PARAFiled May 4, 2026
Business
New WBD Merger Agreement disclosed: $31.00/share, $80.9B equity value, $54B debt financing commitments
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In Practise Forensics
Surfacing the accounting concerns and leading indicators of trouble in this filing.
Updated loan cash flow forecasts reduced expected collections and increased credit loss provisions, signaling weaker credit quality than previously expected.
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Reported finance charges revenue grew 22% from 2023 to 2025 while $1.246B in credit losses on forecast changes flowed below the line.
Recurring inventory write-off is excluded from adjusted EBITDA while non-cash FX gain is kept.
Scrapped inventory is classified as restructuring rather than COGS, and outside non-GAAP metrics
New WBD Merger Agreement disclosed: $31.00/share, $80.9B equity value, $54B debt financing commitments
Net debt of $4.8B represents 18.0x free cash flow
New $197.2 million goodwill impairment in Q1 2026; goodwill net written down to $0