Warner Bros. Discovery, Inc. Annual Report, Year Ended Dec 31, 2015

For the fiscal year ended December 31, 2015, Warner Bros. Discovery, Inc. (WBD) reported total revenues of $6.39 billion, a 2% increase compared to the previous year, driven primarily by an 8% rise in distribution revenue. Advertising revenue saw a slight decline of 3%. The company operates across two main segments: U.S. Networks and International Networks, with U.S. Networks contributing 49% of total revenues and International Networks contributing 48%. The acquisition and full consolidation of Eurosport significantly impacted the International Networks segment's performance and comparability between the years. Despite revenue growth, Adjusted OIBDA (Operating Income Before Depreciation and Amortization) decreased by 4% to $2.40 billion, largely due to a 10% increase in costs of revenues, mainly driven by higher content spending. Financially, WBD ended the year with $390 million in cash and cash equivalents and total debt of $7.735 billion. The company actively repurchased its stock, with $2.0 billion remaining under its repurchase authorization as of year-end. Significant content commitments, including €1.3 billion for Olympic broadcast rights, highlight ongoing investment in programming. Management expressed confidence in its ability to meet short-term cash needs through existing cash flows and its revolving credit facility.