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REPORTABLE SEGMENTS (Tables) | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Schedule of Revenues by Segment | The tables below present summarized financial information for each of the Company’s reportable segments, corporate, and inter-segment eliminations, and other (in millions). Revenues
|  | Year Ended December 31,
|  | 2024 |  | 2023 |  | 2022
Studios |  | $ | 11,607 |  |  | $ | 12,192 |  |  | $ | 9,731 |
Networks |  | 20,175 |  |  | 21,244 |  |  | 19,348 |
DTC |  | 10,313 |  |  | 10,154 |  |  | 7,274 |
Corporate |  | 8 |  |  | — |  |  | 30 |
Inter-segment eliminations |  | (2,782) |  |  | (2,269) |  |  | (2,566) |
Total revenues |  | $ | 39,321 |  |  | $ | 41,321 |  |  | $ | 33,817 |
Reconciliation of Revenues to Segment Adjusted EBITDA
|  | Year Ended December 31, 2024
|  | Studios |  | Networks |  | DTC |  |  |  |  |  |
Revenues |  | $ | 11,607 |  |  | $ | 20,175 |  |  | $ | 10,313 |  |  |  |  |  |  |
Less: |  |  |  |  |  |  |  |  |  |  |  |
Content expense (a) |  | 7,260 |  |  | 7,135 |  |  | 6,183 |  |  |  |  |  |  |
Personnel expense (b) |  | 943 |  |  | 2,153 |  |  | 773 |  |  |  |  |  |  |
Marketing expense |  | 1,064 |  |  | 454 |  |  | 1,147 |  |  |  |  |  |  |
Other segment expenses (c) |  | 688 |  |  | 2,284 |  |  | 1,533 |  |  |  |  |  |  |
Segment Adjusted EBITDA |  | $ | 1,652 |  |  | $ | 8,149 |  |  | $ | 677 |  |  |  |  |  |  |
|  | Year Ended December 31, 2023
|  | Studios |  | Networks |  | DTC |  |  |  |  |  |
Revenues |  | $ | 12,192 |  |  | $ | 21,244 |  |  | $ | 10,154 |  |  |  |  |  |  |
Less: |  |  |  |  |  |  |  |  |  |  |  |
Content expense (a) |  | 7,112 |  |  | 7,140 |  |  | 6,454 |  |  |  |  |  |  |
Personnel expense (b) |  | 927 |  |  | 2,173 |  |  | 844 |  |  |  |  |  |  |
Marketing expense |  | 1,268 |  |  | 439 |  |  | 1,313 |  |  |  |  |  |  |
Other segment expenses (c) |  | 702 |  |  | 2,429 |  |  | 1,440 |  |  |  |  |  |  |
Segment Adjusted EBITDA |  | $ | 2,183 |  |  | $ | 9,063 |  |  | $ | 103 |  |  |  |  |  |  |
|  | Year Ended December 31, 2022
|  | Studios |  | Networks |  | DTC |  |  |  |  |  |
Revenues |  | $ | 9,731 |  |  | $ | 19,348 |  |  | $ | 7,274 |  |  |  |  |  |  |
Less: |  |  |  |  |  |  |  |  |  |  |  |
Content expense (a) |  | 6,208 |  |  | 6,061 |  |  | 5,727 |  |  |  |  |  |  |
Personnel expense (b) |  | 712 |  |  | 2,124 |  |  | 837 |  |  |  |  |  |  |
Marketing expense |  | 647 |  |  | 505 |  |  | 1,583 |  |  |  |  |  |  |
Other segment expenses (c) |  | 392 |  |  | 1,933 |  |  | 723 |  |  |  |  |  |  |
Segment Adjusted EBITDA |  | $ | 1,772 |  |  | $ | 8,725 |  |  | $ | (1,596) |  |  |  |  |  |  |
(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 items 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 Segment Adjusted EBITDA to Loss Before Income Taxes | Reconciliation of Segment Adjusted EBITDA to loss before income taxes
|  | Year Ended December 31,
|  | 2024 |  | 2023 |  | 2022
Studios |  | $ | 1,652 |  |  | $ | 2,183 |  |  | $ | 1,772 |
Networks |  | 8,149 |  |  | 9,063 |  |  | 8,725 |
DTC |  | 677 |  |  | 103 |  |  | (1,596) |
Segment Adjusted EBITDA |  | $ | 10,478 |  |  | $ | 11,349 |  |  | $ | 8,901 |
Depreciation and amortization |  | 7,037 |  |  | 7,985 |  |  | 7,193 |
Employee share-based compensation |  | 546 |  |  | 488 |  |  | 410 |
Restructuring and other charges |  | 447 |  |  | 585 |  |  | 3,757 |
Transaction and integration costs |  | 242 |  |  | 162 |  |  | 1,195 |
Facility consolidation costs |  | 4 |  |  | 32 |  |  | — |
Impairment and amortization of fair value step-up for content |  | 1,139 |  |  | 2,373 |  |  | 2,416 |
Amortization of capitalized interest for content |  | 46 |  |  | 46 |  |  | — |
Impairments and loss on dispositions |  | 9,603 |  |  | 77 |  |  | 117 |
Corporate |  | 1,260 |  |  | 1,242 |  |  | 1,200 |
Inter-segment eliminations |  | 186 |  |  | (93) |  |  | (17) |
Operating loss |  | (10,032) |  |  | (1,548) |  |  | (7,370) |
Other (income) expense, net |  | (150) |  |  | 29 |  |  | (347) |
Loss from equity investees, net |  | 121 |  |  | 82 |  |  | 160 |
Gain on extinguishment of debt |  | (632) |  |  | (17) |  |  | — |
Interest expense, net |  | 2,017 |  |  | 2,221 |  |  | 1,777 |
Loss before income taxes |  | $ | (11,388) |  |  | $ | (3,863) |  |  | $ | (8,960) |
Schedule of Content Amortization and Impairment Expense | Content Amortization and Impairment Expense
|  | Year Ended December 31,
|  | 2024 |  | 2023 |  | 2022
Studios |  | $ | 5,692 |  |  | $ | 5,074 |  |  | $ | 5,950 |
Networks |  | 4,250 |  |  | 6,630 |  |  | 6,171 |
DTC |  | 6,416 |  |  | 6,138 |  |  | 6,800 |
Corporate |  | 3 |  |  | (6) |  |  | (1) |
Inter-segment eliminations |  | (2,250) |  |  | (1,697) |  |  | (1,951) |
Total content amortization and impairment expense |  | $ | 14,111 |  |  | $ | 16,139 |  |  | $ | 16,969 |
Schedule of Revenues by Geography | Revenues by Geography
|  | Year Ended December 31,
|  | 2024 |  | 2023 |  | 2022
U.S. |  | $ | 26,434 |  |  | $ | 28,004 |  |  | $ | 22,697 |
Non-U.S. |  | 12,887 |  |  | 13,317 |  |  | 11,120 |
Total revenues |  | $ | 39,321 |  |  | $ | 41,321 |  |  | $ | 33,817 |
Schedule of Property and Equipment by Geography | Property and Equipment by Geography
|  | December 31,
|  | 2024 |  | 2023
U.S. |  | $ | 4,430 |  |  | $ | 4,295 |
U.K. |  | 991 |  |  | 980 |
Other non-U.S. |  | 666 |  |  | 682 |
Total property and equipment, net |  | $ | 6,087 |  |  | $ | 5,957 |

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