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REVENUES
 3 Months Ended
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
StreamingStudiosGlobal Linear NetworksCorporate and Inter-segment EliminationsTotal
Revenues:
Distribution$2,329 $1 $2,558 $(2)$4,886 
Advertising237 1 1,758 (16)1,980 
Content88 2,139 380 (741)1,866 
Other2 173 78 (6)247 
Total$2,656 $2,314 $4,774 $(765)$8,979 
Three Months Ended March 31, 2024
StreamingStudiosGlobal Linear NetworksCorporate and Inter-segment EliminationsTotal
Revenues:
Distribution$2,185 $5 $2,797 $(2)$4,985 
Advertising175 4 1,987 (18)2,148 
Content99 2,623 264 (428)2,558 
Other1 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).
CategoryBalance Sheet LocationMarch 31, 2025December 31, 2024
Contract liabilitiesDeferred revenues$1,600 $1,569 
Contract liabilitiesOther noncurrent liabilities210 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 TypeMarch 31, 2025Duration
Distribution - fixed price or minimum guarantee$2,279 
Through 2030
Content licensing and sports sublicensing4,124 
Through 2032
Brand licensing3,031 
Through 2052
Advertising676 
Through 2030
Other132 
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.