The 10-K highlights that as of December 31, 2023, the company had 97.7 million DTC subscribers. This growth is a key strategic priority for WBD.

The 10-K emphasizes the importance of Max and discovery+ as key components of the DTC strategy. The company launched Max in May 2023 and plans further international rollouts.

The 10-K mentions strategic content programming assessments as part of restructuring efforts. This indicates a focus on optimizing content investments.

The 10-K states that the company expects to incur $4.1 - $5.3 billion in pre-tax restructuring charges to achieve cost synergies. This suggests active management efforts to improve efficiency.

The company repaid significant amounts of debt during the year, indicating a focus on strengthening the balance sheet.

The 10-K acknowledges the ongoing integration of the Discovery and WarnerMedia businesses, highlighting potential challenges and the need for successful integration to realize anticipated benefits.

The 10-K emphasizes the highly competitive nature of the media and entertainment industries, with increased pressure for talent, content, and advertising spending.

The 10-K acknowledges the expected continued decline in linear television viewership, which could adversely affect advertising and distribution revenues.

The 10-K highlights the impact of the WGA and SAG-AFTRA strikes on the company's operations and results.

The 10-K highlights the competitive pressure from existing and new competitors in the media and entertainment industries.

The 10-K acknowledges the impact of shifting consumer preferences on the film industry, with slower rebound in movie theater attendance.

The 10-K emphasizes that the success of the business depends on the acceptance of content and brands by viewers.

The 10-K discusses ongoing restructuring and transformation initiatives, including strategic content programming assessments and organization restructuring.

The 10-K mentions facility consolidation activities as part of the restructuring efforts, suggesting efforts to optimize physical resources.

The 10-K mentions the potential for supply chain disruptions to impact operations.

The 10-K mentions investments in developing technology platforms to support digital products and streaming services.

The 10-K identifies AI as a new technology for which the advantages and risks are uncertain.

The 10-K includes a section on cybersecurity, outlining risk management and governance strategies.

The 10-K highlights significant debt repayment activity during the year.

The 10-K mentions capital expenditures of $1.316 billion, including amounts capitalized to support Max.

The 10-K states that there were no common stock repurchases during 2023 or 2022.

New domestic and international laws and regulations relating to environmental, social and governance matters, including environmental sustainability and climate change, human capital management, and cybersecurity, are under consideration or have been adopted.

We are subject to domestic and international laws associated with the acquisition, storage, disclosure, use and protection of personal data, including under the E.U. General Data Protection Regulation, several U.S. federal and state privacy laws, including, but not limited to, the CCPA, and many other international laws and regulations.

We have adopted several initiatives and programs focused on environmental, social and governance issues, which may not achieve their intended outcomes. If we are unable to meet our enterprise objectives, or live up to evolving stakeholder expectations and industry standards for environmental, social and governance issues, or if we are perceived by consumers, stockholders or employees to have not responded appropriately with respect to these issues, our reputation, and therefore our ability to sell our products and services, could be negatively impacted.

Our business is significantly affected by prevailing economic conditions and levels of consumer discretionary spending. A downturn in global economic conditions may negatively affect our current and potential customers, particularly advertisers whose expenditures are sensitive to general economic conditions, vendors and others with whom we do business and their ability to satisfy their obligations to us.

We have significant operations in a number of foreign jurisdictions and certain of our operations are conducted and certain of our debt obligations are denominated in foreign currencies. The value of these foreign currencies fluctuates relative to the U.S. dollar.

We continue to face the increasing complexity of operating a global business, and we are subject to ever-changing tax policy and regulations around the world.