Company: WBD
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001437107-25-000192
Chunk: 13

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 2
Chunk 13
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 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.

39

Studios Segment

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).

 Three Months Ended June 30,Six Months Ended June 30, 20252024% Change% Change (ex-FX)20252024% Change% Change (ex-FX)Revenues:Distribution$1 $3 (67)%(67)%$2 $8 (75)%(75)%Advertising— — NMNM1 4 (75)%(75)%Content3,591 2,237 61 %59 %5,730 4,860 18 %18 %Other209 209 — %(5)%382 398 (4)%(6)%Total revenues3,801 2,449 55 %54 %6,115 5,270 16 %16 %Costs of revenues, excluding depreciation and amortization2,215 1,601 38 %38 %3,628 3,620 — %— %Selling, general and administrative723 638 13 %12 %1,365 1,256 9 %8 %Adjusted EBITDA - Studios segment863 210 NMNM1,122 394 NMNMDepreciation and amortization169 174 339 360 Employee share-based compensation— — — (1)Restructuring and other charges(1)19 (6)30 Transaction and integration costs — 1 — 2 Facility consolidation costs— 1 — 1 Impairment and amortization of fair value step-up for content25 83 61 11 Am