Company: WBD
Filing Date: 2025-02-27
Form Type: S-3ASR
Source: 0001193125-25-039203
Chunk: 8

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-02-27
Form: S-3ASR
Chunk 8
---
 intellectual property across sports, news, lifestyle, and entertainment in most languages and regions of the globe. WBD creates some of the
best-in-class content using a renowned library, beloved franchises, and acclaimed creative expertise to serve audiences and consumers. WBD’s asset mix strongly
positions WBD to execute key strategies: grow the direct-to-consumer business globally, enhance the Studios segment, and manage linear networks for the best possible
success in order to create long-term value for WBD shareholders.

WarnerMedia Holdings, Inc.

WMH is a direct, wholly-owned subsidiary of WBD. WMH, which was originally named Magallanes, Inc., was organized specifically for the purpose
of effecting WBD’s acquisition (the “Merger”) of the business, operations and activities that constituted the WarnerMedia segment of AT&T Inc. (the “WarnerMedia Business”). WMH is the holding company for the operating
subsidiaries of WBD.

Discovery Communications, LLC

DCL is an indirect, wholly-owned subsidiary of WBD. DCL includes WBD’s Discovery Channel and TLC networks in the U.S. DCL is a Delaware
limited liability company.

Scripps Networks Interactive, Inc.

Scripps is an indirect, wholly-owned subsidiary of WBD. Certain of WBD’s operations, including Food Network and HGTV, are conducted
through Scripps. Scripps is an Ohio corporation.

The Series A Common Stock of WBD trades on the Nasdaq Global Select Market under the
symbol “WBD”. The principal executive offices of WBD, WMH, DCL and Scripps are located at 230 Park Avenue South, New York, NY, 10003, and their telephone number is (212) 548-5555.

6

RISK FACTORS

An investment in our securities involves risks. You should carefully consider the information contained or incorporated by reference in this
prospectus. In particular, you should carefully consider the risks and uncertainties included in “Item 1A. Risk Factors,” of our Annual Report on Form 10-K for the year ended December 31, 2024
filed with the SEC, as updated by our subsequent filings with the SEC and the statements under the caption “Forward-Looking Statements.” Our business, financial condition, liquidity or results of operations could be materially adversely
affected by any of these risks.

Risks related to securities offered by a prospectus supplement will be described in such prospectus
supplement.

7