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REVENUES | 3 Months Ended
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Mar. 31, 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 March 31, 2025
| Streaming |  | Studios |  | Global Linear Networks |  | Corporate and Inter-segment Eliminations |  | Total
Revenues: |  |  |  |  |  |  |  |  |
Distribution | $ | 2,329 |  |  | $ | 1 |  |  | $ | 2,558 |  |  | $ | (2) |  |  | $ | 4,886 |
Advertising | 237 |  |  | 1 |  |  | 1,758 |  |  | (16) |  |  | 1,980 |
Content | 88 |  |  | 2,139 |  |  | 380 |  |  | (741) |  |  | 1,866 |
Other | 2 |  |  | 173 |  |  | 78 |  |  | (6) |  |  | 247 |
Total | $ | 2,656 |  |  | $ | 2,314 |  |  | $ | 4,774 |  |  | $ | (765) |  |  | $ | 8,979 |
|  |  |  |  |  |  |  |  |  |  | Three Months Ended March 31, 2024
|  |  |  |  |  |  |  |  |  |  | Streaming |  | Studios |  | Global Linear Networks |  | Corporate and Inter-segment Eliminations |  | Total
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Distribution |  |  |  |  |  |  |  |  |  |  | $ | 2,185 |  |  | $ | 5 |  |  | $ | 2,797 |  |  | $ | (2) |  |  | $ | 4,985 |
Advertising |  |  |  |  |  |  |  |  |  |  | 175 |  |  | 4 |  |  | 1,987 |  |  | (18) |  |  | 2,148 |
Content |  |  |  |  |  |  |  |  |  |  | 99 |  |  | 2,623 |  |  | 264 |  |  | (428) |  |  | 2,558 |
Other |  |  |  |  |  |  |  |  |  |  | 1 |  |  | 189 |  |  | 77 |  |  | — |  |  | 267 |
Total |  |  |  |  |  |  |  |  |  |  | $ | 2,460 |  |  | $ | 2,821 |  |  | $ | 5,125 |  |  | $ | (448) |  |  | $ | 9,958 |
Contract Liabilities and Contract Assets The following table presents contract liabilities on the consolidated balance sheets (in millions).
Category |  | Balance Sheet Location |  | March 31, 2025 |  | December 31, 2024
Contract liabilities |  | Deferred revenues |  | $ | 1,600 |  |  | $ | 1,569 |
Contract liabilities |  | Other noncurrent liabilities |  | 210 |  |  | 206 |
For the three months ended March 31, 2025 and 2024, respectively, revenues of $677 million and $772 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 March 31, 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 Type |  | March 31, 2025 |  | Duration
Distribution - fixed price or minimum guarantee |  | $ | 2,279 |  |  | Through 2030
Content licensing and sports sublicensing |  | 4,124 |  |  | Through 2032
Brand licensing |  | 3,031 |  |  | Through 2052
Advertising |  | 676 |  |  | Through 2030
Other |  | 132 |  |  | Through 2029
Total |  | $ | 10,242 |  |  |
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.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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