Company: WBD
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001437107-25-000031
Chunk: 100

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-02-27
Form: 10-K
Item: Item 7
Chunk 100
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, and allocate resources to each segment. (See Note 23 to the accompanying consolidated financial statements.) 

The table below presents our Adjusted EBITDA by segment (in millions).

 Year Ended December 31, 20242023% ChangeStudios$1,652 $2,183 (24)%Networks8,149 9,063 (10)%DTC677 103 NMCorporate(1,260)(1,242)(1)%Inter-segment eliminations (186)93 NM

38

 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 (in millions). Year Ended December 31, 20242023% Change% Change (ex-FX)Revenues:Distribution$8 $17 (53)%(53)%Advertising5 15 (67)%(67)%Content10,717 11,358 (6)%(5)%Other877 802 9 %9 %Total revenues11,607 12,192 (5)%(5)%Costs of revenues, excluding depreciation and amortization7,530 7,296 3 %3 %Selling, general and administrative2,425 2,713 (11)%(11)%Adjusted EBITDA1,652 2,183 (24)%(23)%Depreciation and amortization702 667 Employee share-based compensation(1)— Restructuring and other charges263 225 Transaction and integration costs 2 7 Facility consolidation costs1 — Impairment and amortization of fair value step-up for content96 995 Amortization of capitalized interest for content46 46 Inter-segment eliminations— 31 Impairments and loss on dispositions14 1 Operating income$529 $211 

Unless otherwise indicated, the discussion of percent changes below is on an ex-FX basis. The Studios discussion below also includes intra-segment revenue and expense between product lines, which represented less than 3% of total revenues and operating expenses for this segment for the year ended December 31, 2024. Intra-segment revenue and expense are eliminated at the Studios segment level.

Fluctuations in results for our Studios segment may occur due to various factors, including (but not limited to) the