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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
Exchange
CEO
David Zaslav
Employees
Incorporated
Location
Fiscal year end
Former names
Discovery Communications, Inc., Discovery, Inc.
SEC CIK
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

Calendar

26 Apr 22
2 Jul 22
31 Dec 22
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
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Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
29 Jun 22 Paul A Gould Series A Common Stock Grant Acquire A No No 0 16,106 0 777,312
29 Jun 22 Malone John C Series A Common Stock Grant Acquire A No No 0 16,106 0 9,593,125
29 Jun 22 Bennett Robert R Series A Common Stock Grant Acquire A No No 0 16,106 0 78,843
29 Jun 22 Lee Debra L Series A Common Stock Grant Acquire A No No 0 16,106 0 19,892
29 Jun 22 Fisher Richard W Series A Common Stock Grant Acquire A No No 0 16,106 0 16,106
0.0% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 9 0 NEW
Opened positions 9 0 NEW
Closed positions 0 0
Increased positions 0 0
Reduced positions 0 0
13F shares Current Prev Q Change
Total value 67.18M 0 NEW
Total shares 476.22K 0 NEW
Total puts 0 0
Total calls 0 0
Total put/call ratio
Largest owners Shares Value Change
North Growth Management 242K $6.05M NEW
HGK Asset Management 159.81K $3.98M NEW
Cove Street Capital 27.5K $686K NEW
Ensign Peak Advisors 13.16K $328K NEW
Creative Planning 10.44K $260K NEW
Chesley Taft & Associates 9.51K $235K NEW
Neo Ivy Capital Management 9.19K $228K NEW
Worth Asset Management 2.37K $41K NEW
Archer Investment 2.23K $55.37M NEW
Largest transactions Shares Bought/sold Change
North Growth Management 242K +242K NEW
HGK Asset Management 159.81K +159.81K NEW
Cove Street Capital 27.5K +27.5K NEW
Ensign Peak Advisors 13.16K +13.16K NEW
Creative Planning 10.44K +10.44K NEW
Chesley Taft & Associates 9.51K +9.51K NEW
Neo Ivy Capital Management 9.19K +9.19K NEW
Worth Asset Management 2.37K +2.37K NEW
Archer Investment 2.23K +2.23K NEW

Financial report summary

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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

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