Exhibit 983

Warner Bros. Discovery, Inc. annual report (Form 10-K), revenue by source

Exhibit 983 · Company filing

Warner Bros. Discovery, Inc. annual report (Form 10-K), revenue by source

Consolidated revenues for 2025 ($ millions): distribution 19,262; advertising 7,306; content 9,647; other 1,081; total 37,296. Advertising fell 10% from 8,090 in 2024.

Source: Warner Bros. Discovery, Inc.
Date: 27 February 2026
Grade: Primary record
Document: https://www.sec.gov/Archives/edgar/data/1437107/000143710726000020/wbd-20251231.htm
Accessed: 2026-11-10
Cited by: Findings citing this exhibit

Cited by

Finding INF-1.5: Primary record In the latest annual reports reviewed, advertising supplied 20.0 percent of New York Times revenue (2025), 43.0 percent of Nexstar revenue (2025) and 58.5 percent of Fox's Television segment revenue (fiscal 2026). Distribution or affiliate fees exceeded advertising at Nexstar (55.3 percent against 43.0), Warner Bros. Discovery (51.6 percent against 19.6) and Disney's Linear Networks segment (67.8 percent against 30.5).
Finding INF-1.16: Open question The filings reviewed do not state how much of each outlet's advertising revenue comes from pharmaceutical advertisers, and no document read shows whether coverage by the stations Nexstar and TEGNA operate changed after the March 2026 waiver. The court order requires Nexstar to hold TEGNA separate and not to influence its management, including newsroom personnel and programming, pending final judgment.