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

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-02-27
Form: S-3ASR
Chunk 3
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      | 33 |
| DESCRIPTION OF UNITS                |     |      | 34 |
| FORMS OF SECURITIES                 |     |      | 35 |
| PLAN OF DISTRIBUTION                |     |      | 37 |
| LEGAL MATTERS                       |     |      | 41 |
| EXPERTS                             |     |      | 41 |

ABOUT THIS PROSPECTUS

Unless the context otherwise indicates, references in this prospectus to “we”, “our” and “us” refer,
collectively, to Warner Bros. Discovery, Inc., a Delaware corporation, and its consolidated subsidiaries; the term “WBD” means Warner Bros. Discovery, Inc.; the term “DCL” means Discovery Communications, LLC, a Delaware limited
liability company that is an indirect, wholly-owned consolidated subsidiary of WBD; the term “Scripps” means Scripps Networks Interactive, Inc., an Ohio corporation that is an indirect, wholly-owned consolidated subsidiary of WBD; and the
term “WMH” means WarnerMedia Holdings, Inc., a Delaware corporation that is a direct, wholly-owned consolidated subsidiary of WBD.

This prospectus is part of a registration statement that we filed with the Securities and Exchange Commission, which we refer to as the
“SEC”, utilizing a “shelf” registration process. Under this shelf registration process, we may from time to time sell any combination of the securities described in this prospectus in one or more offerings.

This prospectus provides you with a general description of the securities we may offer. Each time we sell securities, we will provide one or
more prospectus supplements that will contain specific information about the terms of the offering. The prospectus supplement may also add, update or change information contained in this prospectus. You should read both this prospectus and the
accompanying prospectus supplement together with the additional information described under the heading “Where You Can Find More Information.”

You should rely only on the information contained in or incorporated by reference in this prospectus, any accompanying prospectus supplement
or in any related free writing prospectus filed by us with the SEC. We have not authorized anyone to provide you with different information. This prospectus and any accompanying prospectus supplement do not constitute an offer to sell or the
solicitation of an offer to buy any securities other than the securities described in this prospectus or such accompanying prospectus supplement or an offer to sell or the solicitation of an offer to buy such securities in any circumstances in which