8-K
Warner Bros. Discovery, Inc. (WBD)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 9, 2023
Warner Bros. Discovery, Inc.
(Exact name of registrant as specified in its charter)
Commission File Number: 001-34177
| Delaware | 35-2333914 |
|---|---|
| (State or other jurisdiction<br> <br>of incorporation) | (IRS Employer<br> <br>Identification No.) |
230 Park Avenue South
New York, New York 10003
(Address of principal executive offices, including zip code)
212-548-5555
(Registrant’s telephone number, including area code)
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|---|---|
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| --- | --- |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| --- | --- |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
| --- | --- |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading<br> <br>Symbol(s) | Name of each exchange<br> <br>on which registered |
|---|---|---|
| Series A Common Stock | WBD | Nasdaq Global Select Market |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 8.01 | Other Events |
|---|
On August 9, 2023, Warner Bros. Discovery, Inc. (the “Company”) announced the pricing terms of the previously announced cash tender offers (the “Tender Offers”) by its wholly-owned subsidiaries, Warner Media, LLC (“WML”), Historic TW Inc. (“TWI”), Discovery Communications, LLC (“DCL”) and WarnerMedia Holdings, Inc. (“WMH”) pursuant to which (i) WML offered to purchase for cash any and all of its outstanding 4.050% Senior Notes due 2023 (the “4.050% Notes”) and 3.550% Senior Notes due 2024 (the “3.550% Notes”), (ii) TWI offered to purchase for cash any and all of its outstanding 7.570% Senior Notes due 2024 (the “7.570% Notes”), (iii) DCL offered to purchase for cash any and all of its outstanding 3.800% Senior Notes due 2024 (the “3.800% Notes”) and (iv) WMH offered to purchase for cash any and all of its outstanding 3.528% Senior Notes due 2024 (the “3.528% Notes”) and 3.428% Senior Notes due 2024 (the “3.428% Notes” and, together with the 4.050% Notes, the 3.550% Notes, the 7.570% Notes, the 3.800% Notes and the 3.528% Notes, the “Notes”).
On August 10, 2023, the Company announced the expiration and results, as of 5:00 p.m., New York City time, on August 9, 2023, of the Tender Offers.
The Tender Offers were announced on August 3, 2023, and were made pursuant to the Offer to Purchase and the related Notice of Guaranteed Delivery, each dated August 3, 2023.
Copies of the Company’s press releases relating to the pricing and results of the Tender Offers are attached as Exhibits 99.1 and 99.2 hereto and are incorporated herein by reference. The information contained in Item 8.01 of this Current Report on Form 8-K and the press releases attached hereto as Exhibits 99.1 and 99.2 are for information purposes only and do not constitute an offer to purchase any of the Notes.
| Item 9.01 | Financial Statements and Exhibits |
|---|---|
| Exhibit<br>Number | Description |
| --- | --- |
| 99.1 | Press release of Warner Bros. Discovery, Inc., dated August 9, 2023, announcing the pricing of the Tender Offers. |
| 99.2 | Press release of Warner Bros. Discovery, Inc., dated August 10, 2023, announcing the expiration and results of the Tender Offers. |
| 101 | Inline XBRL Instance Document - the instance document does not appear in the Interactive Date File because its XBRL tags are embedded within the Inline XBRL document |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| WARNER BROS. DISCOVERY, INC. | ||
|---|---|---|
| Date: August 10, 2023 | By: | /s/ Gunnar Wiedenfels |
| Name: | Gunnar Wiedenfels | |
| Title: | Chief Financial Officer |
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EX-99.1
Exhibit 99.1
FOR IMMEDIATE RELEASE
August 9, 2023
Investor Contacts:
Andrew Slabin
Andrew.Slabin@wbd.com
212-548-5544
Peter Lee
Peter.Lee@wbd.com
212-548-5907
Media Contact:
Nathaniel Brown
Nathaniel.Brown@wbd.com
212-548-5959
Warner Bros. Discovery Announces the Pricing Terms of Cash Tender Offers for Anyand All
4.050% Senior Notes due 2023 Issued by Warner Media, LLC
7.570% Senior Notes due 2024 Issued by Historic TW Inc.
3.800% Senior Notes due 2024 Issued by Discovery Communications, LLC
3.528% Senior Notes due 2024 Issued by WarnerMedia Holdings, Inc.
3.428% Senior Notes due 2024 Issued by WarnerMedia Holdings, Inc.
3.550% Senior Notes due 2024 Issued by Warner Media, LLC
New York, New York — Warner Bros. Discovery, Inc. (“Warner Bros. Discovery” or the “Company”) today announced the pricing terms of the previously announced cash tender offers (each, a “Tender Offer” and together, the “Tender Offers”) by its wholly-owned subsidiaries, Warner Media, LLC, Historic TW Inc., Discovery Communications, LLC and WarnerMedia Holdings, Inc. (each an “Issuer” and together, the “Issuers”) to purchase any and all of the respective Issuer’s outstanding notes described in the table below (together, the “Notes”). The consideration offered for each series of Notes per $1,000 principal amount of such Notes validly tendered and accepted for purchase pursuant to the applicable Tender Offer is set forth in the table below. Capitalized terms used but not defined in this press release have the meanings given to them in the Offer to Purchase (as defined below).
| Issuer/ Offeror | Title of Security | AggregatePrincipal AmountOutstanding | CUSIP | Reference U.STreasury Security | BloombergReferencePage/Screen | FixedSpread(basispoints) | Consideration^(1)^ | ||
|---|---|---|---|---|---|---|---|---|---|
| Warner Media, LLC | 4.050% Senior Notes due 2023 | $67,262,000 | 887317AR6 | 0.125% UST due December 15, 2023 | FIT3 | +25 | $994.64 | ||
| Historic TW Inc. | 7.570% Senior Notes due 2024 | $32,782,000 | 887315BH1 | 2.500% UST due January 31, 2024 | FIT3 | +30 | $1,008.13 | ||
| Discovery Communications, LLC | 3.800% Senior Notes due 2024 | $383,192,000 | 25470DAM1 | 0.250% UST due March 15, 2024 | FIT3 | +30 | $989.01 | ||
| WarnerMedia Holdings, Inc. | 3.528% Senior Notes due 2024 | $499,290,000 | U56632AK6 55903VAV5 | 0.250% UST due March 15, 2024 | FIT3 | +30 | $987.36 | ||
| WarnerMedia Holdings, Inc. | 3.428% Senior Notes due 2024 | $1,649,358,000 | 55903VAC7 U55632AB6 55903VAW3 | 0.250% UST due March 15, 2024 | FIT3 | +30 | $986.80 | ||
| Warner Media, LLC | 3.550% Senior Notes due 2024 | $54,014,000 | 887317AV7 | 2.500% UST due May 31, 2024 | FIT3 | +35 | $982.80 | ||
| (1) | Per $1,000 principal amount of Notes validly tendered and not validly withdrawn before the Expiration Time (as<br>defined below) and accepted for purchase. In addition to the applicable consideration, all holders whose Notes are accepted for purchase will also receive accrued and unpaid interest on such Notes, if any, up to, but excluding, the Settlement Date<br>(as defined below). | ||||||||
| --- | --- |
The consideration offered per $1,000 principal amount of each series of Notes validly tendered and accepted for purchase pursuant to the applicable Tender Offer was calculated by reference to the relevant Fixed Spread and the relevant Reference U.S. Treasury Security set forth in the table above, in the manner described in the Offer to Purchase.
Each Tender Offer will expire at 5:00 p.m., New York City time, on August 9, 2023, unless extended or earlier terminated (the “ExpirationTime”). Holders who have validly tendered their Notes may withdraw such Notes at any time at or prior to the Expiration Time. The Guaranteed Delivery Date is expected to be August 11, 2023. Each Issuer expects to pay the applicable consideration for Notes validly tendered, and not validly withdrawn at or prior to the Expiration Time, on August 14, 2023 (the “Settlement Date”). Each Tender Offer is conditioned upon satisfaction of certain conditions, but none of the Tender Offers is conditioned upon completion of any of the other Tender Offers.
The complete terms and conditions of the Tender Offers are set forth in the Offer to Purchase, dated August 3, 2023 (the “Offer to Purchase”), and in the related notice of guaranteed delivery (the “Notice of Guaranteed Delivery” and, together with the Offer to Purchase, the “Tender Offer Documents”), along with any amendments and supplements thereto, which holders are urged to read carefully before making any decision with respect to the Tender Offers. The Issuers have retained BofA Securities, Inc., Citigroup Global Markets Inc. and RBC Capital Markets, LLC to act as the Dealer Managers in connection with the Tender Offers. Copies of the Tender Offer Documents may be obtained from D.F. King & Co., Inc., the Tender and Information Agent for the Tender Offers, by phone at +1 (212) 269-5550 (banks and brokers) or +1 (877) 283-0322 (all others), by email at WBD@dfking.com or online at www.dfking.com/WBD. Questions regarding the Tender Offers may also be directed to the Dealer Managers as set forth below:
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| BofASecurities, Inc.<br> <br><br> <br>620 South Tryon Street, 20th<br>Floor<br> <br>Charlotte,North Carolina 28255<br><br><br>Attention: Liability Management<br><br><br>Collect: +1 (980) 387-3907<br><br><br>Toll-Free: +1 (888) 292-0070<br><br><br>Email: debt_advisory@bofa.com | Citigroup GlobalMarkets Inc.<br> <br><br> <br>388 Greenwich Street,<br>Trading 4th<br>Floor<br> <br>New York, New York 10013<br><br><br>Attention: Liability Management Group<br><br><br>Collect: +1 (212) 723-6106<br><br><br>Toll-Free: +1 (800) 558-3745 | RBC Capital Markets, LLC<br> <br><br><br><br>Brookfield Place<br> <br>200 Vesey Street,<br>8th Floor<br> <br>New York, New York 10281<br><br><br>Attention: Liability Management<br><br><br>Toll Free: +1 877 381 2099<br> <br>Collect<br>+1 212 618 7843<br> <br>Email: liability.management@rbccm.com |
|---|
This news release must be read in conjunction with the Offer to Purchase. This news release and the Offer to Purchase contain important information which should be read carefully before any decision is made with respect to the Tender Offers. If you are in any doubt as to the contents of this news release or the Offer to Purchase or the action you should take, you are recommended to seek your own financial, legal and tax advice, including as to any tax consequences, immediately from your broker, bank manager, solicitor, accountant or other independent financial or legal adviser. Any individual or company whose Notes are held on its behalf by a broker, dealer, bank, commercial bank, trust company or other nominee or intermediary must contact such entity if it wishes to participate in the applicable Tender Offer. None of the Issuers, the Tender and Information Agent or any of the Dealer Managers, nor any of their respective affiliates, is acting for any holder of Notes, or will be responsible to any holder of Notes for providing any protections which would be afforded to its clients or for providing advice in relation to any of the Tender Offers, and accordingly none of the Tender and Information Agent or any of the Dealer Managers, nor any of their respective affiliates, assumes any responsibility for the accuracy of any information concerning any of the Issuers, the Company or the Notes or any failure by any of the Issuers to disclose information with regard to the Issuer, the Company or the Notes which is material in the context of the applicable Tender Offer and which is not otherwise publicly available.
The Company reserves the right from time to time to purchase any of the Notes that remain outstanding after the Expiration Time through open market purchases, privately negotiated transactions, tender offers or otherwise (each of which to be upon such terms and at such prices as the Company may determine, which may be more or less than the price to be paid pursuant to the applicable Tender Offer). The Company may also redeem any of the Notes that remain outstanding after the Expiration Time pursuant to the terms of the applicable indenture governing such Notes. In addition, the Company may from time to time seek to prepay, retire or purchase its other outstanding indebtedness through prepayments, redemptions, open market purchases, privately negotiated transactions, tender offers or otherwise. Any such repurchases or exchanges will be dependent upon several factors, including the Company’s liquidity requirements, contractual restrictions, general market conditions, as well as applicable regulatory, legal and accounting factors. Whether or not the Company repurchases or exchanges any debt and the size and timing of any such repurchases or exchanges will be determined at its discretion.
This news release is neither an offer to purchase nor a solicitation of an offer to sell any securities. The Tender Offers are being made only by, and pursuant to the terms of, the Tender Offer Documents. The Tender Offers are not being made in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction. In any jurisdiction where the laws require the Tender Offer to be made by a licensed broker or dealer, the Tender Offer will be made by any of the Dealer Managers on behalf of the Issuer. None of the Issuers, the Tender and Information Agent or any of the Dealer Managers, nor any of their respective affiliates, makes any recommendation as to whether holders should tender or refrain from tendering all or any portion of their Notes in response to the Tender Offers.
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About Warner Bros. Discovery:
Warner Bros. Discovery (Nasdaq: WBD) is a leading global media and entertainment company that creates and distributes the world’s most differentiated and complete portfolio of content and brands across television, film and streaming. Available in more than 220 countries and territories and 50 languages, Warner Bros. Discovery inspires, informs and entertains audiences worldwide through its iconic brands and products including: Discovery Channel, Max, discovery+, CNN, DC, Eurosport, HBO, HBO Max, HGTV, Food Network, OWN, Investigation Discovery, TLC, Magnolia Network, TNT, TBS, truTV, Travel Channel, MotorTrend, Animal Planet, Science Channel, Warner Bros. Pictures, Warner Bros. Television, Warner Bros. Games, New Line Cinema, Cartoon Network, Adult Swim, Turner Classic Movies, Discovery en Español, Hogar de HGTV and others. For more information, please visit www.wbd.com.
This press release contains certain “forward-looking statements.” These forward-looking statements are based on currentexpectations, forecasts and assumptions that involve risks and uncertainties and on information available to the Company as of the date hereof. The Company’s actual results could differ materially from those stated or implied, due to risks anduncertainties associated with its business, which include the risks related to the acceptance of any tendered Notes, the expiration and settlement of the Tender Offers, the satisfaction of conditions to the Tender Offers, whether the Tender Offerswill be consummated in accordance with the terms set forth in the Tender Offer Documents or at all and the timing of any of the foregoing, as well as the risk factors disclosed in the Company’s Annual Report onForm 10-K filed with the SEC on February 24, 2023. Forward-looking statements in this release include, without limitation, statements regarding the Company’s expectations, beliefs,intentions or strategies regarding the future, and can be identified by forward-looking words such as “anticipate,” “believe,” “could,” “continue,” “estimate,” “expect,” “intend,”“may,” “should,” “will” and “would” or similar words. The Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein toreflect any change in the Company’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.
Source: Warner Bros. Discovery, Inc.
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EX-99.2
Exhibit 99.2
FOR IMMEDIATE RELEASE
August 10, 2023
Investor Contacts:
Andrew Slabin
Andrew.Slabin@wbd.com
212-548-5544
Peter Lee
Peter.Lee@wbd.com
212-548-5907
Media Contact:
Nathaniel Brown
Nathaniel.Brown@wbd.com
212-548-5959
Warner Bros. Discovery Announces Expiration and Results of Cash Tender Offers forAny and All
4.050% Senior Notes due 2023 Issued by Warner Media, LLC
7.570% Senior Notes due 2024 Issued by Historic TW Inc.
3.800% Senior Notes due 2024 Issued by Discovery Communications, LLC
3.528% Senior Notes due 2024 Issued by WarnerMedia Holdings, Inc.
3.428% Senior Notes due 2024 Issued by WarnerMedia Holdings, Inc.
3.550% Senior Notes due 2024 Issued by Warner Media, LLC
New York, New York — Warner Bros. Discovery, Inc. (“Warner Bros. Discovery” or the “Company”) today announced the expiration and results, as of 5:00 p.m., New York City time, on August 9, 2023 (the “Expiration Time”), of the previously announced cash tender offers (each, a “Tender Offer” and together, the “TenderOffers”) by its wholly-owned subsidiaries, Warner Media, LLC, Historic TW Inc., Discovery Communications, LLC and WarnerMedia Holdings, Inc. (each an “Issuer” and together, the “Issuers”) to purchase any and all of the respective Issuer’s outstanding notes described in the table below (together, the “Notes”). Capitalized terms used but not defined in this press release have the meanings given to them in the Offer to Purchase (as defined below).
The Tender Offers were announced on August 3, 2023 and were made pursuant to the Offer to Purchase, dated August 3, 2023 (the “Offer to Purchase”), and the related notice of guaranteed delivery (the “Notice of Guaranteed Delivery” and, together with the Offer to Purchase, the “Tender OfferDocuments”). According to information provided by the Tender and Information Agent for the Tender Offers, the following table presents the aggregate principal amount of each series of Notes tendered and not validly withdrawn as of the Expiration Time and the aggregate principal amount of each series of Notes tendered pursuant to the guaranteed delivery procedures described in the Tender Offer Documents.
| Issuer/Offeror | Title of Security | CUSIP | AggregatePrincipal<br>AmountOutstanding | |||
|---|---|---|---|---|---|---|
| Warner Media, LLC | 4.050% Senior Notes due 2023 | 887317AR6 | 67,262,000 | 25,552,000 | $0 | |
| Historic TW Inc. | 7.570% Senior Notes due 2024 | 887315BH1 | 32,782,000 | 5,661,000 | $0 | |
| Discovery Communications, LLC | 3.800% Senior Notes due 2024 | 25470DAM1 | 383,192,000 | 223,903,000 | $837,000 | |
| WarnerMedia Holdings, Inc. | 3.528% Senior Notes due 2024 | U56632AK6<br>55903VAV5 | 499,290,000 | 366,357,000 | $10,000 | |
| WarnerMedia Holdings, Inc. | 3.428% Senior Notes due 2024 | 55903VAC7<br>U55632AB6<br>55903VAW3 | 1,649,358,000 | 1,282,615,000 | $0 | |
| Warner Media, LLC | 3.550% Senior Notes due 2024 | 887317AV7 | 54,014,000 | 6,263,000 | $0 |
All values are in US Dollars.
| (1) | Amounts do not include the principal amount of the Notes tendered pursuant to the guaranteed delivery<br>procedures described in the Tender Offer Documents. |
|---|
Each Issuer expects to accept for purchase all applicable Notes validly tendered and not validly withdrawn before the Expiration Time. Upon the terms and subject to the conditions set forth in the Tender Offer Documents, Holders whose Notes have been accepted for purchase in a Tender Offer will receive the applicable Consideration for each $1,000 principal amount of such Notes in cash on the Settlement Date (as defined below). In addition to the applicable Consideration, all Holders whose Notes have been accepted for purchase will also receive accrued and unpaid interest on such Notes, if any, up to, but excluding, the Settlement Date (as defined below). Each Issuer also expects to accept all applicable Notes validly tendered and delivered pursuant to the guaranteed delivery procedures described in the Tender Offer Documents. The Issuers will not accept any further tenders.
The settlement date for Notes validly tendered and not validly withdrawn before the Expiration Time and all Notes validly tendered and delivered pursuant to the guaranteed delivery procedures is expected to be August 14, 2023 (the “Settlement Date”). Each Issuer intends to fund the purchase of its Notes with cash on hand and other available sources of liquidity, which may include borrowings under the Company’s revolving credit facility.
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BofA Securities, Inc., Citigroup Global Markets Inc. and RBC Capital Markets, LLC served as the Dealer Managers for the Tender Offers. D.F. King & Co, Inc. served as the Tender and Information Agent for the Tender Offers. Questions regarding the Tender Offers may be directed to the Dealer Managers as set forth below:
| BofASecurities, Inc.<br> <br><br> <br>620 South Tryon Street, 20th<br>Floor<br> <br>Charlotte,North Carolina 28255<br><br><br>Attention: Liability Management<br><br><br>Collect: +1 (980) 387-3907<br><br><br>Toll-Free: +1 (888) 292-0070<br><br><br>Email: debt_advisory@bofa.com | Citigroup GlobalMarkets Inc.<br> <br><br> <br>388 Greenwich Street,<br>Trading 4th<br>Floor<br> <br>New York, New York 10013<br><br><br>Attention: Liability Management Group<br><br><br>Collect: +1 (212) 723-6106<br><br><br>Toll-Free: +1 (800) 558-3745 | RBC Capital Markets, LLC<br> <br><br><br><br>Brookfield Place<br> <br>200 Vesey Street,<br>8th Floor<br> <br>New York, New York 10281<br><br><br>Attention: Liability Management<br><br><br>Toll Free: +1 877 381 2099<br> <br>Collect<br>+1 212 618 7843<br> <br>Email: liability.management@rbccm.com |
|---|
This news release is neither an offer to purchase nor a solicitation of an offer to sell any securities. The Tender Offers were made only by, and pursuant to the terms of, the Tender Offer Documents. The Tender Offers were not made in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction. In any jurisdiction where the laws require the Tender Offer to be made by a licensed broker or dealer, the Tender Offer was made by any of the Dealer Managers on behalf of the Issuer. None of the Issuers, the Tender and Information Agent or the Dealer Managers, nor any of their affiliates, has made any recommendation as to whether holders should tender or refrain from tendering all or any portion of their Notes in response to the Tender Offers.
About Warner Bros. Discovery:
Warner Bros. Discovery (Nasdaq: WBD) is a leading global media and entertainment company that creates and distributes the world’s most differentiated and complete portfolio of content and brands across television, film and streaming. Available in more than 220 countries and territories and 50 languages, Warner Bros. Discovery inspires, informs and entertains audiences worldwide through its iconic brands and products including: Discovery Channel, Max, discovery+, CNN, DC, Eurosport, HBO, HBO Max, HGTV, Food Network, OWN, Investigation Discovery, TLC, Magnolia Network, TNT, TBS, truTV, Travel Channel, MotorTrend, Animal Planet, Science Channel, Warner Bros. Pictures, Warner Bros. Television, Warner Bros. Games, New Line Cinema, Cartoon Network, Adult Swim, Turner Classic Movies, Discovery en Español, Hogar de HGTV and others. For more information, please visit www.wbd.com.
Thispress release contains certain “forward-looking statements.” These forward-looking statements are based on current expectations, forecasts and assumptions that involve risks and uncertainties and on information available to the Company asof the date hereof. The Company’s actual results could differ materially from those stated or implied, due to risks
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and uncertainties associated with its business, which include the risks related to the acceptance of any tendered Notes, the settlement of the Tender Offers, and the timing of any of theforegoing, as well as the risk factors disclosed in the Company’s Annual Report on Form 10-K filed with the SEC on February 24, 2023. Forward-looking statements in this release include,without limitation, statements regarding the Company’s expectations, beliefs, intentions or strategies regarding the future, and can be identified by forward-looking words such as “anticipate,” “believe,” “could,”“continue,” “estimate,” “expect,” “intend,” “may,” “should,” “will” and “would” or similar words. The Company expressly disclaims any obligation or undertaking todisseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in the Company’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement isbased.
Source: Warner Bros. Discovery, Inc.
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