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

Ticker

WBD, DISCK, DISCB

Exchange

NASDAQ

Website

corporate.discovery.com

CEO

David Zaslav

Incorporated

Delaware

Location

New York

Fiscal year end

Dec 31

Sector

Information > Radio Networks

Industry (SIC)

Cable & Other Pay Television Services

Comcast • Liberty Global • Cco Holdings Capital • Charter Communications • Liberty Latin America • Cco • Dish Network • Altice USA • Liberty Broadband Corp - Series A • WideOpenWest ...

Former names

Discovery Communications, Inc., Discovery, Inc.

SEC CIK

0001437107

Corporate docs

Articles of Incorporation & Bylaws

Underwriting Agreements

Plans of Reorganization

Indentures

Material Contracts & Credit Agreements

Subsidiaries Lists

Subsidiaries

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. ...

IRS number

352333914

WBD stock data

1M 1Y 5Y

News

From Benzinga Pro

If You Invested $1,000 In AT&T Stock At Its COVID-19 Pandemic Low, Here's How Much You'd Have Now

17 May 22

Investors who bought stocks during the COVID-19 market crash in 2020 have generally experienced some big gains in the past two years. But there is no question some big-name stocks performed better than others since the pandemic bottom.

Michael Burry Is Betting Against Apple: Here's The Size Of 'The Big Short' Investor's Stake

16 May 22

Michael Burry has been known to take large positions against companies he thinks are overvalued.

Is Disney Bringing Back Johnny Depp To 'Pirates Of The Caribbean' Franchise? What You Need To Know

16 May 22

Walt Disney Co. (NYSE: DIS) has not released a film in its popular “Pirates of the Caribbean” franchise in five years, and the series’ producer Jerry Bruckheimer hinted a new entry may be on the horizon.

Benzinga's Top Ratings Upgrades, Downgrades For May 12, 2022

12 May 22

Cowen & Co. Upgrades Warner Bros.Discovery to Outperform, Lowers Price Target to $24

12 May 22

Press releases

From Benzinga Pro

BT Group and Warner Bros. Discovery agree to form new premium sports joint venture for the UK and Ireland

13 May 22

Following its announcement of exclusive discussions on 3 February 2022, BT Group plc (“BT Group”) has agreed a set of definitive agreements with Warner Bros. Discovery, Inc. (“Warner Bros.

Thinking about buying stock in Agile Therapeutics, Evoke Pharma, Warner Bros Discovery, Nkarta, or Sky Harbour?

26 Apr 22

NEW YORK, April 26, 2022 /PRNewswire/ -- InvestorsObserver issues critical PriceWatch Alerts for AGRX, EVOK, WBD, NKTX, and SKYH.

WARNER BROS. DISCOVERY TO REPORT FIRST-QUARTER 2022 RESULTS ON TUESDAY, APRIL 26

19 Apr 22

NEW YORK, April 19, 2022 /PRNewswire/ -- Warner Bros. Discovery, Inc. (the "Company") (NASDAQ:WBD) today announced that it will report its first-quarter 2022 results on Tuesday, April 26, 2022, at 7:00 a.m. ET.

Discovery and AT&T Close WarnerMedia Transaction

8 Apr 22

S&P Dow Jones Indices Announces Treatment of AT&T Transaction with Discovery

7 Apr 22

Analyst ratings and price targets

Last 3 months

Average target

$22.00

Low target

$18.00

High target

$24.00

Calendar

26 Apr 22

17 May 22

31 Dec 22

Financial summary

Financial statements Chart WBD financial data

Quarter (USD)	Mar 22	Dec 21	Sep 21	Jun 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Annual (USD)	Dec 21	Dec 20	Dec 19	Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from company earnings reports.

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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

Data from 3, 4 and 5 filings. Values as filed, not updated for current price.

Institutional ownership, Q4 2021

WBD institutional ownership history Ownership history

13F holders	Current	Prev Q	Change
Total holders	0	0
Opened positions	0	0
Closed positions	0	0
Increased positions	0	0
Reduced positions	0	0

13F shares	Current	Prev Q	Change
Total value	0	0
Total shares	0	0
Total puts	0	0
Total calls	0	0
Total put/call ratio	–	–	–

Largest owners	Shares	Value	Change

Largest transactions	Shares	Bought/sold	Change

Data from 13F filings, for the last complete 13F reporting period. For most recent data, click the ownership history button. Values as filed, not updated for current price. Long positions only.

Financial report summary

Risks

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.

Content analysis

Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability	H.S. freshman Avg

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Removed: accounted, adventure, air, amortizable, appeal, array, assessing, attributed, Australia, began, beginning, begun, branded, broadcaster, building, cancelled, capturing, charge, Chip, classify, collateral, commenced, conducted, creating, crime, customized, DCH, declared, deferring, desired, DHC, directed, disease, disproportionate, Dodo, driver, eased, efficient, efficiently, eliminating, employed, exchanging, exclusive, exiting, expensed, experienced, explain, exploration, extended, Familia, feedback, filmed, fluctuate, fluctuated, footage, formed, generating, governing, governmental, growing, half, headroom, high, history, holding, home, implementation, implemented, improved, influencing, innovative, intended, invested, Ireland, Joanna, July, leadership, leaner, live, low, margin, maximize, message, modification, niche, nonfiction, objective, occupy, offering, Olympic, online, optimizing, Organization, organized, outbreak, partnered, perception, PopSugar, postponed, postponement, profit, prominent, pursue, quickly, ranged, real, realigned, redemption, repay, reportedly, repositioning, response, rollout, safety, Seeker, shelf, shut, Sky, spend, spread, strong, survival, sustain, telecommunication, tender, tendered, Thrillist, Tokyo, top, topical, Turbo, TV, unrelated, unwinding, updated, utilized, validly, Velocity, viewer, Vodafone, volatile, widely, Zealand

From filing 10-Q 2022 Q1

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