Pros
Really good benefits package, including Kaiser options. Build it yourself mentality gives a lot of freedom to do it your way. You might work on the studio. Laid off co-workers have had generous severance packages.
Cons
Frequent company wide swings in management and direction as the company has been through a lot of fighting off purchases, bought by, or buying other companies. Each will come with a round of painful, but necessary layoffs. Consistent 3% a year raises based on total company results rather than any personal accomplishments, but company wide 'overdrive' bonuses mitigate that. Negotiating beyond this is done third person, not with your boss but through them to an anonymous HR representative who will "review the market." Systems and processes tend to be unnecessarily complicated, but it's a big company so there's a lot to cover. Official requirement changed from work at home and stay safe to be in the office 3 days a week as soon as WBD took over - and by office, in many of them it is an open office without assigned desks.