WARNER BROS. DISCOVERY, INC., 10-Q filed on 8/7/2025
Quarterly Report
v3.25.2
Cover - shares
 6 Months Ended
Jun. 30, 2025
Jul. 25, 2025
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2025  
Document Transition Report false  
Entity File Number 001-34177  
Entity Registrant Name Warner Bros. Discovery, Inc.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 35-2333914  
Entity Address, Address Line One 230 Park Avenue South  
Entity Address, City or Town New York  
Entity Address, State or Province NY  
Entity Address, Postal Zip Code 10003  
City Area Code 212  
Local Phone Number 548-5555  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   2,475,772,282
Entity Central Index Key 0001437107  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q2  
Amendment Flag false  
Series A Common Stock    
Document Information [Line Items]    
Title of 12(b) Security Series A Common Stock  
Trading Symbol WBD  
Security Exchange Name NASDAQ  
4.302% Senior Notes due 2030    
Document Information [Line Items]    
Title of 12(b) Security 4.302% Senior Notes due 2030  
Trading Symbol WBDI30  
Security Exchange Name NASDAQ  
4.302% Senior Notes due 2030    
Document Information [Line Items]    
Title of 12(b) Security 4.302% Senior Notes due 2030  
Trading Symbol WBDI30A  
Security Exchange Name NASDAQ  
4.693% Senior Notes due 2033    
Document Information [Line Items]    
Title of 12(b) Security 4.693% Senior Notes due 2033  
Trading Symbol WBDI33  
Security Exchange Name NASDAQ  
4.693% Senior Notes due 2033    
Document Information [Line Items]    
Title of 12(b) Security 4.693% Senior Notes due 2033  
Trading Symbol WBDI33A  
Security Exchange Name NASDAQ  
v3.25.2
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Revenues:        
Total revenues $ 9,812 $ 9,713 $ 18,791 $ 19,671
Costs and expenses:        
Costs of revenues, excluding depreciation and amortization 5,967 6,204 11,098 12,262
Selling, general and administrative 2,477 2,461 4,671 4,693
Depreciation and amortization 1,447 1,744 2,994 3,632
Restructuring and other charges 80 117 134 152
Impairments and loss on dispositions 26 9,395 116 9,407
Total costs and expenses 9,997 19,921 19,013 30,146
Operating loss (185) (10,208) (222) (10,475)
Interest expense, net (463) (518) (931) (1,033)
Gain on extinguishment of debt, net 2,958 542 2,954 567
Income (loss) from equity investees, net 5 (23) (2) (71)
Other income, net 139 172 221 158
Income (loss) before income taxes 2,454 (10,035) 2,020 (10,854)
Income tax (expense) benefit (866) 7 (881) (129)
Net income (loss) 1,588 (10,028) 1,139 (10,983)
Net income attributable to noncontrolling interests (7) (10) (15) (17)
Net (income) loss attributable to redeemable noncontrolling interests (1) 52 3 48
Net income (loss) available to Warner Bros. Discovery, Inc. $ 1,580 $ (9,986) $ 1,127 $ (10,952)
Net income (loss) per share available to Warner Bros. Discovery, Inc. Series A common stockholders:        
Basic (in dollars per share) $ 0.64 $ (4.07) $ 0.46 $ (4.48)
Diluted (in dollars per share) $ 0.63 $ (4.07) $ 0.45 $ (4.48)
Weighted average shares outstanding:        
Basic (in shares) 2,477 2,451 2,469 2,447
Diluted (in shares) 2,499 2,451 2,500 2,447
Distribution        
Revenues:        
Total revenues $ 4,885 $ 4,879 $ 9,771 $ 9,864
Advertising        
Revenues:        
Total revenues 2,216 2,430 4,196 4,578
Content        
Revenues:        
Total revenues 2,471 2,109 4,337 4,667
Other        
Revenues:        
Total revenues $ 240 $ 295 $ 487 $ 562
v3.25.2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Statement of Comprehensive Income [Abstract]        
Net income (loss) $ 1,588 $ (10,028) $ 1,139 $ (10,983)
Other comprehensive income (loss):        
Currency translation, net of income tax expense of $(11), $(9), $(101), and $(2) 444 9 675 (167)
Derivatives        
Change in net unrealized gains 20 12 29 25
Less: Reclassification adjustment for net losses (gains) included in net income 5 2 (8) (7)
Net change, net of income tax expense of $(9), $(4), $(10), and $(4) 25 14 21 18
Comprehensive income (loss) 2,057 (10,005) 1,835 (11,132)
Comprehensive income attributable to noncontrolling interests (9) (7) (20) (13)
Comprehensive (income) loss attributable to redeemable noncontrolling interests (1) 52 3 48
Comprehensive income (loss) attributable to Warner Bros. Discovery, Inc. $ 2,047 $ (9,960) $ 1,818 $ (11,097)
v3.25.2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Other comprehensive income (loss):        
Income tax benefit (expense), currency translation $ (11) $ (9) $ (101) $ (2)
Derivatives        
Income tax (expense) benefit $ (9) $ (4) $ (10) $ (4)
v3.25.2
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 4,888 $ 5,312
Receivables, net 5,383 4,947
Prepaid expenses and other current assets 3,340 3,819
Total current assets 13,611 14,078
Film and television content rights and games 18,817 19,102
Property and equipment, net 6,413 6,087
Goodwill 25,939 25,667
Intangible assets, net 29,906 32,299
Other noncurrent assets 7,041 7,327
Total assets 101,727 104,560
Current liabilities:    
Accounts payable 1,074 1,055
Accrued liabilities 10,218 10,438
Deferred revenues 1,527 1,569
Current portion of debt 221 2,748
Total current liabilities 13,040 15,810
Noncurrent portion of debt 34,411 36,757
Deferred income taxes 6,494 6,985
Other noncurrent liabilities 10,436 10,070
Total liabilities 64,381 69,622
Commitments and contingencies (See Note 15)
Redeemable noncontrolling interests 23 109
Warner Bros. Discovery, Inc. stockholders’ equity:    
Series A common stock: $0.01 par value; 10,800 and 10,800 shares authorized; 2,705 and 2,684 shares issued; and 2,475 and 2,454 shares outstanding 27 27
Preferred stock: $0.01 par value; 1,200 and 1,200 shares authorized, 0 shares issued and outstanding 0 0
Additional paid-in capital 55,749 55,560
Treasury stock, at cost: 230 and 230 shares (8,244) (8,244)
Accumulated deficit (11,112) (12,239)
Accumulated other comprehensive loss (371) (1,067)
Total Warner Bros. Discovery, Inc. stockholders’ equity 36,049 34,037
Noncontrolling interests 1,274 792
Total equity 37,323 34,829
Total liabilities and equity $ 101,727 $ 104,560
v3.25.2
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
shares in Millions
Jun. 30, 2025
Dec. 31, 2024
Warner Bros. Discovery, Inc. stockholders’ equity:    
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock authorized (in shares) 10,800 10,800
Common stock issued (in shares) 2,705 2,684
Common stock outstanding (in shares) 2,475 2,454
Preferred stock, par value (in dollars per share) $ 0.01 $ 0.01
Preferred stock authorized (in shares) 1,200 1,200
Preferred stock issued (in shares) 0 0
Preferred stock outstanding (in shares) 0 0
Treasury stock (in shares) 230 230
v3.25.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Operating Activities    
Net income (loss) $ 1,139 $ (10,983)
Adjustments to reconcile net income to cash provided by operating activities:    
Content rights amortization and impairment 6,851 7,747
Depreciation and amortization 2,994 3,632
Deferred income taxes (471) (889)
Share-based compensation expense 298 260
Equity in losses of equity method investee companies and cash distributions 18 83
Gain on sale of investments (6) (203)
Gain on extinguishment of debt (2,954) (567)
Impairments and loss on dispositions 116 9,407
Other, net (97) 25
Changes in operating assets and liabilities, net of acquisitions and dispositions:    
Receivables, net (460) (191)
Film and television content rights, games, and production payables, net (6,314) (6,351)
Accounts payable, accrued liabilities, deferred revenues and other noncurrent liabilities (141) (132)
Foreign currency, prepaid expenses and other assets, net 563 (25)
Cash provided by operating activities 1,536 1,813
Investing Activities    
Purchases of property and equipment (532) (447)
Proceeds from sales of investments 54 324
Investments in and advances to equity investments (26) (68)
Proceeds from asset dispositions 66 0
Other investing activities, net 7 54
Cash used in investing activities (431) (137)
Financing Activities    
Principal repayments of debt, including premiums and discounts to par value (20,403) (3,703)
Borrowings from debt, net of discount and issuance costs 18,303 1,617
Distributions to noncontrolling interests and redeemable noncontrolling interests (174) (161)
Proceeds for noncontrolling interest in joint venture 601 0
Borrowings under commercial paper program and revolving credit facility 3,551 11,605
Repayments under commercial paper program and revolving credit facility (3,551) (11,605)
Other financing activities, net (213) (27)
Cash used in financing activities (1,886) (2,274)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash 256 (104)
Net change in cash, cash equivalents, and restricted cash (525) (702)
Cash, cash equivalents, and restricted cash, beginning of period 5,416 4,319
Cash, cash equivalents, and restricted cash, end of period $ 4,891 $ 3,617
v3.25.2
CONSOLIDATED STATEMENTS OF EQUITY - USD ($)
shares in Millions, $ in Millions
Total
Warner Bros. Discovery, Inc. Stockholders’ Equity
Common Stock
Additional Paid-In Capital
Treasury Stock
Accumulated Deficit
Accumulated Other Comprehensive Loss
Noncontrolling Interests
Beginning balance (in shares) at Dec. 31, 2023     2,669          
Beginning balance at Dec. 31, 2023 $ 46,307 $ 45,226 $ 27 $ 55,112 $ (8,244) $ (928) $ (741) $ 1,081
Increase (Decrease) in Stockholders' Equity                
Net (loss) income available to Warner Bros. Discovery, Inc. and attributable to noncontrolling interests (959) (966)       (966)   7
Other comprehensive income (loss) (173) (172)         (172) (1)
Share-based compensation 108 108   108        
Tax settlements associated with share-based plans (53) (53)   (53)        
Dividends paid to noncontrolling interests (123)             (123)
Issuance of stock in connection with share-based plans (in shares)     10          
Issuance of stock in connection with share-based plans 30 30   30        
Redeemable noncontrolling interest adjustments to redemption value (22) (22)   (22)        
Ending balance (in shares) at Mar. 31, 2024     2,679          
Ending balance at Mar. 31, 2024 45,115 44,151 $ 27 55,175 (8,244) (1,894) (913) 964
Beginning balance (in shares) at Dec. 31, 2023     2,669          
Beginning balance at Dec. 31, 2023 46,307 45,226 $ 27 55,112 (8,244) (928) (741) 1,081
Increase (Decrease) in Stockholders' Equity                
Other comprehensive income (loss)             (149)  
Ending balance (in shares) at Jun. 30, 2024     2,681          
Ending balance at Jun. 30, 2024 35,297 34,345 $ 27 55,332 (8,244) (11,880) (890) 952
Beginning balance (in shares) at Mar. 31, 2024     2,679          
Beginning balance at Mar. 31, 2024 45,115 44,151 $ 27 55,175 (8,244) (1,894) (913) 964
Increase (Decrease) in Stockholders' Equity                
Net (loss) income available to Warner Bros. Discovery, Inc. and attributable to noncontrolling interests (9,976) (9,986)       (9,986)   10
Other comprehensive income (loss) 20 23         23 (3)
Share-based compensation 151 151   151        
Tax settlements associated with share-based plans (2) (2)   (2)        
Dividends paid to noncontrolling interests (19)             (19)
Issuance of stock in connection with share-based plans (in shares)     2          
Issuance of stock in connection with share-based plans 6 6   6        
Redeemable noncontrolling interest adjustments to redemption value 2 2   2        
Ending balance (in shares) at Jun. 30, 2024     2,681          
Ending balance at Jun. 30, 2024 $ 35,297 34,345 $ 27 55,332 (8,244) (11,880) (890) 952
Beginning balance (in shares) at Dec. 31, 2024 2,454   2,684          
Beginning balance at Dec. 31, 2024 $ 34,829 34,037 $ 27 55,560 (8,244) (12,239) (1,067) 792
Increase (Decrease) in Stockholders' Equity                
Net (loss) income available to Warner Bros. Discovery, Inc. and attributable to noncontrolling interests (445) (453)       (453)   8
Other comprehensive income (loss) 230 227         227 3
Share-based compensation 156 156   156        
Tax settlements associated with share-based plans (124) (124)   (124)        
Dividends paid to noncontrolling interests (147)             (147)
Issuance of stock in connection with share-based plans (in shares)     19          
Issuance of stock in connection with share-based plans 9 9   9        
Redeemable noncontrolling interest adjustments to redemption value (3) (3)   (3)        
Reclassification associated with the expiration of put rights 74             74
Formation of music catalog joint venture 569 (13)   (13)       582
Ending balance (in shares) at Mar. 31, 2025     2,703          
Ending balance at Mar. 31, 2025 $ 35,148 33,836 $ 27 55,585 (8,244) (12,692) (840) 1,312
Beginning balance (in shares) at Dec. 31, 2024 2,454   2,684          
Beginning balance at Dec. 31, 2024 $ 34,829 34,037 $ 27 55,560 (8,244) (12,239) (1,067) 792
Increase (Decrease) in Stockholders' Equity                
Other comprehensive income (loss)             696  
Ending balance (in shares) at Jun. 30, 2025 2,475   2,705          
Ending balance at Jun. 30, 2025 $ 37,323 36,049 $ 27 55,749 (8,244) (11,112) (371) 1,274
Beginning balance (in shares) at Mar. 31, 2025     2,703          
Beginning balance at Mar. 31, 2025 35,148 33,836 $ 27 55,585 (8,244) (12,692) (840) 1,312
Increase (Decrease) in Stockholders' Equity                
Net (loss) income available to Warner Bros. Discovery, Inc. and attributable to noncontrolling interests 1,587 1,580       1,580   7
Other comprehensive income (loss) 471 469         469 2
Share-based compensation 164 164   164        
Tax settlements associated with share-based plans (4) (4)   (4)        
Dividends paid to noncontrolling interests (16)             (16)
Issuance of stock in connection with share-based plans (in shares)     2          
Issuance of stock in connection with share-based plans 4 4   4        
Tax gain on formation of music catalog joint venture $ (31)             (31)
Ending balance (in shares) at Jun. 30, 2025 2,475   2,705          
Ending balance at Jun. 30, 2025 $ 37,323 $ 36,049 $ 27 $ 55,749 $ (8,244) $ (11,112) $ (371) $ 1,274
v3.25.2
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION
Description of Business
Warner Bros. Discovery, Inc. (“Warner Bros. Discovery”, “WBD”, the “Company”, “we”, “us” or “our”) is a leading global media and entertainment company that creates and distributes a differentiated and comprehensive portfolio of content and products across television, film, streaming, interactive gaming, publishing, themed experiences, and consumer products through brands including: Discovery Channel, HBO Max, CNN, DC Studios, TNT Sports, HBO, Food Network, TLC, TBS, Warner Bros. Motion Picture Group, Warner Bros. Television Group, Warner Bros. Games, Adult Swim, Turner Classic Movies, and others.
In June 2025, the Company announced its plans to separate the Company, in a tax-free transaction, into two publicly traded companies (the “Separation”). Warner Bros. will primarily consist of our Streaming and Studios reportable segments and include Warner Bros. Television, Warner Bros. Motion Picture Group, DC Studios, HBO, and HBO Max, as well as its film and television libraries. Discovery Global will primarily consist of our Global Linear Networks reportable segment and include premier entertainment, sports and news television brands around the world including CNN, TNT Sports in the U.S., and Discovery, free-to-air channels across Europe, and digital products such as Discovery+ and Bleacher Report. The Separation is expected to be completed by mid-2026, subject to closing and other conditions, including final approval by the Warner Bros. Discovery Board, receipt of tax opinions with respect to the tax-free nature of the transaction for U.S. federal income tax purposes, and market conditions. There can be no assurance that the Separation will occur in accordance with the expected plans or anticipated timeline, or at all.
In the first quarter of 2025, the Company renamed its Direct-to-Consumer reportable segment to Streaming and its Networks reportable segment to Global Linear Networks. There have been no changes to the Company’s reportable segments or the composition of our reportable segments as a result of these announcements.
As of June 30, 2025, we classified our operations in three reportable segments:
•Streaming - Our Streaming segment primarily consists of our premium pay-TV and streaming services.
•Studios - Our Studios segment primarily consists of the production and release of feature films for initial exhibition in theaters, production and initial licensing of television programs to third parties and our networks/streaming services, distribution of our films and television programs to various third party and internal television and streaming services, distribution through the home entertainment market (physical and digital), related consumer products and themed experience licensing, and interactive gaming.
•Global Linear Networks - Our Global Linear Networks segment primarily consists of our domestic and international television networks.
Our segment presentation is aligned with our management structure and the financial information management uses to make decisions about operating matters, such as the allocation of resources and business performance assessments.
Principles of Consolidation
The consolidated financial statements include the accounts of the Company and its majority-owned subsidiaries in which a controlling interest is maintained, including variable interest entities (“VIE”) for which the Company is the primary beneficiary. Intercompany accounts and transactions between consolidated entities have been eliminated.
Unaudited Interim Financial Statements
These consolidated financial statements are unaudited; however, in the opinion of management, they reflect all adjustments consisting only of normal recurring adjustments necessary to state fairly the financial position, results of operations and cash flows for the periods presented in conformity with U.S. GAAP applicable to interim periods. The results of operations for the interim periods presented are not necessarily indicative of results for the full year or future periods. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 (the “2024 Form 10-K”).
Use of Estimates
The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates, judgments and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results may differ from these estimates.
Recent Accounting and Reporting Pronouncements
Income Taxes
In December 2023, the Financial Accounting Standards Board (“FASB”) issued guidance updating the disclosure requirements for income taxes, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. The amendments are effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company expects to adopt this guidance prospectively and is currently evaluating the impact it will have on its annual tax disclosures that will be included in its Form 10-K for the year ended December 31, 2025.
Disaggregation of Income Statement Expenses
In November 2024, the FASB issued guidance updating the disclosure requirements for income statement expenses, primarily through disaggregation of certain types of expenses presented on the income statement. The amendments are effective for fiscal years beginning after December 15, 2026 and for interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The amendments may be applied either: (1) prospectively to financial statements issued for reporting periods after the effective date, or (2) retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the impact this guidance will have on its disclosures.
v3.25.2
GOODWILL AND INTANGIBLE ASSETS
 6 Months Ended
Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND INTANGIBLE ASSETS GOODWILL AND INTANGIBLE ASSETS
We perform fair value-based impairment tests of goodwill and intangible assets on an annual basis, and between annual tests if an event occurs or if circumstances change that would more likely than not reduce the fair value of a reporting unit or an intangible asset below its carrying value.
During the six months ended June 30, 2025, the Company performed goodwill and intangible assets impairment monitoring procedures for all of its reporting units and identified no indicators of impairment. As of October 1, 2024, the date of the most recent quantitative impairment assessment, the estimated fair value of each reporting unit exceeded its carrying value.
The Company continues to monitor its reporting units for triggers that could impact the recoverability of goodwill. Long-term trends and risks the Company is monitoring in its ongoing assessment include, but are not limited to, the following:
•the delta between market capitalization and book value, as well as volatility in the price of our common stock, including any impact from the announced Separation;
•uncertainty related to affiliate rights renewals associated with the Company’s Global Linear Networks and Streaming reporting units;
•declining levels of global GDP growth and continued softness in the U.S. linear advertising market associated with the Company’s Global Linear Networks reporting unit;
•increased competition for advertising expenditures associated with the Company’s Global Linear Networks and Streaming reporting units as a result of an increase in digital advertising available in the marketplace;
•uncertainty surrounding the impacts related to the imposition of tariffs by the U.S. government and any retaliatory tariffs from foreign governments;
•content licensing trends and volatility related to the performance of theatrical film and game slates in the Company’s Studios reporting unit; and
•risks in executing the projected growth strategies of the Company’s Streaming reporting unit.
v3.25.2
RESTRUCTURING AND OTHER CHARGES
 6 Months Ended
Jun. 30, 2025
Restructuring and Related Activities [Abstract]  
RESTRUCTURING AND OTHER CHARGES RESTRUCTURING AND OTHER CHARGES
The Company periodically initiates restructuring programs, which may include, among other things, strategic content programming assessments, organizational restructuring, facility consolidation activities, and other contract termination costs. During 2025, the Company initiated restructuring plans related to the announced Separation. During 2024, the Company initiated two restructuring initiatives; an organizational and personnel restructuring plan and a restructuring initiative associated with its Warner Bros. Games group.
Restructuring and other charges by reportable segments and corporate and inter-segment eliminations were as follows (in millions).
 Three Months Ended June 30,Six Months Ended June 30,
 2025202420252024
Streaming$7 $15 $19 $17 
Studios(1)19 (6)30 
Global Linear Networks25 42 41 53 
Corporate and inter-segment eliminations49 41 80 52 
Total restructuring and other charges$80 $117 $134 $152 
During the three and six months ended June 30, 2025 and 2024, restructuring and other charges were primarily related to organization restructuring costs and consulting fees.
Changes in restructuring liabilities recorded in accounts payable, accrued liabilities, and other noncurrent liabilities by major category and by reportable segment and corporate were as follows (in millions).
StreamingStudiosGlobal Linear NetworksCorporateTotal
December 31, 2024$31 $95 $105 $58 $289 
Employee termination accruals, net19 (6)41 35 89 
Other accruals and adjustments— — — 45 45 
Cash paid(12)(40)(51)(54)(157)
June 30, 2025$38 $49 $95 $84 $266 
v3.25.2
REVENUES
 6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
REVENUES REVENUES
The following tables present the Company’s revenues disaggregated by revenue source (in millions).
Three Months Ended June 30, 2025
StreamingStudiosGlobal Linear NetworksCorporate and Inter-segment EliminationsTotal
Revenues:
Distribution$2,410 $1 $2,477 $(3)$4,885 
Advertising282 — 1,953 (19)2,216 
Content102 3,591 287 (1,509)2,471 
Other(1)209 86 (54)240 
Total$2,793 $3,801 $4,803 $(1,585)$9,812 
Three Months Ended June 30, 2024
StreamingStudiosGlobal Linear NetworksCorporate and Inter-segment EliminationsTotal
Revenues:
Distribution$2,202 $3 $2,675 $(1)$4,879 
Advertising240 — 2,214 (24)2,430 
Content123 2,237 299 (550)2,109 
Other3 209 84 (1)295 
Total$2,568 $2,449 $5,272 $(576)$9,713 
Six Months Ended June 30, 2025
StreamingStudiosGlobal Linear NetworksCorporate and Inter-segment EliminationsTotal
Revenues:
Distribution$4,739 $2 $5,035 $(5)$9,771 
Advertising519 1 3,711 (35)4,196 
Content190 5,730 667 (2,250)4,337 
Other1 382 164 (60)487 
Total$5,449 $6,115 $9,577 $(2,350)$18,791 
Six Months Ended June 30, 2024
StreamingStudiosGlobal Linear NetworksCorporate and Inter-segment EliminationsTotal
Revenues:
Distribution$4,387 $8 $5,472 $(3)$9,864 
Advertising415 4 4,201 (42)4,578 
Content222 4,860 563 (978)4,667 
Other4 398 161 (1)562 
Total$5,028 $5,270 $10,397 $(1,024)$19,671 
Contract Liabilities and Contract Assets
The following table presents contract liabilities on the consolidated balance sheets (in millions).
CategoryBalance Sheet LocationJune 30, 2025December 31, 2024
Contract liabilitiesDeferred revenues$1,527 $1,569 
Contract liabilitiesOther noncurrent liabilities231 206 
For the six months ended June 30, 2025 and 2024, respectively, revenues of $1,003 million and $1,046 million were recognized that were included in deferred revenues as of December 31, 2024 and December 31, 2023, respectively. Contract assets were not material as of June 30, 2025 and December 31, 2024.
Remaining Performance Obligations
The following table presents a summary of revenue expected to be recognized from remaining performance obligations by contract type (in millions).
Contract TypeJune 30, 2025Duration
Distribution - fixed price or minimum guarantee$2,048 
Through 2030
Content licensing and sports sublicensing4,678 
Through 2032
Brand licensing3,012 
Through 2052
Advertising648 
Through 2030
Other144 
Through 2029
Total$10,530 
The value of unsatisfied performance obligations disclosed above does not include: (i) contracts involving variable consideration for which revenues are recognized in accordance with the sales or usage-based royalty exception, which typically have a similar duration as the contracts disclosed above, and (ii) contracts with an original expected length of one year or less, such as most advertising contracts; however for content licensing revenues, including revenues associated with the licensing of theatrical and television product for television and streaming services, the Company has included all contracts regardless of duration.
v3.25.2
SALES OF RECEIVABLES
 6 Months Ended
Jun. 30, 2025
Receivables [Abstract]  
SALES OF RECEIVABLES SALES OF RECEIVABLES
Revolving Receivables Program
During the three months ended June 30, 2025, the Company amended its revolving receivables program to reduce the facility limit to $5,000 million and extend the program to June 2026. The outstanding portfolio of receivables derecognized from our consolidated balance sheet was $4,499 million as of June 30, 2025.
The Company recognized $56 million and $92 million for the three and six months ended June 30, 2025, respectively, and $37 million and $88 million for the three and six months ended June 30, 2024, respectively, in selling, general and administrative expenses in the consolidated statements of operations from the revolving receivables program (net of non-designated derivatives). (See Note 9.)
The following table presents a summary of receivables sold (in millions).
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Gross receivables sold/cash proceeds received$3,991 $3,540 $8,222 $7,496 
Collections reinvested under revolving receivables program(4,240)(3,643)(8,360)(7,630)
Net cash proceeds remitted$(249)$(103)$(138)$(134)
Net receivables sold$3,985 $3,529 $8,190 $7,443 
Obligations recorded (Level 3)$97 $86 $200 $239 
The following table presents a summary of the amounts transferred or pledged, which were held at the Company’s bankruptcy-remote consolidated subsidiary (in millions).
June 30, 2025December 31, 2024
Gross receivables pledged as collateral$2,594 $2,402 
Restricted cash pledged as collateral$— $100 
Balance sheet classification:
Receivables, net$2,173 $2,039 
Prepaid expenses and other current assets$— $100 
Other noncurrent assets$421 $363 
Accounts Receivable Factoring
Total trade accounts receivable sold under the Company’s factoring arrangement were $102 million and $57 million for the six months ended June 30, 2025 and 2024. The impact to the consolidated statements of operations was immaterial for the three and six months ended June 30, 2025 and 2024. This accounts receivable factoring agreement is separate and distinct from the revolving receivables program.
v3.25.2
CONTENT RIGHTS
 6 Months Ended
Jun. 30, 2025
Intangible Assets, Net (Excluding Goodwill) [Abstract]  
CONTENT RIGHTS CONTENT RIGHTS
For purposes of amortization and impairment, capitalized production costs are grouped based on their predominant monetization strategy: individually or as a group. Live programming includes licensed sports rights and related advances. The tables below present the components of content rights (in millions).
June 30, 2025
Predominantly Monetized Individually
Predominantly Monetized as a Group
Total
Production costs:
Released, less amortization$3,227 $5,784 $9,011 
Completed and not released763 640 1,403 
In production and other1,635 2,198 3,833 
Total production costs$5,625 $8,622 $14,247 
Licensed content, live programming, and advances, net4,729 
Game development costs, less amortization286 
Total film and television content rights and games19,262 
Less: Current content rights and prepaid license fees, net(445)
Total noncurrent film and television content rights and games$18,817 
December 31, 2024
Predominantly Monetized Individually
Predominantly Monetized as a Group
Total
Production costs:
Released, less amortization$2,948 $5,678 $8,626 
Completed and not released794 767 1,561 
In production and other1,700 2,008 3,708 
Total production costs$5,442 $8,453 $13,895 
Licensed content, live programming, and advances, net5,744 
Game development costs, less amortization247 
Total film and television content rights and games19,886 
Less: Current content rights and prepaid license 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 June 30,Six Months Ended June 30,
2025202420252024
Predominantly monetized individually$645 $754 $1,225 $1,676 
Predominantly monetized as a group3,033 3,114 5,563 5,893 
Total content amortization$3,678 $3,868 $6,788 $7,569 
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 $28 million and $63 million, respectively, for the three and six months ended June 30, 2025. For the three and six months ended June 30, 2024, content impairments were $52 million and $178 million,
v3.25.2
INVESTMENTS
 6 Months Ended
Jun. 30, 2025
Investments [Abstract]  
INVESTMENTS INVESTMENTS
The Company’s equity investments consisted of the following, net of investments recorded in other noncurrent liabilities (in millions).
CategoryBalance Sheet LocationOwnershipJune 30, 2025December 31, 2024
Equity method investments:
The Chernin Group (TCG) 2.0-A, LPOther noncurrent assets44%$237 $240 
nC+Other noncurrent assets32%154 128 
TNT SportsOther noncurrent assets50%84 92 
OtherOther noncurrent assets243 261 
Total equity method investments718 721 
Investments with readily determinable fair valuesOther noncurrent assets— 41 
Investments without readily determinable fair values
Other noncurrent assets(a)
350 353 
Total investments$1,068 $1,115 
(a) Investments without readily determinable fair values included $17 million as of June 30, 2025 and December 31, 2024 that was recorded in prepaid expenses and other current assets.
Equity Method Investments
Certain of the Company’s other equity method investments are VIEs, for which the Company is not the primary beneficiary. As of June 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 VIEs, was approximately $542 million. The Company’s maximum estimated exposure excludes the non-contractual future funding of VIEs. The aggregate carrying values of these VIE investments were $524 million and $550 million as of June 30, 2025 and December 31, 2024, respectively. VIE gains and losses are recorded in income (loss) from equity investees, net on the consolidated statements of operations, and were not material for the three and six months ended June 30, 2025 and 2024.
Joint Venture
In January 2025, the Company contributed a 70% interest in its music catalog to a joint venture with Cutting Edge Group in exchange for net proceeds of $601 million. The Company retained a controlling financial interest and consolidated the joint venture as a VIE. The Company has determined that it is the primary beneficiary of the joint venture as the Company has certain operational rights that significantly impact the economic performance of the business including exploitation of the catalog works and selection of the administrator. As the primary beneficiary, the Company includes the joint venture assets, liabilities and results of operations in the Company's consolidated financial statements. As of June 30, 2025, the carrying amounts of assets and liabilities of the consolidated VIE were not material. In addition to the initial equity ownership, Cutting Edge Group may receive up to an additional 10% economic interest in the venture based on the results of certain operational metrics.
v3.25.2
DEBT
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
DEBT DEBT
The table below presents the components of outstanding debt (in millions).
Weighted-Average
Interest Rate as of
June 30, 2025
June 30, 2025December 31, 2024
Bridge loan with maturity of 18 months
7.33 %$17,000 $— 
Senior notes with maturities of 5 years or less
3.92 %6,757 13,744 
Senior notes with maturities between 5 and 10 years
4.40 %3,547 7,853 
Senior notes with maturities greater than 10 years
5.17 %7,696 17,930 
Total debt35,000 39,527 
Unamortized discount, premium, debt issuance costs, and fair value adjustments for acquisition accounting, net(368)(22)
Debt, net of unamortized discount, premium, debt issuance costs, and fair value adjustments for acquisition accounting34,632 39,505 
Current portion of debt(221)(2,748)
Noncurrent portion of debt$34,411 $36,757 
During the three months ended June 30, 2025, the Company’s wholly-owned subsidiaries, Discovery Communications, LLC (“DCL”), WarnerMedia Holdings, Inc. (“WMH”), Warner Media, LLC (“WML”), and Historic TW Inc. (“TWI”), commenced cash tender offers to purchase (the “Tender Offers”) up to approximately $14.6 billion in aggregate purchase price of their outstanding notes and debentures. In conjunction with the Tender Offers, DCL, WMH and TWI also commenced solicitations of consents (the “Consent Solicitations”) from holders of substantially all of its outstanding notes and debentures to adopt certain proposed amendments to the indentures governing such notes and debentures, to, among other things, remove substantially all of the restrictive covenants and certain events of defaults under such indentures.
To fund the Tender Offers and Consent Solicitations, as well as repay in full and terminate its $1,500 million 364-day senior unsecured term loan facility, the Company and WMH entered into a non-investment grade leveraged bridge loan facility (“Bridge Loan Facility”) with JPMorgan Chase Bank, N.A. The obligations under the Bridge Loan Facility are secured by a lien on substantially all of the personal property assets of the Company, WMH, and certain of its wholly owned domestic subsidiaries and are guaranteed by the Company and certain of its wholly-owned domestic subsidiaries. Borrowings under the Bridge Loan Facility will bear interest at the Secured Overnight Financing Rate (“SOFR”) plus (i) until December 30, 2025, 3.00% per annum, (ii) from December 31, 2025 until March 30, 2026, 3.50% per annum and (iii) from March 31, 2026 until the termination date of the Bridge Loan Facility, 4.00%. Borrowings under the Bridge Loan Facility, net of any prepayments, will become payable in full on the earlier of (i) December 30, 2026 and (ii) the date of the completion of the Separation. In addition, the Company will pay JPMorgan Chase Bank, N.A. as the administrative agent a duration fee equal to the applicable percentage of the aggregate principal amount of the loan outstanding on the following dates: on December 31, 2025, a fee rate of 0.30%; on each of March 31, 2026 and June 30, 2026, a fee rate of 0.50%; and on each of September 30, 2026 and December 31, 2026, a fee rate of 0.75%. On June 30, 2025, WMH drew $17.0 billion of the available Bridge Loan Facility to finance the early settlement of the Tender Offers, Consent Solicitations, and the repayment in full and termination of its $1,500 million 364-day senior unsecured term loan facility, and the payment of fees and expenses therewith and for general corporate purposes. The Bridge Loan Facility is expected to be refinanced prior to the Separation. The Bridge Loan Facility contains customary representations and warranties, as well as affirmative and negative covenants. The Bridge Loan Facility does not contain any financial maintenance covenant.
The Company completed the Tender Offers in June 2025 by purchasing senior notes and debentures in the aggregate principal amount of $17.7 billion validly tendered and accepted for purchase pursuant to the Tender Offers and recorded a gain on extinguishment of approximately $3.0 billion. The Company also paid $293 million for the Consent Solicitations. Additionally, the Company repaid in full at maturity $487 million of aggregate principal amount outstanding of its senior notes due June 2025.
During the three months ended March 31, 2025, the Company repaid in full at maturity $2,165 million of aggregate principal amount outstanding of its senior notes due March 2025, and redeemed in full $1,500 million aggregate principal amount outstanding of its senior notes due March 2026. The redemption was funded with the proceeds of borrowings pursuant to a $1,500 million 364-day senior unsecured term loan credit facility.
During the three months ended June 30, 2024, the Company commenced a tender offer to purchase for cash up to $2.61 billion in aggregate purchase price (excluding accrued and unpaid interest) of (i) DCL’s outstanding 3.900% Senior Notes due 2024, 4.000% Senior Notes due 2055, 4.650% Senior Notes due 2050, 4.950% Senior Notes due 2042, 4.875% Senior Notes due 2043, 5.200% Senior Notes due 2047, and 5.300% Senior Notes due 2049, (ii) Scripps Networks Interactive, Inc.’s (“Scripps Networks”) outstanding 3.900% Senior Notes due 2024, (iii) the legacy WarnerMedia business’s outstanding 4.650% Senior Notes due 2044, 4.850% Senior Notes due 2045, 4.900% Senior Notes due 2042, and 5.350% Senior Notes due 2043, and (iv) WMH’s outstanding 5.050% Senior Notes due 2042, which was funded using the aggregate net proceeds from debt financing transactions together with available cash on hand and other available sources of liquidity. The Company completed the tender offer in June 2024 by purchasing senior notes in the aggregate principal amount of $3,399 million validly tendered and accepted for purchase pursuant to the offer and recorded a gain on extinguishment of $542 million. The Company also repaid in full at maturity $48 million of aggregate principal amount outstanding of its senior notes due June 2024.
During the three months ended June 30, 2024, the Company issued €650 million of 4.302% fixed rate senior notes due January 2030 and €850 million of 4.693% fixed rate senior notes due May 2033, the proceeds of which were used to fund the tender offer. After December 2029 and February 2033, respectively, the senior notes are redeemable at par plus accrued and unpaid interest.
During the three months ended March 31, 2024, the Company repaid in full at maturity $726 million of aggregate principal amount outstanding of its senior notes due February and March 2024 and completed open market repurchases for $364 million of aggregate principal amount outstanding of its senior notes.
As of June 30, 2025, all senior notes are fully and unconditionally guaranteed by the Company, Scripps Networks, DCL (to the extent it is not the primary obligor on such senior notes), and WMH (to the extent it is not the primary obligor on such senior notes), except for $331 million of senior notes related to the legacy WarnerMedia business.
Revolving Credit Facility and Commercial Paper Programs
DCL and certain subsidiaries of the Company, as borrowers, have a multicurrency revolving credit agreement, which was amended in June 2025 (the “Credit Agreement”). The Credit Agreement provides for a senior revolving credit facility (the “Credit Facility”) with aggregate commitments of $4.0 billion and includes a $150 million sublimit for the issuance of standby letters of credit. DCL may also request additional commitments up to $1.0 billion from the lenders upon the satisfaction of certain conditions. The obligations of the borrowers under the Credit Agreement are secured by the same collateral and have the benefit of the same guarantees as provided in respect of the Bridge Loan Facility, as described above. The Credit Agreement is available on a revolving basis until October 2029, with an option for up to two additional 364-day renewal periods subject to the lenders’ consent, and provides for an early termination of the Credit Agreement upon completion of the Separation.
The Company’s commercial paper program is supported by the Credit Facility. Under the commercial paper program, the Company may issue up to $2.0 billion. In March 2025, the Company increased the issuance capacity under the commercial paper program from $1.0 billion to $2.0 billion. Borrowing capacity under the Credit Facility is effectively reduced by any outstanding borrowings under the commercial paper program. As of June 30, 2025 and December 31, 2024, the Company and DCL had no outstanding borrowings under the Credit Facility or issuances under the commercial paper program.
The Credit Agreement contains customary representations and warranties as well as affirmative and negative covenants, and also requires maintenance of a minimum consolidated interest coverage ratio of 3.00 to 1.00 and a maximum consolidated leverage ratio of 4.50 to 1.00. As of June 30, 2025, the Company was in compliance with all applicable covenants and there were no events of default under the Credit Agreement.
v3.25.2
DERIVATIVE FINANCIAL INSTRUMENTS
 6 Months Ended
Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVE FINANCIAL INSTRUMENTS DERIVATIVE FINANCIAL INSTRUMENTS
In the normal course of business, the Company is exposed to foreign currency exchange rate market risk and interest rate fluctuations. As part of its risk management strategy, the Company uses derivative financial instruments, primarily foreign currency forward contracts, fixed-to-fixed currency swaps, total return swaps and interest rate swaps to hedge certain foreign currency, market value, and interest rate exposures. The Company’s objective is to reduce earnings volatility by offsetting gains and losses resulting from these exposures with losses and gains on the derivative contracts used to hedge them. The Company does not enter into or hold derivative financial instruments for speculative trading purposes.
There were no amounts eligible to be offset under master netting agreements as of June 30, 2025 and December 31, 2024. The fair value of the Company’s derivative financial instruments was determined using a market-based approach (Level 2). The following table summarizes the Company’s derivative financial instruments recorded on its consolidated balance sheets (in millions).
June 30, 2025December 31, 2024
Fair ValueFair Value
NotionalPrepaid expenses and other current assetsOther non-
current assets		Accounts payable and accrued liabilitiesOther non-
current liabilities		NotionalPrepaid expenses and other current assetsOther non-
current assets		Accounts payable and accrued liabilitiesOther non-
current liabilities
Cash flow hedges:
Foreign exchange$2,363 $54 $84 $60 $41 $1,608 $47 $14 $25 $28 
Net investment hedges: (a)
Cross-currency swaps461 7 — — 15 421 6 — — 4 
No hedging designation:
Foreign exchange358 6 2 14 76 951 18 7 14 122 
Cross-currency swaps230 4 — — 10 210 2 — — 1 
Interest rate swaps2,500 — — 3 — — — — — — 
Total return swaps477 17 — — — 454 — — 16 — 
Total$88 $86 $77 $142 $73 $21 $55 $155 
(a) Excludes €697 million and €1,500 million of euro-denominated notes ($818 million and $1,558 million equivalent) at June 30, 2025 and December 31, 2024, respectively, designated as a net investment hedge. (See Note 8.)
Derivatives Designated for Hedge Accounting
Cash Flow Hedges
The Company uses foreign exchange forward contracts to mitigate the foreign currency risk related to revenues, production rebates, and production expenses. As production spend occurs or when rebate receivables are recognized, foreign forward exchange contracts designated as cash flow hedges are de-designated. Upon de-designation, gains and losses on these derivatives directly impact earnings in the same line and same period as the hedged risk. These cash flow hedges are carried at fair market value on the Company’s consolidated balance sheets. Hedge effectiveness is assessed using the spot method, with fair market value changes recorded in other comprehensive loss until the hedged item affects earnings. Excluded components, including forward points, are included in current earnings.
The following table presents the pre-tax impact of derivatives designated as cash flow hedges on income and other comprehensive loss (in millions).
 Three Months Ended June 30,Six Months Ended June 30,
 2025202420252024
Gains (losses) recognized in accumulated other comprehensive loss:
Foreign exchange - derivative adjustments
$28 $15 $42 $31 
Gains (losses) reclassified into income from accumulated other comprehensive loss:
Foreign exchange - distribution revenue
(5)1 (1)3 
Foreign exchange - costs of revenues
1 (4)1 7 
Interest rate - interest expense, net(1)(1)(2)(2)
Interest rate - loss on extinguishment of debt(1)(4)(1)(4)
Interest rate - other income, net
— 5 14 5 
If current fair values of designated cash flow hedges as of June 30, 2025 remained static over the next twelve months, the amount the Company would reclassify from accumulated other comprehensive loss into income in the next twelve months would not be material for the current fiscal year. The maximum length of time the Company is hedging exposure to the variability in future cash flows is 30 years.
Net Investment Hedges
The Company is exposed to foreign currency risk associated with the net assets of non-USD functional entities and uses fixed-to-fixed cross currency swaps to mitigate this risk.
The following table presents the pre-tax impact of derivatives and other instruments designated as net investment hedges on other comprehensive loss (in millions). Other than amounts excluded from effectiveness testing, there were no other material gains (losses) reclassified from accumulated other comprehensive loss to income during the three and six months ended June 30, 2025 and 2024.
Three Months Ended June 30,
Amount of gain (loss) recognized in AOCILocation of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing)Amount of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing)
2025202420252024
Cross currency swaps$(8)$14 Interest expense, net$3 $6 
Euro-denominated notes (foreign denominated debt)(148)21 N/A— — 
Total$(156)$35 $3 $6 
Six Months Ended June 30,
Amount of gain (loss) recognized in AOCILocation of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing)Amount of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing)
2025202420252024
Cross currency swaps$(12)$39 Interest expense, net$6 $12 
Euro-denominated notes (foreign denominated debt)(208)21 N/A— — 
Sterling notes (foreign denominated debt)— 4 N/A— — 
Total$(220)$64 $6 $12 
Derivatives Not Designated for Hedge Accounting
The Company has deferred compensation plans that have risk related to the fair value gains and losses on these investments and uses total return swaps to mitigate this risk. The gains and losses associated with these swaps are recorded to selling, general and administrative expenses, offsetting the deferred compensation investment gains and losses.
The Company is also exposed to the risk of secured overnight financing rate changes in connection with securitization interest paid on the receivables securitization program. To mitigate this risk, the Company entered into $2.5 billion notional of non-designated interest rate swaps in the first half of 2025. The gains and losses on these derivatives are recorded to selling, general and administrative expenses, offsetting securitization interest expense.
During the three months ended June 30, 2025, the Company unwound foreign exchange forward contracts with a notional value of €450 million associated with the Company’s euro-denominated debt that was partially repaid in association with the Tender Offers. The Company also entered into and subsequently unwound and settled foreign exchange forward contracts with a notional value of €450 million to hedge the tender payment for the Company’s euro-denominated debt and recorded a gain of $9 million to other income, net. (See Note 8.)
The following table presents the pretax gains (losses) on derivatives not designated as hedges and recognized in selling, general and administrative expense and other income, net in the consolidated statements of operations (in millions).
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Interest rate swaps$(3)$7 $(2)$28 
Total return swaps31 1 20 20 
Total in selling, general and administrative expense28 8 18 48 
Interest rate swaps— (5)— (3)
Cross-currency swaps(6)— (7)— 
Foreign exchange derivatives 25 (17)34 (25)
Total in other income, net
19 (22)27 (28)
Total$47 $(14)$45 $20 
v3.25.2
FAIR VALUE MEASUREMENTS
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS
Fair value is defined as the amount that would be received for selling an asset or paid to transfer a liability in an orderly transaction between market participants. Assets and liabilities carried at fair value are classified in the following three categories:
Level 1–Quoted prices for identical instruments in active markets.
Level 2–Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets.
Level 3–Valuations derived from techniques in which one or more significant inputs are unobservable.
The tables below present assets and liabilities measured at fair value on a recurring basis (in millions).
  June 30, 2025
CategoryBalance Sheet LocationLevel 1Level 2Level 3Total
Assets
Cash equivalents:
Time depositsCash and cash equivalents$— $317 $— $317 
Equity securities:
Money market fundCash and cash equivalents50 — — 50 
Mutual fundsPrepaid expenses and other current assets12 — — 12 
Company-owned life insurance contractsPrepaid expenses and other current assets— 7 — 7 
Mutual fundsOther noncurrent assets211 — — 211 
Company-owned life insurance contractsOther noncurrent assets— 95 — 95 
Total$273 $419 $— $692 
Liabilities
Deferred compensation planAccrued liabilities$67 $— $— $67 
Deferred compensation planOther noncurrent liabilities659 — — 659 
Total$726 $— $— $726 
December 31, 2024
CategoryBalance Sheet LocationLevel 1Level 2Level 3Total
Assets
Cash equivalents:
Time depositsCash and cash equivalents$— $95 $— $95 
Equity securities:
Money market fundsCash and cash equivalents46 — — 46 
Mutual fundsPrepaid expenses and other current assets16 — — 16 
Company-owned life insurance contractsPrepaid expenses and other current assets— 1 — 1 
Mutual fundsOther noncurrent assets216 — — 216 
Company-owned life insurance contractsOther noncurrent assets— 102 — 102 
Total$278 $198 $— $476 
Liabilities
Deferred compensation planAccrued liabilities$62 $— $— $62 
Deferred compensation planOther noncurrent liabilities650 — — 650 
Total$712 $— $— $712 
In addition to the financial instruments listed in the tables above, the Company holds other financial instruments, including cash deposits, accounts receivable, accounts payable, senior notes, and a bridge loan. The carrying values for such financial instruments, other than the senior notes, each approximated their fair values as of June 30, 2025 and December 31, 2024. The estimated fair value of the Company’s outstanding senior notes, including accrued interest, using quoted prices from over-the-counter markets, considered Level 2 inputs, was $14.7 billion and $34.9 billion as of June 30, 2025 and December 31, 2024, respectively.
The Company’s derivative financial instruments are discussed in Note 9, its investments with readily determinable fair value are discussed in Note 7, and the obligation for its revolving receivable program is discussed in Note 5.
v3.25.2
SHARE-BASED COMPENSATION
 6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
SHARE-BASED COMPENSATION SHARE-BASED COMPENSATION
The Company has various incentive plans under which performance based restricted stock units (“PRSUs”), service based restricted stock units (“RSUs”), and stock options have been issued. The table below presents awards granted (in millions, except weighted-average grant price).
Six Months Ended June 30, 2025
AwardsWeighted-Average Grant Price
Awards granted:
PRSUs4.6 $11.02 
RSUs41.4 $10.86 
Stock options25.1 $10.30 
The table below presents unrecognized compensation cost related to non-vested share-based awards and the weighted-average amortization period over which these expenses will be recognized as of June 30, 2025 (in millions, except years).
Unrecognized Compensation CostWeighted-Average Amortization Period
(years)
PRSUs$72 1.3
RSUs674 1.6
Stock options183 2.9
Total unrecognized compensation cost$929 
v3.25.2
INCOME TAXES
 6 Months Ended
Jun. 30, 2025
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
Income tax (expense) benefit was $(866) million and $7 million for the three months ended June 30, 2025 and 2024, respectively and $(881) million and $(129) million for the six months ended June 30, 2025 and 2024, respectively. The increase in income tax expense for the three and six months ended June 30, 2025 compared to the same periods in 2024 was primarily attributable to higher pre-tax book income, including a $3.0 billion gain recognized in connection with the Tender Offers in 2025 (See Note 8) and a non-cash goodwill impairment charge of $9.1 billion recorded in 2024, the majority of which was not deductible for tax purposes.
Income tax expense for the three and six months ended June 30, 2025, reflects an effective income tax rate that differs from the federal statutory tax rate primarily attributable to the effect of foreign operations and changes in unrecognized tax benefits.
As of June 30, 2025 and December 31, 2024, the Company’s reserves for unrecognized tax benefits totaled $2,479 million and $2,371 million, respectively.
As of June 30, 2025 and December 31, 2024, the Company had accrued $815 million and $732 million, respectively, of total interest and penalties payable related to unrecognized tax benefits. The Company recognizes interest and penalties related to unrecognized tax benefits as a component of income tax expense.
The Organization for Economic Co-operation and Development’s (“OECD”) Pillar Two Global Anti-Base Erosion (“GloBE”) model rules, issued under the OECD Inclusive Framework on Base Erosion and Profit Shifting, introduce a global minimum tax of 15% applicable to multinational enterprise groups with consolidated financial statement revenue in excess of €750 million. Numerous foreign jurisdictions have already enacted tax legislation based on the GloBE rules, with some effective as early as January 1, 2024. As of June 30, 2025, we recognized an immaterial income tax expense for Pillar Two GloBE minimum tax. The Company is continuously monitoring the evolving application of this legislation and assessing its potential impact on our future tax liability.
On July 4, 2025, the One Big Beautiful Bill Act was signed into law in the U.S., which includes a broad range of tax reform provisions. We are currently evaluating its impact on our financial statements.
v3.25.2
SUPPLEMENTAL DISCLOSURES
 6 Months Ended
Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
SUPPLEMENTAL DISCLOSURES SUPPLEMENTAL DISCLOSURES
The following tables present supplemental information related to the consolidated financial statements (in millions).
Other Income, net
Other income, net, consisted of the following (in millions).
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Foreign currency gains (losses), net$58 $(54)$88 $(191)
Gains (losses) on derivative instruments, net19 (17)41 (23)
Change in the value of investments with readily determinable fair value— (1)4 (2)
Gain on sale of equity method investments— 203 — 203 
Change in fair value of equity investments without readily determinable fair value— (13)(4)(27)
Interest income59 63 123 123 
Indemnification receivable accrual(5)6 (43)96 
Other income (loss), net8 (15)12 (21)
Total other income, net
$139 $172 $221 $158 
Supplemental Cash Flow Information
Six Months Ended June 30,
20252024
Non-cash investing and financing activities:
Assets acquired under finance lease and other arrangements$219 $224 
Settlement of PRSU awards$62 $40 
Accrued debt tender fees$95 $— 
Cash, Cash Equivalents, and Restricted Cash
 June 30, 2025December 31, 2024
Cash and cash equivalents$4,888 $5,312 
Restricted cash - recorded in prepaid expenses and other current assets (1)
3 104 
Total cash, cash equivalents, and restricted cash $4,891 $5,416 
(1) Restricted cash at December 31, 2024 primarily includes cash posted as collateral related to the Company’s revolving receivables program. (See Note 5.)
Earnings Per Share
The table below presents a reconciliation of net income (loss) available to Warner Bros. Discovery, Inc. Series A common stockholders for basic and diluted earnings per share (in millions).
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Numerator:
Net income (loss)$1,588 $(10,028)$1,139 $(10,983)
Less:
Net income attributable to noncontrolling interests(7)(10)(15)(17)
Net (income) loss attributable to redeemable noncontrolling interests(1)52 3 48 
Redeemable noncontrolling interest adjustments of carrying value to redemption value (redemption value does not equal fair value)— — — (4)
Net income (loss) available to Warner Bros. Discovery, Inc. Series A common stockholders for basic and diluted earnings per share$1,580 $(9,986)$1,127 $(10,956)
Denominator — weighted average:
Common shares outstanding — basic2,477 2,451 2,469 2,447 
Dilutive effect of share-based awards22 — 31 — 
Common shares outstanding — diluted2,499 2,451 2,500 2,447 

Basic net loss per share allocated to common stockholders$0.64 $(4.07)$0.46 $(4.48)
Diluted net loss per share allocated to common stockholders$0.63 $(4.07)$0.45 $(4.48)
The table below presents the details of share-based awards that were excluded from the calculation of diluted earnings per share (in millions).
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Anti-dilutive share-based awards
81 106 66 73 
Supplier Finance Programs
As of June 30, 2025 and December 31, 2024, the Company has confirmed $278 million and $307 million, respectively, of accrued content producer liabilities. These amounts were outstanding and unpaid by the Company and were recorded in accrued liabilities on the consolidated balance sheets.
Leases
During the three months ended March 31, 2025, the Company subleased a portion of its Hudson Yards, New York office. As a result of executing the sublease, the Company recorded a right-of-use (“ROU”) asset impairment charge of $87 million. The ROU asset impairment charge was recorded in impairment and loss on dispositions in the consolidated statements of operations.
Other than the item disclosed above, no other material changes have occurred to the Company’s lease portfolio for the periods presented. Refer to the Company’s 2024 Form 10-K for more information on the Company’s leases.
Collaborative Arrangements
The arrangement among TNT Sports, CBS Broadcasting, Inc. (“CBS”), and the National Collegiate Athletic Association (the “NCAA”) provides TNT Sports and CBS with rights to the NCAA Division I Men’s Basketball Championship Tournament (the “NCAA Tournament”) in the U.S. and its territories and possessions through 2032. The aggregate programming rights fee, production costs, certain advertising revenues and sponsorship revenues related to the NCAA Tournament, and related programming are shared equally by the Company and CBS. However, if the amount paid for the programming rights fee and production costs in any given year exceeds the shared advertising and sponsorship revenues for that year, CBS’ share of such shortfall is limited to a specified annual cap. The amount recorded pursuant to the loss cap was $74 million during the six months ended June 30, 2025 and was not material for the six months ended June 30, 2024. In accounting for this arrangement, the Company records advertising revenue for the advertisements aired on its networks and amortizes its share of the programming rights fee based on the estimated relative value of each season over the term of the arrangement.
Venu Sports
On February 6, 2024, the Company announced that it would enter into a joint venture with ESPN, a subsidiary of The Walt Disney Company (“Disney”), and Fox Corporation (“Fox”) to form Venu Sports, a sports-centric streaming service in the United States. On February 20, 2024, FuboTV Inc. and FuboTV Media Inc. (collectively, “Fubo”) filed a lawsuit against Disney, including certain affiliates, Fox, and WBD (collectively, the “Defendants”) in the U.S. District Court for the Southern District of New York alleging claims under federal and New York antitrust laws.
On January 6, 2025, Disney announced that it had entered into a definitive agreement to combine certain of Hulu Live TV’s assets with Fubo (the “Fubo Transaction”) and provide Fubo a senior unsecured term loan of up to $145 million in January 2026 (the “Fubo Loan”). If Disney funds the Fubo Loan prior to the consummation of the Fubo Transaction, the Company and Fox will participate in a portion of the Fubo Loan by providing loans to Disney with substantially the same economic terms as the Fubo Loan. A $130 million termination fee will be payable by Disney to Fubo if the transaction is terminated under certain circumstances. The Company and Fox have agreed to reimburse a portion of the termination fee to Disney if it becomes payable. In addition, the Defendants reached a settlement with Fubo related to Fubo’s antitrust claims and collectively paid $220 million to Fubo in January 2025, of which the Company’s share was $55 million. As of June 30, 2025, no other funding under this agreement has occurred.
On January 10, 2025, the Defendants announced their decision to discontinue the Venu Sports joint venture and not launch its streaming service effective immediately.
Discovery Family
Hasbro Inc. (“Hasbro”) had the right to put the entirety of its remaining 40% interest in Discovery Family to the Company. Hasbro did not exercise the right by the election period expiration date of March 31, 2025. As of March 31, 2025, Hasbro’s noncontrolling interest was reclassified from redeemable noncontrolling interest to noncontrolling interest outside of stockholders’ equity on the Company’s consolidated balance sheets.
Accumulated Other Comprehensive Loss
The table below presents the changes in the components of accumulated other comprehensive loss, net of taxes (in millions).
Three Months Ended June 30, 2025
Currency Translation DerivativesPension Plan and SERP LiabilityAccumulated Other Comprehensive Loss
Beginning balance$(777)$11 $(74)$(840)
Other comprehensive income (loss) before reclassifications
444 20 — 464 
Reclassifications from accumulated other comprehensive loss to net income
— 5 — 5 
Other comprehensive income (loss)
444 25 — 469 
Ending balance
$(333)$36 $(74)$(371)
Three Months Ended June 30, 2024
Currency Translation DerivativesPension Plan and SERP LiabilityAccumulated Other Comprehensive Loss
Beginning balance$(875)$22 $(60)$(913)
Other comprehensive income (loss) before reclassifications9 12 — 21 
Reclassifications from accumulated other comprehensive loss to net income
— 2 — 2 
Other comprehensive income (loss)9 14 — 23 
Ending balance
$(866)$36 $(60)$(890)
Six Months Ended June 30, 2025
Currency TranslationDerivativesPension Plan and SERP LiabilityAccumulated Other Comprehensive Loss
Beginning balance$(1,008)$15 $(74)$(1,067)
Other comprehensive income (loss) before reclassifications675 29 — 704 
Reclassifications from accumulated other comprehensive loss to net income— (8)— (8)
Other comprehensive income (loss)
675 21 — 696 
Ending balance$(333)$36 $(74)$(371)
Six Months Ended June 30, 2024
Currency TranslationDerivativesPension Plan and SERP LiabilityAccumulated Other Comprehensive Loss
Beginning balance$(699)$18 $(60)$(741)
Other comprehensive income (loss) before reclassifications(167)25 — (142)
Reclassifications from accumulated other comprehensive loss to net income— (7)— (7)
Other comprehensive income (loss)
(167)18 — (149)
Ending balance$(866)$36 $(60)$(890)
v3.25.2
RELATED PARTY TRANSACTIONS
 6 Months Ended
Jun. 30, 2025
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS RELATED PARTY TRANSACTIONS
In the normal course of business, the Company enters into transactions with related parties. Related party transactions include revenues and expenses for content and services provided to or acquired from equity method investees, entities that share common directorship, or minority partners of consolidated subsidiaries.
The table below presents a summary of the transactions with related parties (in millions).
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Revenues and service charges (a)
$161 $239 $375 $892 
Expenses$84 $83 $152 $160 
Distributions to noncontrolling interests and redeemable noncontrolling interests$17 $31 $174 $161 
(a) The decrease in revenue and service charges in 2025 is primarily attributable to transactions with certain entities that are no longer considered related parties, as such entities and the Company ceased to share common directorship in 2025.
The table below presents receivables due from and payables due to related parties (in millions).
June 30, 2025December 31, 2024
Receivables$158 $254 
Payables$45 $13 
v3.25.2
COMMITMENTS AND CONTINGENCIES
 6 Months Ended
Jun. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES COMMITMENTS AND CONTINGENCIES
Legal Matters
From time to time, in the normal course of its operations, the Company is subject to various litigation matters and claims, including claims related to employees, stockholders, vendors, other business partners, government regulations, or intellectual property, as well as disputes and matters involving counterparties to contractual agreements. A determination as to the amount of the accrual required for such contingencies is highly subjective and requires judgment about future events.
The Company may not currently be able to estimate the reasonably possible loss or range of loss for certain matters until developments in such matters have provided sufficient information to support an assessment of such loss. In the absence of sufficient information to support an assessment of the reasonably possible loss or range of loss, no accrual for such contingencies is made and no loss or range of loss is disclosed, including with respect to the matters noted below. Although the outcome of these matters cannot be predicted with certainty and the impact of the final resolution of these matters on the Company’s results of operations in a particular subsequent reporting period is not known, management does not currently believe that the resolution of these matters will have a material adverse effect on the Company’s future consolidated financial position, future results of operations, or cash flows.
Securities Class Action. On November 25, 2024, a securities class action complaint was filed in the United States District Court for the Southern District of New York (Collura v. Warner Bros. Discovery, Inc., No. 1:24-cv-09027-KPF). The complaint named Warner Bros. Discovery, Inc. (“WBD”), Gunnar Wiedenfels, and David M. Zaslav as defendants and asserted claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder. On February 21, 2025, the court appointed co-lead plaintiffs (Anthony Yuson and Michael Steinberg) and co-lead counsel (Pomerantz LLP and The Rosen Law Firm, P.A.) to represent the putative class. On May 7, 2025, the lead plaintiffs filed a First Amended Complaint against WBD, Gunnar Wiedenfels, and David M. Zaslav. The First Amended Complaint generally alleges that, between February 23, 2024 and August 7, 2024, defendants made false and misleading statements in SEC filings and other public disclosures relating to WBD’s negotiations with the National Basketball Association (“NBA”) concerning its contractual rights to broadcast the NBA’s content and the potential impact of a failure to renew the contract on its business, in violation of Sections 10(b) and 20(a) of the Exchange Act and Rule 10b-5, and seeks damages and other relief. The defendants moved to dismiss on July 11, 2025. The plaintiffs have until August 25, 2025 to file their opposition to defendants’ motion to dismiss.
Consolidated Derivative Action. Between December 20, 2024 and January 14, 2025, four shareholder derivative complaints were filed in the United States District Court for the Southern District of New York (Roy v. Zaslav et al., No. 1:24-cv-09856-AT, Hollin v. Zaslav et al., No. 1:24-cv-09885-AT, KO v. Zaslav et al., No. 1:25-cv-00114-AT, and Herman, III v. Chen et al., No. 1:25-cv-00352-AT). Each complaint names certain current and former directors and officers of WBD as defendants and WBD as nominal defendant, and each complaint seeks damages and other relief. The complaints generally assert claims against the defendants, derivatively on behalf of WBD, for alleged breaches of fiduciary duty based on the same facts alleged in the Collura securities case described above. The complaints assert various common law causes of action, including breach of fiduciary duties, aiding and abetting breach of fiduciary duties, abuse of control, unjust enrichment, gross mismanagement, and waste of corporate assets, as well claims for violations of Sections 14(a), 10(b), and 21D of the Exchange Act. On January 21, 2025, the court consolidated the four actions for all purposes under Case No. 1:24-cv-09856-AT, captioned as In re Warner Bros. Discovery, Inc. Derivative Litigation (the “Consolidated Derivative Action”). On February 19, 2025, the Court stayed the Consolidated Derivative Action pending resolution of a final decision on all motions to dismiss the operative complaint in the Collura securities action.
v3.25.2
REPORTABLE SEGMENTS
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
REPORTABLE SEGMENTS REPORTABLE SEGMENTS
The Company’s operating segments are determined based on: (i) financial information reviewed by its chief operating decision maker (“CODM”), the Chief Executive Officer (“CEO”), (ii) internal management and related reporting structure, and (iii) the basis upon which the CEO makes resource allocation decisions.
The accounting policies of the reportable segments are the same as the Company’s, except that certain inter-segment transactions that are eliminated for consolidation are not eliminated at the segment level. Inter-segment transactions primarily include advertising and content licenses. The Company generally records inter-segment transactions of content licenses at market value. The Company does not report assets by segment because it is not used by the CODM to allocate resources or evaluate segment performance.
The Company evaluates the operating performance of its segments based on financial measures such as revenues and Adjusted EBITDA. Adjusted EBITDA is defined as operating income excluding:
•employee share-based compensation;
•depreciation and amortization;
•restructuring and facility consolidation;
•certain impairment charges;
•gains and losses on business and asset dispositions;
•third-party transaction and integration costs;
•amortization of purchase accounting fair value step-up for content;
•amortization of capitalized interest for content; and
•other items impacting comparability.
The CODM uses this measure to assess the operating results and performance of the segments, perform analytical comparisons, identify strategies to improve performance, and allocate resources to each segment. The Company believes Adjusted EBITDA is relevant to investors because it allows them to analyze the operating performance of each segment using the same metric management uses. The Company excludes employee share-based compensation, restructuring, certain impairment charges, gains and losses on business and asset dispositions, and transaction and integration costs from the calculation of Adjusted EBITDA due to their impact on comparability between periods. Integration costs include transformative system implementations and integrations, such as Enterprise Resource Planning systems, and may take several years to complete. The Company also excludes the depreciation of fixed assets and amortization of intangible assets, amortization of purchase accounting fair value step-up for content (which is included in consolidated costs of revenues), and amortization of capitalized interest for content, as these amounts do not represent cash payments in the current reporting period. We prospectively updated certain corporate allocations at the beginning of 2025. The impact to prior periods was immaterial.
The tables below present summarized financial information for each of the Company’s reportable segments (in millions).
Revenues
 Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Streaming$2,793 $2,568 $5,449 $5,028 
Studios3,801 2,449 6,115 5,270 
Global Linear Networks4,803 5,272 9,577 10,397 
Corporate1 1 1 2 
Inter-segment eliminations (1,586)(577)(2,351)(1,026)
Total revenues$9,812 $9,713 $18,791 $19,671 
Reconciliation of Revenues to Segment Adjusted EBITDA
Three months ended June 30, 2025
StreamingStudiosGlobal Linear Networks
Revenues$2,793 $3,801 $4,803 
Less:
Content expense (a)
1,600 2,135 2,105 
Personnel expense (b)
191 232 505 
Marketing expense294 363 115 
Other segment expenses (c)
415 208 566 
Segment Adjusted EBITDA$293 $863 $1,512 
Three months ended June 30, 2024
StreamingStudiosGlobal Linear Networks
Revenues$2,568 $2,449 $5,272 
Less:
Content expense (a)
1,699 1,532 1,965 
Personnel expense (b)
201 231 566 
Marketing expense353 268 115 
Other segment expenses (c)
422 208 628 
Segment Adjusted EBITDA$(107)$210 $1,998 

Six months ended June 30, 2025
StreamingStudiosGlobal Linear Networks
Revenues$5,449 $6,115 $9,577 
Less:
Content expense (a)
3,104 3,474 3,937 
Personnel expense (b)
377 462 1,001 
Marketing expense514 615 219 
Other segment expenses (c)
822 442 1,115 
Segment Adjusted EBITDA$632 $1,122 $3,305 

Six months ended June 30, 2024
StreamingStudiosGlobal Linear Networks
Revenues$5,028 $5,270 $10,397 
Less:
Content expense (a)
3,266 3,482 3,808 
Personnel expense (b)
393 471 1,114 
Marketing expense642 557 203 
Other segment expenses (c)
748 366 1,155 
Segment Adjusted EBITDA$(21)$394 $4,117 
(a) Content expense includes amortization, impairments, participations, residuals, development expense, and production costs, including talent costs, and is a component of costs of revenues. Content expense excludes content impairments and other development costs recorded in restructuring and other charges, amortization of purchase accounting fair value step-up for content, and amortization of capitalized interest for content as these items are excluded from the calculation of Adjusted EBITDA.
(b) Personnel expense is a component of costs of revenues and selling, general and administrative expense. Personnel expense includes marketing personnel compensation and excludes commissions (included in other segment expenses) and talent costs (included in content expense).
(c) Other segment expenses include distribution costs, other direct costs, software and hardware costs, IT services, professional and consulting fees, commissions, and certain other overhead costs. Other segment expenses exclude depreciation and amortization, amortization of purchase accounting fair value step-up for content, amortization of capitalized interest for content, employee share-based compensation, third-party transaction and integration costs, and other items impacting comparability as these items are excluded from the calculation of Adjusted EBITDA.
Reconciliation of segment adjusted EBITDA to loss before income taxes
 Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Streaming$293 $(107)$632 $(21)
Studios863 210 1,122 394 
Global Linear Networks1,512 1,998 3,305 4,117 
Segment Adjusted EBITDA2,668 2,101 5,059 4,490 
Depreciation and amortization1,447 1,744 2,994 3,632 
Employee share-based compensation173 156 293 255 
Restructuring and other charges80 117 134 152 
Transaction and integration costs17 51 97 132 
Facility consolidation costs4 5 9 7 
Impairment and amortization of fair value step-up for content388 522 628 757 
Amortization of capitalized interest for content3 13 9 30 
Impairments and loss on dispositions26 9,395 116 9,407 
Corporate316 285 549 631 
Inter-segment eliminations 399 21 452 (38)
Other income, net(139)(172)(221)(158)
(Income) loss from equity investees, net(5)23 2 71 
Gain on extinguishment of debt(2,958)(542)(2,954)(567)
Interest expense, net463 518 931 1,033 
Income (loss) before income taxes$2,454 $(10,035)$2,020 $(10,854)
v3.25.2
SUBSEQUENT EVENTS
 6 Months Ended
Jun. 30, 2025
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS SUBSEQUENT EVENTS
In July 2025, the Company repaid $100 million of aggregate principal amount outstanding of its Bridge Loan Facility.
v3.25.2
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.2
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION (Policies)
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Principles of Consolidation
Principles of Consolidation
The consolidated financial statements include the accounts of the Company and its majority-owned subsidiaries in which a controlling interest is maintained, including variable interest entities (“VIE”) for which the Company is the primary beneficiary. Intercompany accounts and transactions between consolidated entities have been eliminated.
Unaudited Interim Financial Statements
Unaudited Interim Financial Statements
These consolidated financial statements are unaudited; however, in the opinion of management, they reflect all adjustments consisting only of normal recurring adjustments necessary to state fairly the financial position, results of operations and cash flows for the periods presented in conformity with U.S. GAAP applicable to interim periods. The results of operations for the interim periods presented are not necessarily indicative of results for the full year or future periods. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 (the “2024 Form 10-K”).
Use of Estimates
Use of Estimates
The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates, judgments and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results may differ from these estimates.
Recent Accounting and Reporting Pronouncements
Recent Accounting and Reporting Pronouncements
Income Taxes
In December 2023, the Financial Accounting Standards Board (“FASB”) issued guidance updating the disclosure requirements for income taxes, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. The amendments are effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company expects to adopt this guidance prospectively and is currently evaluating the impact it will have on its annual tax disclosures that will be included in its Form 10-K for the year ended December 31, 2025.
Disaggregation of Income Statement Expenses
In November 2024, the FASB issued guidance updating the disclosure requirements for income statement expenses, primarily through disaggregation of certain types of expenses presented on the income statement. The amendments are effective for fiscal years beginning after December 15, 2026 and for interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The amendments may be applied either: (1) prospectively to financial statements issued for reporting periods after the effective date, or (2) retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the impact this guidance will have on its disclosures.
Derivative Financial Instruments DERIVATIVE FINANCIAL INSTRUMENTS
In the normal course of business, the Company is exposed to foreign currency exchange rate market risk and interest rate fluctuations. As part of its risk management strategy, the Company uses derivative financial instruments, primarily foreign currency forward contracts, fixed-to-fixed currency swaps, total return swaps and interest rate swaps to hedge certain foreign currency, market value, and interest rate exposures. The Company’s objective is to reduce earnings volatility by offsetting gains and losses resulting from these exposures with losses and gains on the derivative contracts used to hedge them. The Company does not enter into or hold derivative financial instruments for speculative trading purposes.
Fair Value Measurements FAIR VALUE MEASUREMENTS
Fair value is defined as the amount that would be received for selling an asset or paid to transfer a liability in an orderly transaction between market participants. Assets and liabilities carried at fair value are classified in the following three categories:
Level 1–Quoted prices for identical instruments in active markets.
Level 2–Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets.
Level 3–Valuations derived from techniques in which one or more significant inputs are unobservable.
Reportable Segments REPORTABLE SEGMENTS
The Company’s operating segments are determined based on: (i) financial information reviewed by its chief operating decision maker (“CODM”), the Chief Executive Officer (“CEO”), (ii) internal management and related reporting structure, and (iii) the basis upon which the CEO makes resource allocation decisions.
The accounting policies of the reportable segments are the same as the Company’s, except that certain inter-segment transactions that are eliminated for consolidation are not eliminated at the segment level. Inter-segment transactions primarily include advertising and content licenses. The Company generally records inter-segment transactions of content licenses at market value. The Company does not report assets by segment because it is not used by the CODM to allocate resources or evaluate segment performance.
The Company evaluates the operating performance of its segments based on financial measures such as revenues and Adjusted EBITDA. Adjusted EBITDA is defined as operating income excluding:
•employee share-based compensation;
•depreciation and amortization;
•restructuring and facility consolidation;
•certain impairment charges;
•gains and losses on business and asset dispositions;
•third-party transaction and integration costs;
•amortization of purchase accounting fair value step-up for content;
•amortization of capitalized interest for content; and
•other items impacting comparability.
The CODM uses this measure to assess the operating results and performance of the segments, perform analytical comparisons, identify strategies to improve performance, and allocate resources to each segment. The Company believes Adjusted EBITDA is relevant to investors because it allows them to analyze the operating performance of each segment using the same metric management uses. The Company excludes employee share-based compensation, restructuring, certain impairment charges, gains and losses on business and asset dispositions, and transaction and integration costs from the calculation of Adjusted EBITDA due to their impact on comparability between periods. Integration costs include transformative system implementations and integrations, such as Enterprise Resource Planning systems, and may take several years to complete. The Company also excludes the depreciation of fixed assets and amortization of intangible assets, amortization of purchase accounting fair value step-up for content (which is included in consolidated costs of revenues), and amortization of capitalized interest for content, as these amounts do not represent cash payments in the current reporting period. We prospectively updated certain corporate allocations at the beginning of 2025. The impact to prior periods was immaterial.
v3.25.2
RESTRUCTURING AND OTHER CHARGES (Tables)
 6 Months Ended
Jun. 30, 2025
Restructuring and Related Activities [Abstract]  
Schedule of Restructuring and Other Charges by Reportable Segment
Restructuring and other charges by reportable segments and corporate and inter-segment eliminations were as follows (in millions).
 Three Months Ended June 30,Six Months Ended June 30,
 2025202420252024
Streaming$7 $15 $19 $17 
Studios(1)19 (6)30 
Global Linear Networks25 42 41 53 
Corporate and inter-segment eliminations49 41 80 52 
Total restructuring and other charges$80 $117 $134 $152 
Schedule of Changes in Restructuring Liabilities Recorded in Accrued Liabilities and Other Noncurrent Liabilities
Changes in restructuring liabilities recorded in accounts payable, accrued liabilities, and other noncurrent liabilities by major category and by reportable segment and corporate were as follows (in millions).
StreamingStudiosGlobal Linear NetworksCorporateTotal
December 31, 2024$31 $95 $105 $58 $289 
Employee termination accruals, net19 (6)41 35 89 
Other accruals and adjustments— — — 45 45 
Cash paid(12)(40)(51)(54)(157)
June 30, 2025$38 $49 $95 $84 $266 
v3.25.2
REVENUES (Tables)
 6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Revenue
The following tables present the Company’s revenues disaggregated by revenue source (in millions).
Three Months Ended June 30, 2025
StreamingStudiosGlobal Linear NetworksCorporate and Inter-segment EliminationsTotal
Revenues:
Distribution$2,410 $1 $2,477 $(3)$4,885 
Advertising282 — 1,953 (19)2,216 
Content102 3,591 287 (1,509)2,471 
Other(1)209 86 (54)240 
Total$2,793 $3,801 $4,803 $(1,585)$9,812 
Three Months Ended June 30, 2024
StreamingStudiosGlobal Linear NetworksCorporate and Inter-segment EliminationsTotal
Revenues:
Distribution$2,202 $3 $2,675 $(1)$4,879 
Advertising240 — 2,214 (24)2,430 
Content123 2,237 299 (550)2,109 
Other3 209 84 (1)295 
Total$2,568 $2,449 $5,272 $(576)$9,713 
Six Months Ended June 30, 2025
StreamingStudiosGlobal Linear NetworksCorporate and Inter-segment EliminationsTotal
Revenues:
Distribution$4,739 $2 $5,035 $(5)$9,771 
Advertising519 1 3,711 (35)4,196 
Content190 5,730 667 (2,250)4,337 
Other1 382 164 (60)487 
Total$5,449 $6,115 $9,577 $(2,350)$18,791 
Six Months Ended June 30, 2024
StreamingStudiosGlobal Linear NetworksCorporate and Inter-segment EliminationsTotal
Revenues:
Distribution$4,387 $8 $5,472 $(3)$9,864 
Advertising415 4 4,201 (42)4,578 
Content222 4,860 563 (978)4,667 
Other4 398 161 (1)562 
Total$5,028 $5,270 $10,397 $(1,024)$19,671 
Schedule of Contract Liabilities
The following table presents contract liabilities on the consolidated balance sheets (in millions).
CategoryBalance Sheet LocationJune 30, 2025December 31, 2024
Contract liabilitiesDeferred revenues$1,527 $1,569 
Contract liabilitiesOther noncurrent liabilities231 206 
Schedule of Remaining Performance Obligations by Contract Type
The following table presents a summary of revenue expected to be recognized from remaining performance obligations by contract type (in millions).
Contract TypeJune 30, 2025Duration
Distribution - fixed price or minimum guarantee$2,048 
Through 2030
Content licensing and sports sublicensing4,678 
Through 2032
Brand licensing3,012 
Through 2052
Advertising648 
Through 2030
Other144 
Through 2029
Total$10,530 
v3.25.2
SALES OF RECEIVABLES (Tables)
 6 Months Ended
Jun. 30, 2025
Receivables [Abstract]  
Schedule of Receivables Sold
The following table presents a summary of receivables sold (in millions).
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Gross receivables sold/cash proceeds received$3,991 $3,540 $8,222 $7,496 
Collections reinvested under revolving receivables program(4,240)(3,643)(8,360)(7,630)
Net cash proceeds remitted$(249)$(103)$(138)$(134)
Net receivables sold$3,985 $3,529 $8,190 $7,443 
Obligations recorded (Level 3)$97 $86 $200 $239 
Schedule of Amounts Transferred or Pledged
The following table presents a summary of the amounts transferred or pledged, which were held at the Company’s bankruptcy-remote consolidated subsidiary (in millions).
June 30, 2025December 31, 2024
Gross receivables pledged as collateral$2,594 $2,402 
Restricted cash pledged as collateral$— $100 
Balance sheet classification:
Receivables, net$2,173 $2,039 
Prepaid expenses and other current assets$— $100 
Other noncurrent assets$421 $363 
v3.25.2
CONTENT RIGHTS (Tables)
 6 Months Ended
Jun. 30, 2025
Intangible Assets, Net (Excluding Goodwill) [Abstract]  
Schedule of Components of Content Rights The tables below present the components of content rights (in millions).
June 30, 2025
Predominantly Monetized Individually
Predominantly Monetized as a Group
Total
Production costs:
Released, less amortization$3,227 $5,784 $9,011 
Completed and not released763 640 1,403 
In production and other1,635 2,198 3,833 
Total production costs$5,625 $8,622 $14,247 
Licensed content, live programming, and advances, net4,729 
Game development costs, less amortization286 
Total film and television content rights and games19,262 
Less: Current content rights and prepaid license fees, net(445)
Total noncurrent film and television content rights and games$18,817 
December 31, 2024
Predominantly Monetized Individually
Predominantly Monetized as a Group
Total
Production costs:
Released, less amortization$2,948 $5,678 $8,626 
Completed and not released794 767 1,561 
In production and other1,700 2,008 3,708 
Total production costs$5,442 $8,453 $13,895 
Licensed content, live programming, and advances, net5,744 
Game development costs, less amortization247 
Total film and television content rights and games19,886 
Less: Current content rights and prepaid license fees, net(784)
Total noncurrent film and television content rights and games$19,102 
Schedule of Content Amortization
Content amortization consisted of the following (in millions).
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Predominantly monetized individually$645 $754 $1,225 $1,676 
Predominantly monetized as a group3,033 3,114 5,563 5,893 
Total content amortization$3,678 $3,868 $6,788 $7,569 
v3.25.2
INVESTMENTS (Tables)
 6 Months Ended
Jun. 30, 2025
Investments [Abstract]  
Schedule of Investments Recorded in Other Noncurrent Liabilities
The Company’s equity investments consisted of the following, net of investments recorded in other noncurrent liabilities (in millions).
CategoryBalance Sheet LocationOwnershipJune 30, 2025December 31, 2024
Equity method investments:
The Chernin Group (TCG) 2.0-A, LPOther noncurrent assets44%$237 $240 
nC+Other noncurrent assets32%154 128 
TNT SportsOther noncurrent assets50%84 92 
OtherOther noncurrent assets243 261 
Total equity method investments718 721 
Investments with readily determinable fair valuesOther noncurrent assets— 41 
Investments without readily determinable fair values
Other noncurrent assets(a)
350 353 
Total investments$1,068 $1,115 
(a) Investments without readily determinable fair values included $17 million as of June 30, 2025 and December 31, 2024 that was recorded in prepaid expenses and other current assets.
v3.25.2
DEBT (Tables)
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Components of Outstanding Debt
The table below presents the components of outstanding debt (in millions).
Weighted-Average
Interest Rate as of
June 30, 2025
June 30, 2025December 31, 2024
Bridge loan with maturity of 18 months
7.33 %$17,000 $— 
Senior notes with maturities of 5 years or less
3.92 %6,757 13,744 
Senior notes with maturities between 5 and 10 years
4.40 %3,547 7,853 
Senior notes with maturities greater than 10 years
5.17 %7,696 17,930 
Total debt35,000 39,527 
Unamortized discount, premium, debt issuance costs, and fair value adjustments for acquisition accounting, net(368)(22)
Debt, net of unamortized discount, premium, debt issuance costs, and fair value adjustments for acquisition accounting34,632 39,505 
Current portion of debt(221)(2,748)
Noncurrent portion of debt$34,411 $36,757 
v3.25.2
DERIVATIVE FINANCIAL INSTRUMENTS (Tables)
 6 Months Ended
Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Impact of Derivative Financial Instruments The following table summarizes the Company’s derivative financial instruments recorded on its consolidated balance sheets (in millions).
June 30, 2025December 31, 2024
Fair ValueFair Value
NotionalPrepaid expenses and other current assetsOther non-
current assets		Accounts payable and accrued liabilitiesOther non-
current liabilities		NotionalPrepaid expenses and other current assetsOther non-
current assets		Accounts payable and accrued liabilitiesOther non-
current liabilities
Cash flow hedges:
Foreign exchange$2,363 $54 $84 $60 $41 $1,608 $47 $14 $25 $28 
Net investment hedges: (a)
Cross-currency swaps461 7 — — 15 421 6 — — 4 
No hedging designation:
Foreign exchange358 6 2 14 76 951 18 7 14 122 
Cross-currency swaps230 4 — — 10 210 2 — — 1 
Interest rate swaps2,500 — — 3 — — — — — — 
Total return swaps477 17 — — — 454 — — 16 — 
Total$88 $86 $77 $142 $73 $21 $55 $155 
(a) Excludes €697 million and €1,500 million of euro-denominated notes ($818 million and $1,558 million equivalent) at June 30, 2025 and December 31, 2024, respectively, designated as a net investment hedge. (See Note 8.)
Schedule of Pre-Tax Impact of Derivatives Designated as Cash Flow Hedges
The following table presents the pre-tax impact of derivatives designated as cash flow hedges on income and other comprehensive loss (in millions).
 Three Months Ended June 30,Six Months Ended June 30,
 2025202420252024
Gains (losses) recognized in accumulated other comprehensive loss:
Foreign exchange - derivative adjustments
$28 $15 $42 $31 
Gains (losses) reclassified into income from accumulated other comprehensive loss:
Foreign exchange - distribution revenue
(5)1 (1)3 
Foreign exchange - costs of revenues
1 (4)1 7 
Interest rate - interest expense, net(1)(1)(2)(2)
Interest rate - loss on extinguishment of debt(1)(4)(1)(4)
Interest rate - other income, net
— 5 14 5 
Schedule of Pre-Tax Impact of Derivatives Designated as Net Investment Hedges on Other Comprehensive Loss
The following table presents the pre-tax impact of derivatives and other instruments designated as net investment hedges on other comprehensive loss (in millions). Other than amounts excluded from effectiveness testing, there were no other material gains (losses) reclassified from accumulated other comprehensive loss to income during the three and six months ended June 30, 2025 and 2024.
Three Months Ended June 30,
Amount of gain (loss) recognized in AOCILocation of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing)Amount of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing)
2025202420252024
Cross currency swaps$(8)$14 Interest expense, net$3 $6 
Euro-denominated notes (foreign denominated debt)(148)21 N/A— — 
Total$(156)$35 $3 $6 
Six Months Ended June 30,
Amount of gain (loss) recognized in AOCILocation of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing)Amount of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing)
2025202420252024
Cross currency swaps$(12)$39 Interest expense, net$6 $12 
Euro-denominated notes (foreign denominated debt)(208)21 N/A— — 
Sterling notes (foreign denominated debt)— 4 N/A— — 
Total$(220)$64 $6 $12 
Schedule of Pre-Tax Impact of Derivatives Not Designated as Hedges on Statements of Operations
The following table presents the pretax gains (losses) on derivatives not designated as hedges and recognized in selling, general and administrative expense and other income, net in the consolidated statements of operations (in millions).
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Interest rate swaps$(3)$7 $(2)$28 
Total return swaps31 1 20 20 
Total in selling, general and administrative expense28 8 18 48 
Interest rate swaps— (5)— (3)
Cross-currency swaps(6)— (7)— 
Foreign exchange derivatives 25 (17)34 (25)
Total in other income, net
19 (22)27 (28)
Total$47 $(14)$45 $20 
v3.25.2
FAIR VALUE MEASUREMENTS (Tables)
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis
The tables below present assets and liabilities measured at fair value on a recurring basis (in millions).
  June 30, 2025
CategoryBalance Sheet LocationLevel 1Level 2Level 3Total
Assets
Cash equivalents:
Time depositsCash and cash equivalents$— $317 $— $317 
Equity securities:
Money market fundCash and cash equivalents50 — — 50 
Mutual fundsPrepaid expenses and other current assets12 — — 12 
Company-owned life insurance contractsPrepaid expenses and other current assets— 7 — 7 
Mutual fundsOther noncurrent assets211 — — 211 
Company-owned life insurance contractsOther noncurrent assets— 95 — 95 
Total$273 $419 $— $692 
Liabilities
Deferred compensation planAccrued liabilities$67 $— $— $67 
Deferred compensation planOther noncurrent liabilities659 — — 659 
Total$726 $— $— $726 
December 31, 2024
CategoryBalance Sheet LocationLevel 1Level 2Level 3Total
Assets
Cash equivalents:
Time depositsCash and cash equivalents$— $95 $— $95 
Equity securities:
Money market fundsCash and cash equivalents46 — — 46 
Mutual fundsPrepaid expenses and other current assets16 — — 16 
Company-owned life insurance contractsPrepaid expenses and other current assets— 1 — 1 
Mutual fundsOther noncurrent assets216 — — 216 
Company-owned life insurance contractsOther noncurrent assets— 102 — 102 
Total$278 $198 $— $476 
Liabilities
Deferred compensation planAccrued liabilities$62 $— $— $62 
Deferred compensation planOther noncurrent liabilities650 — — 650 
Total$712 $— $— $712 
v3.25.2
SHARE-BASED COMPENSATION (Tables)
 6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Awards Granted The table below presents awards granted (in millions, except weighted-average grant price).
Six Months Ended June 30, 2025
AwardsWeighted-Average Grant Price
Awards granted:
PRSUs4.6 $11.02 
RSUs41.4 $10.86 
Stock options25.1 $10.30 
Schedule of Unrecognized Compensation Cost Related to Non-Vested Share-Based Awards and Weighted-Average Amortization Period
The table below presents unrecognized compensation cost related to non-vested share-based awards and the weighted-average amortization period over which these expenses will be recognized as of June 30, 2025 (in millions, except years).
Unrecognized Compensation CostWeighted-Average Amortization Period
(years)
PRSUs$72 1.3
RSUs674 1.6
Stock options183 2.9
Total unrecognized compensation cost$929 
v3.25.2
SUPPLEMENTAL DISCLOSURES (Tables)
 6 Months Ended
Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Other Income, Net
Other income, net, consisted of the following (in millions).
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Foreign currency gains (losses), net$58 $(54)$88 $(191)
Gains (losses) on derivative instruments, net19 (17)41 (23)
Change in the value of investments with readily determinable fair value— (1)4 (2)
Gain on sale of equity method investments— 203 — 203 
Change in fair value of equity investments without readily determinable fair value— (13)(4)(27)
Interest income59 63 123 123 
Indemnification receivable accrual(5)6 (43)96 
Other income (loss), net8 (15)12 (21)
Total other income, net
$139 $172 $221 $158 
Schedule of Supplemental Cash Flow Information
Supplemental Cash Flow Information
Six Months Ended June 30,
20252024
Non-cash investing and financing activities:
Assets acquired under finance lease and other arrangements$219 $224 
Settlement of PRSU awards$62 $40 
Accrued debt tender fees$95 $— 
Schedule of Cash and Cash Equivalents
Cash, Cash Equivalents, and Restricted Cash
 June 30, 2025December 31, 2024
Cash and cash equivalents$4,888 $5,312 
Restricted cash - recorded in prepaid expenses and other current assets (1)
3 104 
Total cash, cash equivalents, and restricted cash $4,891 $5,416 
(1) Restricted cash at December 31, 2024 primarily includes cash posted as collateral related to the Company’s revolving receivables program. (See Note 5.)
Schedule of Restrictions on Cash and Cash Equivalents
Cash, Cash Equivalents, and Restricted Cash
 June 30, 2025December 31, 2024
Cash and cash equivalents$4,888 $5,312 
Restricted cash - recorded in prepaid expenses and other current assets (1)
3 104 
Total cash, cash equivalents, and restricted cash $4,891 $5,416 
(1) Restricted cash at December 31, 2024 primarily includes cash posted as collateral related to the Company’s revolving receivables program. (See Note 5.)
Schedule of Net Income (Loss) Available to Warner Bros. Discovery, Inc. Series A Common Stockholders for Basic and Diluted Earnings Per Share
The table below presents a reconciliation of net income (loss) available to Warner Bros. Discovery, Inc. Series A common stockholders for basic and diluted earnings per share (in millions).
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Numerator:
Net income (loss)$1,588 $(10,028)$1,139 $(10,983)
Less:
Net income attributable to noncontrolling interests(7)(10)(15)(17)
Net (income) loss attributable to redeemable noncontrolling interests(1)52 3 48 
Redeemable noncontrolling interest adjustments of carrying value to redemption value (redemption value does not equal fair value)— — — (4)
Net income (loss) available to Warner Bros. Discovery, Inc. Series A common stockholders for basic and diluted earnings per share$1,580 $(9,986)$1,127 $(10,956)
Denominator — weighted average:
Common shares outstanding — basic2,477 2,451 2,469 2,447 
Dilutive effect of share-based awards22 — 31 — 
Common shares outstanding — diluted2,499 2,451 2,500 2,447 

Basic net loss per share allocated to common stockholders$0.64 $(4.07)$0.46 $(4.48)
Diluted net loss per share allocated to common stockholders$0.63 $(4.07)$0.45 $(4.48)
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share
The table below presents the details of share-based awards that were excluded from the calculation of diluted earnings per share (in millions).
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Anti-dilutive share-based awards
81 106 66 73 
Schedule of Accumulated Other Comprehensive Loss
The table below presents the changes in the components of accumulated other comprehensive loss, net of taxes (in millions).
Three Months Ended June 30, 2025
Currency Translation DerivativesPension Plan and SERP LiabilityAccumulated Other Comprehensive Loss
Beginning balance$(777)$11 $(74)$(840)
Other comprehensive income (loss) before reclassifications
444 20 — 464 
Reclassifications from accumulated other comprehensive loss to net income
— 5 — 5 
Other comprehensive income (loss)
444 25 — 469 
Ending balance
$(333)$36 $(74)$(371)
Three Months Ended June 30, 2024
Currency Translation DerivativesPension Plan and SERP LiabilityAccumulated Other Comprehensive Loss
Beginning balance$(875)$22 $(60)$(913)
Other comprehensive income (loss) before reclassifications9 12 — 21 
Reclassifications from accumulated other comprehensive loss to net income
— 2 — 2 
Other comprehensive income (loss)9 14 — 23 
Ending balance
$(866)$36 $(60)$(890)
Six Months Ended June 30, 2025
Currency TranslationDerivativesPension Plan and SERP LiabilityAccumulated Other Comprehensive Loss
Beginning balance$(1,008)$15 $(74)$(1,067)
Other comprehensive income (loss) before reclassifications675 29 — 704 
Reclassifications from accumulated other comprehensive loss to net income— (8)— (8)
Other comprehensive income (loss)
675 21 — 696 
Ending balance$(333)$36 $(74)$(371)
Six Months Ended June 30, 2024
Currency TranslationDerivativesPension Plan and SERP LiabilityAccumulated Other Comprehensive Loss
Beginning balance$(699)$18 $(60)$(741)
Other comprehensive income (loss) before reclassifications(167)25 — (142)
Reclassifications from accumulated other comprehensive loss to net income— (7)— (7)
Other comprehensive income (loss)
(167)18 — (149)
Ending balance$(866)$36 $(60)$(890)
v3.25.2
RELATED PARTY TRANSACTIONS (Tables)
 6 Months Ended
Jun. 30, 2025
Related Party Transactions [Abstract]  
Schedule of Transactions with Related Parties and Amount Due from/to Related Parties The table below presents a summary of the transactions with related parties (in millions).
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Revenues and service charges (a)
$161 $239 $375 $892 
Expenses$84 $83 $152 $160 
Distributions to noncontrolling interests and redeemable noncontrolling interests$17 $31 $174 $161 
(a) The decrease in revenue and service charges in 2025 is primarily attributable to transactions with certain entities that are no longer considered related parties, as such entities and the Company ceased to share common directorship in 2025.
The table below presents receivables due from and payables due to related parties (in millions).
June 30, 2025December 31, 2024
Receivables$158 $254 
Payables$45 $13 
v3.25.2
REPORTABLE SEGMENTS (Tables)
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Schedule of Reportable Segments, Corporate, and Inter-Segment Eliminations
The tables below present summarized financial information for each of the Company’s reportable segments (in millions).
Revenues
 Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Streaming$2,793 $2,568 $5,449 $5,028 
Studios3,801 2,449 6,115 5,270 
Global Linear Networks4,803 5,272 9,577 10,397 
Corporate1 1 1 2 
Inter-segment eliminations (1,586)(577)(2,351)(1,026)
Total revenues$9,812 $9,713 $18,791 $19,671 
Reconciliation of Revenues to Segment Adjusted EBITDA
Three months ended June 30, 2025
StreamingStudiosGlobal Linear Networks
Revenues$2,793 $3,801 $4,803 
Less:
Content expense (a)
1,600 2,135 2,105 
Personnel expense (b)
191 232 505 
Marketing expense294 363 115 
Other segment expenses (c)
415 208 566 
Segment Adjusted EBITDA$293 $863 $1,512 
Three months ended June 30, 2024
StreamingStudiosGlobal Linear Networks
Revenues$2,568 $2,449 $5,272 
Less:
Content expense (a)
1,699 1,532 1,965 
Personnel expense (b)
201 231 566 
Marketing expense353 268 115 
Other segment expenses (c)
422 208 628 
Segment Adjusted EBITDA$(107)$210 $1,998 

Six months ended June 30, 2025
StreamingStudiosGlobal Linear Networks
Revenues$5,449 $6,115 $9,577 
Less:
Content expense (a)
3,104 3,474 3,937 
Personnel expense (b)
377 462 1,001 
Marketing expense514 615 219 
Other segment expenses (c)
822 442 1,115 
Segment Adjusted EBITDA$632 $1,122 $3,305 

Six months ended June 30, 2024
StreamingStudiosGlobal Linear Networks
Revenues$5,028 $5,270 $10,397 
Less:
Content expense (a)
3,266 3,482 3,808 
Personnel expense (b)
393 471 1,114 
Marketing expense642 557 203 
Other segment expenses (c)
748 366 1,155 
Segment Adjusted EBITDA$(21)$394 $4,117 
(a) Content expense includes amortization, impairments, participations, residuals, development expense, and production costs, including talent costs, and is a component of costs of revenues. Content expense excludes content impairments and other development costs recorded in restructuring and other charges, amortization of purchase accounting fair value step-up for content, and amortization of capitalized interest for content as these items are excluded from the calculation of Adjusted EBITDA.
(b) Personnel expense is a component of costs of revenues and selling, general and administrative expense. Personnel expense includes marketing personnel compensation and excludes commissions (included in other segment expenses) and talent costs (included in content expense).
(c) Other segment expenses include distribution costs, other direct costs, software and hardware costs, IT services, professional and consulting fees, commissions, and certain other overhead costs. Other segment expenses exclude depreciation and amortization, amortization of purchase accounting fair value step-up for content, amortization of capitalized interest for content, employee share-based compensation, third-party transaction and integration costs, and other items impacting comparability as these items are excluded from the calculation of Adjusted EBITDA.
Schedule of Reconciliation of Net Loss Available to Warner Bros. Discovery, Inc. to Adjusted EBITDA
Reconciliation of segment adjusted EBITDA to loss before income taxes
 Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Streaming$293 $(107)$632 $(21)
Studios863 210 1,122 394 
Global Linear Networks1,512 1,998 3,305 4,117 
Segment Adjusted EBITDA2,668 2,101 5,059 4,490 
Depreciation and amortization1,447 1,744 2,994 3,632 
Employee share-based compensation173 156 293 255 
Restructuring and other charges80 117 134 152 
Transaction and integration costs17 51 97 132 
Facility consolidation costs4 5 9 7 
Impairment and amortization of fair value step-up for content388 522 628 757 
Amortization of capitalized interest for content3 13 9 30 
Impairments and loss on dispositions26 9,395 116 9,407 
Corporate316 285 549 631 
Inter-segment eliminations 399 21 452 (38)
Other income, net(139)(172)(221)(158)
(Income) loss from equity investees, net(5)23 2 71 
Gain on extinguishment of debt(2,958)(542)(2,954)(567)
Interest expense, net463 518 931 1,033 
Income (loss) before income taxes$2,454 $(10,035)$2,020 $(10,854)
v3.25.2
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION (Details)
 6 Months Ended
Jun. 30, 2025
segment
Accounting Policies [Abstract]  
Number of reportable segments 3
v3.25.2
RESTRUCTURING AND OTHER CHARGES - Narrative (Details)
 12 Months Ended
Dec. 31, 2024
restructuringInitiative
Restructuring and Related Activities [Abstract]  
Number of additional restructuring initiatives 2
v3.25.2
RESTRUCTURING AND OTHER CHARGES - Schedule of Restructuring and Other Charges by Reportable Segment (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Restructuring Cost and Reserve [Line Items]        
Total restructuring and other charges $ 80 $ 117 $ 134 $ 152
Operating Segments | Streaming        
Restructuring Cost and Reserve [Line Items]        
Total restructuring and other charges 7 15 19 17
Operating Segments | Studios        
Restructuring Cost and Reserve [Line Items]        
Total restructuring and other charges (1) 19 (6) 30
Operating Segments | Global Linear Networks        
Restructuring Cost and Reserve [Line Items]        
Total restructuring and other charges 25 42 41 53
Corporate        
Restructuring Cost and Reserve [Line Items]        
Total restructuring and other charges $ 49 $ 41 $ 80 $ 52
v3.25.2
RESTRUCTURING AND OTHER CHARGES - Schedule of Changes in Restructuring Liabilities Recorded in Accrued Liabilities and Other Noncurrent Liabilities (Details)
$ in Millions
 6 Months Ended
Jun. 30, 2025
USD ($)
Restructuring Reserve  
Beginning balance $ 289
Other accruals and adjustments 45
Cash paid (157)
Ending balance 266
Employee termination accruals, net  
Restructuring Reserve  
Termination accruals, net 89
Operating Segments | Streaming  
Restructuring Reserve  
Beginning balance 31
Other accruals and adjustments 0
Cash paid (12)
Ending balance 38
Operating Segments | Streaming | Employee termination accruals, net  
Restructuring Reserve  
Termination accruals, net 19
Operating Segments | Studios  
Restructuring Reserve  
Beginning balance 95
Other accruals and adjustments 0
Cash paid (40)
Ending balance 49
Operating Segments | Studios | Employee termination accruals, net  
Restructuring Reserve  
Termination accruals, net (6)
Operating Segments | Global Linear Networks  
Restructuring Reserve  
Beginning balance 105
Other accruals and adjustments 0
Cash paid (51)
Ending balance 95
Operating Segments | Global Linear Networks | Employee termination accruals, net  
Restructuring Reserve  
Termination accruals, net 41
Corporate  
Restructuring Reserve  
Beginning balance 58
Other accruals and adjustments 45
Cash paid (54)
Ending balance 84
Corporate | Employee termination accruals, net  
Restructuring Reserve  
Termination accruals, net $ 35
v3.25.2
REVENUES - Schedule of Disaggregation of Revenue (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Disaggregation of Revenue [Line Items]        
Total revenues $ 9,812 $ 9,713 $ 18,791 $ 19,671
Distribution        
Disaggregation of Revenue [Line Items]        
Total revenues 4,885 4,879 9,771 9,864
Advertising        
Disaggregation of Revenue [Line Items]        
Total revenues 2,216 2,430 4,196 4,578
Content        
Disaggregation of Revenue [Line Items]        
Total revenues 2,471 2,109 4,337 4,667
Other        
Disaggregation of Revenue [Line Items]        
Total revenues 240 295 487 562
Operating Segments | Streaming        
Disaggregation of Revenue [Line Items]        
Total revenues 2,793 2,568 5,449 5,028
Operating Segments | Studios        
Disaggregation of Revenue [Line Items]        
Total revenues 3,801 2,449 6,115 5,270
Operating Segments | Global Linear Networks        
Disaggregation of Revenue [Line Items]        
Total revenues 4,803 5,272 9,577 10,397
Operating Segments | Distribution | Streaming        
Disaggregation of Revenue [Line Items]        
Total revenues 2,410 2,202 4,739 4,387
Operating Segments | Distribution | Studios        
Disaggregation of Revenue [Line Items]        
Total revenues 1 3 2 8
Operating Segments | Distribution | Global Linear Networks        
Disaggregation of Revenue [Line Items]        
Total revenues 2,477 2,675 5,035 5,472
Operating Segments | Advertising | Streaming        
Disaggregation of Revenue [Line Items]        
Total revenues 282 240 519 415
Operating Segments | Advertising | Studios        
Disaggregation of Revenue [Line Items]        
Total revenues 0 0 1 4
Operating Segments | Advertising | Global Linear Networks        
Disaggregation of Revenue [Line Items]        
Total revenues 1,953 2,214 3,711 4,201
Operating Segments | Content | Streaming        
Disaggregation of Revenue [Line Items]        
Total revenues 102 123 190 222
Operating Segments | Content | Studios        
Disaggregation of Revenue [Line Items]        
Total revenues 3,591 2,237 5,730 4,860
Operating Segments | Content | Global Linear Networks        
Disaggregation of Revenue [Line Items]        
Total revenues 287 299 667 563
Operating Segments | Other | Streaming        
Disaggregation of Revenue [Line Items]        
Total revenues (1) 3 1 4
Operating Segments | Other | Studios        
Disaggregation of Revenue [Line Items]        
Total revenues 209 209 382 398
Operating Segments | Other | Global Linear Networks        
Disaggregation of Revenue [Line Items]        
Total revenues 86 84 164 161
Corporate and Inter-segment Eliminations        
Disaggregation of Revenue [Line Items]        
Total revenues (1,585) (576) (2,350) (1,024)
Corporate and Inter-segment Eliminations | Distribution        
Disaggregation of Revenue [Line Items]        
Total revenues (3) (1) (5) (3)
Corporate and Inter-segment Eliminations | Advertising        
Disaggregation of Revenue [Line Items]        
Total revenues (19) (24) (35) (42)
Corporate and Inter-segment Eliminations | Content        
Disaggregation of Revenue [Line Items]        
Total revenues (1,509) (550) (2,250) (978)
Corporate and Inter-segment Eliminations | Other        
Disaggregation of Revenue [Line Items]        
Total revenues $ (54) $ (1) $ (60) $ (1)
v3.25.2
REVENUES - Schedule of Contract Liabilities (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]    
Contract liabilities - deferred revenues $ 1,527 $ 1,569
Contract liabilities - other noncurrent liabilities $ 231 $ 206
v3.25.2
REVENUES - Narrative (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Revenue from Contract with Customer [Abstract]    
Revenue recognized related to the contract liability (deferred revenues) $ 1,003 $ 1,046
v3.25.2
REVENUES - Schedule of Remaining Performance Obligations by Contract Type (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-07-01
$ in Millions
Jun. 30, 2025
USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligations $ 10,530
Distribution - fixed price or minimum guarantee  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligations $ 2,048
Remaining performance obligations, expected timing of satisfaction, period 5 years 6 months
Content licensing and sports sublicensing  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligations $ 4,678
Remaining performance obligations, expected timing of satisfaction, period 7 years 6 months 3 days
Brand licensing  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligations $ 3,012
Remaining performance obligations, expected timing of satisfaction, period 27 years 6 months 7 days
Advertising  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligations $ 648
Remaining performance obligations, expected timing of satisfaction, period 5 years 6 months
Other  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligations $ 144
Remaining performance obligations, expected timing of satisfaction, period 4 years 6 months
v3.25.2
SALES OF RECEIVABLES - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Receivables [Abstract]        
Face amount $ 5,000   $ 5,000  
Outstanding receivables derecognized 4,499   4,499  
Loss on revolving receivables program 56 $ 37 92 $ 88
Accounts receivable sold under factoring arrangements $ 102 $ 57 $ 102 $ 57
v3.25.2
SALES OF RECEIVABLES - Schedule of Receivables Sold (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Receivables [Abstract]        
Gross receivables sold/cash proceeds received $ 3,991 $ 3,540 $ 8,222 $ 7,496
Collections reinvested under revolving receivables program (4,240) (3,643) (8,360) (7,630)
Net cash proceeds remitted (249) (103) (138) (134)
Net receivables sold 3,985 3,529 8,190 7,443
Obligations recorded (Level 3) $ 97 $ 86 $ 200 $ 239
v3.25.2
SALES OF RECEIVABLES - Schedule of Amounts Transferred or Pledged (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Financing Receivable, Allowance for Credit Loss [Line Items]    
Restricted cash pledged as collateral $ 3 $ 104
Asset Pledged as Collateral    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Gross receivables pledged as collateral 2,594 2,402
Restricted cash pledged as collateral 0 100
Asset Pledged as Collateral | Receivables, net    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Receivables, net 2,173 2,039
Asset Pledged as Collateral | Other noncurrent assets    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Other noncurrent assets $ 421 $ 363
v3.25.2
CONTENT RIGHTS - Schedule of Components of Content Rights (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Predominantly Monetized Individually    
Released, less amortization $ 3,227 $ 2,948
Completed and not released 763 794
In production and other 1,635 1,700
Predominantly Monetized as a Group    
Released, less amortization 5,784 5,678
Completed and not released 640 767
In production and other 2,198 2,008
Total    
Released, less amortization 9,011 8,626
Completed and not released 1,403 1,561
In production and other 3,833 3,708
Predominantly Monetized Individually 5,625 5,442
Predominantly Monetized as a Group 8,622 8,453
Total 14,247 13,895
Licensed content, live programming, and advances, net 4,729 5,744
Game development costs, less amortization 286 247
Total film and television content rights and games 19,262 19,886
Less: Current content rights and prepaid license fees, net (445) (784)
Total noncurrent film and television content rights and games $ 18,817 $ 19,102
v3.25.2
CONTENT RIGHTS - Schedule of Content Amortization (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Intangible Assets, Net (Excluding Goodwill) [Abstract]        
Predominantly monetized individually $ 645 $ 754 $ 1,225 $ 1,676
Predominantly monetized as a group 3,033 3,114 5,563 5,893
Total content amortization $ 3,678 $ 3,868 $ 6,788 $ 7,569
v3.25.2
CONTENT RIGHTS - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Intangible Assets, Net (Excluding Goodwill) [Abstract]        
Content impairments $ 28 $ 52 $ 63 $ 178
v3.25.2
INVESTMENTS - Schedule of Investments Recorded in Other Noncurrent Liabilities (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Schedule of Equity Method Investments [Line Items]    
Equity method investments: $ 718 $ 721
Investments with readily determinable fair values 0 41
Investments without readily determinable fair values 350 353
Total investments 1,068 1,115
Prepaid expenses and other current assets    
Schedule of Equity Method Investments [Line Items]    
Investments without readily determinable fair values $ 17 17
The Chernin Group (TCG) 2.0-A, LP    
Schedule of Equity Method Investments [Line Items]    
Ownership 44.00%  
Equity method investments: $ 237 240
nC+    
Schedule of Equity Method Investments [Line Items]    
Ownership 32.00%  
Equity method investments: $ 154 128
TNT Sports    
Schedule of Equity Method Investments [Line Items]    
Ownership 50.00%  
Equity method investments: $ 84 92
Other    
Schedule of Equity Method Investments [Line Items]    
Equity method investments: $ 243 $ 261
v3.25.2
INVESTMENTS - Equity Method Investments - Narrative (Details) - USD ($)
$ in Millions
 1 Months Ended 6 Months Ended
Jan. 31, 2025
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Schedule of Equity Method Investments [Line Items]        
Variable interest, maximum exposure to loss   $ 542    
Equity method investments:   718   $ 721
Proceeds for noncontrolling interest in joint venture $ 601 $ 601 $ 0  
Cutting Edge Group        
Schedule of Equity Method Investments [Line Items]        
Percentage of assets contributed 70.00%      
Economic interest in the venture   10.00%    
Variable Interest Entity, Not Primary Beneficiary        
Schedule of Equity Method Investments [Line Items]        
Equity method investments:   $ 524   $ 550
v3.25.2
DEBT - Schedule of Components of Outstanding Debt (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Total debt $ 35,000 $ 39,527
Unamortized discount, premium, debt issuance costs, and fair value adjustments for acquisition accounting, net (368) (22)
Debt, net of unamortized discount, premium, debt issuance costs, and fair value adjustments for acquisition accounting 34,632 39,505
Current portion of debt (221) (2,748)
Noncurrent portion of debt $ 34,411 36,757
Bridge loan with maturity of 18 months | Term Loan    
Debt Instrument [Line Items]    
Debt instrument, maturity term 18 months  
Total debt $ 17,000 0
Bridge loan with maturity of 18 months | Term Loan | Weighted Average    
Debt Instrument [Line Items]    
Weighted average interest rate 7.33%  
Senior notes with maturities of 5 years or less | Senior Notes    
Debt Instrument [Line Items]    
Debt instrument, maturity term 5 years  
Total debt $ 6,757 13,744
Senior notes with maturities of 5 years or less | Senior Notes | Weighted Average    
Debt Instrument [Line Items]    
Weighted average interest rate 3.92%  
Senior notes with maturities between 5 and 10 years | Senior Notes    
Debt Instrument [Line Items]    
Total debt $ 3,547 7,853
Senior notes with maturities between 5 and 10 years | Senior Notes | Minimum    
Debt Instrument [Line Items]    
Debt instrument, maturity term 5 years  
Senior notes with maturities between 5 and 10 years | Senior Notes | Maximum    
Debt Instrument [Line Items]    
Debt instrument, maturity term 10 years  
Senior notes with maturities between 5 and 10 years | Senior Notes | Weighted Average    
Debt Instrument [Line Items]    
Weighted average interest rate 4.40%  
Senior notes with maturities greater than 10 years | Senior Notes    
Debt Instrument [Line Items]    
Debt instrument, maturity term 10 years  
Total debt $ 7,696 $ 17,930
Senior notes with maturities greater than 10 years | Senior Notes | Weighted Average    
Debt Instrument [Line Items]    
Weighted average interest rate 5.17%  
v3.25.2
DEBT - Narrative (Details)
$ in Millions
 1 Months Ended 3 Months Ended 6 Months Ended 9 Months Ended
Jun. 30, 2025
USD ($)
Jun. 30, 2025
USD ($)
Jun. 30, 2024
USD ($)
Mar. 30, 2026
Jun. 30, 2025
USD ($)
Mar. 31, 2025
USD ($)
Jun. 30, 2024
USD ($)
Mar. 31, 2024
USD ($)
Jun. 30, 2025
USD ($)
Jun. 30, 2024
USD ($)
Dec. 30, 2026
Dec. 30, 2025
Dec. 31, 2026
Sep. 30, 2026
Jun. 30, 2026
Mar. 31, 2026
Dec. 31, 2025
Jun. 30, 2024
EUR (€)
Debt Instrument [Line Items]                                    
Cash tender offer, aggregate purchase price         $ 14,600                          
Payments to acquire notes receivable             $ 2,610                      
Borrowings from debt, net of discount and issuance costs                 $ 18,303 $ 1,617                
Gain on extinguishment of debt         2,958   542   2,954 567                
WarnerMedia                                    
Debt Instrument [Line Items]                                    
Debt assumed $ 331 $ 331     331       331                  
Senior Notes                                    
Debt Instrument [Line Items]                                    
Senior notes amount repurchased 17,700 17,700 $ 3,399   $ 17,700   $ 3,399 $ 364 17,700 $ 3,399                
Gain on extinguishment of debt     $ 542           3,000                  
Payments for consent solicitations                 293                  
Bridge Loan Facility | Bridge Loan | Warner Media Holdings                                    
Debt Instrument [Line Items]                                    
Borrowings from debt, net of discount and issuance costs 17,000                                  
Bridge Loan Facility | Bridge Loan | Forecast                                    
Debt Instrument [Line Items]                                    
Fee rate                         0.75% 0.75% 0.50% 0.50% 0.30%  
Debt Instrument, Basis Spread on Variable Rate       3.50%             4.00% 3.00%            
Unsecured Senior Term Loan | Unsecured Debt                                    
Debt Instrument [Line Items]                                    
Debt instrument, maturity term         364 days 364 days                        
Proceeds from short-term debt           $ 1,500                        
Unsecured Senior Term Loan | Unsecured Debt | Warner Media Holdings                                    
Debt Instrument [Line Items]                                    
Face amount $ 1,500 1,500     $ 1,500       $ 1,500                  
Debt instrument, maturity term         364 days                          
Senior Notes Due June 2025 | Senior Notes                                    
Debt Instrument [Line Items]                                    
Principal repayments of term loans   $ 487                                
Senior Notes Due March 2025                                    
Debt Instrument [Line Items]                                    
Aggregate principal amount           1,500                        
Senior Notes Due March 2025 | Senior Notes                                    
Debt Instrument [Line Items]                                    
Principal repayments of term loans           $ 2,165                        
Senior Notes Due 2024, 3.900% | Senior Notes | Discovery Communications, LLC                                    
Debt Instrument [Line Items]                                    
Weighted average interest rate     3.90%       3.90%     3.90%               3.90%
Senior Notes Due 2055, 4.000% | Senior Notes | Discovery Communications, LLC                                    
Debt Instrument [Line Items]                                    
Weighted average interest rate     4.00%       4.00%     4.00%               4.00%
Senior Notes Due 2050, 4.650% | Senior Notes | Discovery Communications, LLC                                    
Debt Instrument [Line Items]                                    
Weighted average interest rate     4.65%       4.65%     4.65%               4.65%
Senior Notes Due 2042, 4.950% | Senior Notes | Discovery Communications, LLC                                    
Debt Instrument [Line Items]                                    
Weighted average interest rate     4.95%       4.95%     4.95%               4.95%
Senior Notes Due 2043, 4.875% | Senior Notes | Discovery Communications, LLC                                    
Debt Instrument [Line Items]                                    
Weighted average interest rate     4.875%       4.875%     4.875%               4.875%
Senior Notes Due 2047, 5.200% | Senior Notes | Discovery Communications, LLC                                    
Debt Instrument [Line Items]                                    
Weighted average interest rate     5.20%       5.20%     5.20%               5.20%
Senior Notes Due 2049, 5.300% | Senior Notes | Discovery Communications, LLC                                    
Debt Instrument [Line Items]                                    
Weighted average interest rate     5.30%       5.30%     5.30%               5.30%
Senior Notes Due 2044, 4.650% | Senior Notes | Discovery Communications, LLC                                    
Debt Instrument [Line Items]                                    
Weighted average interest rate     4.65%       4.65%     4.65%               4.65%
Senior Notes Due 2045, 4.850% | Senior Notes | Discovery Communications, LLC                                    
Debt Instrument [Line Items]                                    
Weighted average interest rate     4.85%       4.85%     4.85%               4.85%
Senior Notes Due 2042, 4.900% | Senior Notes | Discovery Communications, LLC                                    
Debt Instrument [Line Items]                                    
Weighted average interest rate     4.90%       4.90%     4.90%               4.90%
Senior Notes Due 2043, 5.350% | Senior Notes | Discovery Communications, LLC                                    
Debt Instrument [Line Items]                                    
Weighted average interest rate     5.35%       5.35%     5.35%               5.35%
Senior Notes Due 2042, 5.050% | Senior Notes | Discovery Communications, LLC                                    
Debt Instrument [Line Items]                                    
Weighted average interest rate     5.05%       5.05%     5.05%               5.05%
Senior Notes Due June 2024 | Senior Notes                                    
Debt Instrument [Line Items]                                    
Principal repayments of term loans     $ 48                              
4.302% Senior Notes due 2030 | Senior Notes                                    
Debt Instrument [Line Items]                                    
Face amount | €                                   € 650,000,000
Weighted average interest rate     4.302%       4.302%     4.302%               4.302%
4.693% Senior Notes due 2033 | Senior Notes                                    
Debt Instrument [Line Items]                                    
Face amount | €                                   € 850,000,000
Weighted average interest rate     4.693%       4.693%     4.693%               4.693%
Senior Notes Due February And March 2024 | Senior Notes                                    
Debt Instrument [Line Items]                                    
Principal repayments of term loans               $ 726                    
v3.25.2
DEBT - Revolving Credit Facility and Commercial Paper Programs Narrative (Details)
 6 Months Ended
Jun. 30, 2025
USD ($)
renewalPeriod
Mar. 31, 2025
USD ($)
Feb. 28, 2025
USD ($)
Dec. 31, 2024
USD ($)
Line of Credit Facility [Line Items]        
Total debt $ 35,000,000,000     $ 39,527,000,000
Line of Credit        
Line of Credit Facility [Line Items]        
Total debt 0     0
Commercial Paper        
Line of Credit Facility [Line Items]        
Revolving line of credit, maximum borrowing capacity 2,000,000,000.0 $ 2,000,000,000 $ 1,000,000,000.0  
Total debt 0     $ 0
Revolving Credit Facility | Line of Credit        
Line of Credit Facility [Line Items]        
Revolving line of credit, maximum borrowing capacity $ 4,000,000,000.0      
Number of renewal periods | renewalPeriod 2      
Term of renewal period 364 days      
Debt instrument, covenant, consolidated interest coverage ratio, minimum 3.00      
Debt instrument, covenant, adjusted consolidated leverage ratio, maximum 4.50      
Revolver Sublimit For Standby Letters Of Credit | Line of Credit        
Line of Credit Facility [Line Items]        
Revolving line of credit, maximum borrowing capacity $ 150,000,000      
Additional Commitments Upon Satisfaction of Certain Conditions | Line of Credit        
Line of Credit Facility [Line Items]        
Revolving line of credit, maximum borrowing capacity $ 1,000,000,000      
v3.25.2
DERIVATIVE FINANCIAL INSTRUMENTS - Narrative (Details)
€ in Millions
 6 Months Ended
Jun. 30, 2025
USD ($)
Jun. 30, 2025
EUR (€)
Dec. 31, 2024
USD ($)
Derivative [Line Items]      
Amounts eligible to be offset under master netting agreements $ 0   $ 0
Forward Contracts      
Derivative [Line Items]      
Gain on derivative 9,000,000    
Forward Contracts | Euro-Denominated Borrowings      
Derivative [Line Items]      
Notional | €   € 450  
Derivative amount to hedge the tender payment | €   € 450  
Not Designated as Hedging Instrument | Interest rate swaps      
Derivative [Line Items]      
Notional $ 2,500,000,000    
Cash Flow Hedging | Designated as Hedging Instrument      
Derivative [Line Items]      
Maximum length of time hedged in cash flow hedge 30 years    
v3.25.2
DERIVATIVE FINANCIAL INSTRUMENTS - Schedule of Impact of Derivative Financial Instruments (Details)
£ in Millions, $ in Millions
Jun. 30, 2025
USD ($)
Jun. 30, 2025
GBP (£)
Dec. 31, 2024
USD ($)
Dec. 31, 2024
GBP (£)
Prepaid expenses and other current assets        
Derivatives, Fair Value [Line Items]        
Derivative assets $ 88   $ 73  
Other non- current assets        
Derivatives, Fair Value [Line Items]        
Derivative assets 86   21  
Accounts payable and accrued liabilities        
Derivatives, Fair Value [Line Items]        
Derivative liability 77   55  
Other non- current liabilities        
Derivatives, Fair Value [Line Items]        
Derivative liability 142   155  
Foreign exchange derivatives | Not Designated as Hedging Instrument        
Derivatives, Fair Value [Line Items]        
Notional 358   951  
Foreign exchange derivatives | Not Designated as Hedging Instrument | Prepaid expenses and other current assets        
Derivatives, Fair Value [Line Items]        
Derivative assets, fair value 6   18  
Foreign exchange derivatives | Not Designated as Hedging Instrument | Other non- current assets        
Derivatives, Fair Value [Line Items]        
Derivative assets, fair value 2   7  
Foreign exchange derivatives | Not Designated as Hedging Instrument | Accounts payable and accrued liabilities        
Derivatives, Fair Value [Line Items]        
Derivative liability, fair value 14   14  
Foreign exchange derivatives | Not Designated as Hedging Instrument | Other non- current liabilities        
Derivatives, Fair Value [Line Items]        
Derivative liability, fair value 76   122  
Foreign exchange derivatives | Cash Flow Hedging | Designated as Hedging Instrument        
Derivatives, Fair Value [Line Items]        
Notional 2,363   1,608  
Foreign exchange derivatives | Cash Flow Hedging | Designated as Hedging Instrument | Prepaid expenses and other current assets        
Derivatives, Fair Value [Line Items]        
Derivative assets, fair value 54   47  
Foreign exchange derivatives | Cash Flow Hedging | Designated as Hedging Instrument | Other non- current assets        
Derivatives, Fair Value [Line Items]        
Derivative assets, fair value 84   14  
Foreign exchange derivatives | Cash Flow Hedging | Designated as Hedging Instrument | Accounts payable and accrued liabilities        
Derivatives, Fair Value [Line Items]        
Derivative liability, fair value 60   25  
Foreign exchange derivatives | Cash Flow Hedging | Designated as Hedging Instrument | Other non- current liabilities        
Derivatives, Fair Value [Line Items]        
Derivative liability, fair value 41   28  
Cross-currency swaps | Not Designated as Hedging Instrument        
Derivatives, Fair Value [Line Items]        
Notional 230   210  
Cross-currency swaps | Not Designated as Hedging Instrument | Prepaid expenses and other current assets        
Derivatives, Fair Value [Line Items]        
Derivative assets, fair value 4   2  
Cross-currency swaps | Not Designated as Hedging Instrument | Other non- current assets        
Derivatives, Fair Value [Line Items]        
Derivative assets, fair value 0   0  
Cross-currency swaps | Not Designated as Hedging Instrument | Accounts payable and accrued liabilities        
Derivatives, Fair Value [Line Items]        
Derivative liability, fair value 0   0  
Cross-currency swaps | Not Designated as Hedging Instrument | Other non- current liabilities        
Derivatives, Fair Value [Line Items]        
Derivative liability, fair value 10   1  
Cross-currency swaps | Net Investment Hedges | Designated as Hedging Instrument        
Derivatives, Fair Value [Line Items]        
Notional 461   421  
Cross-currency swaps | Net Investment Hedges | Designated as Hedging Instrument | Sterling Notes        
Derivatives, Fair Value [Line Items]        
Notional 818 £ 697 1,558 £ 1,500
Cross-currency swaps | Net Investment Hedges | Designated as Hedging Instrument | Prepaid expenses and other current assets        
Derivatives, Fair Value [Line Items]        
Derivative assets, fair value 7   6  
Cross-currency swaps | Net Investment Hedges | Designated as Hedging Instrument | Other non- current assets        
Derivatives, Fair Value [Line Items]        
Derivative assets, fair value 0   0  
Cross-currency swaps | Net Investment Hedges | Designated as Hedging Instrument | Accounts payable and accrued liabilities        
Derivatives, Fair Value [Line Items]        
Derivative liability, fair value 0   0  
Cross-currency swaps | Net Investment Hedges | Designated as Hedging Instrument | Other non- current liabilities        
Derivatives, Fair Value [Line Items]        
Derivative liability, fair value 15   4  
Interest rate swaps | Not Designated as Hedging Instrument        
Derivatives, Fair Value [Line Items]        
Notional 2,500   0  
Interest rate swaps | Not Designated as Hedging Instrument | Prepaid expenses and other current assets        
Derivatives, Fair Value [Line Items]        
Derivative assets, fair value 0   0  
Interest rate swaps | Not Designated as Hedging Instrument | Other non- current assets        
Derivatives, Fair Value [Line Items]        
Derivative assets, fair value 0   0  
Interest rate swaps | Not Designated as Hedging Instrument | Accounts payable and accrued liabilities        
Derivatives, Fair Value [Line Items]        
Derivative liability, fair value 3   0  
Interest rate swaps | Not Designated as Hedging Instrument | Other non- current liabilities        
Derivatives, Fair Value [Line Items]        
Derivative liability, fair value 0   0  
Total return swaps | Not Designated as Hedging Instrument        
Derivatives, Fair Value [Line Items]        
Notional 477   454  
Total return swaps | Not Designated as Hedging Instrument | Prepaid expenses and other current assets        
Derivatives, Fair Value [Line Items]        
Derivative assets, fair value 17   0  
Total return swaps | Not Designated as Hedging Instrument | Other non- current assets        
Derivatives, Fair Value [Line Items]        
Derivative assets, fair value 0   0  
Total return swaps | Not Designated as Hedging Instrument | Accounts payable and accrued liabilities        
Derivatives, Fair Value [Line Items]        
Derivative liability, fair value 0   16  
Total return swaps | Not Designated as Hedging Instrument | Other non- current liabilities        
Derivatives, Fair Value [Line Items]        
Derivative liability, fair value $ 0   $ 0  
v3.25.2
DERIVATIVE FINANCIAL INSTRUMENTS - Schedule of Pre-Tax Impact of Derivatives Designated as Cash Flow Hedges (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) recognized in accumulated other comprehensive loss $ 20 $ 12 $ 29 $ 25
Foreign exchange derivatives | Cash Flow Hedging | Designated as Hedging Instrument        
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) recognized in accumulated other comprehensive loss 28 15 42 31
Foreign exchange derivatives | Cash Flow Hedging | Designated as Hedging Instrument | Distribution Revenue        
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) reclassified into income from accumulated other comprehensive loss (5) 1 (1) 3
Foreign exchange derivatives | Cash Flow Hedging | Designated as Hedging Instrument | Cost of Revenues        
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) reclassified into income from accumulated other comprehensive loss 1 (4) 1 7
Interest rate swaps | Cash Flow Hedging | Designated as Hedging Instrument | Interest Expense, Net        
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) reclassified into income from accumulated other comprehensive loss (1) (1) (2) (2)
Interest rate swaps | Cash Flow Hedging | Designated as Hedging Instrument | Other income, net        
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) reclassified into income from accumulated other comprehensive loss 0 5 14 5
Interest rate - loss on extinguishment of debt | Cash Flow Hedging | Designated as Hedging Instrument | Loss on Extinguishment of Debt        
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) reclassified into income from accumulated other comprehensive loss $ (1) $ (4) $ (1) $ (4)
v3.25.2
DERIVATIVE FINANCIAL INSTRUMENTS - Schedule of Pre-Tax Impact of Derivatives Designated as Net Investment Hedges on Other Comprehensive Loss (Details) - Net Investment Hedges - Designated as Hedging Instrument - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Derivative [Line Items]        
Amount of gain (loss) recognized in AOCI $ (156) $ 35 $ (220) $ 64
Amount of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing) 3 6 6 12
Euro-Denominated Notes        
Derivative [Line Items]        
Amount of gain (loss) recognized in AOCI (148) 21 (208) 21
Amount of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing) 0 0 0 0
Sterling Notes        
Derivative [Line Items]        
Amount of gain (loss) recognized in AOCI     0 4
Amount of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing)     0 0
Cross-currency swaps        
Derivative [Line Items]        
Amount of gain (loss) recognized in AOCI (8) 14 (12) 39
Amount of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing) $ 3 $ 6 $ 6 $ 12
v3.25.2
DERIVATIVE FINANCIAL INSTRUMENTS - Schedule of Pre-Tax Impact of Derivatives Not Designated as Hedges on Statements of Operations (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Derivative Instruments, Gain (Loss) [Line Items]        
Total in other income, net $ 19 $ (17) $ 41 $ (23)
Not Designated as Hedging Instrument        
Derivative Instruments, Gain (Loss) [Line Items]        
Total in other income, net 47 (14) 45 20
Not Designated as Hedging Instrument | Selling, General and Administrative Expenses        
Derivative Instruments, Gain (Loss) [Line Items]        
Total in other income, net 28 8 18 48
Not Designated as Hedging Instrument | Other income, net        
Derivative Instruments, Gain (Loss) [Line Items]        
Total in other income, net 19 (22) 27 (28)
Interest rate swaps | Not Designated as Hedging Instrument | Selling, General and Administrative Expenses        
Derivative Instruments, Gain (Loss) [Line Items]        
Total in other income, net (3) 7 (2) 28
Interest rate swaps | Not Designated as Hedging Instrument | Other income, net        
Derivative Instruments, Gain (Loss) [Line Items]        
Total in other income, net 0 (5) 0 (3)
Total return swaps | Not Designated as Hedging Instrument | Selling, General and Administrative Expenses        
Derivative Instruments, Gain (Loss) [Line Items]        
Total in other income, net 31 1 20 20
Cross-currency swaps | Not Designated as Hedging Instrument | Other income, net        
Derivative Instruments, Gain (Loss) [Line Items]        
Total in other income, net (6) 0 (7) 0
Foreign exchange derivatives | Not Designated as Hedging Instrument | Other income, net        
Derivative Instruments, Gain (Loss) [Line Items]        
Total in other income, net $ 25 $ (17) $ 34 $ (25)
v3.25.2
FAIR VALUE MEASUREMENTS - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Time deposits $ 317 $ 95
Total 692 476
Total 726 712
Level 1    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Time deposits 0 0
Total 273 278
Total 726 712
Level 2    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Time deposits 317 95
Total 419 198
Total 0 0
Level 3    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Time deposits 0 0
Total 0 0
Total 0 0
Cash and cash equivalents    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Equity securities 50 46
Cash and cash equivalents | Level 1    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Equity securities 50 46
Cash and cash equivalents | Level 2    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Equity securities 0 0
Cash and cash equivalents | Level 3    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Equity securities 0 0
Prepaid expenses and other current assets    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Equity securities 12 16
Company-owned life insurance contracts 7 1
Prepaid expenses and other current assets | Level 1    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Equity securities 12 16
Company-owned life insurance contracts 0 0
Prepaid expenses and other current assets | Level 2    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Equity securities 0 0
Company-owned life insurance contracts 7 1
Prepaid expenses and other current assets | Level 3    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Equity securities 0 0
Company-owned life insurance contracts 0 0
Other noncurrent assets    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Equity securities 211 216
Company-owned life insurance contracts 95 102
Other noncurrent assets | Level 1    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Equity securities 211 216
Company-owned life insurance contracts 0 0
Other noncurrent assets | Level 2    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Equity securities 0 0
Company-owned life insurance contracts 95 102
Other noncurrent assets | Level 3    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Equity securities 0 0
Company-owned life insurance contracts 0 0
Accrued liabilities    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Deferred compensation plan 67 62
Accrued liabilities | Level 1    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Deferred compensation plan 67 62
Accrued liabilities | Level 2    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Deferred compensation plan 0 0
Accrued liabilities | Level 3    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Deferred compensation plan 0 0
Other noncurrent liabilities    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Deferred compensation plan 659 650
Other noncurrent liabilities | Level 1    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Deferred compensation plan 659 650
Other noncurrent liabilities | Level 2    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Deferred compensation plan 0 0
Other noncurrent liabilities | Level 3    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Deferred compensation plan $ 0 $ 0
v3.25.2
FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($)
$ in Billions
Jun. 30, 2025
Dec. 31, 2024
Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Senior notes, fair value $ 14.7 $ 34.9
v3.25.2
SHARE-BASED COMPENSATION - Schedule of Awards Granted (Details)
shares in Millions
 6 Months Ended
Jun. 30, 2025
$ / shares
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Stock options, granted (in shares) | shares 25.1
Stock options, weighted-average grant price (in dollars per share) | $ / shares $ 10.30
PRSUs  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Awards granted, awards (in shares) | shares 4.6
Awards granted, weighted-average grant price (in dollars per share) | $ / shares $ 11.02
RSUs  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Awards granted, awards (in shares) | shares 41.4
Awards granted, weighted-average grant price (in dollars per share) | $ / shares $ 10.86
v3.25.2
SHARE-BASED COMPENSATION - Schedule of Unrecognized Compensation Cost Related to Non-Vested Share-Based Awards and Weighted-Average Amortization Period (Details)
$ in Millions
 6 Months Ended
Jun. 30, 2025
USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Unrecognized Compensation Cost $ 929
PRSUs  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Unrecognized Compensation Cost $ 72
Weighted-Average Amortization Period (years) 1 year 3 months 18 days
RSUs  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Unrecognized Compensation Cost $ 674
Weighted-Average Amortization Period (years) 1 year 7 months 6 days
Stock options  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Unrecognized Compensation Cost $ 183
Weighted-Average Amortization Period (years) 2 years 10 months 24 days
v3.25.2
INCOME TAXES (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Income Tax Disclosure [Abstract]          
Income tax (expense) benefit $ (866) $ 7 $ (881) $ (129)  
Gain on extinguishment of debt 2,958 $ 542 2,954 $ 567  
Goodwill impairment         $ 9,100
Unrecognized tax benefits 2,479   2,479   2,371
Unrecognized tax benefits, income tax penalties and interest accrued $ 815   $ 815   $ 732
v3.25.2
SUPPLEMENTAL DISCLOSURES - Schedule of Other Income, Net (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]        
Foreign currency gains (losses), net $ 58 $ (54) $ 88 $ (191)
Gains (losses) on derivative instruments, net 19 (17) 41 (23)
Change in the value of investments with readily determinable fair value 0 (1) 4 (2)
Gain on sale of equity method investments 0 203 0 203
Change in fair value of equity investments without readily determinable fair value 0 (13) (4) (27)
Interest income 59 63 123 123
Indemnification receivable accrual (5) 6 (43) 96
Other income (loss), net 8 (15) 12 (21)
Total other income, net $ 139 $ 172 $ 221 $ 158
v3.25.2
SUPPLEMENTAL DISCLOSURES - Schedule of Supplemental Cash Flow Information (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Non-cash investing and financing activities:    
Assets acquired under finance lease and other arrangements $ 219 $ 224
Settlement of PRSU awards 62 40
Accrued debt tender fees $ 95 $ 0
v3.25.2
SUPPLEMENTAL DISCLOSURES - Schedule of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Jun. 30, 2024
Dec. 31, 2023
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]        
Cash and cash equivalents $ 4,888 $ 5,312    
Restricted cash - recorded in prepaid expenses and other current assets 3 104    
Total cash, cash equivalents, and restricted cash $ 4,891 $ 5,416 $ 3,617 $ 4,319
v3.25.2
SUPPLEMENTAL DISCLOSURES - Schedule of Net Income (Loss) Available to Warner Bros. Discovery, Inc. Series A Common Stockholders for Basic and Diluted Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Numerator:        
Net income (loss) $ 1,588 $ (10,028) $ 1,139 $ (10,983)
Less:        
Net income attributable to noncontrolling interests (7) (10) (15) (17)
Net (income) loss attributable to redeemable noncontrolling interests (1) 52 3 48
Redeemable noncontrolling interest adjustments of carrying value to redemption value (redemption value does not equal fair value) 0 0 0 (4)
Net income (loss) available to Warner Bros. Discovery, Inc. Series A common stockholders for basic earnings per share 1,580 (9,986) 1,127 (10,956)
Net income (loss) available to Warner Bros. Discovery, Inc. Series A common stockholders for diluted earnings per share $ 1,580 $ (9,986) $ 1,127 $ (10,956)
Denominator — weighted average:        
Common shares outstanding — basic (in shares) 2,477 2,451 2,469 2,447
Dilutive effect of share-based awards (in shares) 22 0 31 0
Common shares outstanding — diluted (in shares) 2,499 2,451 2,500 2,447
Basic net loss per share allocated to common stockholders (in dollars per share) $ 0.64 $ (4.07) $ 0.46 $ (4.48)
Diluted net loss per share allocated to common stockholders (in dollars per share) $ 0.63 $ (4.07) $ 0.45 $ (4.48)
v3.25.2
SUPPLEMENTAL DISCLOSURES - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares
shares in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Stock Options and RSU        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Anti-dilutive share-based awards (in shares) 81 106 66 73
v3.25.2
SUPPLEMENTAL DISCLOSURES - Supplier Finance Programs, Leases and Collaborative Arrangements (Details) - USD ($)
 3 Months Ended
Mar. 31, 2025
Jun. 30, 2025
Dec. 31, 2024
Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]        
Supplier finance program, obligation, current   $ 278,000,000 $ 307,000,000  
ROU asset impairment charges $ 87,000,000      
Loss on cap amount   $ 74,000,000   $ 0
v3.25.2
SUPPLEMENTAL DISCLOSURES - Venu Sports and Discovery Family (Details) - USD ($)
Jan. 06, 2025
Mar. 31, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Payments for legal settlements $ 55,000,000  
Hasbro Inc. | Discovery Family    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Ownership percentage by noncontrolling owners   40.00%
FuboTV Inc. And FuboTV Media Inc. | The Walt Disney Company    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Collaborative arrangement, termination fee Payable 130,000,000  
FuboTV Inc. And FuboTV Media Inc. | The Walt Disney Company, Fox Corporation, And Warner Brothers Discovery    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Payments for legal settlements 220,000,000  
FuboTV Inc. And FuboTV Media Inc. | Unsecured Debt | The Walt Disney Company    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Face amount $ 145,000,000  
v3.25.2
SUPPLEMENTAL DISCLOSURES - Schedule of Accumulated Other Comprehensive Loss (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2025
Jun. 30, 2024
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax            
Beginning balance $ 35,148 $ 34,829 $ 45,115 $ 46,307 $ 34,829 $ 46,307
Other comprehensive income (loss) 471 230 20 (173)    
Ending balance 37,323 35,148 35,297 45,115 37,323 35,297
Accumulated Other Comprehensive Loss            
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax            
Beginning balance (840) (1,067) (913) (741) (1,067) (741)
Other comprehensive income (loss) before reclassifications 464   21   704 (142)
Reclassifications from accumulated other comprehensive loss to net income 5   2   (8) (7)
Other comprehensive income (loss) 469 227 23 (172) 696 (149)
Ending balance (371) (840) (890) (913) (371) (890)
Currency Translation            
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax            
Beginning balance (777) (1,008) (875) (699) (1,008) (699)
Other comprehensive income (loss) before reclassifications 444   9   675 (167)
Reclassifications from accumulated other comprehensive loss to net income 0   0   0 0
Other comprehensive income (loss) 444   9   675 (167)
Ending balance (333) (777) (866) (875) (333) (866)
Derivatives            
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax            
Beginning balance 11 15 22 18 15 18
Other comprehensive income (loss) before reclassifications 20   12   29 25
Reclassifications from accumulated other comprehensive loss to net income 5   2   (8) (7)
Other comprehensive income (loss) 25   14   21 18
Ending balance 36 11 36 22 36 36
Pension Plan and SERP Liability            
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax            
Beginning balance (74) (74) (60) (60) (74) (60)
Other comprehensive income (loss) before reclassifications 0   0   0 0
Reclassifications from accumulated other comprehensive loss to net income 0   0   0 0
Other comprehensive income (loss) 0   0   0 0
Ending balance $ (74) $ (74) $ (60) $ (60) $ (74) $ (60)
v3.25.2
RELATED PARTY TRANSACTIONS - Schedule of Transactions with Related Parties (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Related Party Transaction [Line Items]        
Revenues and service charges $ 9,812 $ 9,713 $ 18,791 $ 19,671
Expenses 9,997 19,921 19,013 30,146
Distributions to noncontrolling interests and redeemable noncontrolling interests     174 161
Related Party        
Related Party Transaction [Line Items]        
Revenues and service charges 161 239 375 892
Expenses 84 83 152 160
Distributions to noncontrolling interests and redeemable noncontrolling interests $ 17 $ 31 $ 174 $ 161
v3.25.2
RELATED PARTY TRANSACTIONS - Schedule of Amount Due from/to Related Parties (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Related Party Transaction [Line Items]    
Receivables $ 5,383 $ 4,947
Payables 1,074 1,055
Director    
Related Party Transaction [Line Items]    
Receivables 158 254
Payables $ 45 $ 13
v3.25.2
COMMITMENTS AND CONTINGENCIES (Details) - In Re Warner Bros. Discovery, Inc. Derivative Litigation
 1 Months Ended
Jan. 14, 2025
complaint
Jan. 25, 2025
action
Other Commitments [Line Items]    
Number of complaints | complaint 4  
Number of consolidated actions | action   4
v3.25.2
REPORTABLE SEGMENTS - Schedule Reconciliation of Revenues to Segment Adjusted EBITDA (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Segment Reporting Information [Line Items]        
Total revenues $ 9,812 $ 9,713 $ 18,791 $ 19,671
Segment Adjusted EBITDA 2,668 2,101 5,059 4,490
Operating Segments | Streaming        
Segment Reporting Information [Line Items]        
Total revenues 2,793 2,568 5,449 5,028
Content expense 1,600 1,699 3,104 3,266
Personnel expense 191 201 377 393
Marketing expense 294 353 514 642
Other segment expenses 415 422 822 748
Segment Adjusted EBITDA 293 (107) 632 (21)
Operating Segments | Studios        
Segment Reporting Information [Line Items]        
Total revenues 3,801 2,449 6,115 5,270
Content expense 2,135 1,532 3,474 3,482
Personnel expense 232 231 462 471
Marketing expense 363 268 615 557
Other segment expenses 208 208 442 366
Segment Adjusted EBITDA 863 210 1,122 394
Operating Segments | Global Linear Networks        
Segment Reporting Information [Line Items]        
Total revenues 4,803 5,272 9,577 10,397
Content expense 2,105 1,965 3,937 3,808
Personnel expense 505 566 1,001 1,114
Marketing expense 115 115 219 203
Other segment expenses 566 628 1,115 1,155
Segment Adjusted EBITDA 1,512 1,998 3,305 4,117
Corporate        
Segment Reporting Information [Line Items]        
Total revenues 1 1 1 2
Segment Adjusted EBITDA 316 285 549 631
Inter-segment eliminations        
Segment Reporting Information [Line Items]        
Total revenues (1,586) (577) (2,351) (1,026)
Segment Adjusted EBITDA $ 399 $ 21 $ 452 $ (38)
v3.25.2
REPORTABLE SEGMENTS - Schedule of Reconciliation of Segment Adjusted EBITDA to Loss before Income Taxes (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Segment Reporting Information [Line Items]        
Segment Adjusted EBITDA $ 2,668 $ 2,101 $ 5,059 $ 4,490
Depreciation and amortization 1,447 1,744 2,994 3,632
Employee share-based compensation 173 156 293 255
Restructuring and other charges 80 117 134 152
Transaction and integration costs 17 51 97 132
Facility consolidation costs 4 5 9 7
Impairment and amortization of fair value step-up for content 388 522 628 757
Amortization of capitalized interest for content 3 13 9 30
Impairments and loss on dispositions 26 9,395 116 9,407
Other income, net (139) (172) (221) (158)
(Income) loss from equity investees, net (5) 23 2 71
Gain on extinguishment of debt (2,958) (542) (2,954) (567)
Interest expense, net 463 518 931 1,033
Income (loss) before income taxes 2,454 (10,035) 2,020 (10,854)
Operating Segments | Streaming        
Segment Reporting Information [Line Items]        
Segment Adjusted EBITDA 293 (107) 632 (21)
Restructuring and other charges 7 15 19 17
Operating Segments | Studios        
Segment Reporting Information [Line Items]        
Segment Adjusted EBITDA 863 210 1,122 394
Restructuring and other charges (1) 19 (6) 30
Operating Segments | Global Linear Networks        
Segment Reporting Information [Line Items]        
Segment Adjusted EBITDA 1,512 1,998 3,305 4,117
Restructuring and other charges 25 42 41 53
Corporate        
Segment Reporting Information [Line Items]        
Segment Adjusted EBITDA 316 285 549 631
Inter-segment eliminations        
Segment Reporting Information [Line Items]        
Segment Adjusted EBITDA $ 399 $ 21 $ 452 $ (38)
v3.25.2
SUBSEQUENT EVENTS (Details)
$ in Millions
 1 Months Ended
Jul. 31, 2025
USD ($)
Subsequent Event | Bridge Loan  
Subsequent Event [Line Items]  
Principal repayments of term loans $ 100