Company: WBD
Filing Date: 2025-04-11
Form Type: PRE 14A
Source: 0001437107-25-000078
Chunk: 8

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-04-11
Form: PRE 14A
Chunk 8
---
 segment, and manage our linear networks for the best possible success in order to create long-term value for our stockholders.

As of December 31, 2024, we classified our operations in three reportable segments:

■ Studios: Our Studios segment primarily consists of the production and release of feature films for initial exhibition in theaters, production and initial licensing of television programs to our networks/DTC services as well as third parties, distribution of our films and television programs to various third party and internal television and streaming services, distribution through the home entertainment market (physical and digital), related consumer products and themed experience licensing, and interactive gaming.

■ Networks: Our Networks segment primarily consists of our domestic and international television networks.

■ DTC : Our DTC segment primarily consists of our premium pay-TV and streaming services.

More information on our business is available in our Annual Report on Form 10-K for the year ended December 31, 2024 ("2024 Form 10-K") which accompanies this proxy statement.

#### 2024 Performance Highlights
2024 was a year of significant transformation and evolution for WBD, highlighted by our December announcement to restructure the Company to improve strategic flexibility and unlock future stockholder value. Under the new corporate structure, WBD will operate two distinct divisions:

■ Global Linear Networks: A premier linear television business that operates some of the most renowned networks with compelling news, sports, scripted and unscripted programming.

■ Streaming & Studios: A globally scaled streaming platform and storied film and entertainment studios with a portfolio of some of the world’s most beloved intellectual property.

The new structure will enhance clarity and focus and create optionality to pursue further value creation opportunities for both divisions. This strategic shift followed significant stockholder engagement and a comprehensive review of our portfolio by the Board.

Despite ongoing industry-wide challenges, we made significant progress throughout the year, including:

■ Reduced outstanding debt by approximately $4.4 billion during 2024, bringing us to a total of approximately $16.7 billion of outstanding debt repaid since the combination of Discovery, Inc. and the WarnerMedia business in 2022 (the "WarnerMedia Transaction");

■ Recorded strong full-year Adjusted EBITDA of $677 million in our DTC segment, adding 19 million global subscribers primarily driven by our highly-successful international rollout of Max;

#### 2025 PROXY STATEMENT15
| Proxy Statement 
 Summary         |     | Election of Directors |     | Corporate  
 Governance |     | Audit   
 Matters |     | Executive