Company: WBD
Filing Date: 2025-02-27
Form Type: S-3ASR
Source: 0001193125-25-039203
Chunk: 6

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-02-27
Form: S-3ASR
Chunk 6
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 or new competitors in the industries in which we operate; |

| • |     | reduced spending on domestic and foreign television advertising, due to macroeconomic, industry or consumer 
 behavior trends or unexpected reductions in our number of subscribers;                                      |

| • |     | uncertainties associated with product and service development and market acceptance, including the development                  
 and provision of programming for new television and telecommunications technologies, and the success of our streaming services; |

| • |     | market demand for foreign first-run and existing content libraries; |

| • |     | negative publicity or damage to our brands, reputation or talent; |

| • |     | realizing direct-to-consumer 
 subscriber goals;            |

| • |     | disagreements with our distributors or other business partners; |

| • |     | continued consolidation of distribution customers and production studios; |

| • |     | industry trends, including the timing of, and spending on, sports programming, feature film, television and 
 television commercial production;                                                                           |

| • |     | the possibility or duration of an industry-wide strike, such as the strikes of the Writers Guild of America and                                                                                                                                   
 Screen Actors Guild-American Federation of Television and Radio Artists in 2023, player lock-outs or other job action affecting a major entertainment industry union, athletes or others involved in the development and production of our sports 
 programming, television programming, feature films and interactive entertainment (e.g., games) who are covered by collective bargaining agreements;                                                                                               |

| • |     | inherent uncertainties involved in the estimates and assumptions used in the preparation of financial forecasts; |

| • |     | our level of debt, including the significant indebtedness incurred in connection with the acquisition of the 
 WarnerMedia Business, and our future compliance with debt covenants;                                         |

| • |     | changes to our corporate or debt-specific credit ratings or outlook; |

| • |     | unforeseen costs, execution risks, and operational challenges related to our efforts to integrate the WarnerMedia 
 Business;                                                                                                         |

| • |     | changes in, or failure or inability to comply with, laws and government regulations, including, without                                                                                         
 limitation, regulations of the U.S. government and other international governments, the Federal Communications Commission and similar authorities internationally and data privacy regulations; |

| • |     | adverse outcomes of legal proceedings or disputes, including those related to our acquisition of the WarnerMedia 
 Business, or adverse outcomes from regulatory proceedings;                                                       |

4

| • |     | threatened or actual cyber-attacks and