# EDGAR Filing Document

**Accession Number:** 0001106770
**File Stem:** 0000950142-25-001750
**Filing Date:** 2025-7
**Character Count:** 18323
**Document Hash:** 6585758767d48c093296db2f623097b4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950142-25-001750.hdr.sgml**: 20250701

**ACCESSION NUMBER**: 0000950142-25-001750

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D/A

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250701

**DATE AS OF CHANGE**: 20250701

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Warner Bros. Discovery, Inc.
- **CENTRAL INDEX KEY:** 0001437107
- **STANDARD INDUSTRIAL CLASSIFICATION:** CABLE & OTHER PAY TELEVISION SERVICES [4841]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 352333914
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-84211
- **FILM NUMBER:** 251094184

**BUSINESS ADDRESS:**
- **STREET 1:** 230 PARK AVENUE SOUTH
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10003
- **BUSINESS PHONE:** 212-548-5555

**MAIL ADDRESS:**
- **STREET 1:** 230 PARK AVENUE SOUTH
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10003

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Discovery, Inc.
- **DATE OF NAME CHANGE:** 20180306

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Discovery Communications, Inc.
- **DATE OF NAME CHANGE:** 20080606
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ADVANCE/NEWHOUSE PARTNERSHIP
- **CENTRAL INDEX KEY:** 0001106770

**ORGANIZATION NAME:**
- **EIN:** 161466735

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A

**BUSINESS ADDRESS:**
- **STREET 1:** 5015 CAMPUSWOOD DR.
- **CITY:** EAST SYRACUSE
- **STATE:** NY
- **ZIP:** 13057
- **BUSINESS PHONE:** 3154637675

**MAIL ADDRESS:**
- **STREET 1:** 5015 CAMPUSWOOD DR.
- **CITY:** EAST SYRACUSE
- **STATE:** NY
- **ZIP:** 13057

## Exhibit 99.1

**EXHIBIT 99.1**

**JOINT FILING AGREEMENT**

In accordance with Rule 13d-1(k) under the Securities Exchange Act of 1934, as amended, the undersigned agree to the joint filing on behalf of each of them of a Schedule 13D (including any and all amendments thereto) with respect to the Series A common stock, par value $0.01 per share, of Warner Bros. Discovery, Inc., and further agree that this Joint Filing Agreement shall be included as an Exhibit to such joint filings.

The undersigned further agree that each party hereto is responsible for the timely filing of such Schedule 13D and any amendments thereto, and for the accuracy and completeness of the information concerning such party contained therein; provided, however, that no party is responsible for the accuracy or completeness of the information concerning any other party, unless such party knows or has reason to believe that such information is inaccurate.

This Joint Filing Agreement may be signed in counterparts with the same effect as if the signature on each counterpart were upon the same instrument.

IN WITNESS WHEREOF, the undersigned have executed this Joint Filing Agreement as of July 1, 2025.

---

| | | |
|:---|:---|:---|
| **A/NPP DIVERSIFIED HOLDINGS LLC** | **A/NPP DIVERSIFIED HOLDINGS LLC** | **A/NPP DIVERSIFIED HOLDINGS LLC** |
| By: | /s/ Oren Klein | /s/ Oren Klein |
|  | Name: | Oren Klein |
|  | Title: | Chief Financial Officer |

---

---

| | | |
|:---|:---|:---|
| **ADVANCE/NEWHOUSE PARTNERSHIP** | **ADVANCE/NEWHOUSE PARTNERSHIP** | **ADVANCE/NEWHOUSE PARTNERSHIP** |
| By: | /s/ Oren Klein | /s/ Oren Klein |
|  | Name: | Oren Klein |
|  | Title: | Chief Financial Officer |

---

---

| | | |
|:---|:---|:---|
| **NEWHOUSE BROADCASTING CORPORATION** | **NEWHOUSE BROADCASTING CORPORATION** | **NEWHOUSE BROADCASTING CORPORATION** |
| By: | /s/ Oren Klein | /s/ Oren Klein |
|  | Name: | Oren Klein |
|  | Title: | Chief Financial Officer |

---

---

| | | |
|:---|:---|:---|
| **ADVANCE PUBLICATIONS, INC.** | **ADVANCE PUBLICATIONS, INC.** | **ADVANCE PUBLICATIONS, INC.** |
| By: | /s/ Oren Klein | /s/ Oren Klein |
|  | Name: | Oren Klein |
|  | Title: | Chief Financial Officer |

---

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 2)**

**Warner Bros. Discovery, Inc.**

*(Name of Issuer)*

**Series A Common Stock, par value $0.01 per share**

*(Title of Class of Securities)*

**934423104**

*(CUSIP Number)*

**Michael D. Fricklas**<br>A/NPP Diversified Holdings LLC<br>One World Trade Center<br>New York NY 10007<br>(212) 286-6900

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**06/30/2025**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **934423104** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**A/NPP Diversified Holdings LLC** | Name of reporting person<br>**A/NPP Diversified Holdings LLC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**98181749.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**98181749.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**98181749.00** | Aggregate amount beneficially owned by each reporting person<br>**98181749.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**3.97%** | Percent of class represented by amount in Row (11)<br>**3.97%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

**Comment for Reporting Person:** Row 1 - On December 30, 2024, as part of internal reorganization, Advance/Newhouse Programming Partnership contributed all of its shares of Common Stock to A/NPP Diversified Holdings LLC.

Row 13 - Percentage is calculated based on 2,474,075,003 shares of Series A Common Stock issued and outstanding as of April 25, 2025 as reported by the Issuer in its Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2025, as filed with the U.S. Securities and Exchange Commission on May 8, 2025.

| **CUSIP No.** | **934423104** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Advance/Newhouse Partnership** | Name of reporting person<br>**Advance/Newhouse Partnership** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**NEW YORK** | Citizenship or place of organization<br>**NEW YORK** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**0.00** | Aggregate amount beneficially owned by each reporting person<br>**0.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**0%** | Percent of class represented by amount in Row (11)<br>**0%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

| **CUSIP No.** | **934423104** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Newhouse Broadcasting Corporation** | Name of reporting person<br>**Newhouse Broadcasting Corporation** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**NEW YORK** | Citizenship or place of organization<br>**NEW YORK** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**98181749.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**98181749.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**98181749.00** | Aggregate amount beneficially owned by each reporting person<br>**98181749.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**3.97%** | Percent of class represented by amount in Row (11)<br>**3.97%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

**Comment for Reporting Person:** Rows 7 & 9 - Sole voting power and dispositive power is held indirectly through control of Advance/Newhouse Partnership and A/NPP Diversified Holdings LLC.

Row 13 - Percentage is calculated based on approximately 2,474,075,003 shares of Series A Common Stock issued and outstanding as of April 25, 2025 as reported by the Issuer in its Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2025, as filed with the U.S. Securities and Exchange Commission on May 8, 2025.

| **CUSIP No.** | **934423104** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Advance Publications, Inc.** | Name of reporting person<br>**Advance Publications, Inc.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**NEW YORK** | Citizenship or place of organization<br>**NEW YORK** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**98181749.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**98181749.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**98181749.00** | Aggregate amount beneficially owned by each reporting person<br>**98181749.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**3.97%** | Percent of class represented by amount in Row (11)<br>**3.97%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

**Comment for Reporting Person:** Rows 7 & 9 - Sole voting power and dispositive power is held indirectly through control of Advance/Newhouse Partnership and A/NPP Diversified Holdings LLC.

Row 13 - Percentage is calculated based on approximately 2,474,075,003 shares of Series A Common Stock issued and outstanding as of April 25, 2025 as reported by the Issuer in its Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2025, as filed with the U.S. Securities and Exchange Commission on May 8, 2025.

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Series A Common Stock, par value $0.01 per share

**(b) Name of Issuer:**
Warner Bros. Discovery, Inc.

**(c) Address of Issuer's Principal Executive Offices:**
230 Park Avenue South, New York, NY, 10003

This Amendment No. 2 (this "Amendment") amends and supplements the Statement on Schedule 13D (the "Schedule 13D"), which was jointly filed on April 12, 2022 and the amended Statement on Schedule 13D, which was jointly filed on April 2, 2024.  This amendment is filed on behalf of A/NPP Diversified Holdings LLC, a Delaware limited liability company ("ANPP Diversified"), Advance/Newhouse Partnership, a New York general partnership ("ANP"), Advance Publications, Inc., a New York Corporation ("API"), and Newhouse Broadcasting Corporation, a New York corporation ("NBCo" and, together with ANPP Diversified, ANP and API, the "Reporting Persons" and each, a "Reporting Person") with respect to the common stock, par value $0.01 per share, designated as Series A Common Stock (the "Common Stock") of Warner Bros. Discovery, Inc., a Delaware corporation (the "Issuer" or "WBD"). Capitalized terms used but not otherwise defined herein have the meanings set forth in the Schedule 13D. The Reporting Persons directly or indirectly hold 98,181,749 shares of Common Stock of the Issuer.

This Amendment is being filed to reflect the sale of 100,000,000 shares of Common Stock, which includes 14,158,459 shares held by ANP and 85,841,541 shares held by ANPP Diversified. Additionally, this Amendment updates Item 2, Item 3, Item 4, Item 5, and Item 6 of the Schedule 13D as follows:

**Item 4. Purpose of Transaction**

Item 4 of the Schedule 13D is hereby amended by adding the following thereto:

On June 30, 2025, ANPP Diversified and ANP have agreed to sell 100,000,000 shares of Common Stock in the aggregate in a block sale at a net price of $10.97 per share (the "Sale").

The Sale is intended to provide financial flexibility to support the Reporting Persons' ongoing estate planning, its investment program, and for other general corporate purposes. Following this transaction, the Reporting Persons ceased being the beneficial owners of more than 5% of the Issuer's outstanding shares.

**Item 5. Interest in Securities of the Issuer**

**(a)**
Item 5(a) of the Schedule 13D is amended and supplemented to read as follows:

(a) The information relating to the beneficial ownership of Common Stock by each of the Reporting Persons set forth in Rows 7 through 13 of the cover pages hereto is incorporated by reference. The Reporting Persons are beneficial owners of 98,181,749 shares of Common Stock, which represents the 98,181,749 shares of Common Stock held by ANPP Diversified.

**(b)**
—

**(c)**
—

**Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.**

The information with respect to the Sale set forth in Item 4 is incorporated herein by reference to the extent responsive to this Item 6.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** A/NPP Diversified Holdings LLC

**Signature:** /s/ Oren Klein

**Name/Title:** Chief Financial Officer

**Date:** 07/01/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Advance/Newhouse Partnership

**Signature:** /s/ Oren Klein

**Name/Title:** Chief Financial Officer

**Date:** 07/01/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Newhouse Broadcasting Corporation

**Signature:** /s/ Oren Klein

**Name/Title:** Chief Financial Officer

**Date:** 07/01/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Advance Publications, Inc.

**Signature:** /s/ Oren Klein

**Name/Title:** Chief Financial Officer

**Date:** 07/01/2025