Welcome to our dedicated page for WARNER BROS DISCOVERY SEC filings (Ticker: WBD), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
The Warner Bros. Discovery, Inc. (NASDAQ: WBD) SEC filings page on Stock Titan provides direct access to the company’s regulatory disclosures, including current reports on Form 8-K, annual and quarterly reports when filed, and transaction-related documents. These filings are essential for understanding how WBD structures its media and entertainment operations across cable and other subscription programming, streaming, studios and global networks, and how major strategic transactions are documented.
Recent Form 8-K filings describe several material events. One 8-K filed in December 2025 outlines the Agreement and Plan of Merger among Warner Bros. Discovery, Netflix, Inc., a Netflix subsidiary and a newly formed WBD subsidiary. This filing explains the planned holding company merger, the separation and distribution of WBD’s Global Linear Networks business into a SpinCo, and the subsequent merger of WBD’s Streaming & Studios business into a Netflix subsidiary. It details the cash and stock consideration for WBD shareholders, the Exchange Ratio mechanism, the Net Debt Adjustment tied to SpinCo’s net debt, and the treatment of WBD stock options, restricted stock units, deferred stock units and notional units.
Other 8-Ks describe the company’s strategic review of alternatives, including the potential separation of “Warner Bros.” and “Discovery Global,” and the clarification of executive employment and incentive arrangements in that context. Additional filings cover financing actions such as a Non-Investment Grade Leveraged Bridge Loan Agreement for a term loan facility, amendments to a multicurrency revolving credit agreement, and tender offers and consent solicitations for outstanding notes and debentures. Regular earnings-related 8-Ks furnish quarterly results and shareholder letters.
On this page, Stock Titan surfaces WBD’s SEC filings with real-time updates from EDGAR and AI-powered summaries that explain the structure and implications of complex documents. Investors can quickly see how the Netflix Merger Agreement is structured, how the planned separation of Streaming & Studios and Global Networks is documented, and how new debt facilities and tender offers affect WBD’s obligations. Users can also review filings related to executive compensation, leadership changes and other governance matters. These tools help readers interpret lengthy 10-K, 10-Q and 8-K filings, as well as any future proxy statements or registration statements connected to the Netflix transaction, the Discovery Global separation or competing proposals.
Warner Bros. Discovery, Inc. reported that Pres.&CEO, Global Streaming Jean-Briac Perrette acquired a total of 725,792 Series A common shares through performance-based stock awards. One award added 270,728 shares from a 3/1/2023 PRSU grant after a 199.5% of target vesting outcome.
A second award of 455,064 PRSUs from a 3/1/2024 grant was earned at 200% of target after the company’s 2024–2025 free cash flow significantly exceeded pre-set goals. Both awards were certified by the Compensation Committee on 2/24/2026, increasing Perrette’s direct holdings.
Warner Bros. Discovery, Inc. Chief Financial Officer Gunnar Wiedenfels reported stock awards linked to multi‑year performance goals. On February 24, 2026, he acquired 254,802 shares of Series A Common Stock at $0.00 per share as additional performance-based restricted stock units (PRSUs) from a March 1, 2023 grant that ultimately vested at 199.5% of target, bringing that grant to 510,884 earned shares in total. The same day, he also acquired 455,064 shares at $0.00 per share from PRSUs granted March 1, 2024, which were earned at 200% of target after the compensation committee certified that 2025 free cash flow was significantly above the pre‑established goal. Following these transactions, he directly owned 1,641,851 Series A shares and indirectly held 14,140 shares as custodian, while his spouse’s indirect holding was reduced to zero after a prior transfer.
Warner Bros. Discovery, Inc. executive Gerhard Zeiler, President, International, reported acquiring a total of 532,400 shares of Series A Common Stock as performance-based equity awards. The awards carried a price of $0.00 per share, reflecting stock granted rather than purchased on the market.
One tranche of 191,102 shares came from PRSUs originally granted on March 1, 2023. These units were tied to free cash flow and a three-year total shareholder return (TSR) modifier, and were ultimately certified to vest at 199.5% of target, making these shares the incremental amount earned.
The second tranche of 341,298 shares arose from PRSUs granted on March 1, 2024. These units were earned based on 2024 and 2025 free cash flow performance versus a pre-established target, and the compensation committee certified that 2025 free cash flow was significantly above target, causing these PRSUs to be earned at 200% of target.
Warner Bros. Discovery, Inc. filed Amendment No. 11 to its Schedule 14D-9, supplementing its solicitation/recommendation statement regarding an unsolicited tender offer to purchase its Series A common stock at $30.00 per share.
The amendment adds an exhibit consisting of a press release dated February 26, 2026 and reflects prior purchaser amendments dated December 22, 2025 and February 10, 2026
Warner Bros. Discovery reported weaker 2025 revenue but a return to profitability and major strategic moves. Full-year revenues were $37.3 billion, down from $39.3 billion, while net income swung to $727 million from a prior-year loss of $11.3 billion. Adjusted EBITDA was $8.7 billion, slightly below $9.0 billion.
Free cash flow declined to $3.09 billion from $4.43 billion, though the company still ended the year with $29.0 billion of net debt and net leverage of 3.3x. Streaming was a bright spot, with segment revenues up 5%, Adjusted EBITDA more than doubling to $1.37 billion, and global streaming subscribers reaching 131.6 million.
Studios Adjusted EBITDA rose to $2.55 billion, while Global Linear Networks revenues fell 12% and Adjusted EBITDA declined 21%, reflecting cord-cutting and the loss of NBA rights. The company is pursuing a separation into Warner Bros. and Discovery Global and has a definitive agreement for Netflix to acquire Warner Bros., while also engaging with a competing proposal from Paramount Skydance.
Paramount Skydance Corporation sent a proxy-letter outlining its strategy and a revised all-cash $31 per share proposal to acquire Warner Bros. Discovery, Inc., and described progress since the August transaction close. The letter frames three "North Star" priorities: creative investment, scaling direct-to-consumer, and enterprise efficiency.
It reports Q4'25 total revenue of $8.1 billion, Adjusted OIBDA of $612 million, and a net loss attributable to the Parent of $(573) million. For 2026 the company guides total revenue of $30,000 million and Adj. EBITDA of $3.8 billion, and states cash of $3.3 billion and gross debt of $13.7 billion.
Warner Bros. Discovery, Inc. tender offer filing updated: Paramount Skydance’s purchaser offered to acquire all outstanding Series A common shares at $30.00 per share in cash. This Amendment No. 25 to the Schedule TO supplements the December 8, 2025 Schedule TO and adds a stockholder letter dated February 25, 2026.
Paramount Skydance issued a public response after Warner Bros. Discovery’s board said Paramount’s revised $31 per share all-cash offer could “reasonably be expected to lead to a Company Superior Proposal” under WBD’s merger agreement with Netflix. Paramount said the Hart-Scott-Rodino waiting period for its proposed acquisition expired at February 19, 2026 and outlined steps required for a transaction: a WBD Board determination of Paramount’s proposal as a Company Superior Proposal, expiration of a four-business-day match period, termination of the Netflix merger agreement, and execution of a definitive merger agreement between Paramount and WBD.
Paramount reaffirmed its ongoing Tender Offer through Prince Sub Inc., noted proxy solicitation activities related to the Netflix transaction, and directed stockholders to review proxy and tender offer materials filed with the SEC.
Warner Bros. Discovery is the subject of an amended tender offer filing: Prince Sub Inc., a wholly owned subsidiary of Paramount Skydance Corporation, offered to purchase all outstanding Series A common shares at $30.00 per share in cash. This document is Amendment No. 24 to the Schedule TO and is described as a final amendment reporting the results of the tender offer; it references the Offer to Purchase and Letter of Transmittal dated December 8, 2025.
Warner Bros. Discovery, Inc. amends its Solicitation/Recommendation Statement on Schedule 14D-9 to supplement disclosures related to the unsolicited cash tender offer by Prince Sub Inc./Paramount Skydance Corporation to purchase Series A common stock at $30.00 per share.
The amendment adds an exhibit: a WBD press release dated February 24, 2026, and references prior tender offer amendments filed December 22, 2025 and February 10, 2026.