Company: WBD
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001437107-25-000031
Chunk: 103

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-02-27
Form: 10-K
Item: Item 7
Chunk 103
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 the acquisition of new sports rights, partially offset by our exit from the AT&T SportsNet business and the allocation of U.S. sports costs to DTC. The increase in sports-related content expense was further offset by lower entertainment content expense in 2024. Our exit from the AT&T SportsNet business had a favorable impact to costs of revenues of $277 million and the broadcast of the Olympics in Europe had an unfavorable impact to costs of revenues of $664 million in the current year.

Selling, General and Administrative

Selling, general and administrative expenses decreased 1% in 2024.

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Adjusted EBITDA

Adjusted EBITDA decreased 10% in 2024.

 DTC Segment 

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). Year Ended December 31, 20242023% Change% Change (ex-FX)Revenues:Distribution$9,022 $8,703 4 %5 %Advertising855 548 56 %57 %Content428 886 (52)%(51)%Other8 17 (53)%(50)%Total revenues10,313 10,154 2 %2 %Costs of revenues, excluding depreciation and amortization7,459 7,623 (2)%(2)%Selling, general and administrative2,177 2,428 (10)%(9)%Adjusted EBITDA677 103 NMNMDepreciation and amortization1,831 2,063 Restructuring and other charges3 66 Transaction and integration costs (1)4 Impairment and amortization of fair value step-up for content282 460 Inter-segment eliminations— 72 Impairments and loss on dispositions47 3 Operating loss$(1,485)$(2,565)

Unless otherwise indicated, the discussion of percent changes below is on an ex-FX basis.

Revenues

Subscriber information (as defined under Item 1. “Business”) consisted of the following (in millions).

December 31, 2024December 31, 2023% ChangeTotal Domestic subscribers57.1 52.0 10 %Total International subscribers59.8 45.6 31 %Total DTC subscribers116.9 97.