Company: WBD
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001437107-25-000096
Chunk: 123

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 8
Chunk 123
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 reporting period. We prospectively updated certain corporate allocations at the beginning of 2025. The impact to prior periods was immaterial.

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The table below presents our Adjusted EBITDA for each of the Company’s reportable segments, corporate, and inter-segment eliminations (in millions).

 Three Months Ended March 31,  20252024% ChangeStreaming$339 $86 NMStudios$259 $184 41 %Global Linear Networks$1,793 $2,119 (15)%Corporate$(233)$(346)33 %Inter-segment eliminations $(53)$59 NM

Supplemental Streaming & Studios and Global Linear Networks Division Information

The following tables present, for our Streaming & Studios and Global Linear Networks divisions, supplemental information about revenues and Adjusted EBITDA (in millions).

Revenues

 Three Months Ended March 31,  20252024% Change% Change (ex-FX)Streaming$2,656 $2,460 8 %9 %Studios2,314 2,821 (18)%(16)%Streaming & Studios eliminations(623)(318)(96)%(96)%Streaming & Studios4,347 4,963 (12)%(11)%Global Linear Networks4,774 5,125 (7)%(6)%Corporate— 1 NMNMOther inter-segment eliminations (142)(131)(8)%(8)%Total revenues$8,979 $9,958 (10)%(9)%

Adjusted EBITDA

 Three Months Ended March 31,  20252024% Change% Change (ex-FX)Streaming$339 $86 NMNMStudios259 184 41 %63 %Streaming & Studios eliminations(58)49 NMNMStreaming & Studios540 319 69 %95 %Global Linear Networks1,793 2,119 (15)%(14)%Corporate(233)(346)33 %33 %Other inter-segment eliminations 5 10 (50)%(50)%Adjusted EBITDA$2,105 $2,102 — %4 % 

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Streaming Segment

The following table presents, for our Streaming segment, revenues by type, certain operating expenses, Adjusted EBITDA and a reconciliation of Adjusted EBITDA to operating loss (in