicating ongoing challenges in traditional ad revenue streams.  **[WBD_3387821_12]**

5e2f432219ec796846631d7888ce8966d76a826ac81fe22fb70de75216ff3d65

- The decline in the pay-TV universe continues with no signs of stopping, and Warner Bros. Discovery's linear business is underperforming, with company executives unable to predict when consolidated earnings will grow sustainably. Gunnar Wiedenfels, CFO, acknowledged that the trends in the linear business haven't improved as hoped, and the recovery hasn't happened.  **[WBD_3397063_16]**
- There is uncertainty surrounding the renewal of NBA rights, which are profitable for the company. Losing these rights could negatively impact the company's basic networks EBITDA. The goodwill impairment recorded by the company reflects uncertainty related to affiliate and sports rights renewals, including the NBA.  **[WBD_3397063_14]** **[WBD_3397063_11]**
- The company's video games division has seen uneven performance over the past couple of years, highlighting the hit-driven nature of the business. While "Hogwarts Legacy" was a record success, "Suicide Squad" underperformed, indicating challenges in achieving consistent growth in this segment.  **[WBD_3397063_12]**

31a46eebc1d1eae90d575a7d1e5a33f1a9620682c054fe02203fac3503c34cd3

- **Studio business recovery may take longer than expected**, as the financial impact of changes will take time to become visible.  **[WBD_3406469_14]**
- **Net leverage increased to 4.2x**, and the company expects to delever more modestly than initially planned due to **studio shortfalls and impairments**.  **[WBD_3406469_7]**
- **Management did not commit to any strategic asset sales or spin-offs**, potentially missing opportunities to unlock shareholder value.  **[WBD_3406469_12]**

04baffb0d213c65dbe96ab2e3e35f1d0f3fe9ddeba18d64e7217fe2af6b55813

1. **Studio Profit Outlook**  
   **Q:** Can you discuss expected profit rebound in Studios next year?  
   **A:** Management anticipates the Studio segment will bounce back profit-wise across the board next year, with better results in the film group, continued momentum in TV production, and recovery in the games business. They are confident in seeing **$3 billion** or more in growth from the Studio segment, although the exact timing may vary. Content licensing is also expected to be higher from the 2024 starting base.  **[WBD_3406469_14]** 

2. **Integrated Business Structure**  
   **Q:** Why keep all businesses together despite growth and decline in different segments?  
   **A:** Management believes strongly in the benefits of operating as an integrated company. They see significant returns from running WBD as one entity, particularly in content where synergies across segments enhance value. They acknowledge the current stock price doesn't reflect the underlying value and are focused on enhancing shareholder value.  **[WBD_3406469_14]** **[WBD_3406469_12]** 

3. **Industry Consolidation Prospects**  
   **Q:** What are your views on potential M&A and industry consolidation?  
   **A:** Management emphasizes the need for meaningful consolidation in the industry to improve the consumer experience, which currently involves navigating multiple apps. They believe consolidation could provide a better consumer experience and create stronger businesses. An upcoming new administration may offer opportunities for consolidation, providing a real positive impact on the industry.  **[WBD_3406469_10]** **[WBD_3406469_12]** 

4. **Cable Networks Sustainability**  
   **Q:** How confident are you about upcoming renewals with Comcast and Sky, especially without the NBA?  
   **A:** While not discussing specific deals, management expressed confidence based on longstanding relationships and successful collaborations. They emphasize their valuable content and significant contribution to the basic cable bundle, which is recognized by distributors. They expect to continue working closely with partners like Comcast and Sky in the future.  **[WBD_3406469_11]** 

5. **DTC Subscriber Growth**  
   **Q:** How will you close the subscriber gap with competitors like Netflix?  
   **A:** Management sees significant opportunity to grow subscribers, especially among price-sensitive households. Strategies include expanding the ad-supported tier, introducing bundles (e.g., with Disney and Hulu), and leveraging partnerships. They have observed that past price increases resulted in lower than expected churn, indicating pricing power.  **[WBD_3406469_10]** **[WBD_3406469_13]** 

6. **Pricing Power in DTC**  
   **Q:** How much can price increases drive DTC revenue in coming years?  
   **A:** Management believes they have room to continue raising prices due to the premium nature of their product. Previous price rises resulted in lower than projected churn. They also plan to address password sharing, effectively acting as a price increase. International markets present additional opportunities for price adjustments.  **[WBD_3406469_13]** 

7. **Advertising Revenue Growth**  
   **Q:** What is your plan to scale advertising in DTC, and when will you get there?  
   **A:** Management is in the early stages of growing advertising revenue in DTC by increasing reach of the ad-supported tier, modestly increasing ad load (which is currently light), and innovating in ad formats. They believe these three levers will provide significant scale in advertising revenue over time.  **[WBD_3406469_12]** 

8. **Cost Reduction Strategies**  
   **Q:** How do you plan to lower costs in linear networks to offset revenue declines?  
   **A:** Management will continue to be disciplined and focused on cost reductions, implementing structural measures that have taken longer to realize. They have taken out **billions of dollars** from the cost base despite inflation. Investments in sports with high margins and a largely fixed cost base are expected to help offset revenue pressures.  **[WBD_3406469_13]** **[WBD_3406469_14]** 

9. **Distributor Partnerships**  
   **Q:** Are you discussing similar structures to the Charter agreement with other distributors?  
   **A:** Management is encouraged by the innovative deal with Charter and hopes other distributors will adopt similar models. They are in discussions with some who are interested in pursuing such partnerships, aiming to provide a contemporary consumer experience that combines streaming and traditional multichannel options.  **[WBD_3406469_9]** 

bd5c6889c288cb0f44f918f9e1d0c2fc6156cf4e07e1d593b37a963c35a64a26

Warner Bros Discovery Inc (WBD)

Financials