Company: WBD
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001437107-25-000192
Chunk: 83

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 1
Chunk 83
---
 in theatrical content expense was primarily a result of lower film costs due to lower payments to partners. 

Selling, General and Administrative

Selling, general and administrative expenses increased 12% and 8% for the three and six months ended June 30, 2025. The increase for the three and six months ended June 30, 2025 was primarily attributable to higher theatrical marketing expenses. Additionally, the increase in theatrical marketing expense for the six months ended June 30, 2025 was partially offset by lower games marketing expenses.

Adjusted EBITDA

Adjusted EBITDA increased $653 million and $728 million for the three and six months ended June 30, 2025, respectively. 

41

Global Linear Networks Segment

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 (loss) (in millions).

 Three Months Ended June 30,Six Months Ended June 30, 20252024% Change% Change (ex-FX)20252024% Change% Change (ex-FX)Revenues:Distribution$2,477 $2,675 (7)%(7)%$5,035 $5,472 (8)%(7)%Advertising1,953 2,214 (12)%(13)%3,711 4,201 (12)%(12)%Content287 299 (4)%(2)%667 563 18 %19 %Other86 84 2 %(1)%164 161 2 %— %Total revenues4,803 5,272 (9)%(9)%9,577 10,397 (8)%(8)%Costs of revenues, excluding depreciation and amortization2,592 2,531 2 %2 %4,919 4,903 — %— %Selling, general and administrative699 743 (6)%(6)%1,353 1,377 (2)%(2)%Adjusted EBITDA - Global Linear Networks segment1,512 1,998 (24)%(25)%3,305 4,117 (20)%(19)%Depreciation and amortization829 1,052 1,736 2,157 Employee share-based compensation— — 1 — Restruct