Warner Bros Discovery Inc
For the period ended Mar 31, 2025. Filed May 8, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2025 · Filed May 8, 2025
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-09-30; filed 2024-11-07.
0001437107-24-000187
ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-03-31; filed 2025-05-08.
0001437107-25-000096
ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 204 previous paragraphs and 215 current paragraphs.
99 unchanged; 60 reworded; 47 added; 44 removed; 1 previous and 9 current paragraphs rearranged.
Tables are not compared: 14 previous and 16 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (47)
Current report
We are home to one of the largest collections of owned content in the world with assets and intellectual property across sports, news, lifestyle, and entertainment in most languages and regions of the globe. We create some of the best-in-class content using our renowned library, beloved franchises, and acclaimed creative expertise to serve our audiences and consumers. Our asset mix strongly positions us to execute our key strategies: grow our streaming business globally, enhance our Studios segment, and manage our linear networks for the best possible success in order to create long-term value for our shareholders.
Current report
In December 2024, we announced that our board of directors had authorized the Company to implement a new corporate structure designed to enhance our strategic flexibility and create potential opportunities to unlock shareholder value. Under the new corporate structure, the Company will serve as the parent company for two distinct operating divisions: Streaming & Studios and Global Linear Networks. In the first quarter of 2025, we renamed our Direct-to-Consumer reportable segment to Streaming and our Networks reportable segment to Global Linear Networks. There were no changes to our reportable segments or the composition of our reportable segments as a result of these changes. We have included supplemental Streaming & Studios and Global Linear Networks division information and supplemental consolidating data within Management’s Discussion and Analysis of this Quarterly Report on Form 10-Q.
Current report
Distribution revenue decreased 1% for the three months ended March 31, 2025, primarily attributable to a 9% decline in domestic linear subscribers, as well as lower international affiliate rates and international subscriber declines in the Global Linear Networks segment, partially offset by a 23% increase in Streaming subscribers and a 2% increase in domestic affiliate rates.
Current report
Content revenue decreased 25% for the three months ended March 31, 2025, primarily attributable to a 27% decrease in theatrical product revenue as a result of lower film rental revenue and home entertainment revenue and a 48% decrease in games revenue. The decrease in content revenue was partially offset by the timing of Global Linear Networks third party licensing deals.
Current report
Costs of revenues decreased 15% for the three months ended March 31, 2025, primarily attributable to a 41% decrease in theatrical product content expense, as a result of lower film costs commensurate with lower theatrical product revenue and lower payments to partners and participants, and a 66% decrease in games content expense due to a $187 million impairment related to Suicide Squad: Kill the Justice League in the prior year. In addition, costs of revenues was positively impacted by lower domestic Streaming content costs due to the timing of programming releases, and the timing of content, production, and news related spend at the Global Linear Networks segment.
Current report
Selling, general and administrative expenses decreased 1% for the three months ended March 31, 2025, primarily attributable to lower marketing expenses and the release of previously recorded non-income tax reserves, partially offset by higher overhead expenses.
Current report
Other income (expense), net was $82 million for the three months ended March 31, 2025. (See Note 13 to the accompanying consolidated financial statements.)
Current report
Income tax expense was $15 million and $136 million for the three months ended March 31, 2025 and 2024, respectively. The decrease in income tax expense was primarily attributable to variability in pre-tax book income and loss, the mix of jurisdictions to which they relate, and the effect of foreign operations.
Current report
Division and Segment Results of Operations
Current report
Supplemental Streaming & Studios and Global Linear Networks Division Information
Current report
The following tables present, for our Streaming & Studios and Global Linear Networks divisions, supplemental information about revenues and Adjusted EBITDA (in millions).
Current report
Streaming Segment
Current report
The following table presents, for our Streaming segment, revenues by type, certain operating expenses, Adjusted EBITDA and a reconciliation of Adjusted EBITDA to operating loss (in millions).
Current report
Distribution revenue increased 8% for the three months ended March 31, 2025, primarily attributable to a 23% increase in subscribers as a result of continued global expansion of Max, including new distribution deals, partially offset by lower global distribution ARPU due to a mix shift in the subscriber base across distribution channels, geography, and product type.
Current report
Global ARPU decreased 9% for the three months ended March 31, 2025, primarily attributable to growth in lower ARPU international markets. Additionally, global ARPU was negatively impacted by a 5% decrease in domestic ARPU for the three months ended March 31, 2025, primarily attributable to broader wholesale distribution of Max Basic with Ads.
Current report
Content revenue decreased 7% for the three months ended March 31, 2025, primarily attributable to lower third-party licensing as a result of launching Max in new international markets.
Current report
Costs of revenues decreased 4% for the three months ended March 31, 2025, primarily attributable to lower domestic content costs due to the timing of programming releases, partially offset by higher international content costs to support Max launches.
Current report
Selling, general and administrative expenses increased 4% for the three months ended March 31, 2025, primarily attributable to higher overhead expenses, partially offset by timing of marketing costs.
Current report
Adjusted EBITDA increased $253 million for the three months ended March 31, 2025.
Current report
Costs of revenues decreased 29% for the three months ended March 31, 2025, primarily attributable to a 41% decrease in theatrical product content expense and a 66% decrease in games content expense. The decrease in theatrical content expense was a result of lower film costs commensurate with lower theatrical product revenue and lower payments to partners and participants. The decrease in games content expense was primarily due to a $187 million impairment related to Suicide Squad: Kill the Justice League in the prior year, and lower games content expense commensurate with lower games revenue.
Current report
Selling, general and administrative expenses increased 5% for the three months ended March 31, 2025, primarily attributable to higher overhead expenses, partially offset by lower games marketing expenses.
Current report
Adjusted EBITDA increased 63% for the three months ended March 31, 2025.
Current report
Global Linear Networks Segment
Current report
Distribution revenue decreased 8% for the three months ended March 31, 2025, primarily attributable to a 9% decline in domestic linear subscribers, partially offset by a 2% increase in domestic affiliate rates. Additionally, distribution revenues were negatively impacted by lower international affiliate rates and international subscriber declines. Declines in linear subscribers are expected to continue.
Current report
Content revenue increased 44% for the three months ended March 31, 2025, primarily attributable to timing of third party licensing deals.
Current report
Other revenue increased 1% for the three months ended March 31, 2025.
Current report
Costs of revenues decreased 2% for the three months ended March 31, 2025, primarily attributable to timing of content, production, and news related spend.
Current report
Selling, general and administrative expenses increased 3% for the three months ended March 31, 2025, primarily attributable to higher marketing expenses.
Current report
Adjusted EBITDA decreased 14% for the three months ended March 31, 2025.
Current report
Adjusted EBITDA improved 33% for the three months ended March 31, 2025, primarily attributable to the release of previously recorded non-income tax reserves, lower facility costs due to office consolidations and closures, and lower securitization expense.
Current report
Term Loan
Current report
During the three months ended March 31, 2025, we entered into a new $1,500 million 364-day senior unsecured term loan credit facility. The proceeds were used to fund the redemption of $1,500 million aggregate principal amount outstanding of WMH’s senior notes due 2026.
Current report
In January 2025 we contributed a 70% interest in our music catalog to a joint venture with Cutting Edge Group
Current report
in exchange for net proceeds of $601 million.
Current report
•Asset Dispositions
Current report
We received proceeds from asset dispositions of $66 million during the three months ended March 31, 2025.
Current report
Supplemental Data for Results of Operations
Current report
The following table presents supplemental consolidating data for our Streaming & Studios division, Global Linear Networks reportable segment, Corporate, and consolidating adjustments.
Current report
Consolidated -Represents the consolidated results of operations of the Company and its subsidiaries.
Current report
Streaming & Studios -Represents the results of our Streaming & Studios division, which includes our Streaming and Studios reportable segments and eliminations between those two reportable segments.
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Removed paragraphs (44)
Previous report
The Writers Guild of America (“WGA”) and Screen Actors Guild-American Federation of Television and Radio Artists (“SAG-AFTRA”) went on strike in May and July 2023, respectively, following the expiration of their respective collective bargaining agreements with the Alliance of Motion Picture and Television Producers (“AMPTP”). The WGA strike ended on September 27, 2023, and a new collective bargaining agreement was ratified on October 9, 2023. The SAG-AFTRA strike ended on November 9, 2023, and a new collective bargaining agreement was ratified on December 5, 2023.
Previous report
The strikes had a material impact on the operations and results of the Company in 2023, including a pause on certain theatrical and television productions. Effects included a positive impact on cash flow from operations attributed to delayed production spend, and a negative impact on the results of operations attributed to timing and performance of the 2023 film slate, as well as the Company’s ability to produce, license, and deliver content. The Company experienced content delivery delays in the first quarter of 2024 due to the pause in television productions in 2023, but does not expect any material impacts for the remainder of 2024.
Previous report
We are home to powerful creative engines and one of the largest collections of owned content in the world. WBD has one of the strongest hands in the industry in terms of the completeness and quality of assets and intellectual property across sports, news, lifestyle, and entertainment in virtually every region of the globe and in most languages. We serve audiences and consumers around the world with content that informs, entertains, and, when at its best, inspires.
Previous report
Our asset mix positions us to drive a balanced approach to creating long-term value for shareholders. It represents the full entertainment ecosystem, and the ability to serve consumers across the entire spectrum of offerings from domestic and international networks, premium pay-TV, streaming, production and release of feature films and original series, related consumer products and themed experience licensing, and interactive gaming.
Previous report
In connection with the Merger, the Company has announced and has taken actions to implement projects to achieve cost synergies for the Company. The Company’s ongoing restructuring and transformation initiatives include, among other things, strategic content programming assessments, organization restructuring, facility consolidation activities, and other contract termination costs. While the Company’s restructuring efforts are ongoing, this restructuring program is expected to be substantially completed by the end of 2024. We expect to incur up to $5.3 billion in pre-tax charges, of which we have incurred $4.5 billion as of September 30, 2024 related to this plan. Of the total expected pre-tax charges, we expect total cash expenditures to be $1.0 - $1.5 billion.
Previous report
Distribution revenue decreased 1% and 2% for the three and nine months ended September 30, 2024, respectively, primarily attributable to a 9% and 8% decline in Networks domestic linear subscribers for the three and nine months ended September 30, 2024, respectively, and lower domestic subscribers at DTC largely resulting from continued linear wholesale subscriber declines in the U.S., partially offset by a 5% increase in domestic, linear contractual affiliate rates for both the three and nine months ended September 30, 2024, respectively, and a 15% increase in subscribers and an increase in pricing for both the three and nine months ended September 30, 2024, following the launch of Max in Latin America in the first quarter of 2024 and in Europe in the second quarter of 2024.
Previous report
Content revenue decreased 4% and 10% for the three and nine months ended September 30, 2024, respectively. The decrease for the three months ended September 30, 2024 was primarily attributable to a 40% decrease in theatrical product revenue attributable to lower film rental revenue due to the strong prior year performance of Barbie, which was released in the third quarter of 2023, partially offset by the sublicensing of Olympic sports rights in Europe in the current year, which had a favorable impact of $578 million for the three months ended September 30, 2024.
Previous report
The decrease for the nine months ended September 30, 2024 was primarily attributable to a 60% decrease in games revenue due to the strong performance of the 2023 slate, including Hogwarts Legacy, compared to the 2024 slate and a 10% decrease in television product revenue attributable to fewer television series availabilities resulting in lower licensing revenue, partially offset by the sublicensing of Olympic sports rights in Europe in the current year which had a favorable impact of $578 million for the nine months ended September 30, 2024.
Previous report
Other revenue decreased 7% and 1% for the three and nine months ended September 30, 2024, respectively, primarily attributable to the timing of services provided to the unconsolidated TNT Sports UK joint venture. In addition, the decrease for the nine months ended September 30, 2024 was also attributable to lower studio production services due to the impact of the WGA and SAG-AFTRA strikes, partially offset by the opening of Warner Bros. Studio Tour Tokyo in June 2023.
Previous report
Our principal component of costs of revenues is content expense. Content expense includes television/digital series, specials, films, games, and sporting events. Amortization related to both historical cost basis and any fair value adjustments to content arising from business combinations is included in costs of revenues. The costs of producing a content asset and bringing that asset to market consist of production costs, participation costs, and exploitation costs.
Previous report
Costs of revenues decreased 2% and 6% for the three and nine months ended September 30, 2024, respectively. The decrease for the three months ended September 30, 2024 was primarily attributable to a 37% decrease in theatrical product content expense as a result of lower revenues, lower content expense related to the amortization of purchase accounting fair value step-up for content, and lower Networks and DTC content expense, including our exit from the AT&T SportsNet business, partially offset by the broadcast of the Olympics in Europe in the current year.
Previous report
The decrease for the nine months ended September 30, 2024 was primarily due to lower content expense related to the amortization of purchase accounting fair value step-up for content, a 14% decrease in television product expense commensurate with lower television revenue, and lower Networks content expense, including our exit from the AT&T SportsNet business, partially offset by the broadcast of the Olympics in Europe in the current year. The exit from the AT&T SportsNet business had favorable impacts to costs of revenues of $97 million and $276 million for the three and nine months ended September 30, 2024, respectively. The broadcast of the Olympics in Europe in the current year had unfavorable impacts to costs of revenues of $663 million and $665 million for the three and nine months ended September 30, 2024, respectively.
Previous report
Selling, general and administrative expenses increased 4% and decreased 2% for the three and nine months ended September 30, 2024, respectively. The increase for the three months ended September 30, 2024 was primarily attributable to higher overhead expenses. The decrease for the nine months ended September 30, 2024 was primarily attributable to lower marketing costs due to the prior year launch of Max in the U.S. and lower overhead expenses.
Previous report
The table below presents the details of other income (expense), net (in millions).
Previous report
Income tax benefit was $319 million and $125 million for the three months ended September 30, 2024 and 2023, respectively, and income tax benefit was $190 million and $563 million for the nine months ended September 30, 2024 and 2023, respectively. During the nine months ended September 30, 2024, the Company recorded a non-cash goodwill impairment charge of $9.1 billion, the majority of which was not deductible for tax purposes. (See Note 2.) For the three months ended September 30, 2024, the increase in income tax benefit compared to the same period in 2023 was primarily attributable to the effect of foreign operations, including a net tax benefit related to prior year tax positions finalized in tax returns filed during the three months ended September 30, 2024. The increase in income tax benefit was partially offset by a decrease in pre-tax book loss. For the nine months ended September 30, 2024, the decrease in income tax benefit compared to the same period in 2023 was primarily attributed to a decrease in pre-tax book loss (excluding the non-cash goodwill impairment charge), and an increase in uncertain tax positions, primarily attributable to a one-time favorable audit resolution reserve release included in the 2023 income tax benefit for the nine months ended September 30, 2023. The decrease was partially offset by an increase in tax benefits associated with the foreign operations.
Previous report
Segment Results of Operations
Previous report
•The decrease in theatrical product revenue was attributable to lower film rental revenue due to the strong prior year performance of Barbie, which was released in the third quarter of 2023.
Previous report
Content revenue decreased 13% for the nine months ended September 30, 2024, primarily attributable to a 60% decrease in games revenue, a 10% decrease in television product revenue, and a 2% decrease in theatrical product revenue.
Previous report
•The decrease in games revenue was attributable to the strong performance of the 2023 slate, including Hogwarts Legacy, compared to the 2024 slate.
Previous report
•The decrease in television product revenue was attributable to fewer television series availabilities in 2024 resulting in lower licensing revenue.
Previous report
Other revenue was flat and increased 7% for the three and nine months ended September 30, 2024, respectively. The increase for the nine months ended September 30, 2024 was primarily attributable to the opening of Warner Bros. Studio Tour Tokyo in June 2023, partially offset by lower studio production services due to the impact of the WGA and SAG-AFTRA strikes.
Previous report
Costs of revenues decreased 3% and 1% for the three and nine months ended September 30, 2024, respectively. The decrease for the three months ended September 30, 2024 was primarily attributable to a 37% decrease in theatrical product content expense as a result of lower revenues and lower average cost per title, partially offset by 31% higher television product content expense commensurate with higher television product revenue, and 47% higher games content expense due to impairments of $122 million. For the nine months ended September 30, 2024, a 14% decrease in television product expense commensurate with lower television product revenue was partially offset by a 6% increase in theatrical product content expense due to product mix, and a 9% increase in games content expense due to impairments of $335 million. The increase in games content expense was partially offset by lower intra-segment licensing costs.
Previous report
Selling, general and administrative expenses decreased 10% and 5% for the three and nine months ended September 30, 2024, respectively. The decrease for the three months ended September 30, 2024 was primarily attributable to lower theatrical and games marketing expenses. The decrease for the nine months ended September 30, 2024 was primarily attributable to lower overhead expenses and lower games marketing expenses.
Previous report
Adjusted EBITDA decreased 58% and 56% for the three and nine months ended September 30, 2024, respectively.
Previous report
Networks Segment
Previous report
Content revenue increased $618 million and $652 million for the three and nine months ended September 30, 2024, respectively, primarily attributable to the sublicensing of Olympic sports rights in Europe in the current year, which had a favorable impact of $578 million on content revenue.
Previous report
Other revenue decreased 21% and 18% for the three and nine months ended September 30, 2024, respectively, primarily attributable to the timing of services provided to the unconsolidated TNT Sports UK joint venture.
Previous report
Costs of revenues increased 22% and decreased 1% for the three and nine months ended September 30, 2024, respectively. The increase for the three months ended September 30, 2024 was primarily attributable to the broadcast of the Olympics in Europe in the current year, partially offset by lower content expense, including our exit from the AT&T SportsNet business. The decrease for the nine months ended September 30, 2024 was primarily attributable to our exit from the AT&T SportsNet business and lower content expense, including the allocation of U.S. sports costs to DTC, partially offset by the broadcast of the Olympics in Europe in the current year. The exit from the AT&T SportsNet business had favorable impacts to costs of revenues of $97 million and $276 million for the three and nine months ended September 30, 2024, respectively. The broadcast of the Olympics in Europe in the current year had unfavorable impacts to costs of revenues of $663 million and $665 million for the three and nine months ended September 30, 2024, respectively.
Previous report
Selling, general and administrative expenses increased 6% and was flat for the three and nine months ended September 30, 2024, respectively. The increase for the three months ended September 30, 2024 was primarily attributable to higher overhead expenses and marketing expenses related to the broadcast of the Olympics in Europe. For the nine months ended September 30, 2024, lower overhead expenses were offset by higher marketing expenses related to the broadcast of the Olympics in Europe.
Previous report
Adjusted EBITDA decreased 11% and 9% for the three and nine months ended September 30, 2024, respectively. The broadcast of the Olympics in Europe negatively impacted Adjusted EBITDA by $65 million and $66 million for the three and nine months ended September 30, 2024, respectively.
Previous report
DTC Segment
Previous report
The following table presents, for our DTC segment, revenues by type, certain operating expenses, Adjusted EBITDA and a reconciliation of Adjusted EBITDA to operating loss (in millions).
Previous report
Distribution revenue increased 8% and 3% for the three and nine months ended September 30, 2024, respectively, primarily attributable to a 15% increase in subscribers and an increase in pricing following the launch of Max in Latin America in the first quarter of 2024 and in Europe in the second quarter of 2024, partially offset by continued domestic linear wholesale subscriber declines.
Previous report
Global ARPU increased 1% and 3% for the three and nine months ended September 30, 2024, respectively, primarily attributable to subscriber growth of the ad-lite tier domestically, higher pricing, and a continuing subscriber mix shift from linear wholesale, partially offset by growth in lower ARPU international markets.
Previous report
Content revenue decreased 11% and 54% for the three and nine months ended September 30, 2024, respectively, primarily attributable to fewer third-party licensing deals.
Previous report
Costs of revenues decreased 5% and increased 2% for the three and nine months ended September 30, 2024, respectively. The decrease for the three months ended September 30, 2024 was primarily attributable to lower content expense due to timing of programming releases, partially offset by the broadcast of the Olympics in Europe. The increase for the nine months ended September 30, 2024 was primarily attributable to higher sports related expenses driven by the allocation of U.S. sports from the Networks segment and the broadcast of the Olympics in Europe, partially offset by decreased non-sports content expense.
Previous report
Adjusted EBITDA increased $178 million and $110 million for the three and nine months ended September 30, 2024, respectively. The broadcast of the Olympics in Europe negatively impacted Adjusted EBITDA by $41 million and $42 million for the three and nine months ended September 30, 2024, respectively.
Previous report
Adjusted EBITDA improved 10% and decreased 1% for the three and nine months ended September 30, 2024, respectively. The improvement for the three months ended September 30, 2024 was primarily attributable to lower facility costs and personnel costs, partially offset by higher overhead expenses. The decrease for the nine months ended September 30, 2024 was primarily attributable to higher overhead and securitization expenses, partially offset by lower facility costs.
Previous report
During the nine months ended September 30, 2024, the Company issued €650 million of 4.302% fixed rate senior notes due January 2030 and €850 million of 4.693% fixed rate senior notes due May 2033. After December 2029 and February 2033, respectively, the senior notes are redeemable at par plus accrued and unpaid interest.
Previous report
In May 2024, we sold our 50% interest in All3Media, an equity method investment, for proceeds of $324 million.
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Reworded paragraphs (60)
Previous wording
Warner Bros. Discovery is a leading global media and entertainment company that creates and distributes a differentiated and complete portfolio of branded content across television, film, streaming and gaming. Warner Bros. Discovery inspires, informs and entertains audiences worldwide through its iconic brands and products including: Discovery Channel, Max, discovery+, CNN, DC, TNT Sports, Eurosport, HBO, HGTV, Food Network, OWN, Investigation Discovery, TLC, Magnolia Network, TNT, TBS, truTV, Travel Channel, MotorTrend, Animal Planet, Science Channel, Warner Bros. Motion Picture Group, Warner Bros. Television Group, Warner Bros. Pictures Animation, Warner Bros. Games, New Line Cinema, Cartoon Network, Adult Swim, Turner Classic Movies, Discovery en Español, Hogar de HGTV and others.
Current wording
Warner Bros. Discovery is a leading global media and entertainment company that creates and distributes a differentiated and comprehensive portfolio of content and products across television, film, streaming, interactive gaming, publishing, themed experiences, and consumer products through brands including: Discovery Channel, Max, CNN, DC Studios, TNT Sports, HBO, Food Network, TLC, TBS, Warner Bros. Motion Picture Group, Warner Bros. Television Group, Warner Bros. Games, Adult Swim, Turner Classic Movies, and others.
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•DTC - Our DTC segment primarily consists of our premium pay-TV and streaming services.
Current wording
•Streaming - Our Streaming segment primarily consists of our premium pay-TV and streaming services.
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•Studios -Our Studios segment primarily consists of the production and release of feature films for initial exhibition in theaters, production and initial licensing of television programs to third parties and our networks/DTC services, distribution of our films and television programs to various third party and internal television and streaming services, distribution through the home entertainment market (physical and digital), related consumer products and themed experience licensing, and interactive gaming.
Current wording
•Studios -Our Studios segment primarily consists of the production and release of feature films for initial exhibition in theaters, production and initial licensing of television programs to third parties and our networks/streaming services, distribution of our films and television programs to various third party and internal television and streaming services, distribution through the home entertainment market (physical and digital), related consumer products and themed experience licensing, and interactive gaming.
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•Networks -Our Networks segment primarily consists of our domestic and international television networks.
Current wording
•Global Linear Networks -Our Global Linear Networks segment primarily consists of our domestic and international television networks.
Previous wording
Other headwinds in the industry, such as continued pressures on linear distribution and continued softness in the U.S. linear advertising market, have had, and are expected to continue to have, a material impact on the operations and results of the Company, including a negative impact on the results of operations attributed to declines in linear advertising revenue. In addition, declines in linear subscribers are expected to continue throughout 2024. The increase of digital advertising available in the marketplace has also resulted in, and is expected to continue to result in, increased competition for advertising expenditures for both traditional linear networks and ad-supported tiers in streaming services.
Current wording
Headwinds in the industry, such as continued pressures on linear distribution and declines in linear subscribers and continued softness in the U.S. linear advertising market, have had, and are expected to continue to have, a material impact on the operations and results of the Company, including a negative impact on the results of operations attributed to declines in linear advertising revenue. The increase of digital advertising available in the marketplace has also resulted in, and is expected to continue to result in, increased competition for advertising expenditures for both traditional linear networks and ad-supported tiers in streaming services. In addition, the imposition of tariffs by the U.S. government and any retaliatory tariffs from foreign governments, including tariffs directly or indirectly applicable to our industry, may negatively impact our operations and results, including by leading to higher productions costs or decreased spending by advertisers whose expenditures are sensitive to such actions or to general economic conditions.
Previous wording
Advertising revenue decreased 7% and 5% for the three and nine months ended September 30, 2024, respectively, primarily attributable to audience declines in domestic linear networks of 21% and 15% for the three and nine months ended September 30, 2024, respectively, partially offset by an increase in domestic Max ad-lite subscribers.
Current wording
Advertising revenue decreased 8% for the three months ended March 31, 2025, primarily attributable to audience declines of 27% in domestic linear networks, partially offset by an increase in ad-lite subscribers.
Previous wording
Selling, general and administrative expenses increased 27% and decreased 6% for the three and nine months ended September 30, 2024, respectively. The increase for the three months ended September 30, 2024 was primarily attributable to higher overhead expenses, higher marketing expenses due to the continuation of Max launches, and the broadcast of the Olympics in Europe in the current year. The decrease for the nine months ended September 30, 2024 was primarily attributable to lower marketing costs due to the prior year launch of Max in the U.S. and lower overhead expenses, partially offset by the continuation of Max launches internationally.
Current wording
Other revenue decreased 6% for the three months ended March 31, 2025.
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Depreciation and amortization decreased 11% and 9% for the three and nine months ended September 30, 2024, respectively, primarily attributable to intangible assets acquired during the Merger that are being amortized using the sum of the months’ digits method, partially offset by the shortening of the useful lives of certain intangible assets. (See Note 2 to the accompanying consolidated financial statements.)
Current wording
Depreciation and amortization decreased 18% for the three months ended March 31, 2025, primarily attributable to intangible assets acquired during the Merger that are being amortized using the sum of the months’ digits method, partially offset by the shortening of the useful lives of certain intangible assets.
Previous wording
Restructuring and other charges decreased 97% and 69% for the three and nine months ended September 30, 2024, respectively. Restructuring and other charges primarily includes contract terminations, facility consolidation activities, organizational restructuring, and other charges. (See Note 3 to the accompanying consolidated financial statements.)
Current wording
Restructuring and other charges increased 59% for the three months ended March 31, 2025. Restructuring and other charges primarily includes organizational restructuring costs and consulting fees. (See Note 3 to the accompanying consolidated financial statements.)
Previous wording
Impairments and loss on dispositions was $5 million and $9,412 million for the three and nine months ended September 30, 2024, respectively. Impairments and loss on dispositions for the nine months ended September 30, 2024 was primarily attributable to a $9.1 billion pre-tax, non-cash goodwill impairment charge related to the Networks reporting unit during the three months ended June 30, 2024 (see Note 2 to the accompanying consolidated financial statements) and a $231 million ROU asset impairment charge related to the Hudson Yards, New York office lease. (See Note 13 to the accompanying consolidated financial statements.)
Current wording
Impairments and loss on dispositions was $90 million for the three months ended March 31, 2025, primarily attributable to a $87 million ROU asset impairment charge related to the Hudson Yards, New York office lease. (See Note 13 to the accompanying consolidated financial statements.)
Previous wording
Interest expense, net decreased $80 million and $192 million for the three and nine months ended September 30, 2024, respectively, primarily attributable to lower debt during the period. (See Note 8 and Note 9 to the accompanying consolidated financial statements.)
Current wording
Interest expense, net decreased $47 million for the three months ended March 31, 2025, primarily attributable to lower debt during the period. (See Note 8 and Note 9 to the accompanying consolidated financial statements.)
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Gain on extinguishment of debt
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(Loss) gain on extinguishment of debt
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During the nine months ended September 30, 2024, we repaid in full at maturity $40 million of aggregate principal amount outstanding of our floating rate notes due March 2024 and we repurchased or repaid $5,387 million of aggregate principal amount outstanding of our senior notes. (See Note 8 to the accompanying consolidated financial statements.)
Current wording
During the three months ended March 31, 2025, the Company repaid in full at maturity $2,165 million of aggregate principal amount outstanding of its senior notes due March 2025, and redeemed in full $1,500 million aggregate principal amount outstanding of its senior notes due March 2026. (See Note 8 to the accompanying consolidated financial statements.)
Previous wording
Losses from our equity method investees were $18 million and $89 million for the three and nine months ended September 30, 2024, respectively. The changes are attributable to our share of earnings and losses from our equity investees. (See Note 7 to the accompanying consolidated financial statements.)
Current wording
Losses from our equity method investees were $7 million for the three months ended March 31, 2025. The changes are attributable to our share of net earnings and losses from our equity investees. (See Note 7 to the accompanying consolidated financial statements.)
Previous wording
Income tax benefit for the three and nine months ended September 30, 2024 reflects an effective income tax rate that differs from the federal statutory tax rate primarily attributable to the non-deductible goodwill impairment charge and the effect of foreign operations.
Current wording
Income tax expense for the three months ended March 31, 2025, reflects an effective income tax rate that differs from the federal statutory tax rate primarily attributable to the effect of foreign operations, changes in unrecognized tax benefits, and state and local income taxes.
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The Company evaluates the operating performance of its operating segments based on financial measures such as revenues and Adjusted EBITDA. Adjusted EBITDA is defined as operating income excluding:
Current wording
The Company evaluates the operating performance of its segments based on financial measures such as revenues and Adjusted EBITDA. Adjusted EBITDA is defined as operating income excluding:
Previous wording
The Company uses this measure to assess the operating results and performance of its segments, perform analytical comparisons, identify strategies to improve performance, and allocate resources to each segment. The Company believes Adjusted EBITDA is relevant to investors because it allows them to analyze the operating performance of each segment using the same metric management uses. The Company excludes employee share-based compensation, restructuring, certain impairment charges, gains and losses on business and asset dispositions, and transaction and integration costs from the calculation of Adjusted EBITDA due to their impact on comparability between periods. Integration costs include transformative system implementations and integrations, such as Enterprise Resource Planning systems, and may take several years to complete. The Company also excludes the depreciation of fixed assets and amortization of intangible assets, amortization of purchase accounting fair value step-up for content (which is included in consolidated costs of revenues), and amortization of capitalized interest for content, as these amounts do not represent cash payments in the current reporting period. Adjusted EBITDA should be considered in addition to, but not a substitute for, operating income, net income, and other measures of financial performance reported in accordance with U.S. GAAP. We prospectively updated certain corporate allocations at the beginning of 2024. The impact to prior periods was immaterial.
Current wording
The CODM uses this measure to assess the operating results and performance of the segments, perform analytical comparisons, identify strategies to improve performance, and allocate resources to each segment. The Company believes Adjusted EBITDA is relevant to investors because it allows them to analyze the operating performance of each segment using the same metric management uses. The Company excludes employee share-based compensation, restructuring, certain impairment charges, gains and losses on business and asset dispositions, and transaction and integration costs from the calculation of Adjusted EBITDA due to their impact on comparability between periods. Integration costs include transformative system implementations and integrations, such as Enterprise Resource Planning systems, and may take several years to complete. The Company also excludes the depreciation of fixed assets and amortization of intangible assets, amortization of purchase accounting fair value step-up for content (which is included in consolidated costs of revenues), and amortization of capitalized interest for content, as these amounts do not represent cash payments in the current reporting period. We prospectively updated certain corporate allocations at the beginning of 2025. The impact to prior periods was immaterial.
Previous wording
1 Direct-to-Consumer subscriber- We define a “Core DTC Subscription” as:
Current wording
1 Streaming subscriber- We define a “Core Streaming Subscription” as:
Previous wording
(i) a retail subscription to discovery+, HBO, HBO Max, Max, or a Premium Sports Product (defined below) for which we have recognized subscription revenue, whether directly or through a third party, from a direct-to-consumer platform; (ii) a wholesale subscription to discovery+, HBO, HBO Max, Max, or a Premium Sports Product for which we have recognized subscription revenue from a fixed-fee arrangement with a third party and where the individual user has activated their subscription; (iii) a wholesale subscription to discovery+, HBO, HBO Max, Max, or a Premium Sports Product for which we have recognized subscription revenue on a per subscriber basis; (iv) a retail or wholesale subscription to an independently-branded, regional product sold on a stand-alone basis that includes discovery+, HBO, HBO Max, Max, and/or a Premium Sports Product, for which we have recognized subscription revenue (as per (i)-(iii) above); and (v) users on free trials who convert to a subscription for which we have recognized subscription revenue within the first seven days of the calendar month immediately following the month in which their free trial expires.
Current wording
i. a retail subscription to discovery+, HBO, HBO Max, Max, or a Premium Sports Product (defined below) for which we have recognized subscription revenue, whether directly or through a third party, from a Streaming platform;
Previous wording
The Company defines a “Premium Sports Product” as a strategically prioritized, sports-focused product sold on a stand-alone basis and made available directly to consumers. The current “independently-branded, regional products” referred to in (iv) above consist of TVN/Player and BluTV. Subscribers to multiple WBD DTC products (listed above) are counted as a paid subscriber for each individual WBD DTC product subscription. We may refer to the aggregate number of DTC Subscriptions as “subscribers”.
Current wording
The Company defines a “Premium Sports Product” as a strategically prioritized, sports-focused product sold on a stand-alone basis and made available directly to consumers.
Previous wording
The reported number of “subscribers” included herein and the definition of “DTC Subscription” as used herein excludes: (i) individuals who subscribe to DTC products, other than discovery+, HBO, HBO Max, Max, a Premium Sports Product, and independently-branded, regional products (currently consisting of TVN/Player and BluTV) that may be offered by us or by certain joint venture partners or affiliated parties from time to time; (ii) a limited number of international discovery+ subscribers that are part of non-strategic partnerships or short-term arrangements as may be identified by the Company from time to time; (iii) domestic and international Cinemax subscribers, and international basic HBO subscribers; and (iv) users on free trials except for those users on free trial that convert to a DTC Subscription within the first seven days of the next month as noted above.
Current wording
The reported number of “subscribers” included herein and the definition of “Streaming Subscription” as used herein excludes:
Previous wording
Advertising revenue increased 51% and 73% for the three and nine months ended September 30, 2024, respectively, primarily attributable to an increase in domestic ad-lite subscribers.
Current wording
Advertising revenue increased 35% for the three months ended March 31, 2025, driven by an increase in ad-lite subscribers.
Previous wording
2 ARPU: The Company defines DTC Average Revenue Per User (“ARPU”) as total subscription revenue plus net advertising revenue for the period divided by the daily average number of paying subscribers for the period. Where daily values are not available, the sum of beginning of period and end of period divided by two is used.
Current wording
2 ARPU: The Company defines Streaming Average Revenue Per User (“ARPU”) as total subscription revenue plus net advertising revenue for the period divided by the daily average number of paying subscribers for the period. Where daily values are not available, the sum of beginning of period and end of period divided by two is used.
Previous wording
Excluded from the ARPU calculation are: (i) Revenue and subscribers for DTC products, other than discovery+, HBO, HBO Max, Max, a Premium Sports Product, and independently-branded, regional products (currently consisting of TVN/Player and BluTV), that may be offered by us or by certain joint venture partners or affiliated parties from time to time; (ii) A limited amount of international discovery+ revenue and subscribers that are part of non-strategic partnerships or short-term arrangements as may be identified by the Company from time to time; (iii) Cinemax, Max/HBO hotel and bulk institution (i.e., subscribers billed on a bulk basis), and international basic HBO revenue and subscribers; and (iv) Users on free trials who convert to a subscription for which we have recognized subscription revenue within the first seven days of the calendar month immediately following the month in which their free trial expires.
Current wording
Excluded from the ARPU calculation are: (i) Revenue and subscribers for streaming products, other than discovery+, HBO, HBO Max, Max, a Premium Sports Product, and independently-branded, regional products (currently consisting of TVN/Player and BluTV), that may be offered by us or by certain joint venture partners or affiliated parties from time to time; (ii) A limited amount of international discovery+ revenue and subscribers that are part of non-strategic partnerships or short-term arrangements as may be identified by the Company from time to time; (iii) Cinemax, Max/HBO hotel and bulk institution (i.e., subscribers billed on a bulk basis), and international basic HBO revenue and subscribers; and (iv) Users on free trials who convert to a subscription for which we have recognized subscription revenue within the first seven days of the calendar month immediately following the month in which their free trial expires.
Previous wording
The following table presents, for our Studios segment, revenues by type, certain operating expenses, Adjusted EBITDA and a reconciliation of Adjusted EBITDA to operating income (loss) (in millions).
Current wording
The following table presents, for our Studios segment, revenues by type, certain operating expenses, Adjusted EBITDA and a reconciliation of Adjusted EBITDA to operating income (in millions).
Previous wording
Unless otherwise indicated, the discussion of percent changes below is on an ex-FX basis. The Studios discussion below also includes intra-segment revenue and expense between product lines, which represented less than 3% of total revenues and operating expenses for this segment for the three and nine months ended September 30, 2024. Intra-segment revenue and expense are eliminated at the Studios segment level.
Current wording
Unless otherwise indicated, the discussion of percent changes below is on an ex-FX basis. The Studios discussion below also includes intra-segment revenue and expense between product lines, which represented less than 4% of total revenues and operating expenses for this segment for the three months ended March 31, 2025. Intra-segment revenue and expense are eliminated at the Studios segment level.
Previous wording
Content revenue decreased 18% for the three months ended September 30, 2024, primarily attributable to a 40% decrease in theatrical product revenue and a 31% decrease in games revenue, partially offset by a 30% increase in television product revenue.
Current wording
Content revenue decreased 17% for the three months ended March 31, 2025, primarily attributable to a 27% decrease in theatrical product revenue and a 48% decrease in games revenue, partially offset by a 4% increase in television product revenue.
Previous wording
•The decrease in theatrical product revenue was attributable to lower film rental revenue and intra-segment licensing revenue, partially offset by higher home entertainment revenue. Film rental revenue decreased due to the strong prior year performance of Barbie, which was released in the third quarter of 2023, partially offset by higher carryover releases from the fourth quarter of 2023 compared to the fourth quarter of 2022. Home entertainment revenue increased due to the performance of Dune: Part Two, Wonka, and Godzilla x Kong: The New Empire.
Current wording
•The decrease in theatrical product revenue was attributable to lower film rental revenue and home entertainment revenue, partially offset by higher intercompany content sales. The decrease in film rental revenue was primarily due to the strong prior year performance of Dune: Part Two and Godzilla x Kong: The New Empire, which were released in the first quarter of 2024, as well as higher carryover from releases in the fourth quarter of 2023 compared to the fourth quarter of 2024. The decrease in home entertainment revenue was primarily due to the strong prior year performance of Wonkaand Aquaman 2.
Previous wording
•The decrease in games revenue was attributable to the better prior year performance of Mortal Kombat 1, which was released in September 2023 compared to less significant releases in the third quarter of 2024.
Current wording
•The decrease in games revenue was attributable to the prior year release of Suicide Squad: Kill the Justice League, which was released in the first quarter of 2024, and carryover from Hogwarts Legacy and Mortal Kombat 1, which were released in 2023, compared to no releases in the first quarter of 2025.
Previous wording
•The increase in television product revenue was attributable to higher initial telecast revenue due to the impact of the WGA and SAG-AFTRA strikes in the prior year.
Current wording
•The increase in television product revenue was attributable to higher intercompany content sales, partially offset by lower initial telecast revenue due to timing of deliveries in the current year.
Previous wording
Distribution revenue decreased 7% for the three and nine months ended September 30, 2024, primarily attributable to a 9% and 8% decline in domestic linear subscribers for the three and nine months ended September 30, 2024, respectively, partially offset by a 5% increase in domestic contractual affiliate rates for both periods. In addition, the exit from the AT&T SportsNet business had unfavorable impacts of $68 million and $215 million for the three and nine months ended September 30, 2024, respectively. Declines in linear subscribers are expected to continue throughout 2024.
Current wording
Other revenue decreased 7% for the three months ended March 31, 2025.
Previous wording
The table below presents, for our Networks segment, revenues by type, certain operating expenses, Adjusted EBITDA and a reconciliation of Adjusted EBITDA to operating income (in millions).
Current wording
The table below presents, for our Global Linear Networks segment, revenues by type, certain operating expenses, Adjusted EBITDA and a reconciliation of Adjusted EBITDA to operating income (in millions).
Previous wording
Advertising revenue decreased 13% and 11% for the three and nine months ended September 30, 2024, respectively, primarily attributable to audience declines in domestic networks of 21% and 15% for the three and nine months ended September 30, 2024, respectively, and continued softness in the U.S. linear advertising market, partially offset by the broadcast of the Olympics in Europe in the current year.
Current wording
Advertising revenue decreased 11% for the three months ended March 31, 2025, primarily attributable to audience declines in domestic networks of 27%.
Previous wording
Inter-segment revenue and expense eliminations primarily represent inter-segment content transactions and marketing and promotion activity between reportable segments. In our current segment structure, in certain instances, production and distribution activities are in different segments. Inter-segment content transactions are presented at market value (i.e., the segment producing and/or licensing the content reports revenue and profit from inter-segment transactions in a manner similar to the reporting of third-party transactions, and the required eliminations are reported on the separate “Eliminations” line when presenting our summary of segment results). Generally, timing of revenue recognition is similar to the reporting of third-party transactions. The segment distributing the content, e.g., via our DTC or linear services, capitalizes the cost of inter-segment content transactions, including “mark-ups” and amortizes the costs over the shorter of the license term, if applicable, or the expected period of use. The content amortization expense related to the inter-segment profit is also eliminated on the separate “Eliminations” line when presenting our summary of segment results.
Current wording
Inter-segment revenue and expense eliminations primarily represent inter-segment content transactions and marketing and promotion activity between reportable segments. In our current segment structure, in certain instances, production and distribution activities are in different segments. Inter-segment content transactions are presented at market value (i.e., the segment producing and/or licensing the content reports revenue and profit from inter-segment transactions in a manner similar to the reporting of third-party transactions, and the required eliminations are reported on the separate “Eliminations” line when presenting our summary of segment results). Generally, timing of revenue recognition is similar to the reporting of third-party transactions. The segment distributing the content, e.g., via our streaming or linear services, capitalizes the cost of inter-segment content transactions, including “mark-ups” and amortizes the costs over the shorter of the license term, if applicable, or the expected period of use. The content amortization expense related to the inter-segment profit is also eliminated on the separate “Eliminations” line when presenting our summary of segment results.
Previous wording
Historically, we have generated a significant amount of cash from operations. During the nine months ended September 30, 2024, we funded our working capital needs primarily through cash flows from operations. As of September 30, 2024, we had $3.3 billion of cash and cash equivalents on hand. We are a well-known seasoned issuer and have the ability to conduct registered offerings of securities, including debt securities, common stock and preferred stock, on short notice, subject to market conditions. Access to sufficient capital from the public market is not assured. We have a $6.0 billion revolving credit facility and a commercial paper program described below. We also participate in a revolving receivables program and an accounts receivable factoring program described below.
Current wording
Historically, we have generated a significant amount of cash from operations. During the three months ended March 31, 2025, we funded our working capital needs primarily through cash flows from operations. As of March 31, 2025, we had $3.9 billion of cash and cash equivalents on hand. We are a well-known seasoned issuer and have the ability to conduct registered offerings of securities, including debt securities, common stock and preferred stock, on short notice, subject to market conditions. Access to sufficient capital from the public market is not assured. We have a $6.0 billion revolving credit facility and a commercial paper program described below. We also participate in a revolving receivables program and an accounts receivable factoring program described below.
Previous wording
As of September 30, 2024, we had a multicurrency revolving credit agreement (the “Revolving Credit Agreement”) and had the capacity to borrow up to $6.0 billion under the Revolving Credit Agreement (the “Credit Facility”). We could also request additional commitments up to $1.0 billion from the lenders upon the satisfaction of certain conditions. The Revolving Credit Agreement contained customary representations and warranties as well as affirmative and negative covenants. As of September 30, 2024, the Company was in compliance with all covenants and there were no events of default under the Revolving Credit Agreement. In October 2024, the Company replaced the Revolving Credit Agreement with a new multicurrency revolving credit agreement. (See Note 17 to the accompanying consolidated financial statements.)
Current wording
DCL and certain subsidiaries of the Company, as borrowers, have a multicurrency revolving credit agreement (the “Credit Agreement”) and have the capacity to borrow up to $6.0 billion under the Credit Agreement (the “Credit Facility”). DCL may also request additional commitments up to $1.0 billion from the lenders upon the satisfaction of certain conditions. The Credit Agreement contains customary representations and warranties as well as affirmative and negative covenants. As of March 31, 2025, we were in compliance with all applicable covenants and there were no events of default under the Credit Agreement.
Previous wording
Additionally, our commercial paper program is supported by the Credit Facility. Under the commercial paper program, we may issue up to $1.5 billion, including up to $500 million of euro-denominated borrowings. Borrowing capacity under the Credit Facility is effectively reduced by any outstanding borrowings under the commercial paper program.
Current wording
Additionally, our commercial paper program is supported by the Credit Facility. Under the commercial paper program, we may issue up to $2.0 billion. In March 2025, we increased the issuance capacity under the commercial paper program from $1.0 billion to $2.0 billion. Borrowing capacity under the Credit Facility is effectively reduced by any outstanding issuances under the commercial paper program.
Previous wording
During the nine months ended September 30, 2024, we borrowed and repaid $14,203 million under our Credit Facility and commercial paper program. As of September 30, 2024, we had no outstanding borrowings under the Credit Facility or the commercial paper program.
Current wording
During the three months ended March 31, 2025, we and DCL borrowed and repaid $695 million under our Credit Facility and commercial paper program. As of March 31, 2025, we and DCL had no outstanding borrowings under the Credit Facility or issuances under the commercial paper program.
Previous wording
We have a revolving agreement to transfer up to $5,200 million of certain receivables through our bankruptcy-remote subsidiary, Warner Bros. Discovery Receivables Funding, LLC, to various financial institutions on a recurring basis in exchange for cash equal to the gross receivables transferred. We service the sold receivables for the financial institution for a fee and pay fees to the financial institution in connection with this revolving agreement. As customers pay their balances, our available capacity under this revolving agreement increases and typically we transfer additional receivables into the program. In some cases, we may have collections that have not yet been remitted to the bank, resulting in a liability. The outstanding portfolio of receivables derecognized from our consolidated balance sheets was $4,761 million as of September 30, 2024.
Current wording
We have a revolving agreement to transfer up to $5,200 million of certain receivables through our bankruptcy-remote subsidiary, Warner Bros. Discovery Receivables Funding, LLC, to various financial institutions on a recurring basis in exchange for cash equal to the gross receivables transferred. We service the sold receivables for the financial institution for a fee and pay fees to the financial institution in connection with this revolving agreement. As customers pay their balances, our available capacity under this revolving agreement increases and typically we transfer additional receivables into the program. In some cases, we may have collections that have not yet been remitted to the bank, resulting in a liability. The outstanding portfolio of receivables derecognized from our consolidated balance sheets was $4,748 million as of March 31, 2025.
Previous wording
We have a factoring agreement to sell certain of our non-U.S. trade accounts receivable on a limited recourse basis to a third-party financial institution. Total trade accounts receivable sold under the Company’s factoring arrangement was $57 million for the nine months ended September 30, 2024.
Current wording
We have a factoring agreement to sell certain of our non-U.S. trade accounts receivable on a limited recourse basis to a third-party financial institution. Total trade accounts receivable sold under the Company’s factoring arrangement was $102 million for the three months ended March 31, 2025.
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Rearranged current paragraphs (9)
Current report — wording carried from elsewhere
ii. a wholesale subscription to discovery+, HBO, HBO Max, Max, or a Premium Sports Product for which we have recognized subscription revenue from a fixed-fee arrangement with a third party and where the individual user has activated their subscription;
Current report — wording carried from elsewhere
iii. a wholesale subscription to discovery+, HBO, HBO Max, Max, or a Premium Sports Product for which we have recognized subscription revenue on a per subscriber basis, including third-party services that host a branded environment of discovery+, HBO, HBO Max, Max, or a Premium Sports Product for which we have recognized subscription revenue on a per subscriber basis;
Current report — wording carried from elsewhere
iv. a retail or wholesale subscription to an independently-branded, regional product sold on a stand-alone basis that includes discovery+, HBO, HBO Max, Max, and/or a Premium Sports Product, for which we have recognized subscription revenue (as per (i) –(iii) above); and users on free trials who convert to a subscription for which we have recognized subscription revenue within the first seven days of the calendar month immediately following the month in which their free trial expires.
Current report — wording carried from elsewhere
The current “independently-branded, regional products” referred to in (iv) above consist of TVN/Player and BluTV.
Current report — wording carried from elsewhere
Subscribers to multiple WBD Streaming products (listed above) are counted as a paid subscriber for each individual WBD streaming product subscription.
Current report — wording carried from elsewhere
We may refer to the aggregate number of Core Streaming Subscriptions as “subscribers”.
Current report — wording carried from elsewhere
i. individuals who subscribe to Streaming products, other than discovery+, HBO, HBO Max, Max, a Premium Sports Product, and independently-brand, regional products (currently consisting of TVN/Player and BluTV), that may be offered by us or by certain joint venture partners or affiliated parties from time to time;
Current report — wording carried from elsewhere
ii. a limited number of international discovery+ subscribers that are part of non-strategic partnerships or short-term arrangements as may be identified by the Company from time to time;
Current report — wording carried from elsewhere
iii. domestic and international Cinemax subscribers, and international basic HBO subscribers; and users on free trials except for those users on free trial that convert to a Streaming Subscription within the first seven days of the next month as noted above.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
primarily due to declines in our linear business, including as a result of the weak operating environment for linear networks.