Warner Bros. Discovery (NASDAQ: WBD) and Walt Disney (NYSE: DIS) are two giants in the entertainment industry, both with roots dating back a century. Warner Bros. Discovery's debt-to-equity (D/E) ratio at the end of the first quarter of 2023 was about 1.1. Warner Bros. has made tackling debt a big part of its mission, with CEO David Zaslav implementing a restructuring last year that seeks to cut costs by as much as $3.5 billion.