What Warner Bros. Discovery, Inc. told the SEC could break it.

Completion of the PSKY Merger requires regulatory approval; if terminated WBD must pay PSKY a $3.0B termination fee plus up to ~$1.5B in additional reimbursements, creating a material contingent cash obligation.

“if the PSKY Merger is terminated, in certain circumstances, we could be required to pay to PSKY a termination fee of $3.0 billion (the "Company Termination Fee") and reimburse PSKY for (i) any payment made by PSKY, which will in no event be more than $1,528 million, in connection with WBD's obligation to complete the Junior Lien Exchange Offer by December 30, 2026 and (ii) the Netflix Termination Fee (the "PSKY Reimbursements"). In such circumstances, we may be required to use available cash that would have otherwise been available for general corporate purposes or other uses, which may materially and adversely affect our business, results of operations and financial condition.”

One unnamed customer represented 12% of WBD's content revenue in 2025; no individual customer exceeded 10% of total consolidated revenues.

“The Company had one customer that represented more than 10% of content revenue in 2025, which totaled 12 %. The Company had one customer that represented more than 10% of distribution revenue in 2024, which totaled 13 %, and two customers that each represented more than 10% of distribution revenue in 2023, which in aggregate totaled 24 %. One customer accounted for 10 % of trade receivables as of December 31, 2025 and no individual customer accounted for more than 10% of trade receivables as of December 31, 2024.”