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REVENUES
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
REVENUES REVENUES
The table below presents our revenues disaggregated into categories based on the nature of such revenues. See
Note 13 for revenues by segment disaggregated into these categories. 
Successor
Predecessor
Successor
Predecessor
Three Months
Ended June 30,
Three Months
Ended June 30,
Six Months
Ended June 30,
Six Months
Ended June 30,
2026
2025
2026
2025
Revenues by Type:
Advertising
$1,959
$2,152
$4,401
$4,665
Affiliate and subscription
3,520
3,445
7,021
6,842
Theatrical
138
254
290
402
Licensing and other
1,296
998
2,548
2,132
Total Revenues
$6,913
$6,849
$14,260
$14,041
Receivables
Reserves for accounts receivable reflect our expected credit losses based on historical experience as well as current
and expected economic conditions and industry trends. At June 30, 2026 and December 31, 2025, our allowance
for credit losses was $16 million and $10 million, respectively.
Included in “Other assets” on the Consolidated Balance Sheets are noncurrent receivables of $782 million and
$835 million at June 30, 2026 and December 31, 2025, respectively. Noncurrent receivables primarily relate to
revenues recognized under long-term content licensing arrangements. Revenues from the licensing of content are
recognized at the beginning of the license period in which programs are made available to the licensee for
exhibition, while the related cash is generally collected over the term of the license period.
Contract Liabilities
Contract liabilities are included within “Deferred revenues” and “Other liabilities” on the Consolidated Balance
Sheets and were $1.6 billion and $1.5 billion at June 30, 2026 and December 31, 2025, respectively. We
recognized revenues of $0.9 billion and $0.6 billion for the six months ended June 30, 2026 (Successor) and 2025
(Predecessor), respectively, that were included in the opening balance of deferred revenues for the respective year.
Unrecognized Revenues Under Contract
At June 30, 2026, unrecognized revenues attributable to unsatisfied performance obligations under our long-term
contracts were approximately $6 billion, of which $2 billion is expected to be recognized during the remainder of
2026, $2 billion in 2027, $1 billion in 2028, and $1 billion thereafter. These amounts only include contracts subject
to a guaranteed fixed amount or the guaranteed minimum under variable contracts, primarily consisting of
television and film licensing contracts and affiliate agreements that are subject to a fixed or guaranteed minimum
fee. Such amounts change on a regular basis as we renew existing agreements or enter into new agreements. In
addition, the timing of satisfying certain performance obligations under these long-term contracts is uncertain and,
therefore, is also subject to change. Unrecognized revenues under contracts disclosed above do not include (i)
contracts with an original expected term of one year or less, mainly consisting of advertising contracts, (ii)
contracts for which variable consideration is determined based on the customer’s subsequent sale or usage, mainly
consisting of affiliate agreements and (iii) long-term licensing agreements for multiple programs for which variable
consideration is determined based on the value of the programs delivered to the customer and our right to invoice
corresponds with the value delivered. 
Performance Obligations Satisfied in Previous Periods
Under certain revenue arrangements, the amount and timing of our revenue recognition is determined based on our
licensees’ subsequent sale to its end customers. As a result, under such arrangements we often satisfy our
performance obligation of delivery of our content in advance of revenue recognition. We recognized revenues of
$0.1 billion for each of the three months ended June 30, 2026 (Successor) and 2025 (Predecessor) and $0.2 billion
and $0.3 billion for the six months ended June 30, 2026 (Successor) and 2025 (Predecessor), respectively,
principally relating to content licensing arrangements for which the performance obligation was satisfied prior to
the periods indicated, including agreements with distributors of transactional video-on-demand and electronic sell-
through services, other licensing arrangements, and theatrical distribution of our films.