Company: WBD
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001437107-25-000192
Chunk: 45

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 1
Chunk 45
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 includes amortization, impairments, and development expense and is generally a component of costs of revenues on the consolidated statements of operations. Content impairments were $28 million and $63 million, respectively, for the three and six months ended June 30, 2025. For the three and six months ended June 30, 2024, content impairments were $52 million and $178 million, respectively.

15

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

NOTE 7. INVESTMENTS

The Company’s equity investments consisted of the following, net of investments recorded in other noncurrent liabilities (in millions).CategoryBalance Sheet LocationOwnershipJune 30, 2025December 31, 2024Equity method investments:The Chernin Group (TCG) 2.0-A, LPOther noncurrent assets44%$237 $240 nC+Other noncurrent assets32%154 128 TNT SportsOther noncurrent assets50%84 92 OtherOther noncurrent assets243 261 Total equity method investments718 721 Investments with readily determinable fair valuesOther noncurrent assets— 41 Investments without readily determinable fair valuesOther noncurrent assets(a)350 353 Total investments$1,068 $1,115 (a) Investments without readily determinable fair values included $17 million as of June 30, 2025 and December 31, 2024 that was recorded in prepaid expenses and other current assets. Equity Method InvestmentsCertain of the Company’s other equity method investments are VIEs, for which the Company is not the primary beneficiary. As of June 30, 2025, the Company’s maximum exposure for all of its unconsolidated VIEs, including the investment carrying values and unfunded contractual commitments made on behalf of VIEs, was approximately $542 million. The Company’s maximum estimated exposure excludes the non-contractual future funding of VIEs. The aggregate carrying values of these VIE investments were $524 million and $550 million as of June 30, 2025 and December 31, 2024, respectively. VIE gains and losses are recorded in income (loss) from equity investees, net on the consolidated statements of operations, and were not material for the three and six months ended June 30, 2025 and 2024.Joint Venture