Warner Bros. Discovery, Inc.

Company facts

Industry

Cable & Other Pay Television Services

Headquarters

New York, New York

Most recent report

10-Q, filed Aug 6, 2026

Incorporated

Delaware

Filings on record

1,004+ filings

On EDGAR

CIK 1437107

Fiscal year ends

December

Filer status

Large accelerated filer

What to read: Jun 2026 10-Q

SECSift found 3 of 9 sections worth reading, with 0 positive, 5 notable, and 6 negative flags.

• Financial Statements (Item 1)

  PSKY merger lawsuits, Netflix termination fee, revenue and cash declines.
  Notable

  • PSKY paid WBD's $2.8B termination fee to Netflix in Q1 2026; WBD may have to repay PSKY if the merger fails.
  • Failing to complete the Junior Lien Exchange Offer by the deadline could trigger a ~$1.5B cash payment to noteholders.
  • CEO David Zaslav gets a tax reimbursement agreement: if he owes excise tax on change-in-control pay, WBD will pay it.
  Negative

  • State AG and WGA lawsuits seek to block PSKY merger; court set trial March 2027, closing delayed to June 2027 at earliest.

• Management's Discussion (Item 2)

  PSKY merger litigation, debt refinancing, steep unit declines, and cash flow drop all company-specific.
  Notable

  • WBD entered a $13B first-lien term loan facility to repay the $15B bridge loan in full during Q2 2026.
  Negative

  • Two lawsuits filed to block the PSKY merger; defendants agreed not to close until 5 days after merits ruling or June 1, 2027.
  • If PSKY merger falls through, WBD must pay a $3.0B termination fee plus reimburse PSKY up to $1,528M.
  • Operating cash flow dropped 58% to $640M for six months ended June 30, 2026, from $1,536M a year earlier.

• Legal Proceedings (Item 1)

  Two new antitrust suits blocking PSKY merger with TRO granted; also Nokia patent dispute.
  Notable

  • Court ordered WBD to make an interim license payment to Nokia; trial late 2026.
  Negative

  • Court granted TRO prohibiting PSKY merger; trial March 2027.
  • WGA also sued to block PSKY merger under antitrust law.

What changed: Jun 2026 vs. Mar 2026

About 10% of WBD's Jun 2026 10-Q is new information. 43 paragraphs were added, 166 changed, and 26 removed. Below are the most important lines SECSift identified.

• Item 2 81
• Item 1 69
• Item 6 4
• Item 4 2