WBD 2025 SOTP Valuation Model and Risk Framework

WBD Thesis, Operating Model, and SOTP Model (Studio, Linear Networks, DTC) included, along with 2Q25 earnings recap, analysis, and discussion. The SOTP is very relevant given WBD will split into two separate companies in 2026.
 
Earnings: 2Q Earnings Recap Included.
 
Spinco announced June 2025: https://www.wbd.com/news/warner-bros-discovery-separate-two-leading-media-companies
 
Overall SSR Risk Ranking: 3 out of 5 (Low-Moderate)
 
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