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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.