DISCOVERY CORPORATE SERVICES LIMITED

• ◆

  2 PSCs ceased in last 24 months

  Significant control changed hands — see the Ownership section.

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

FRS 101

Reporting scope

Standalone (parent only)

Auditor

PricewaterhouseCoopers LLP

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“Although the directors currently have no reason to believe that the Company will be unable to continue as a going concern after the completion of the PSKY transaction, the inability to fully assess the future financial and operational framework of the Company following the aforementioned transactions, including any future refinancing, indicates a material uncertainty which may cast significant doubt on the Company's ability to continue as a going concern. Notwithstanding this, the directors are satisfied that the going concern basis remains appropriate in the preparation of the Company's financial statements.”

Significant events

• “On 20 November 2024, the Company reduced its share capital by £1,302,999,995 by reducing the Company's share premium by the amount of £1,302,999,995.”
• “During the year, the Company declared an interim dividend in specie. The aggregate amount of the dividend in specie was £100,724,000 (2023: £nil).”
• “The Company sold intellectual property to Scripps International Media Holdings LLC and as a result of this transaction, recognised other income of £173,842,000.”
• “On 31 March 2025, loan notes C of the total value of £349,944,000, whose holder was Discovery Communications, LLC (formerly WB Discovery International Limited), another entity within the WBD Inc. Group. were redeemed and settled in full.”
• “On 9 June 2025, WBD Inc., the ultimate parent company, announced that its board of directors had decided to separate WBD Inc. into two publicly traded companies - Warner Bros. and Discovery Global.”
• “In connection with the previously proposed separation, on 26 June 2025, WBD Inc. entered into a non-investment grade leveraged bridge loan agreement by and among, inter alia, WBD Inc., as parent guarantor, Discovery Global Holdings, Inc., as borrower, the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent and collateral agent, with respect to an the Bridge Loan Facility. As of December 31, 2025, WBD Inc. has $15 billion outstanding under the Bridge Loan Facility. The Bridge Loan Facility was amended in February 2026 to, among other things, extend the maturity to the earlier of 30 June 2027 and the date that the previously proposed separation occurs. WBD Inc. expects to refinance the Bridge Loan Facility prior to its maturity, though it may be unable to do so on favorable terms in a timely manner or at all.”
• “On 21 October 2025, the WBD Inc. board of directors announced it had initiated a review of strategic alternatives to maximize stockholder value, in light of unsolicited interest WBD Inc. had received from multiple parties for both the entire company (WBD Inc.) and its Streaming & Studios business.”
• “On 19 January 2026, Netflix and WBD Inc. entered into the Netflix Merger Agreement under which Netflix would have acquired WBD Inc.'s Streaming & Studios business, Warner Bros., including its film and television studios, HBO Max and HBO, following the completion of the previously proposed separation.”
• “Following the WBD Inc. board of directors' determination that it had received a "Company Superior Proposal," as defined in the Netflix Merger Agreement, from PSKY and Netflix's waiver of its right to propose revisions to the Netflix Merger Agreement, on 27 February 2026, in accordance with the terms of the Netflix Merger Agreement, WBD Inc. terminated the Netflix Merger Agreement in connection with entering into the PSKY Merger Agreement (as defined below). In connection with the termination of the Netflix Merger Agreement, PSKY, on behalf of WBD Inc., paid Netflix a termination fee of $2.8 billion in cash as required by the terms of the Netflix Merger Agreement.”
• “On 27 February 2026, PSKY and WBD Inc. entered into the PSKY Merger Agreement under which PSKY will acquire WBD Inc.”
• “In the 2024 accounting period and prior years, the Company both surrendered and received losses for nil consideration of £467,997,000 and £4,022,000 respectively, being the estimated value of the gross losses surrendered and claimed. The Company is reassessing its surrender of losses for group relief arising in these years in light of becoming aware of circumstances where a distribution may have taken place otherwise than in accordance with UK company law. As of the date of these financial statements, the Company is in the process of reviewing any remedial action to be taken by the Company and will implement such action to the extent necessary. The Company also intends to arrange for a release of liability for its director, to the extent necessary. These actions will be based on advice provided by the Company's lawyers. At the time of approving these financial statements no remedial actions have yet been put in place.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

3

last 12 months

Capital events

2

last 24 months

Officers appointed

0

last 12 months

Officers resigned

0

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.

• Turnover

  +37.9%

  £1,038,956,000 → £1,432,925,000

• Cash

  -39.1%

  £517,750,000 → £315,172,000

• Net assets

  -105.1%

  £1,090,628,000 → -£55,551,000

• Employees

  +12.9%

  838 → 946

• Operating profit

  -951.4%

  £145,740,000 → -£1,240,850,000

• Profit before tax

  -3,174.9%

  £42,698,000 → -£1,312,909,000

• Wages

  +9.3%

  £91,932,000 → £100,465,000

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers