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

FORM 10-Q
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2023
OR
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to             
Commission File Number: 001-34177
WBD_HorizontalLogo_Blue.jpg
Warner Bros. Discovery, Inc.
(Exact name of registrant as specified in its charter)
Delaware35-2333914
(State or other jurisdiction of
incorporation or organization)		(I.R.S. Employer
Identification No.)
230 Park Avenue South10003
New York, New York
(Zip Code)
(Address of principal executive offices)
(212) 548-5555
(Registrant’s telephone number, including area code)

N/A
(Former name, former address and former fiscal year, if changed since last report)



Securities Registered Pursuant to Section 12(b) of the Act:
Title of Each ClassTrading SymbolsName of Each Exchange on Which Registered
Series A Common StockWBDThe Nasdaq Global Select Market

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ý    No  o
Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files).    Yes  ý    No  ¨
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filerýAccelerated filer¨
Non-accelerated fileroSmaller reporting company☐
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. ¨
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  ý

Total number of shares outstanding of each class of the Registrant’s common stock as of April 21, 2023:
Series A Common Stock, par value $0.01 per share2,436,107,460 



WARNER BROS. DISCOVERY, INC.
FORM 10-Q
TABLE OF CONTENTS
 
 Page
3

PART I. FINANCIAL INFORMATION
ITEM 1. Unaudited Financial Statements.
WARNER BROS. DISCOVERY, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited; in millions, except per share amounts)
 Three Months Ended March 31,
 20232022
Revenues:
Distribution$5,163 $1,352 
Advertising2,298 1,476 
Content2,954 323 
Other285 8 
Total revenues10,700 3,159 
Costs and expenses:
Costs of revenues, excluding depreciation and amortization6,685 1,236 
Selling, general and administrative2,388 1,040 
Depreciation and amortization2,058 525 
Restructuring95 5 
Impairments and loss on dispositions31 — 
Total costs and expenses11,257 2,806 
Operating (loss) income(557)353 
Interest expense, net(571)(153)
Loss from equity investees, net(37)(14)
Other (expense) income, net(73)490 
(Loss) income before income taxes(1,238)676 
Income tax benefit (expense)178 (201)
Net (loss) income(1,060)475 
Net income attributable to noncontrolling interests(8)(16)
Net income attributable to redeemable noncontrolling interests(1)(3)
Net (loss) income available to Warner Bros. Discovery, Inc.$(1,069)$456 
Net (loss) income per share allocated to Warner Bros. Discovery, Inc. Series A common stockholders:
Basic
$(0.44)$0.69 
Diluted$(0.44)$0.69 
Weighted average shares outstanding:
Basic2,432 591 
Diluted2,432 665 
The accompanying notes are an integral part of these consolidated financial statements.
4

WARNER BROS. DISCOVERY, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
(unaudited; in millions)

Three Months Ended March 31,
20232022
Net (loss) income$(1,060)$475 
Other comprehensive (loss) income:
Currency translation
Change in net unrealized gains (losses)426 (97)
Less: reclassification adjustment for net (gains) losses included in net income — (2)
Net change, net of income tax benefit (expense) of $(5) and $(14)
426 (99)
Pension plan and SERP liability, net of income tax benefit (expense) of $(3) and $—
(9)— 
Derivatives
Change in net unrealized gains (losses)3 (12)
Less: reclassification adjustment for net (gains) losses included in net income (2)(6)
Net change, net of income tax benefit (expense) of $2 and $1
1 (18)
Comprehensive (loss) income(642)358 
Comprehensive income attributable to noncontrolling interests
(8)(16)
Comprehensive income attributable to redeemable noncontrolling interests
(1)(3)
Comprehensive (loss) income attributable to Warner Bros. Discovery, Inc.$(651)$339 
The accompanying notes are an integral part of these consolidated financial statements.
5
WARNER BROS. DISCOVERY, INC.
CONSOLIDATED BALANCE SHEETS
(unaudited; in millions, except par value)
March 31, 2023December 31, 2022
ASSETS
Current assets:
Cash and cash equivalents$2,594 $3,731 
Receivables, net6,833 6,380 
Prepaid expenses and other current assets4,300 3,888 
Total current assets13,727 13,999 
Film and television content rights and games25,473 26,652 
Property and equipment, net5,325 5,301 
Goodwill34,658 34,438 
Intangible assets, net43,239 44,982 
Other noncurrent assets8,162 8,629 
Total assets$130,584 $134,001 
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable$1,123 $1,454 
Accrued liabilities10,158 11,504 
Deferred revenues1,603 1,694 
Current portion of debt3,496 365 
Total current liabilities16,380 15,017 
Noncurrent portion of debt45,434 48,634 
Deferred income taxes10,211 11,014 
Other noncurrent liabilities10,717 10,669 
Total liabilities82,742 85,334 
Commitments and contingencies (See Note 16)
Redeemable noncontrolling interests309 318 
Warner Bros. Discovery, Inc. stockholders’ equity:
Series A common stock: $0.01 par value; 10,800 and 10,800 shares authorized; 2,666 and 2,660 shares issued; and 2,436 and 2,430 shares outstanding
27 27 
Preferred stock: $0 par value; 1,200 and 1,200 shares authorized, 0 shares issued and outstanding
— — 
Additional paid-in capital54,685 54,630 
Treasury stock, at cost: 230 and 230 shares
(8,244)(8,244)
Retained earnings1,133 2,205 
Accumulated other comprehensive loss(1,105)(1,523)
Total Warner Bros. Discovery, Inc. stockholders’ equity46,496 47,095 
Noncontrolling interests1,037 1,254 
Total equity47,533 48,349 
Total liabilities and equity$130,584 $134,001 
The accompanying notes are an integral part of these consolidated financial statements.
6

WARNER BROS. DISCOVERY, INC.
CONSOLIDATED STATEMENT OF CASH FLOWS
(unaudited; in millions)
 Three Months Ended March 31,
 20232022
Operating Activities
Net (loss) income$(1,060)$475 
Adjustments to reconcile net income to cash (used in) provided by operating activities:
Content rights amortization and impairment4,723 973 
Depreciation and amortization2,058 525 
Deferred income taxes (669)(118)
Share-based compensation expense111 60 
Equity in losses of equity method investee companies and cash distributions62 21 
Gain from derivative instruments, net(23)(514)
Other, net97 33 
Changes in operating assets and liabilities, net of acquisitions and dispositions:
Receivables, net(486)(5)
Film and television content rights, games and payables, net(4,051)(993)
Accounts payable, accrued liabilities, deferred revenues and other noncurrent liabilities(1,652)(124)
Foreign currency, prepaid expenses and other assets, net259 (10)
Cash (used in) provided by operating activities(631)323 
Investing Activities
Purchases of property and equipment(299)(85)
Investments in and advances to equity investments(13)(42)
Proceeds from derivative instruments, net20 639 
Other investing activities, net35 17 
Cash (used in) provided by investing activities(257)529 
Financing Activities
Principal repayments of debt, including premiums to par value(1,606)(327)
Borrowings from debt, net of discount and issuance costs1,500 — 
Distributions to noncontrolling interests and redeemable noncontrolling interests(237)(224)
Borrowings under commercial paper program932 — 
Repayments under commercial paper program(933)— 
Other financing activities, net(88)(36)
Cash used in financing activities(432)(587)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash29 (5)
Net change in cash, cash equivalents, and restricted cash(1,291)260 
Cash, cash equivalents, and restricted cash, beginning of period3,930 3,905 
Cash, cash equivalents, and restricted cash, end of period$2,639 $4,165 
The accompanying notes are an integral part of these consolidated financial statements.
7
WARNER BROS. DISCOVERY, INC.
CONSOLIDATED STATEMENT OF EQUITY
(unaudited; in millions)
Warner Bros. Discovery, Inc. Common StockAdditional
Paid-In
Capital		Treasury
Stock		Retained
Earnings		Accumulated
Other
Comprehensive
Loss		Warner Bros. Discovery,
Inc. 
Stockholders’
Equity		Noncontrolling
Interests		Total
Equity
SharesPar Value
December 31, 20222,660 $27 $54,630 $(8,244)$2,205 $(1,523)$47,095 $1,254 $48,349 
Net loss available to Warner Bros. Discovery, Inc. and attributable to noncontrolling interests— — — — (1,069)— (1,069)8 (1,061)
Other comprehensive income— — — — — 418 418 — 418 
Share-based compensation— — 101 — — — 101 — 101 
Tax settlements associated with share-based plans— — (53)— — — (53)— (53)
Dividends paid to noncontrolling interests— — — — — — — (225)(225)
Issuance of stock in connection with share-based plans6 — 9 — — — 9 — 9 
Redeemable noncontrolling interest adjustments to redemption value— — — — (3)— (3)— (3)
Other adjustments to stockholders' equity— — (2)— — — (2)— (2)
March 31, 20232,666 $27 $54,685 $(8,244)$1,133 $(1,105)$46,496 $1,037 $47,533 
The accompanying notes are an integral part of these consolidated financial statements.
8
WARNER BROS. DISCOVERY, INC.
CONSOLIDATED STATEMENT OF EQUITY
(unaudited; in millions)
Discovery, Inc.
Preferred Stock		Discovery, Inc.
Common Stock		Warner Bros. Discovery, Inc. Common StockAdditional
Paid-In
Capital		Treasury
Stock		Retained
Earnings		Accumulated
Other
Comprehensive
Loss		Warner Bros. Discovery, Inc.
Stockholders’ Equity		Noncontrolling
Interests		Total
Equity
SharesPar ValueSharesPar ValueSharesPar Value
December 31, 202112 $— 736 $7 — $— $11,086 $(8,244)$9,580 $(830)$11,599 $1,434 $13,033 
Net income available to Warner Bros. Discovery, Inc. and attributable to noncontrolling interests— — — — — — — — 456 — 456 16 472 
Other comprehensive loss— — — — — — — — — (117)(117)— (117)
Share-based compensation— — — — — — 53 — — — 53 — 53 
Tax settlements associated with share-based plans
— — — — — — (38)— — — (38)— (38)
Dividends paid to noncontrolling interests
— — — — — — — — — — — (192)(192)
Issuance of stock in connection with share-based plans
— — 3 — — — 19 — — — 19 — 19 
Redeemable noncontrolling interest adjustments to redemption value
— — — — — — — — (3)— (3)— (3)
March 31, 202212 $— 739 $7 — $— $11,120 $(8,244)$10,033 $(947)$11,969 $1,258 $13,227 
The accompanying notes are an integral part of these consolidated financial statements.
9

WARNER BROS. DISCOVERY, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)


NOTE 1. DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION
Description of Business
Warner Bros. Discovery, Inc. (“Warner Bros. Discovery”, “WBD”, the “Company”, “we”, “us” or “our”) is a premier global media and entertainment company that combines the WarnerMedia Business’s premium entertainment, sports and news assets with Discovery’s leading non-fiction and international entertainment and sports businesses, thus offering audiences a differentiated portfolio of content, brands and franchises across television, film, streaming and gaming. Some of our iconic brands and franchises include Warner Bros. Pictures Group, Warner Bros. Television Group, DC, HBO, HBO Max, Discovery Channel, discovery+, CNN, HGTV, Food Network, TNT, TBS, TLC, OWN, Warner Bros. Games, Batman, Superman, Wonder Woman, Harry Potter, Looney Tunes, Hanna-Barbera, Game of Thrones, and The Lord of the Rings.
Merger with the WarnerMedia Business of AT&T
On April 8, 2022 (the “Closing Date”), Discovery, Inc. (“Discovery”) completed its merger (the “Merger”) with the WarnerMedia business (the “WarnerMedia Business”, “WM Business” or “WM”) of AT&T Inc. (“AT&T”) and changed its name to “Warner Bros. Discovery, Inc.”. On April 11, 2022, the Company’s shares started trading on the Nasdaq Global Select Market (the “Nasdaq”) under the trading symbol WBD.
The Merger was executed through a Reverse Morris Trust type transaction, under which WM was distributed to AT&T’s shareholders via a pro rata distribution, and immediately thereafter, combined with Discovery. (See Note 2 and Note 3). Prior to the Merger, WarnerMedia Holdings, Inc. distributed $40.5 billion to AT&T (subject to working capital and other adjustments) in a combination of cash, debt securities, and WM's retention of certain debt. Discovery transferred purchase consideration of $42.4 billion in equity to AT&T shareholders in the Merger. In August 2022, the Company and AT&T finalized the post-closing working capital settlement process, pursuant to section 1.3 of the Separation and Distribution Agreement, which resulted in the Company receiving a $1.2 billion payment from AT&T in the third quarter of 2022 in lieu of adjusting the equity issued as purchase consideration in the Merger. AT&T shareholders received shares of WBD Series A common stock (“WBD common stock”) in the Merger representing 71% of the combined Company and the Company's pre-Merger shareholders continued to own 29% of the combined Company, in each case on a fully diluted basis.
Discovery was deemed to be the accounting acquirer of the WM Business for accounting purposes under U.S. generally accepted accounting principles (“U.S. GAAP”); therefore, Discovery is considered the Company’s predecessor and the historical financial statements of Discovery prior to April 8, 2022, are reflected in this Quarterly Report on Form 10-Q as the Company’s historical financial statements. Accordingly, the financial results of the Company as of and for any periods prior to April 8, 2022 do not include the financial results of the WM Business and current and future results will not be comparable to historical results.
Principles of Consolidation
The consolidated financial statements include the accounts of the Company and its majority-owned subsidiaries in which a controlling interest is maintained, including variable interest entities (“VIE”) for which the Company is the primary beneficiary. Intercompany accounts and transactions between consolidated entities have been eliminated.
Unaudited Interim Financial Statements
These consolidated financial statements are unaudited; however, in the opinion of management, they reflect all adjustments consisting only of normal recurring adjustments necessary to state fairly the financial position, results of operations and cash flows for the periods presented in conformity with U.S. GAAP applicable to interim periods. The results of operations for the interim periods presented are not necessarily indicative of results for the full year or future periods. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 (the “2022 Form 10-K”).
Use of Estimates
The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates, judgments and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results may differ from these estimates.
Summary of Significant Accounting Policies
There have been no changes to the Company's significant accounting policies described in the 2022 Form 10-K.
10

WARNER BROS. DISCOVERY, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)

Accounting and Reporting Pronouncements Adopted
Supplier Finance Programs
In September 2022, the Financial Accounting Standards Board issued guidance updating the disclosure requirements for supplier finance program obligations. This guidance provides specific authoritative guidance for disclosure of supplier finance programs, including key terms of such programs, amounts outstanding, and where the obligations are presented in the statement of financial position. The guidance is effective for annual periods beginning after December 15, 2022, including interim periods, except for the disclosure of roll forward information, which is effective for annual periods beginning after December 15, 2023. Certain components of this guidance must be applied retrospectively, while others may be applied prospectively. The Company adopted the guidance effective January 1, 2023 and has provided the required disclosures in Note 14.
NOTE 2. EQUITY AND EARNINGS PER SHARE
Common Stock Issued in Connection with the WarnerMedia Merger
In connection with the Merger, each issued and outstanding share of Discovery Series A common stock, Discovery Series B convertible common stock, and Discovery Series C common stock, was reclassified and automatically converted into one share of WBD common stock, and each issued and outstanding share of Discovery Series A-1 convertible preferred stock (“Series A-1 Preferred Stock”) and Series C-1 convertible preferred stock was reclassified and automatically converted into 13.1135 and 19.3648 shares of WBD common stock, respectively.
The Merger required the consent of Advance/Newhouse Programming Partnership under Discovery's certificate of incorporation as the sole holder of the Series A-1 Preferred Stock. In connection with Advance/Newhouse Programming Partnership’s entry into the consent agreement and related forfeiture of the significant rights attached to the Series A-1 Preferred Stock in the reclassification of the shares of Series A-1 Preferred Stock into common stock, it received an increase to the number of shares of common stock of the Company into which the Series A-1 Preferred Stock converted. The impact of the issuance of such additional shares of common stock was $789 million and was recorded as a transaction expense in selling, general and administrative expense upon the closing of the Merger in the three months ended June 30, 2022.
On April 8, 2022, the Company issued 1.7 billion shares of WBD common stock as consideration paid for the acquisition of WM. (See Note 3).
Earnings Per Share
All share and per share amounts have been retrospectively adjusted to reflect the reclassification and automatic conversion into WBD common stock, except for Series A-1 Preferred Stock, which has not been recast because the conversion of Series A-1 Preferred Stock into WBD common stock in connection with the Merger was considered a discrete event and treated prospectively.
11

WARNER BROS. DISCOVERY, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)

The table below sets forth the Company’s calculated earnings per share (in millions). Earnings per share amounts may not recalculate due to rounding.
Three Months Ended March 31,
20232022
Numerator:
Net (loss) income$(1,060)$475 
Less:
Allocation of undistributed income to Series A-1 convertible preferred stock— (49)
Net income attributable to noncontrolling interests(8)(16)
Net income attributable to redeemable noncontrolling interests(1)(3)
Net (loss) income allocated to Warner Bros. Discovery, Inc. Series A common stockholders for basic and diluted net (loss) income per share$(1,069)$407 
Add:
Allocation of undistributed income to Series A-1 convertible preferred stockholders$— $49 
Net (loss) income allocated to Warner Bros. Discovery, Inc. Series A common stockholders for diluted net (loss) income per share$(1,069)$456 
Denominator — weighted average:
Common shares outstanding — basic2,432 591 
Impact of assumed preferred stock conversion— 71 
Dilutive effect of share-based awards— 3 
Common shares outstanding — diluted2,432 665 

Basic net (loss) income per share allocated to common stockholders$(0.44)$0.69 
Diluted net (loss) income per share allocated to common stockholders$(0.44)$0.69 
The table below presents the details of share-based awards that were excluded from the calculation of diluted earnings per share (in millions).
Three Months Ended March 31,
20232022
Anti-dilutive share-based awards
62 33 
NOTE 3. ACQUISITIONS AND DISPOSITIONS
Acquisitions
WarnerMedia
On April 8, 2022, the Company completed its Merger with the WarnerMedia Business of AT&T. The Merger was executed through a Reverse Morris Trust type transaction, under which WM was distributed to AT&T’s shareholders via a pro-rata distribution, and immediately thereafter, combined with Discovery. Discovery was deemed to be the accounting acquirer of WM.
The Merger combined WM’s content library of popular and valuable intellectual property with Discovery’s global footprint, collection of local-language content and deep regional expertise across more than 220 countries and territories. The Company expects this broad, worldwide portfolio of brands, coupled with its DTC potential and the attractiveness of the combined assets, to result in increased market penetration globally. The Merger is also expected to create significant cost synergies for the Company.
12

WARNER BROS. DISCOVERY, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)

Purchase Price
The following table summarizes the components of the aggregate purchase consideration paid to acquire WM (in millions).
Fair value of WBD common stock issued to AT&T shareholders (1)
$42,309 
Estimated fair value of share-based compensation awards attributable to pre-combination services (2)
94 
Settlement of preexisting relationships (3)
(27)
Purchase consideration $42,376 
(1) The fair value of WBD common stock issued to AT&T shareholders represents approximately 1,732 million shares of WBD common stock multiplied by the closing share price for Discovery Series A common stock of $24.43 on Nasdaq on the Closing Date. The number of shares of WBD common stock issued in the Merger was determined based on the number of fully diluted shares of Discovery, Inc. common stock immediately prior to the closing of the Merger, multiplied by the quotient of 71%/29%.
(2) This amount represents the value of AT&T restricted stock unit awards that were not vested and were replaced by WBD restricted stock unit awards with similar terms and conditions as the original AT&T awards. The conversion was based on the ratio of the volume-weighted average per share closing price of AT&T common stock on the ten trading days prior to the Closing Date and the volume-weighted average per share closing price of WBD common stock on the ten trading days following the Closing Date. The fair value of replacement equity-based awards attributable to pre-Merger service was recorded as part of the consideration transferred in the Merger.
(3) The amount represents the effective settlement of outstanding payables and receivables between the Company and WM. No gain or loss was recognized upon settlement as amounts were determined to be reflective of fair market value.
Balances reflect rounding of dollar and share amounts to millions, which may result in differences for recalculated standalone amounts compared with the amounts presented above. In August 2022, the Company and AT&T finalized the post-closing working capital settlement process, pursuant to section 1.3 of the Separation and Distribution Agreement, which resulted in the Company receiving a $1.2 billion payment from AT&T in the third quarter of 2022.
Preliminary Purchase Price Allocation
The Company applied the acquisition method of accounting to WM, whereby the excess of the fair value of the purchase price paid over the fair value of identifiable net assets acquired and liabilities assumed was allocated to goodwill. Goodwill reflects the assembled workforce of WM as well as revenue enhancements, cost savings and operating synergies that are expected to result from the Merger. The goodwill recorded as part of the Merger has been provisionally allocated to the Studios, Networks and DTC reportable segments in the amount of $9,129 million, $7,076 million and $5,683 million, respectively, and is not deductible for tax purposes.
13

WARNER BROS. DISCOVERY, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)

The purchase price allocation is preliminary and subject to change. The Company has estimated the preliminary fair value of assets acquired and liabilities assumed based on information currently available and will continue to adjust those estimates as additional information pertaining to events or circumstances present at the Closing Date becomes available during the measurement period. The Company reflects measurement period adjustments in the period in which the adjustments occur, and the Company will finalize its accounting for the Merger within one year of the Closing Date. The current period adjustments were $148 million, primarily related to taxes, and were recorded in other noncurrent assets, deferred income taxes and other noncurrent liabilities, with an offset to goodwill. The preliminary allocation of the purchase price to the assets acquired and liabilities assumed, measurement period adjustments, and a reconciliation to total consideration transferred is presented in the table below (in millions).
Preliminary
April 8, 2022		Measurement Period
Adjustments		Updated Preliminary
April 8, 2022
Cash$2,419 $(10)$2,409 
Accounts receivable4,224 (60)4,164 
Other current assets4,619 (149)4,470 
Film and television content rights and games28,729 (344)28,385 
Property and equipment4,260 13 4,273 
Goodwill21,513 375 21,888 
Intangible assets44,889 100 44,989 
Other noncurrent assets5,206 309 5,515 
Current liabilities (10,544)7 (10,537)
Debt assumed(41,671)(9)(41,680)
Deferred income taxes(13,264)716 (12,548)
Other noncurrent liabilities(8,004)(948)(8,952)
Total consideration paid$42,376 $— $42,376 
The preliminary fair values of the assets acquired and liabilities assumed were determined using several valuation approaches including, but not limited to, various cost approaches and income approaches, such as relief from royalty, multi -period excess earnings, and with-or-without.
The table below presents a summary of intangible assets acquired, exclusive of content assets, and the weighted average useful life of these assets.
Fair ValueWeighted Average Useful Life in Years
Trade names$21,084 34
Affiliate, advertising and subscriber relationships14,800 6
Franchises7,900 35
Other intangible assets 1,205 
Total intangible assets acquired$44,989 
The Company incurred acquisition-related costs of $47 million and $87 million for the three months ended March 31, 2023 and 2022, respectively. These costs were associated with legal and professional services and integration activities and were recognized as operating expenses on the consolidated statement of operations.
14

WARNER BROS. DISCOVERY, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)

As a result of the Merger, WM’s assets, liabilities, and operations were included in the Company’s consolidated financial statements from the Closing Date. The following table presents WM revenue and earnings as reported within the consolidated financial statements (in millions).
Three Months Ended March 31, 2023
Revenues:
Distribution$3,885 
Advertising1,154 
Content 3,338 
Other228 
Total revenues8,605 
Inter-segment eliminations(477)
Net revenues$8,128 
Net loss available to Warner Bros. Discovery, Inc.$(1,047)
Pro Forma Combined Financial Information
The following unaudited pro forma combined financial information presents the combined results of the Company and WM as if the Merger had been completed on January 1, 2021. The unaudited pro forma combined financial information is presented for informational purposes and is not indicative of the results of operations that would have been achieved if the Merger had occurred on January 1, 2021, nor is it indicative of future results. The following table presents the Company’s pro forma combined revenues and net income (in millions).
Three Months Ended March 31, 2022
Revenues$11,441 
Net loss available to Warner Bros. Discovery, Inc.(299)
The unaudited pro forma combined financial information includes, where applicable, adjustments for (i) additional costs of revenues from the fair value step-up of film and television library, (ii) additional amortization expense related to acquired intangible assets, (iii) additional depreciation expense from the fair value of property and equipment, (iv) transaction costs and other one-time non-recurring costs, (v) additional interest expense for borrowings related to the Merger and amortization associated with fair value adjustments of debt assumed, (vi) changes to align accounting policies, (vii) elimination of intercompany activity, and (viii) associated tax-related impacts of adjustments. These pro forma adjustments are based on available information as of the date hereof and upon assumptions that the Company believes are reasonable to reflect the impact of the Merger with WM on the Company’s historical financial information on a supplemental pro forma basis. Adjustments do not include costs related to integration activities, cost savings or synergies that have been or may be achieved by the combined business.
NOTE 4. RESTRUCTURING
In connection with the Merger, the Company has announced and has taken actions to implement projects to achieve cost synergies for the Company. The Company finalized the framework supporting its ongoing restructuring and transformation initiatives during the year ended December 31, 2022, which will include, among other things, strategic content programming assessments, organization restructuring, facility consolidation activities, and other contract termination costs. While the Company’s restructuring efforts are ongoing, the restructuring program is expected to be substantially completed by the end of 2024.
Restructuring by reportable segments and corporate and inter-segment eliminations were as follows (in millions).
 Three Months Ended March 31,
 20232022
Studios$76 $— 
Networks3 4 
DTC9 — 
Corporate and inter-segment eliminations7 1 
Total restructuring$95 $5 
15

WARNER BROS. DISCOVERY, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)

During the three months ended March 31, 2023, restructuring charges primarily included contract terminations and facility consolidation activities of $56 million, organization restructuring of $35 million, and other charges of $4 million. During the three months ended March 31, 2022, restructuring charges were not material.
Changes in restructuring liabilities recorded in accrued liabilities and other noncurrent liabilities by major category and by reportable segment and corporate and inter-segment eliminations were as follows (in millions).
StudiosNetworksDTCCorporate and Inter-Segment EliminationsTotal
December 31, 2022$156 $361 $188 $159 $864 
Contract termination accruals, net25 2 — — 27 
Employee termination accruals, net12 11 5 7 35 
Other accruals— 2 — — 2 
Cash paid(