WBD · 8-K · 20260806PR000072

Acquisition / Partnership / Divestiture

Warner Bros. Discovery, Inc. · 2026-08-06 · Importance 71 · Surprise 60

The six-month cash-flow statement recorded a $2,800 million accrual for a Netflix termination fee in 2026, compared with no such accrual in 2025. Second-quarter free cash flow included approximately $350 million of separation and transaction-related items, up from approximately $250 million in the prior-year quarter. The company also reported $72 million of transaction and integration costs in the second-quarter Adjusted EBITDA reconciliation, versus $17 million in 2025. Financing cash flows included no proceeds from the formation of a music catalog joint venture in 2026, compared with $601 million in 2025.