Company: WBD
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001437107-25-000216
Chunk: 68

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 1
Chunk 68
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,702 

29

WARNER BROS. DISCOVERY, INC.NOTES TO CONSOLIDATED FINANCIAL STATEMENTS(unaudited)

Three months ended September 30, 2024StreamingStudiosGlobal Linear NetworksRevenues$2,634 $2,680 $5,010 Less: Content expense (a)1,470 1,675 1,679 Personnel expense (b)194 229 524 Marketing expense263 309 125 Other segment expenses (c)418 159 567 Segment Adjusted EBITDA$289 $308 $2,115 Nine months ended September 30, 2025StreamingStudiosGlobal Linear NetworksRevenues$8,082 $9,436 $13,460 Less: Content expense (a)4,601 5,317 4,992 Personnel expense (b)552 702 1,480 Marketing expense724 946 347 Other segment expenses (c)1,228 654 1,634 Segment Adjusted EBITDA$977 $1,817 $5,007 Nine months ended September 30, 2024StreamingStudiosGlobal Linear NetworksRevenues$7,662 $7,950 $15,407 Less: Content expense (a)4,736 5,157 5,487 Personnel expense (b)587 700 1,638 Marketing expense905 866 328 Other segment expenses (c)1,166 525 1,722 Segment Adjusted EBITDA$268 $702 $6,232 (a) Content expense includes amortization, impairments, participations, residuals, development expense, and production costs, including talent costs, and is a component of costs of revenues. Content expense excludes content impairments and other development costs recorded in restructuring and other charges, amortization of purchase accounting fair value step-up for content, and amortization of capitalized interest for content as these items are excluded from the calculation of Adjusted EBITDA.(b) Personnel expense is a component of costs of revenues and selling, general and administrative expense. Personnel expense includes marketing personnel compensation and excludes commissions (included in other segment expenses) and talent costs (included in content expense).(c) Other segment expenses include distribution costs, other direct costs, software and hardware costs, IT services, professional and consulting fees, commissions, and certain other overhead costs