secwatch.observer — SEC 8-K summary
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Issuer:     Warner Bros. Discovery, Inc. (WBD)
CIK:        0001437107
Form:       8-K
Filed at:   2025-05-08T23:59:59+00:00
Accession:  0001437107-25-000093
Event type: earnings
Sentiment:  neutral
Materiality: 0.70
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

WBD Q1 revenue down 10% to $8.98B; streaming EBITDA surges to $339M
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- Revenue $8.98B (-10% reported, -9% ex-FX); net loss narrowed to $453M from $966M.
- Streaming segment Adj. EBITDA $339M vs $86M; global subscribers 122.3M (+5.3M QoQ).
- Global Linear Networks rev down 7%, Adj. EBITDA down 15% to $1,793M on audience declines.
- Repaid $2.2B debt; gross debt $38.0B, net leverage 3.8x; refinanced $1.5B 2026 notes.
- Reiterated 2025 streaming Adj. EBITDA target of at least $1.3B.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1437107/000143710725000093/0001437107-25-000093-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1437107/000143710725000093/disca-20250508.htm
  HTML page:      https://secwatch.observer/filing/0001437107-25-000093

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