Company: WBD
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001437107-25-000216
Chunk: 47

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 1
Chunk 47
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 fees, net(784)Total noncurrent film and television content rights and games$19,102 Content amortization consisted of the following (in millions).Three Months Ended September 30,Nine Months Ended September 30,2025202420252024Predominantly monetized individually$526 $1,624 $1,751 $3,300 Predominantly monetized as a group1,680 1,363 7,243 7,256 Total content amortization$2,206 $2,987 $8,994 $10,556 Content expense includes amortization, impairments, and development expense and is generally a component of costs of revenues on the consolidated statements of operations. Content impairments were $36 million and $99 million, respectively, for the three and nine months ended September 30, 2025. For the three and nine months ended September 30, 2024, content impairments were $145 million and $323 million, respectively.

NOTE 7. INVESTMENTS

The Company’s equity investments consisted of the following (in millions).CategoryBalance Sheet LocationOwnershipSeptember 30, 2025December 31, 2024Equity method investments:The Chernin Group (TCG) 2.0-A, LPOther noncurrent assets44%$243 $240 nC+Other noncurrent assets32%147 128 TNT SportsOther noncurrent assets50%87 92 OtherOther noncurrent assets260 261 Total equity method investments737 721 Investments with readily determinable fair valuesOther noncurrent assets— 41 Investments without readily determinable fair valuesOther noncurrent assets(a)349 353 Total investments$1,086 $1,115 (a) Investments without readily determinable fair values included $17 million as of September 30, 2025 and December 31, 2024 that was recorded in prepaid expenses and other current assets. 

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WARNER BROS. DISCOVERY, INC.NOTES TO CONSOLIDATED FINANCIAL STATEMENTS(unaudited)

Equity Method InvestmentsCertain of the Company’s other equity method investments are VIEs, for which the Company is not the primary beneficiary. As of September 30, 2025, the Company’s maximum exposure for all of its unconsolidated VIEs, including the investment carrying values and unfunded contractual commitments made on behalf of V