Company: WBD
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001437107-25-000216
Chunk: 127

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 8
Chunk 127
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POther noncurrent assets44%$243 $240 nC+Other noncurrent assets32%147 128 TNT SportsOther noncurrent assets50%87 92 OtherOther noncurrent assets260 261 Total equity method investments737 721 Investments with readily determinable fair valuesOther noncurrent assets— 41 Investments without readily determinable fair valuesOther noncurrent assets(a)349 353 Total investments$1,086 $1,115 (a) Investments without readily determinable fair values included $17 million as of September 30, 2025 and December 31, 2024 that was recorded in prepaid expenses and other current assets. 

16

WARNER BROS. DISCOVERY, INC.NOTES TO CONSOLIDATED FINANCIAL STATEMENTS(unaudited)

Equity Method InvestmentsCertain of the Company’s other equity method investments are VIEs, for which the Company is not the primary beneficiary. As of September 30, 2025, the Company’s maximum exposure for all of its unconsolidated VIEs, including the investment carrying values and unfunded contractual commitments made on behalf of VIEs, was approximately $541 million. The Company’s maximum estimated exposure excludes the non-contractual future funding of VIEs. The aggregate carrying values of these VIE investments were $529 million and $550 million as of September 30, 2025 and December 31, 2024, respectively. VIE gains and losses are recorded in income (loss) from equity investees, net on the consolidated statements of operations, and were not material for the three and nine months ended September 30, 2025 and 2024.In May 2024, the Company sold its 50% interest in All3Media, an equity method investment, for proceeds of $324 million and recorded a gain of $203 million in other (expense) income, net in the consolidated statements of operations. Joint VentureIn January 2025, the Company contributed a 70% interest in its music catalog to a joint venture with Cutting Edge Group in exchange for net proceeds of $601 million. The Company retained a controlling financial interest and consolidated the joint venture as a VIE. The Company has determined that it is the primary beneficiary of the joint venture as the Company has certain operational rights that significantly impact the economic performance of the business including exploitation of the catalog works and selection of the administrator. As the primary beneficiary