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WBD 10-K Analysis: The $2.9B Debt Gain That Masks a Cash Flow Crisis

Warner Bros. Discovery reported $728 million in net income for FY 2025 — its first profit since the WarnerMedia Merger. But the 10-K reveals a $2.9 billion debt extinguishment gain is the only item keeping that number positive. Cash taxes and interest consumed 97.7% of operating cash flow. A $15 billion bridge loan at 7.16% replaced the cheap debt that generated the 'gain.' And $16.5 billion in debt matures in 2027 behind a triple credit downgrade. Here's what the filing reveals about why the PSKY merger at $31/share may be less a strategic combination than a financial survival mechanism.

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15 min

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