What is the main purpose of this 8-K filing?

The primary purpose of this 8-K filing is to revise previously filed financial statements (2008 10-K and March 2009 10-Q) to reflect the retrospective adoption of new accounting standards: FASB Statement No. 160 regarding non-controlling interests and EITF Issue No. 07-1 concerning collaborative arrangements. It also includes condensed consolidating financial information.

How does the adoption of FASB Statement No. 160 affect the company's financial statements?

FASB Statement No. 160 changes how non-controlling interests (minority interests) are presented. These interests will now be reported within the equity section of the balance sheet instead of as a noncurrent liability. Additionally, the consolidated income statement will clearly distinguish between net income attributable to the parent company and net income attributable to non-controlling interests.

What is EITF Issue No. 07-1 and how does it impact the company?

EITF Issue No. 07-1 provides guidance on accounting for collaborative arrangements, which are agreements involving joint operating activities like co-producing and distributing programming. The adoption requires additional disclosures about these arrangements. The company states that its accounting for these arrangements has not changed, but more detailed information will now be provided.

Does this filing provide updated financial results for Discovery Communications since March 31, 2009?

No, this filing does not purport to update the financial information for any events or trends occurring after March 31, 2009. It specifically focuses on the retrospective adoption of accounting standards and the inclusion of condensed consolidating financial information for previously reported periods. Investors should refer to other, more current filings for updated information.

WBD 8-K SEC Disclosure — Jun 16, 2009

Summary

This Current Report on Form 8-K filed by Discovery Communications, Inc. (prior to the Warner Bros. Discovery, Inc. name) on June 16, 2009, primarily serves to revise portions of its 2008 Annual Report on Form 10-K and its March 2009 Quarterly Report on Form 10-Q. The revisions are made to reflect the retrospective adoption of two new accounting standards: FASB Statement No. 160 (Non-controlling Interests in Consolidated Financial Statements) and EITF Issue No. 07-1 (Accounting for Collaborative Arrangements). These adoptions impact how minority interests are presented on the balance sheet and income statement, moving them to the equity section and requiring separate reporting of net income attributable to parent and non-controlling interests, respectively. Furthermore, the filing includes condensed consolidating financial information for specific subsidiaries and non-guarantor entities. This information is provided in connection with the shelf registration of guaranteed debt securities. Investors should note that this 8-K does not update prior filings for subsequent events or trends, but rather clarifies accounting treatments and provides additional financial disclosures relevant to the previously filed reports.

Key Highlights

1Discovery Communications, Inc. is retroactively adopting FASB Statement No. 160 and EITF Issue No. 07-1, effective January 1, 2009.
2Minority interests (non-controlling interests) will now be reported within the equity section of the balance sheet, previously classified as a noncurrent liability.
3Consolidated net income and comprehensive income will be presented separately for the parent company and non-controlling interests.
4Losses will be allocated to non-controlling interests even if it results in a deficit equity balance.
5Additional disclosures regarding collaborative arrangements will be provided, though the underlying accounting for these arrangements has not changed.
6Condensed consolidating financial information for specific subsidiaries and non-guarantor entities is being included due to a debt securities shelf registration.
7This filing does not update prior reports for subsequent events or trends beyond the accounting changes and added financial information.

Warner Bros. Discovery, Inc. 8-K Report, Corporate Update (Jun 16, 2009)

Summary

Key Highlights

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