Warner Bros. Discovery, Inc. Files 2023 Annual Report on Form 10-K

Ticker: WBD · Form: 10-K · Filed: Feb 23, 2024 · CIK: 1437107

Warner Bros. Discovery, Inc. 10-K Filing Summary
FieldDetail
CompanyWarner Bros. Discovery, Inc. (WBD)
Form Type10-K
Filed DateFeb 23, 2024
Risk Levelmedium
Pages15
Reading Time18 min
Key Dollar Amounts$0.01, $40.5 billion, $42.4 billion, $1.2 billion
Sentimentneutral

Sentiment: neutral

Topics: Warner Bros. Discovery, WBD, 10-K, Annual Report, Media

TL;DR

<b>Warner Bros. Discovery, Inc. has filed its 2023 annual report detailing its financial performance and business operations.</b>

AI Summary

Warner Bros. Discovery, Inc. (WBD) filed a Annual Report (10-K) with the SEC on February 23, 2024. Warner Bros. Discovery, Inc. filed its 2023 Form 10-K on February 23, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal executive offices are located at 230 Park Avenue South, New York, NY. The company was formerly known as Discovery, Inc. and Discovery Communications, Inc. The filing includes financial data for the fiscal years 2023, 2022, and 2021.

Why It Matters

For investors and stakeholders tracking Warner Bros. Discovery, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of WBD's financial health, strategic initiatives, and risk factors for the fiscal year 2023, crucial for investors to assess the company's performance and future outlook. Understanding the detailed financial statements and disclosures within this report is essential for stakeholders to evaluate the company's revenue streams, profitability, and debt levels in the evolving media landscape.

Risk Assessment

Risk Level: medium — Warner Bros. Discovery, Inc. shows moderate risk based on this filing. The company operates in the highly competitive and rapidly changing media and entertainment industry, facing challenges from technological advancements and shifting consumer preferences, which could impact future revenue and profitability.

Analyst Insight

Investors should analyze the detailed segment reporting and risk factors to understand the company's strategy for navigating industry disruption and achieving sustainable growth.

Revenue Breakdown

SegmentRevenueGrowth
Distribution Revenue
Advertising
Product and Service Content

Key Numbers

  • 2023-12-31 — Fiscal Year End (Reporting period)
  • 2024-02-23 — Filing Date (Date of submission)
  • 2023 — Fiscal Year (Primary year for data)
  • 2022 — Previous Fiscal Year (Comparative year)
  • 2021 — Prior Fiscal Year (Comparative year)

Key Players & Entities

  • Warner Bros. Discovery, Inc. (company) — Filer name
  • 230 PARK AVENUE SOUTH (location) — Business address
  • New York (location) — Business address city
  • Discovery, Inc. (company) — Former company name
  • Discovery Communications, Inc. (company) — Former company name

FAQ

When did Warner Bros. Discovery, Inc. file this 10-K?

Warner Bros. Discovery, Inc. filed this Annual Report (10-K) with the SEC on February 23, 2024.

What is a 10-K filing?

A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by Warner Bros. Discovery, Inc. (WBD).

Where can I read the original 10-K filing from Warner Bros. Discovery, Inc.?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by Warner Bros. Discovery, Inc..

What are the key takeaways from Warner Bros. Discovery, Inc.'s 10-K?

Warner Bros. Discovery, Inc. filed this 10-K on February 23, 2024. Key takeaways: Warner Bros. Discovery, Inc. filed its 2023 Form 10-K on February 23, 2024.. The filing covers the fiscal year ending December 31, 2023.. The company's principal executive offices are located at 230 Park Avenue South, New York, NY..

Is Warner Bros. Discovery, Inc. a risky investment based on this filing?

Based on this 10-K, Warner Bros. Discovery, Inc. presents a moderate-risk profile. The company operates in the highly competitive and rapidly changing media and entertainment industry, facing challenges from technological advancements and shifting consumer preferences, which could impact future revenue and profitability.

What should investors do after reading Warner Bros. Discovery, Inc.'s 10-K?

Investors should analyze the detailed segment reporting and risk factors to understand the company's strategy for navigating industry disruption and achieving sustainable growth. The overall sentiment from this filing is neutral.

Risk Factors

  • Intense Competition and Industry Changes [high — market]: The company operates in a highly competitive and rapidly evolving media and entertainment industry, subject to technological changes and shifting consumer preferences.
  • Debt Management [high — financial]: The company has significant debt obligations that require substantial cash flow for servicing and repayment, posing a financial risk.
  • Content Production and Distribution Risks [medium — operational]: Risks associated with the production, acquisition, and distribution of content, including potential delays, cost overruns, and audience reception.

Key Dates

  • 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
  • 2024-02-23: Filing Date — Date the 10-K was officially submitted to the SEC.

Filing Stats: 4,406 words · 18 min read · ~15 pages · Grade level 13.6 · Accepted 2024-02-23 17:10:16

Key Financial Figures

  • $0.01 — was: Series A Common Stock, par value $0.01 per share 2,439,687,237 DOCUMENTS INC
  • $40.5 billion — edia Holdings, Inc. ("WMH") distributed $40.5 billion to AT&T (subject to working capital and
  • $42.4 billion — y transferred purchase consideration of $42.4 billion in equity to AT&T shareholders in the M
  • $1.2 billion — ich resulted in the Company receiving a $1.2 billion payment from AT&T in the third quarter

Filing Documents

Business

ITEM 1. Business. 5

Risk Factors

ITEM 1A. Risk Factors. 13

Unresolved Staff Comments

ITEM 1B. Unresolved Staff Comments. 27

Cybersecurity

ITEM 1C. Cybersecurity. 27

Properties

ITEM 2. Properties. 28

Legal Proceedings

ITEM 3. Legal Proceedings. 29

Mine Safety Disclosures

ITEM 4. Mine Safety Disclosures. 29 PART II 31

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

ITEM 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. 31

[Reserved.]

ITEM 6. [Reserved.] 32

Management's Discussion and Analysis of Financial Condition and Results of Operations

ITEM 7. Management's Discussion and Analysis of Financial Condition and Results of Operations. 32

Quantitative and Qualitative Disclosures about Market Risk

ITEM 7A. Quantitative and Qualitative Disclosures about Market Risk. 52

Financial Statements and Supplementary Data

ITEM 8. Financial Statements and Supplementary Data. 55

Changes in and Disagreements With Accountants on Accounting and Financial Disclosure

ITEM 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure. 116

Controls and Procedures

ITEM 9A. Controls and Procedures. 116

Other Information

ITEM 9B. Other Information. 116

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

ITEM 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections. 116 PART III 117

Directors, Executive Officers and Corporate Governance

ITEM 10. Directors, Executive Officers and Corporate Governance. 117

Executive Compensation

ITEM 11. Executive Compensation. 117

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

ITEM 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters. 117

Certain Relationships and Related Transactions, and Director Independence

ITEM 13. Certain Relationships and Related Transactions, and Director Independence. 117

Principal Accountant Fees and Services

ITEM 14. Principal Accountant Fees and Services. 117 PART IV 118

Exhibits and Financial Statement Schedules

ITEM 15. Exhibits and Financial Statement Schedules. 118

Form 10-K Summary

ITEM 16. Form 10-K Summary. 127

SIGNATURES

SIGNATURES 128 3 PART I CAUTIONARY NOTE CONCERNING FORWARD-LOOKING STATEMENTS Certain statements in this Annual Report on Form 10-K constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our business, marketing and operating strategies, integration of acquired businesses, new product and service offerings, financial prospects and anticipated sources and uses of capital. Words such as "anticipate," "assume," "believe," "continue," "estimate," "expect," "forecast," "future," "intend," "plan," "potential," "predict," "project," "strategy," "target" and similar terms, and future or conditional tense verbs like "could," "may," "might," "should," "will" and "would," among other terms of similar substance used in connection with any discussion of future operating or financial performance identify forward-looking statements. Where, in any forward-looking statement, we express an expectation or belief as to future results or events, such expectation or belief is expressed in good faith and believed to have a reasonable basis, but there can be no assurance that the expectation or belief will result or be accomplished. The following is a list of some, but not all, of the factors that could cause actual results or events to differ materially from those anticipated: more intense competitive pressure from existing or new competitors in the industries in which we operate; reduced spending on domestic and foreign television advertising, due to macroeconomic, industry or consumer behavior trends or unexpected reductions in our number of subscribers; uncertainties associated with product and service development and market acceptance, including the development and provision of programming for new television and telecommunications technologies, and the success of our streaming services; market demand for foreign first-run and existing content libraries; negative publicity or damage to

Business

ITEM 1. Business. For convenience, the terms "Warner Bros. Discovery", "WBD", the "Company," "we," "us" or "our" are used in this Annual Report on Form 10-K to refer to both Warner Bros. Discovery, Inc. and collectively to Warner Bros. Discovery, Inc. and one or more of its consolidated subsidiaries, unless the context otherwise requires. Merger with the WarnerMedia Business of AT&T On April 8, 2022 (the "Closing Date"), Discovery, Inc. ("Discovery") completed its merger (the "Merger") with the WarnerMedia business (the "WarnerMedia Business", "WM Business" or "WM") of AT&T Inc. ("AT&T") and changed its name to Warner Bros. Discovery, Inc. On April 11, 2022, the Company's shares started trading on the Nasdaq Global Select Market ("Nasdaq") under the trading symbol WBD. The Merger was executed through a Reverse Morris Trust type transaction, under which WM was distributed to AT&T's shareholders via a pro rata distribution, and immediately thereafter, combined with Discovery. (See Note 3 and Note 4 to the accompanying consolidated financial statements). Prior to the Merger, WarnerMedia Holdings, Inc. ("WMH") distributed $40.5 billion to AT&T (subject to working capital and other adjustments) in a combination of cash, debt securities, and WM's retention of certain debt. Discovery transferred purchase consideration of $42.4 billion in equity to AT&T shareholders in the Merger. In August 2022, the Company and AT&T finalized the post-closing working capital settlement process, which resulted in the Company receiving a $1.2 billion payment from AT&T in the third quarter of 2022 in lieu of adjusting the equity issued as consideration in the Merger. AT&T shareholders received shares of WBD Series A common stock ("WBD common stock") in the Merger representing 71% of the combined Company and the Company's pre-Merger shareholders continued to own 29% of the combined Company, in each case on a fully diluted basis. Discovery was deemed to be the accounting acquirer of the WM

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