Company: WBD
Filing Date: 2025-02-27
Form Type: S-3ASR
Source: 0001193125-25-039203
Chunk: 2

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-02-27
Form: S-3ASR
Chunk 2
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 be offered and may also supplement, update or amend information contained in this document from time to time in one or more offerings. This prospectus provides you with a general description of the securities. You should read this prospectus and any applicable prospectus supplement before you invest. We may offer these securities in amounts, at prices and on terms determined at the time of offering. The securities may be sold directly to you, through agents or through underwriters and dealers. If agents, underwriters or dealers are used to sell the securities, we will name them and describe their compensation in a prospectus supplement. The Series A Common Stock, par value $0.01 per share (the “common stock”) of Warner Bros. Discovery, Inc. trades on the Nasdaq Global Select Market under the symbol “WBD”. Investing in these securities involves certain risks. See the information included and incorporated by reference in this prospectus and any accompanying prospectus supplement for a discussion of the factors you should carefully consider before deciding to purchase these securities. Our principal executive offices are located at 230 Park Avenue South, New York, New York 10003, and our telephone number is (212) 548-5555. Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or passed upon the adequacy or accuracy of this prospectus. Any representation to the contrary is a criminal offense. The date of this prospectus is February 27, 2025

TABLE OF CONTENTS

|                                     |     | Page |    |
| ABOUT THIS PROSPECTUS               |     |      |  1 |
| WHERE YOU CAN FIND MORE INFORMATION |     |      |  2 |
| INCORPORATION BY REFERENCE          |     |      |  3 |
| FORWARD-LOOKING STATEMENTS          |     |      |  4 |
| SUMMARY                             |     |      |  6 |
| RISK FACTORS                        |     |      |  7 |
| USE OF PROCEEDS                     |     |      |  8 |
| DESCRIPTION OF DEBT SECURITIES      |     |      |  9 |
| DESCRIPTION OF COMMON STOCK         |     |      | 19 |
| DESCRIPTION OF PREFERRED STOCK      |     |      | 24 |
| DESCRIPTION OF DEPOSITARY SHARES    |     |      | 29 |
| DESCRIPTION OF PURCHASE CONTRACTS   |     |      | 32 |
| DESCRIPTION OF WARRANTS             |     |