Company: WBD
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001437107-25-000192
Chunk: 46

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 1
Chunk 46
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In 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, the Company includes the joint venture assets, liabilities and results of operations in the Company's consolidated financial statements. As of June 30, 2025, the carrying amounts of assets and liabilities of the consolidated VIE were not material. In addition to the initial equity ownership, Cutting Edge Group may receive up to an additional 10% economic interest in the venture based on the results of certain operational metrics.

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

NOTE 8. DEBT

The table below presents the components of outstanding debt (in millions). Weighted-AverageInterest Rate as ofJune 30, 2025June 30, 2025December 31, 2024Bridge loan with maturity of 18 months7.33 %$17,000 $— Senior notes with maturities of 5 years or less3.92 %6,757 13,744 Senior notes with maturities between 5 and 10 years4.40 %3,547 7,853 Senior notes with maturities greater than 10 years5.17 %7,696 17,930 Total debt35,000 39,527 Unamortized discount, premium, debt issuance costs, and fair value adjustments for acquisition accounting, net(368)(22)Debt, net of unamortized discount, premium, debt issuance costs, and fair value adjustments for acquisition accounting34,632 39,505 Current portion of debt(221)(2,748)Noncurrent portion of debt$34,411 $36,757  During the three months ended June 30, 2025, the Company’s wholly-owned subsidiaries, Discovery Communications, LLC (“DCL”), WarnerMedia Holdings, Inc. (“WMH”), Warner Media, LLC (“WML”), and Historic TW Inc. (“TWI”), commenced cash tender offers to purchase (the “Tender