Warner Bros. Discovery
25 named things its latest annual report says its results depend on, each in the company's own words. 13 of them are also named by other companies we've read.
Partners and platforms
NBA
depends onnamed as a riskFor example, in 2024, the Company was engaged in a legal dispute, which has since been settled, with the NBA regarding our license to distribute NBA games and NBA-related content.Risk factors (Item 1A)
Olympic Games
depends onWBD’s channels and platforms are home to several major sporting events, including the 2026-2032 Olympic Games in Europe; Australian Open and Roland-Garros; tennis’ Grand Slams; Grand Tour cycling; the Union Cycliste Internationale Mountain Bike World Series; British and World Superbikes; the Professional Golfers’ Association Tour year-round in some markets; the Federation Internationale de Motocyclisme (“FIM”) Enduro World Championship; The Ocean Race; the Snooker World Tour; the FIM Speedway Grand Prix, Speedway of Nations and Speedway World Cup; major World Championship and World Cup winter sports events; Premier League; the Emirates FA Cup; Adobe Women’s FA Cup; Union of European Football Associations (“UEFA”) Champions League, Europa League and Conference League; Gallagher PREM Rugby; Premiership Women’s Rugby; MotoGP; international cricket; and Ultimate Fighting Championship.Business (Item 1)
Also named by CMCSA
NCAA
depends onThe TNT Sports U.S. portfolio includes expansive, multi-platform partnerships with the College Football Playoff, The National Collegiate Athletic Association (the “NCAA”) Division I Men’s Basketball Championship, Big 12 Football and Men’s Basketball, BIG EAST Men’s and Women’s Basketball, Major League Baseball, National Hockey League, National Association for Stock Car Auto Racing (“NASCAR”), Roland-Garros, Unrivaled and the United States Soccer Federation.Business (Item 1)
UEFA Champions League
depends onIn Latin America, the TNT Sports portfolio includes live broadcasting for UEFA Champions League and UEFA Super Cup in Brazil and Mexico; Premier League, FA Challenge Cup and Community Shield in Mexico; and Campeonato Paulista in Brazil.Business (Item 1)
Xfinity
earns fromIn some cases, those products and services are provided directly to consumers, and in other cases, they can be used and/or purchased through a third-party distributor, such as Xfinity or Hulu.Business (Item 1)
Hulu
earns fromIn some cases, those products and services are provided directly to consumers, and in other cases, they can be used and/or purchased through a third-party distributor, such as Xfinity or Hulu.Business (Item 1)
Other companies
Paramount Skydance (PSKY)
termination fee of $3.0 billionnamed as a riskIn addition, if the PSKY Merger is terminated, in certain circumstances, we could be required to pay to PSKY a termination fee of $3.0 billion (the “Company Termination Fee”) and reimburse PSKY for (i) any payment made by PSKY, which will in no event be more than $1,528 million, in connection with WBD’s obligation to complete the Junior Lien Exchange Offer by December 30, 2026 and (ii) the Netflix Termination Fee (the “PSKY Reimbursements”).Risk factors (Item 1A)
Bridge Loan Facility
18-month $17 billion term loannamed as a riskIn June 2025, we and DGH, a wholly-owned subsidiary of the Company, entered into the Bridge Loan Facility with respect to an 18-month $17 billion term loan, and in February 2026, the Bridge Loan Facility was extended.Risk factors (Item 1A)
Netflix
$2.8 billionIn connection with the termination of the Netflix Merger Agreement, PSKY, on behalf of the Company, paid Netflix a termination fee of $2.8 billion in cash (the “Netflix Termination Fee”) as required by the terms of the Netflix Merger Agreement.Business (Item 1)
Writers Guild of America (WGA) and SAG-AFTRA
depends onnamed as a riskFor example, the 2023 WGA and SAG-AFTRA strikes had a material impact on the operations and results of the Company.Risk factors (Item 1A)
S&P, Moody's and Fitch
named as a riskIn 2025, S&P, Moody’s and Fitch downgraded certain of our ratings in part due to declines in our linear business, including as a result of the weak operating environment, our leverage ratio, and an increase in secured debt and uncertainty in connection with the previously planned separation of Warner Bros.Risk factors (Item 1A)
Places
U.S. linear advertising market
earns from · 36%named as a riskHeadwinds in the industry, such as continued pressures on linear distribution and declines in linear subscribers and continued softness in the U.S. linear advertising market, have had, and are expected to continue to have, a material impact on the operations and results of the Company, including a negative impact on the results of operations attributed to declines in linear advertising revenue.Business (Item 1)
Europe
concentrated innamed as a riskThe majority of our foreign currency exposure is tied to Europe and Latin America.Market risk (Item 7A)
Also named by ADSK, AME, AMRC, ATR, BCSF, BKNG, BMI, BMY and 60 more
Commodities and inputs
SOFR
exposed to its price · bridge loan of $15,000 millionnamed as a riskBorrowings under the Bridge Loan Facility will bear interest at the Secured Overnight Financing Rate (“SOFR”) plus (i) until March 30, 2026, 3.50% per annum and (ii) from March 31, 2026 until the termination date of the Bridge Loan Facility, 4.00%.Market risk (Item 7A)
Also named by AAP, AIOT, APG, APH, ARES, AXON, BGC, BR and 82 more
Regulators
Federal Communications Commission (FCC)
subject tonamed as a riskContent networks, such as those owned by us, are regulated in certain limited respects by the Federal Communications Commission (“FCC”), including some regulations that only apply to content networks affiliated with a cable television operator.Business (Item 1)
Also named by AIOT, AMT, ANET, ASTS, CCI, CMCSA, DIS, ECHO and 26 more
Laws and programs
OECD Pillar Two global minimum tax
subject to · 15% global minimum corporate income tax ratenamed as a riskThese recommendations include, among other things, profit reallocation rules and a framework for a 15% global minimum corporate income tax rate.Risk factors (Item 1A)
Also named by ABNB, ACN, ADI, ADM, ADSK, AKAM, ALB, AMAT and 70 more
Multiemployer defined benefit pension plans
more than 5% of total contributionsnamed as a riskAs of December 31, 2025, we were an employer that provided more than 5% of total contributions to certain of the multiemployer plans in which we participate.Risk factors (Item 1A)
Also named by SYY
EU General Data Protection Regulation (GDPR)
subject tonamed as a riskFor example, the European Union’s General Data Protection Regulations may impose data security and security breach obligations on our digital products and streaming services in the European Union.Business (Item 1)
Also named by ACN, ADSK, AIG, ALK, AMG, ANET, APG, AXON and 61 more
U.S. tariffs
subject tonamed as a riskIn addition, the imposition of tariffs by the U.S. government and any retaliatory tariffs from foreign governments, including tariffs directly or indirectly applicable to our industry, may negatively impact our operations and results, including by leading to higher productions costs or decreased spending by advertisers whose expenditures are sensitive to such actions or to general economic conditions.Business (Item 1)
Also named by A, AAPL, ACHR, ADI, AEHR, AEP, AIOT, AKAM and 170 more
European Union Corporate Sustainability Reporting Directive
subject tonamed as a riskMany such laws, including the European Union’s Corporate Sustainability Reporting Directive and the greenhouse gas emission regulations that have already been adopted in the state of California and that have been proposed in other jurisdictions, include specific, quantitative disclosures regarding our global operations, both upstream and downstream.Risk factors (Item 1A)
Communications Act must-carry/retransmission consent
subject tonamed as a riskThis reduces the amount of channel space that is available for carriage of our content networks by cable and DBS operators on television.Business (Item 1)
European Union state aid rules
subject tonamed as a riskIf the E.U. or other jurisdictions were to restrict our ability to receive these incentives, such restrictions could have a material impact on our results of operations.Risk factors (Item 1A)
Technology
Communications satellites
depends onnamed as a riskWe rely on communications satellites, cloud service providers, and other third-party infrastructure and service providers to support the transmission, storage, processing, and delivery of our content and to operate key aspects of our business.Risk factors (Item 1A)