Warner Bros. Discovery (WBD)

Discovery, Inc. is a global leader in real life entertainment, serving a passionate audience of superfans around the world with content that inspires, informs and entertains. Discovery delivers over 8,000 hours of original programming each year and has category leadership across deeply loved content genres around the world. Available in more than 220 countries and territories and in nearly 50 languages, Discovery is a platform innovator, reaching viewers on all screens, including TV Everywhere products such as the GO portfolio of apps; direct-to-consumer streaming services such as Eurosport Player, Food Network Kitchen and MotorTrend OnDemand; digital-first and social content from Group Nine Media; a landmark natural history and factual content partnership with the BBC; and a strategic alliance with PGA TOUR to create the international home of golf. Discovery's portfolio of premium brands includes Discovery Channel, HGTV, Food Network, TLC, Investigation Discovery, Travel Channel, MotorTrend, Animal Planet, Science Channel, and the forthcoming multi-platform JV with Chip and Joanna Gaines, Magnolia, as well as OWN: Oprah Winfrey Network in the U.S., Discovery Kids in Latin America, and Eurosport, the leading provider of locally relevant, premium sports and Home of the Olympic Games across Europe.

Company profile

David Zaslav
Fiscal year end
Former names
Discovery Communications, Inc., Discovery, Inc.
2601223 Ontario, Inc. • Adventure TV Channel Pty. Ltd • Airtime Sales AB • AMHI, LLC • Animal Planet North America, Inc. • Animal Planet, L.L.C. • Animal Planet, LP • AprodO Development, LLC • AprodO, LLC • Beacon Solutions, Inc. ...
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WBD stock data

Analyst ratings and price targets

Last 3 months


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Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
5 May 22 Yang Geoffrey Y Series A Common Stock Buy Acquire P Yes No 18.79 35,653 669.92K 35,653
5 May 22 Yang Geoffrey Y Series A Common Stock Buy Acquire P Yes No 18.79 11,937 224.3K 11,937
5 May 22 Yang Geoffrey Y Series A Common Stock Buy Acquire P Yes No 18.78 10,706 201.06K 10,706
4 May 22 Gunnar Wiedenfels Series A Common Stock Gift Acquire G Yes No 0 4,000 0 4,000
4 May 22 Gunnar Wiedenfels Series A Common Stock Gift Dispose G No No 0 4,000 0 481,527
2 May 22 Gunnar Wiedenfels Series A Common Stock Buy Acquire P No No 18.46 4,000 73.84K 485,527
2 May 22 Gerhard Zeiler Series A Common Stock Buy Acquire P No No 18.395 25,000 459.88K 210,507
2 May 22 Piazza Samuel A Jr. Di Series A Common Stock Buy Acquire P Yes No 18.519 2,700 50K 2,700
2 May 22 Piazza Samuel A Jr. Di Series A Common Stock Buy Acquire P No No 18.446 13,500 249.02K 42,893
29 Apr 22 Paul A Gould Series A Common Stock Buy Acquire P No No 18.249 5,000 91.25K 761,206
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Financial report summary

  • We expect to incur significant costs during the first year following the Merger.
  • We could be required to recognize impairment charges related to goodwill and other intangible assets.
  • We may be unable to provide (or obtain from third parties) the same types and level of services to the WarnerMedia Business that historically have been provided by AT&T or may be unable to provide (or obtain) them at the same cost.
  • Following the Merger, we will need to replace or renegotiate certain contracts that the WarnerMedia Business is party to. If we cannot negotiate terms that are as favorable as those AT&T had been able to negotiate, our business, financial condition and results of operations may be adversely affected.
  • The success of the Company depends on relationships with third parties and existing customers of both the Discovery Business and the WarnerMedia Business, which relationships may be affected by customer or third-party preferences or public attitudes about the Merger. Any adverse changes in these relationships could adversely affect our business, financial condition and results of operations.
  • If the results of operations of the WarnerMedia Business following the Merger are below management’s expectations, the Company may not achieve the increases in revenues and net earnings that management expects as a result of the Merger.
  • Service disruptions or the failure of communications satellites or transmitter facilities we rely upon could adversely impact our business, financial condition and results of operations.
  • Our participation in multiemployer defined benefit pension plans could subject the Company to liabilities that could adversely affect our business, financial condition and results of operations.
  • Our businesses may be subject to labor disruption.
  • The COVID-19 pandemic has caused substantial disruption in theatrical and television production, financial markets and economies worldwide, which could result in adverse effects on the market price of our common stock and our business, operations and ability to raise capital.
  • Changes in domestic and foreign laws and regulations and other risks related to international operations could adversely impact our business, financial condition and results of operations.
  • We have directors in common with those of Liberty Media Corporation (“Liberty Media”), Liberty Global plc (“Liberty Global”), Qurate Retail Group f/k/a Liberty Interactive Corporation (“Qurate Retail”), Liberty Broadband Corporation ("Liberty Broadband"), Liberty Latin America Ltd ("LLA") and Liberty Media Acquisition Corp (“LMAC”), which may result in the diversion of business opportunities or other potential conflicts.
  • We have directors that are also related persons of Advance/Newhouse and that overlap with those of the Liberty Entities, which may lead to conflicting interests for those tasked with the fiduciary duties of our board.
  • It may be difficult for a third party to acquire us, even if such acquisition would be beneficial to our stockholders.
  • If Advance/Newhouse were to sell its shares following the exercise of its registration rights, it may cause a significant decline in our stock price, even if our business is doing well.
Management Discussion
  • Except as expressly stated, the financial condition and results of operations discussed throughout Item 2, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in this Quarterly Report on Form 10-Q are those of Warner Bros. Discovery, Inc. and its consolidated subsidiaries prior to the Merger.
  • The impact of exchange rates on our business is an important factor in understanding period-to-period comparisons of our results. For example, our international revenues are favorably impacted as the U.S. dollar weakens relative to other foreign currencies, and unfavorably impacted as the U.S. dollar strengthens relative to other foreign currencies. We believe the presentation of results on a constant currency basis ("ex-FX"), in addition to results reported in accordance with U.S. GAAP provides useful information about our operating performance because the presentation ex-FX excludes the effects of foreign currency volatility and highlights our core operating results. The presentation of results on a constant currency basis should be considered in addition to, but not a substitute for, measures of financial performance reported in accordance with U.S. GAAP.
  • The ex-FX change represents the percentage change on a period-over-period basis adjusted for foreign currency impacts. The ex-FX change is calculated as the difference between the current year amounts translated at a baseline rate, which is a spot rate for each of our currencies determined early in the fiscal year as part of our forecasting process (the “2022 Baseline Rate”), and the prior year amounts translated at the same 2022 Baseline Rate. In addition, consistent with the assumption of a constant currency environment, our ex-FX results exclude the impact of our foreign currency hedging activities, as well as realized and unrealized foreign currency transaction gains and losses. Results on a constant currency basis, as we present them, may not be comparable to similarly titled measures used by other companies.

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