The company announced a new corporate structure designed to enhance strategic flexibility and potentially unlock shareholder value, creating two distinct operating divisions: Global Linear Networks and Streaming & Studios.

Max launched in 73 new markets across Latin America, the Caribbean, Europe, and Asia, contributing to the addition of 19.3 million global subscribers to DTC products.

The company exited its regional sports business, which had an unfavorable impact of $225 million on distribution revenue and a favorable impact of $277 million to costs of revenues for the year.

The Merger-related restructuring program was substantially completed at the end of 2024. The company incurred $4.7 billion in pre-tax restructuring charges as of December 31, 2024, with expected total cash expenditures of $1.0-$1.5 billion.

Priya Aiyar joined as Chief Legal Officer and Jennifer Remling joined as Chief People and Culture Officer, indicating a focus on strengthening legal and human capital management.

The 10-K acknowledges potential difficulties in managing the expanded business, including diverse operations, increased costs, and business disruptions from integration efforts.

The company acknowledges facing increased competitive pressure for talent, content, audiences, subscribers, service providers, and advertising spending from a broad range of companies, including new market participants.

The 10-K highlights the expected continued decline in linear television viewership, which could adversely affect advertising and distribution revenues, requiring investment in streaming services to offset the decline.

The company acknowledges that its Max and discovery+ offerings face intense competition and their success depends on attracting and retaining subscribers, which may be hindered by consumer perception of value and pricing.

The company faces competition from other production studios, television networks, and online-based content providers for the acquisition of content and creative talent.

The company's networks and streaming services compete for advertising revenue with other television networks, content distribution outlets, and new market participants.

The company relies on platforms owned by third parties, some of which compete directly with the company, to make content available to subscribers and viewers.

The company has implemented restructuring and transformation initiatives to achieve cost synergies, including strategic content programming assessments, organization restructuring, and facility consolidation activities.

The company's restructuring and transformation initiatives include headcount reduction, which could disrupt operations and impact employee morale.

The 10-K does not contain explicit discussion of supply chain performance or any operational bottlenecks.

The company has made and will continue to make investments in developing technology platforms to support our digital products and streaming services, including Max and discovery+.

The advantages and risks associated with the use of AI in the industry are currently largely uncertain and unregulated.

The company acknowledges the constant threat of cyberattacks and the potential for breaches, which could lead to the disclosure of confidential information, disruption of services, and financial losses.

The company plans to continue to invest significantly in the creation and acquisition of new content, as well as certain sports rights.

The company is focused on reducing its debt and has undertaken various debt repayment and refinancing activities, including repaying senior notes and entering into new credit facilities.

The company did not repurchase any of its common stock during 2024 or 2023, though it has a repurchase program authorized by the board of directors.

U.S. regulators, international regulators, investors, consumers and other stakeholders are increasingly focused on environmental, social, and governance considerations.

Domestic and international laws and regulations relating to environmental, social and governance matters are under consideration or have been adopted, which may require new practices and reporting processes.

If the company is unable to live up to evolving stakeholder expectations and industry standards for environmental, social and governance issues, its reputation could be negatively impacted.

Changes in consumer behavior, including increasing preferences to consume content on demand, and changes in content distribution models in the media and entertainment industries, have impacted traditional distribution models.

Changes in domestic and foreign laws and regulations could adversely impact the company's business, including laws and policies affecting trade and taxes, local regulatory requirements, and intellectual property protection.

The company's international operations are subject to risks inherent in international business, including laws and policies affecting trade and taxes, local regulatory requirements, differing degrees of protection for intellectual property, and political and economic instability.