secwatch.observer — SEC 8-K summary
======================================

Issuer:     Warner Bros. Discovery, Inc. (WBD)
CIK:        0001437107
Form:       8-K
Filed at:   2022-11-03T23:59:59+00:00
Accession:  0001437107-22-000228
Event type: earnings
Sentiment:  negative
Materiality: 0.80
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

WBD Q3 revenue $9.82B (-8% ex-FX); net loss $2.31B; DTC subs up 2.8M to 94.9M
-----------------------------------------------------------------------------

- Revenue $9,823M, down 11% on pro forma combined (8% ex-FX); net loss $2,308M including $1,924M amortization and $1,521M restructuring.
- Studios Adj EBITDA $762M (+43% ex-FX); Networks Adj EBITDA $2,630M (-2% ex-FX); DTC Adj EBITDA -$634M.
- Global DTC subscribers 94.9M (+2.8M QoQ); ARPU $7.52; House of the Dragon set HBO premiere records.
- Repaid $2.5B term loan in quarter; gross debt $50.4B; net leverage 5.1x; free cash flow -$192M.
- Increased cost synergy target to at least $3.5B; reaffirmed long-term strategy.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1437107/000143710722000228/0001437107-22-000228-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1437107/000143710722000228/disca-20221103.htm
  HTML page:      https://secwatch.observer/filing/0001437107-22-000228

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer