Item 7.01. Regulation FD Disclosure
On May 18, 2022 David Zaslav, President and Chief Executive Officer of Warner
Bros. Discovery, Inc. (the "Company") appeared on CNBC's Squawk Box and was
asked to comment on the Company's plans to de-lever. The Company continues to
believe that it will reach its target gross leverage of 2.5 times to 3.0 times
within 24 months of closing the WarnerMedia transaction.
The information in this Item 7.01 shall not be deemed "filed" for purposes of
Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange
Act"), nor shall it be deemed incorporated by reference in any filing by the
Company under the Securities Act of 1933, as amended, or the Exchange Act,
except as shall be expressly set forth by specific reference in such filing.
Cautionary Statement Concerning Forward-Looking Statements
Information set forth in this filing contains certain forward-looking statements
within the meaning of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements are based on
current expectations, forecasts, and assumptions that involve risks and
uncertainties and on information available to Warner Bros. Discovery as of the
date hereof. Warner Bros. Discovery's actual results could differ materially
from those stated or implied due to risks and uncertainties associated with its
business, which include the risk factors disclosed in the Company's 2021 Annual
Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the
"SEC") on February 24, 2022, in the Company's Quarterly Report on Form 10-Q
filed with the SEC on April 26, 2022 and its subsequent filings made with the
SEC. Forward-looking statements include statements regarding Warner Bros.
Discovery'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. Forward-looking statements include, without
limitation, statements regarding future financial and operating results, Warner
Bros. Discovery's plans, objectives, expectations and intentions, targets and
other statements that are not historical facts. Warner Bros. Discovery expressly
disclaims any obligation or undertaking to disseminate any updates or revisions
to any forward-looking statement contained herein to reflect any change in
Warner Bros. Discovery's expectations with regard thereto or any change in
events, conditions or circumstances on which any such statement is based.
Non-GAAP Financial Measure
Gross leverage is a financial measure not prepared in accordance with U.S.
generally accepted accounting principles. The Company defines gross leverage as
total debt plus finance leases divided by the sum of the most recent four
quarters Adjusted EBITDA. Reconciliations of forward-looking gross leverage and
Adjusted EBITDA are not being provided as the Company does not currently have
sufficient data to accurately estimate the variables and individual adjustments
for such reconciliations.
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Item 9.01. Financial Statements and Exhibits
Inline XBRL Instance Document - the instance document does not appear in the
101 Interactive Date File because its XBRL tags are embedded within the Inline XBRL
document
104 Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit
101)
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