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SUPPLEMENTAL DISCLOSURES | 3 Months Ended
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Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
SUPPLEMENTAL DISCLOSURES | SUPPLEMENTAL DISCLOSURES The following tables present supplemental information related to the consolidated financial statements (in millions). Other Income (Expense), net Other income (expense), net, consisted of the following (in millions).
| Three Months Ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
Foreign currency gains (losses), net | $ | 30 |  |  | $ | (137) |  |  |  |  |
Gains (losses) on derivative instruments, net | 22 |  |  | (6) |  |  |  |  |
Change in the value of investments with readily determinable fair value | 4 |  |  | (1) |  |  |  |  |
Change in fair value of equity investments without readily determinable fair value | (4) |  |  | (14) |  |  |  |  |
Interest income | 64 |  |  | 60 |  |  |  |  |
Indemnification receivable accrual | (38) |  |  | 90 |  |  |  |  |
Other income (loss), net | 4 |  |  | (6) |  |  |  |  |
Total other income (expense), net | $ | 82 |  |  | $ | (14) |  |  |  |  |
Supplemental Cash Flow Information
|  | Three Months Ended March 31,
|  | 2025 |  | 2024
Non-cash investing and financing activities: |  |  |  |
Assets acquired under finance lease and other arrangements |  | 144 |  |  | 111 |
Settlement of PRSU awards |  | 51 |  |  | 31 |
Cash, Cash Equivalents, and Restricted Cash
|  |  |  |  |  | March 31, 2025 |  | December 31, 2024
Cash and cash equivalents |  |  |  |  |  | $ | 3,868 |  |  | $ | 5,312 |
Restricted cash - recorded in prepaid expenses and other current assets (1) |  |  |  |  |  | 106 |  |  | 104 |
Total cash, cash equivalents, and restricted cash |  |  |  |  |  | $ | 3,974 |  |  | $ | 5,416 |
(1) Restricted cash primarily includes cash posted as collateral related to the Company’s revolving receivables program. (See Note 5.)
Earnings Per Share The table below presents a reconciliation of net income (loss) available to Warner Bros. Discovery, Inc. Series A common stockholders for basic and diluted earnings per share (in millions).
| Three Months Ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
Numerator: |  |  |  |  |  |  |
Net loss | $ | (449) |  |  | $ | (955) |  |  |  |  |
Less: |  |  |  |  |  |  |
Net income attributable to noncontrolling interests | (8) |  |  | (7) |  |  |  |  |
Net loss (income) attributable to redeemable noncontrolling interests | 4 |  |  | (4) |  |  |  |  |
Redeemable noncontrolling interest adjustments of carrying value to redemption value (redemption value does not equal fair value) | — |  |  | (4) |  |  |  |  |
Net loss available to Warner Bros. Discovery, Inc. Series A common stockholders for basic and diluted earnings per share | $ | (453) |  |  | $ | (970) |  |  |  |  |
Denominator — weighted average: |  |  |  |  |  |  |
Common shares outstanding — basic and diluted | 2,462 |  |  | 2,443 |  |  |  |  |
Basic net loss per share allocated to common stockholders | $ | (0.18) |  |  | $ | (0.40) |  |  |  |  |
Diluted net loss per share allocated to common stockholders | $ | (0.18) |  |  | $ | (0.40) |  |  |  |  |
The table below presents the details of share-based awards that were excluded from the calculation of diluted earnings per share (in millions).
|  | Three Months Ended March 31, |  |
|  | 2025 |  | 2024 |  |  |  |
Anti-dilutive share-based awards |  | 92 |  |  | 74 |  |  |  |  |
Supplier Finance Programs As of March 31, 2025 and December 31, 2024, the Company has confirmed $254 million and $307 million, respectively, of accrued content producer liabilities. These amounts were outstanding and unpaid by the Company and were recorded in accrued liabilities on the consolidated balance sheets. Leases During the three months ended March 31, 2025, the Company subleased a portion of its Hudson Yards, New York office. As a result of executing the sublease, the Company recorded a right-of-use (“ROU”) asset impairment charge of $87 million. The ROU asset impairment charge was recorded in impairment and loss on dispositions in the consolidated statements of operations. Other than the item disclosed above, no other material changes have occurred to the Company’s lease portfolio for the periods presented. Refer to the Company’s 2024 Form 10-K for more information on the Company’s leases. Collaborative Arrangements The arrangement among TNT Sports, CBS Broadcasting, Inc. (“CBS”), and the National Collegiate Athletic Association (the “NCAA”) provides TNT Sports and CBS with rights to the NCAA Division I Men’s Basketball Championship Tournament (the “NCAA Tournament”) in the U.S. and its territories and possessions through 2032. The aggregate programming rights fee, production costs, certain advertising revenues and sponsorship revenues related to the NCAA Tournament, and related programming are shared equally by the Company and CBS. However, if the amount paid for the programming rights fee and production costs in any given year exceeds the shared advertising and sponsorship revenues for that year, CBS’ share of such shortfall is limited to a specified annual cap. The amount recorded pursuant to the loss cap was $59 million during the three months ended March 31, 2025 and was not material for three months ended March 31, 2024. In accounting for this arrangement, the Company records advertising revenue for the advertisements aired on its networks and amortizes its share of the programming rights fee based on the estimated relative value of each season over the term of the arrangement. Venu Sports On February 6, 2024, the Company announced that it would enter into a joint venture with ESPN, a subsidiary of The Walt Disney Company (“Disney”), and Fox Corporation (“Fox”) to form Venu Sports, a sports-centric streaming service in the United States. On February 20, 2024, FuboTV Inc. and FuboTV Media Inc. (collectively, “Fubo”) filed a lawsuit against Disney, including certain affiliates, Fox, and WBD (collectively, the “Defendants”) in the U.S. District Court for the Southern District of New York alleging claims under federal and New York antitrust laws. On January 6, 2025, Disney announced that it had entered into a definitive agreement to combine certain of Hulu Live TV’s assets with Fubo (the “Fubo Transaction”) and provide Fubo a senior unsecured term loan of up to $145 million in January 2026 (the “Fubo Loan”). If Disney funds the Fubo Loan prior to the consummation of the Fubo Transaction, the Company and Fox will participate in a portion of the Fubo Loan by providing loans to Disney with substantially the same economic terms as the Fubo Loan. A $130 million termination fee will be payable by Disney to Fubo if the transaction is terminated under certain circumstances. The Company and Fox have agreed to reimburse a portion of the termination fee to Disney if it becomes payable. In addition, the Defendants reached a settlement with Fubo related to Fubo’s antitrust claims and collectively paid $220 million to Fubo in January 2025, of which the Company’s share was $55 million. On January 10, 2025, the Defendants announced their decision to discontinue the Venu Sports joint venture and not launch its streaming service effective immediately. Discovery Family Hasbro Inc. (“Hasbro”) had the right to put the entirety of its remaining 40% interest in Discovery Family to the Company. Hasbro did not exercise the right by the election period expiration date of March 31, 2025. As of March 31, 2025, Hasbro’s noncontrolling interest was reclassified from redeemable noncontrolling interest to noncontrolling interest outside of stockholders’ equity on the Company’s consolidated balance sheets. Accumulated Other Comprehensive Loss The table below presents the changes in the components of accumulated other comprehensive loss, net of taxes (in millions).
| Three Months Ended March 31, 2025
| Currency Translation |  | Derivatives |  | Pension Plan and SERP Liability |  | Accumulated Other Comprehensive Loss
Beginning balance | $ | (1,008) |  |  | $ | 15 |  |  | $ | (74) |  |  | $ | (1,067) |
Other comprehensive income (loss) before reclassifications | 231 |  |  | 9 |  |  | — |  |  | 240 |
Reclassifications from accumulated other comprehensive loss to net income | — |  |  | (13) |  |  | — |  |  | (13) |
Other comprehensive income (loss) | 231 |  |  | (4) |  |  | — |  |  | 227 |
Ending balance | $ | (777) |  |  | $ | 11 |  |  | $ | (74) |  |  | $ | (840) |
| Three Months Ended March 31, 2024
| Currency Translation |  |  |  | Derivatives |  | Pension Plan and SERP Liability |  | Accumulated Other Comprehensive Loss
Beginning balance | $ | (699) |  |  |  |  | $ | 18 |  |  | $ | (60) |  |  | $ | (741) |
Other comprehensive income (loss) before reclassifications | (176) |  |  |  |  | 13 |  |  | — |  |  | (163) |
Reclassifications from accumulated other comprehensive loss to net income | — |  |  |  |  | (9) |  |  | — |  |  | (9) |
Other comprehensive income (loss) | (176) |  |  |  |  | 4 |  |  | — |  |  | (172) |
Ending balance | $ | (875) |  |  |  |  | $ | 22 |  |  | $ | (60) |  |  | $ | (913) |

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