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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2022
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to             
Commission File Number: 001-34177
disca-20220930_g1.jpg
Warner Bros. Discovery, Inc.
(Exact name of registrant as specified in its charter)
Delaware 35-2333914
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
230 Park Avenue South 10003
New York, New York
(Zip Code)
(Address of principal executive offices)
(212) 548-5555
(Registrant’s telephone number, including area code)

N/A
(Former name, former address and former fiscal year, if changed since last report)

Securities Registered Pursuant to Section 12(b) of the Act:
Title of Each Class Trading Symbols Name of Each Exchange on Which Registered
Series A Common Stock WBD The Nasdaq Global Select Market




Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ý    No  o
Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files).    Yes  ý    No  ¨
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer ý Accelerated filer ¨
Non-accelerated filer o Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  ý

Total number of shares outstanding of each class of the Registrant’s common stock as of October 21, 2022:
Series A Common Stock, par value $0.01 per share 2,428,396,015 




WARNER BROS. DISCOVERY, INC.
FORM 10-Q
TABLE OF CONTENTS
 

3


PART I. FINANCIAL INFORMATION
ITEM 1. Unaudited Financial Statements.
WARNER BROS. DISCOVERY, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited; in millions, except per share amounts)
  Three Months Ended September 30, Nine Months Ended September 30,
  2022 2021 2022 2021
Revenues:
Advertising $ 2,042  $ 1,453  $ 6,239  $ 4,496 
Distribution 4,990  1,328  11,180  3,898 
Content 2,531  352  4,918  564 
Other 260  17  472  46 
Total revenues 9,823  3,150  22,809  9,004 
Costs and expenses:
Costs of revenues, excluding depreciation and amortization 5,627  1,529  13,488  3,553 
Selling, general and administrative 2,589  944  7,167  2,947 
Depreciation and amortization 2,233  341  5,024  1,043 
Restructuring and other charges 1,521  2,559  29 
Asset impairment and loss (gain) on disposition and disposal groups 43  —  47  (72)
Total costs and expenses 12,013  2,821  28,285  7,500 
Operating (loss) income (2,190) 329  (5,476) 1,504 
Interest expense, net (555) (159) (1,219) (479)
Loss from equity investees, net (78) (9) (135) (20)
Other (expense) income, net (28) 72  411  245 
(Loss) income before income taxes (2,851) 233  (6,419) 1,250 
Income tax benefit (expense) 566  (36) 1,201  (144)
Net (loss) income (2,285) 197  (5,218) 1,106 
Net income attributable to noncontrolling interests (21) (32) (44) (116)
Net income attributable to redeemable noncontrolling interests (2) (9) (8) (22)
Net (loss) income available to Warner Bros. Discovery, Inc. $ (2,308) $ 156  $ (5,270) $ 968 
Net (loss) income per share allocated to Warner Bros. Discovery, Inc. Series A common stockholders:
Basic
$ (0.95) $ 0.24  $ (3.00) $ 1.47 
Diluted $ (0.95) $ 0.24  $ (3.00) $ 1.46 
Weighted average shares outstanding:
Basic 2,428  589  1,775  588 
Diluted 2,428  663  1,775  665 
The accompanying notes are an integral part of these consolidated financial statements.


4


WARNER BROS. DISCOVERY, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
(unaudited; in millions)

Three Months Ended September 30, Nine Months Ended September 30,
2022 2021 2022 2021
Net (loss) income $ (2,285) $ 197  $ (5,218) $ 1,106 
Other comprehensive (loss) income adjustments, net of tax:
Currency translation (690) (144) (1,277) (203)
Derivatives 24  12  (12) 137 
Comprehensive (loss) income (2,951) 65  (6,507) 1,040 
Comprehensive income attributable to noncontrolling interests
(21) (32) (44) (116)
Comprehensive income attributable to redeemable noncontrolling interests
(2) (9) (8) (22)
Comprehensive (loss) income attributable to Warner Bros. Discovery, Inc. $ (2,974) $ 24  $ (6,559) $ 902 
The accompanying notes are an integral part of these consolidated financial statements.
5

WARNER BROS. DISCOVERY, INC.
CONSOLIDATED BALANCE SHEETS
(unaudited; in millions, except par value)
September 30, 2022 December 31, 2021
ASSETS
Current assets:
Cash and cash equivalents $ 2,422  $ 3,905 
Receivables, net 6,669  2,446 
Prepaid expenses and other current assets 3,581  913 
Total current assets 12,672  7,264 
Film and television content rights and games, net 28,288  3,832 
Property and equipment, net 5,143  1,336 
Goodwill 34,450  12,912 
Intangible assets, net 46,744  6,317 
Other noncurrent assets 8,752  2,766 
Total assets $ 136,049  $ 34,427 
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable $ 1,534  $ 412 
Accrued liabilities 10,197  2,230 
Deferred revenues 1,688  478 
Current portion of debt 1,257  339 
Total current liabilities 14,676  3,459 
Noncurrent portion of debt, net 48,612  14,420 
Deferred income taxes 12,317  1,225 
Other noncurrent liabilities 10,364  1,927 
Total liabilities 85,969  21,031 
Commitments and contingencies (See Note 19)
Redeemable noncontrolling interests 318  363 
Warner Bros. Discovery, Inc. stockholders’ equity:
Series A common stock: $0.01 par value; 10,800 and 0 shares authorized; 2,658 and 0 shares issued; and 2,428 and 0 shares outstanding
27  — 
Preferred stock: $0.01 par value; 1,200 and 0 shares authorized, 0 shares issued and outstanding
—  — 
Discovery Series A-1 convertible preferred stock: $0.01 par value; 0 and 8 shares authorized, issued and outstanding
—  — 
Discovery Series C-1 convertible preferred stock: $0.01 par value; 0 and 6 shares authorized; 0 and 4 shares issued and outstanding
—  — 
Discovery Series A common stock: $0.01 par value; 0 and 1,700 shares authorized; 0 and 170 shares issued; and 0 and 169 shares outstanding
— 
Discovery Series B convertible common stock: $0.01 par value; 0 and 100 shares authorized; 0 and 7 shares issued and outstanding
—  — 
Discovery Series C common stock: $0.01 par value; 0 and 2,000 shares authorized; 0 and 559 shares issued; and 0 and 330 shares outstanding
— 
Additional paid-in capital 54,547  11,086 
Treasury stock, at cost: 230 and 230 shares
(8,244) (8,244)
Retained earnings 4,306  9,580 
Accumulated other comprehensive loss (2,119) (830)
Total Warner Bros. Discovery, Inc. stockholders’ equity 48,517  11,599 
Noncontrolling interests 1,245  1,434 
Total equity 49,762  13,033 
Total liabilities and equity $ 136,049  $ 34,427 
The accompanying notes are an integral part of these consolidated financial statements.
6


WARNER BROS. DISCOVERY, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited; in millions)
  Nine Months Ended September 30,
  2022 2021
Operating Activities
Net (loss) income $ (5,218) $ 1,106 
Adjustments to reconcile net income to cash provided by operating activities:
Content rights amortization and impairment 11,441  2,735 
Depreciation and amortization 5,024  1,043 
Deferred income taxes (2,105) (502)
Preferred stock conversion premium 789  — 
Share-based compensation expense 317  134 
Gain on disposition 45  (72)
Equity in losses of equity method investee companies and cash distributions 178  57 
Gain on sale of investments (144) (20)
Gain from derivative instruments, net (479) — 
Other, net 142  (137)
Changes in operating assets and liabilities, net of acquisitions and dispositions:
Receivables, net (139) 44 
Film and television content rights, games and payables, net (8,612) (2,578)
Accounts payable, accrued liabilities, deferred revenues and other noncurrent liabilities (182) 124 
Foreign currency, prepaid expenses and other assets, net 401  (20)
Cash provided by operating activities 1,458  1,914 
Investing Activities
Purchases of property and equipment (623) (273)
Cash acquired from business acquisition and working capital settlement 3,609  — 
Proceeds from sales and maturities of investments 162  498 
Investments in and advances to equity investments (137) (137)
Proceeds from derivative instruments, net 722  (102)
Purchases of investments —  (103)
Other investing activities, net 87 
Cash provided by (used in) investing activities 3,742  (30)
Financing Activities
Principal repayments of term loans (6,000) — 
Principal repayments of debt, including premiums to par value (327) (574)
Distributions to noncontrolling interests and redeemable noncontrolling interests (286) (231)
Purchase of redeemable noncontrolling interests —  (31)
Securitization receivables collected but not remitted 236  — 
Borrowings under commercial paper program 885  — 
Repayments under commercial paper program (885) — 
Other financing activities, net (93) 25 
Cash used in financing activities (6,470) (811)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash (122) (69)
Net change in cash, cash equivalents, and restricted cash (1,392) 1,004 
Cash, cash equivalents, and restricted cash, beginning of period 3,905 2,122 
Cash, cash equivalents, and restricted cash, end of period $ 2,513  $ 3,126 
The accompanying notes are an integral part of these consolidated financial statements.
7

WARNER BROS. DISCOVERY, INC.
CONSOLIDATED STATEMENT OF EQUITY
(unaudited; in millions)
Discovery, Inc.
Preferred Stock
Discovery, Inc.
Common Stock
Warner Bros. Discovery, Inc. Common Stock Additional
Paid-In
Capital
Treasury
Stock
Retained
Earnings
Accumulated
Other
Comprehensive
Loss
Warner Bros. Discovery, Inc.
Stockholders’ Equity
Noncontrolling
Interests
Total
Equity
Shares Par Value Shares Par Value Shares Par Value
December 31, 2021 12  $ —  736  $ —  $ —  $ 11,086  $ (8,244) $ 9,580  $ (830) $ 11,599  $ 1,434  $ 13,033 
Net income available to Warner Bros. Discovery, Inc. and attributable to noncontrolling interests —  —  —  —  —  —  —  —  456  —  456  16  472 
Other comprehensive loss —  —  —  —  —  —  —  —  —  (117) (117) —  (117)
Share-based compensation —  —  —  —  —  —  53  —  —  —  53  —  53 
Tax settlements associated with share-based plans
—  —  —  —  —  —  (38) —  —  —  (38) —  (38)
Dividends paid to noncontrolling interests
—  —  —  —  —  —  —  —  —  —  —  (192) (192)
Issuance of stock in connection with share-based plans
—  —  —  —  —  19  —  —  —  19  —  19 
Redeemable noncontrolling interest adjustments to redemption value
—  —  —  —  —  —  —  —  (3) —  (3) —  (3)
March 31, 2022 12  $ —  739  $ —  $ —  $ 11,120  $ (8,244) $ 10,033  $ (947) $ 11,969  $ 1,258  $ 13,227 
Net (loss) income available to Warner Bros. Discovery, Inc. and attributable to noncontrolling interests —  —  —  —  —  —  —  —  (3,418) —  (3,418) (3,411)
Other comprehensive loss —  —  —  —  —  —  —  —  —  (506) (506) —  (506)
Share-based compensation —  —  —  —  —  —  143  —  —  —  143  —  143 
Conversion and issuance of common stock and noncontrolling interest in connection with the acquisition of the WarnerMedia Business (12) —  (739) (7) 2,658  27  43,173  —  —  —  43,193  43,195 
Dividends paid to noncontrolling interests —  —  —  —  —  —  —  —  —  —  —  (31) (31)
Issuance of stock in connection with share-based plans —  —  —  —  —  —  —  —  —  — 
Redeemable noncontrolling interest adjustments to redemption value —  —  —  —  —  —  —  —  (1) —  (1) —  (1)
June 30, 2022 —  $ —  —  $ —  2,658  $ 27  $ 54,439  $ (8,244) $ 6,614  $ (1,453) $ 51,383  $ 1,236  $ 52,619 
Net (loss) income available to Warner Bros. Discovery, Inc. and attributable to noncontrolling interests —  —  —  —  —  —  —  —  (2,308) —  (2,308) 21  (2,287)
Other comprehensive loss —  —  —  —  —  —  —  —  —  (666) (666) —  (666)
Share-based compensation —  —  —  —  —  —  111  —  —  —  111  —  111 
Tax settlements associated with share-based plans —  —  —  —  —  —  (5) —  —  —  (5) —  (5)
Dividends paid to noncontrolling interests —  —  —  —  —  —  —  —  —  —  —  (12) (12)
Issuance of stock in connection with share-based plans —  —  —  —  —  —  —  —  —  — 
September 30, 2022 —  $ —  —  $ —  2,658  $ 27  $ 54,547  $ (8,244) $ 4,306  $ (2,119) $ 48,517  $ 1,245  $ 49,762 
The accompanying notes are an integral part of these consolidated financial statements.
8

WARNER BROS. DISCOVERY, INC.
CONSOLIDATED STATEMENT OF EQUITY
(unaudited; in millions)
Discovery, Inc.
Preferred Stock
Discovery, Inc.
Common Stock
Additional
Paid-In
Capital
Treasury
Stock
Retained
Earnings
Accumulated
Other
Comprehensive
Loss
Warner Bros. Discovery,
Inc. 
Stockholders’
Equity
Noncontrolling
Interests
Total
Equity
Shares Par Value Shares Par Value
December 31, 2020 13  $ —  717  $ $ 10,809  $ (8,244) $ 8,543  $ (651) $ 10,464  $ 1,536  $ 12,000 
Net income available to Warner Bros. Discovery, Inc. and attributable to noncontrolling interests —  —  —  —  —  —  140  —  140  46  186 
Other comprehensive income —  —  —  —  —  —  —  70  70  —  70 
Share-based compensation —  —  —  —  32  —  —  —  32  —  32 
Preferred stock conversion (1) —  11  —  —  —  —  —  —  —  — 
Tax settlements associated with share-based compensation —  —  —  —  (68) —  —  —  (68) —  (68)
Dividends paid to noncontrolling interest —  —  —  —  —  —  —  —  —  (178) (178)
Issuance of stock in connection with share-based plans —  —  —  186  —  —  —  186  —  186 
Redeemable noncontrolling interest
adjustments to redemption value
—  —  —  —  (8) —  (1) —  (9) —  (9)
March 31, 2021 12  $ —  736  $ $ 10,951  $ (8,244) $ 8,682  $ (581) $ 10,815  $ 1,404  $ 12,219 
Net income available to Discovery, Inc. and attributable to noncontrolling interests
—  —  —  —  —  —  672  —  672  38  710 
Other comprehensive loss —  —  —  —  —  —  —  (4) (4) —  (4)
Share-based compensation —  —  —  —  41  —  —  —  41  —  41 
Tax settlements associated with share-based plans —  —  —  —  (1) —  —  —  (1) —  (1)
Dividends paid to noncontrolling interests —  —  —  —  —  —  —  —  —  (29) (29)
Issuance of stock in connection with share-based plans
—  —  —  —  —  —  —  — 
Redeemable noncontrolling interest
adjustments to redemption value
—  —  —  —  —  —  —  — 
June 30, 2021 12  $ —  736  $ $ 11,000  $ (8,244) $ 9,360  $ (585) $ 11,538  $ 1,413  $ 12,951 
Net income available to Discovery, Inc. and attributable to noncontrolling interests
—  —  —  —  —  —  156  —  156  32  188 
Other comprehensive loss —  —  —  —  —  —  —  (132) (132) —  (132)
Share-based compensation —  —  —  —  43  —  —  —  43  —  43 
Tax settlements associated with share-based compensation
—  —  —  —  (1) —  —  —  (1) —  (1)
Dividends paid to noncontrolling interests
—  —  —  —  —  —  —  —  —  (16) (16)
Issuance of stock in connection with share-based plans
—  —  —  —  —  —  —  — 
Redeemable noncontrolling interest
adjustments to redemption value
—  —  —  —  —  —  —  — 
September 30, 2021 12  $ —  736  $ $ 11,043  $ (8,244) $ 9,522  $ (717) $ 11,611  $ 1,429  $ 13,040 
The accompanying notes are an integral part of these consolidated financial statements.
9


WARNER BROS. DISCOVERY, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)


NOTE 1. DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION
Description of Business
Warner Bros. Discovery, Inc. (“Warner Bros. Discovery”, “WBD”, the “Company”, “we”, “us” or “our”) is a leading global media and entertainment company that creates and distributes the world’s most differentiated and complete portfolio of content and brands across television, film and streaming. Available in more than 220 countries and territories and 50 languages, Warner Bros. Discovery inspires, informs and entertains audiences worldwide through its iconic brands and products including: Discovery Channel, discovery+, CNN, DC, Eurosport, HBO, HBO Max, HGTV, Food Network, OWN, Investigation Discovery, TLC, Magnolia Network, TNT, TBS, truTV, Travel Channel, MotorTrend, Animal Planet, Science Channel, Warner Bros. Pictures, Warner Bros. Television, Warner Bros. Games, New Line Cinema, Cartoon Network, Adult Swim, Turner Classic Movies, Discovery en Español, Hogar de HGTV and others.
Merger with the WarnerMedia Business of AT&T
On April 8, 2022 (the “Closing Date”), Discovery, Inc. (“Discovery”) completed its merger (the “Merger”) with the WarnerMedia business (the “WarnerMedia Business”, “WM Business” or “WM”) of AT&T Inc. (“AT&T”) and changed its name to “Warner Bros. Discovery, Inc.”. On April 11, 2022, the Company’s shares started trading on the Nasdaq Global Select Market (the “Nasdaq”) under the trading symbol WBD.
The Merger was executed through a Reverse Morris Trust type transaction, under which WM was distributed to AT&T’s shareholders via a pro rata distribution, and immediately thereafter, combined with Discovery. (See Note 2 and Note 3). Prior to the Merger, WarnerMedia Holdings, Inc. distributed $40.5 billion to AT&T (subject to working capital and other adjustments) in a combination of cash, debt securities, and WM's retention of certain debt. Discovery transferred purchase consideration of $42.4 billion in equity to AT&T shareholders. In August 2022, the Company and AT&T finalized the post-closing working capital settlement process, pursuant to section 1.3 of the Separation and Distribution Agreement, which resulted in the Company receiving a $1.2 billion payment from AT&T in the third quarter of 2022. AT&T shareholders received shares of WBD Series A common stock (“WBD common stock”) in the distribution representing 71% of the combined company and the Company's pre-Merger shareholders continued to own 29% of the combined company, in each case on a fully diluted basis.
Discovery was deemed to be the accounting acquirer of the WM Business for accounting purposes under U.S. generally accepted accounting principles (“U.S. GAAP”); therefore, Discovery is considered WBD’s predecessor and the historical financial statements of Discovery prior to April 8, 2022, are reflected in this Quarterly Report on Form 10-Q as WBD’s historical financial statements. Accordingly, the financial results of WBD as of and for any periods prior to April 8, 2022 do not include the financial results of the WM Business and current and future results will not be comparable to historical results.
Segments
In connection with the Merger, the Company reevaluated and changed its segment presentation during the quarter ended June 30, 2022. Accordingly, beginning in the quarter ended June 30, 2022, and for all periods presented, we are reporting results based on the following segments:
Studios - Our Studios segment primarily consists of the production and release of feature films for initial exhibition in theaters, production and initial licensing of television programs to third parties and our networks/direct-to-consumer (“DTC”) services, distribution of our films and television programs to various third party and internal television and streaming services, distribution through the home entertainment market (physical and digital), related consumer products and themed experience licensing, and interactive gaming.
Networks - Our Networks segment primarily consists of our domestic and international television networks.
DTC - Our DTC segment primarily consists of our premium pay TV and digital content services.
Impact of COVID-19
The Company continues to closely monitor the ongoing impact of COVID-19 on all aspects of its business and geographies, including the impact on its customers, employees, suppliers, vendors, distribution and advertising partners, production facilities, and various other third parties. Certain key sources of revenue for the Studios segment, including theatrical revenues, television production, studio operations and themed entertainment, have been adversely impacted by governmentally imposed shutdowns and related labor interruptions and constraints on consumer activity, particularly in the context of public entertainment venues, such as cinemas and theme parks.
10


WARNER BROS. DISCOVERY, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)

The nature and full extent of COVID-19’s effects on our operations and results are not yet known and will depend on future developments, which are highly uncertain and cannot be predicted, including new information that may emerge concerning the severity and the extent of future variants or surges of COVID-19, vaccine distribution and efficacy and other actions to contain the virus or treat its impact, among others. The consolidated financial statements reflect management’s estimates and assumptions that affect the reported amounts of assets and liabilities and related disclosures as of the date of the consolidated financial statements and reported amounts of revenue and expenses during the reporting periods presented. Actual results may differ significantly from these estimates and assumptions.
Principles of Consolidation
The consolidated financial statements include the accounts of the Company and its majority-owned subsidiaries in which a controlling interest is maintained, including variable interest entities (“VIE”) for which the Company is the primary beneficiary. Intercompany accounts and transactions between consolidated entities have been eliminated.
Unaudited Interim Financial Statements
These consolidated financial statements are unaudited; however, in the opinion of management, they reflect all adjustments consisting only of normal recurring adjustments necessary to state fairly the financial position, results of operations and cash flows for the periods presented in conformity with U.S. GAAP applicable to interim periods. The results of operations for the interim periods presented are not necessarily indicative of results for the full year or future periods. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 (the “2021 Form 10-K”).
Use of Estimates
The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates, judgments and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results may differ from these estimates.
Significant estimates and judgments inherent in the preparation of the consolidated financial statements include accounting for asset impairments, revenue recognition, estimated credit losses, content rights, leases, depreciation and amortization, business combinations, share-based compensation, income taxes, other financial instruments, contingencies, estimated defined benefit plan liabilities, and the determination of whether the Company should consolidate certain entities.
Summary of Significant Accounting Policies
There have been no changes to the Company's significant accounting policies described in the 2021 Form 10-K, other than updates to policies as a result of the Merger as described below.
Film and Television Content Rights
The Company groups its film and television content rights by monetization strategy. For films and television programs predominantly monetized individually, the amount of capitalized film and television production costs and the amount of participations and residuals to be recognized as expense in a particular period are determined using the individual film forecast method. Under this method, the amortization of capitalized costs and the accrual of participations and residuals are based on the proportion of the film’s or television program’s revenues recognized for such period to the film’s or television program’s estimated remaining ultimate revenues (i.e., the total revenue to be received throughout a film’s or television program’s remaining life cycle).
The process of estimating ultimate revenues requires us to make a series of judgments related to future revenue-generating activities associated with a particular film. Prior to the theatrical release of a film, our estimates are based on factors such as the historical performance of similar films, the star power of the lead actors, the rating and genre of the film, pre-release market research (including test market screenings), international distribution plans and the expected number of theaters in which the film will be released. Subsequent to release, ultimate revenues are updated to reflect initial performance, which is often predictive of future performance. For a film or television program that is predominantly monetized on its own but also monetized with other films and/or programs (such as our DTC or linear services), we make a reasonable estimate of the value attributable to the film or program’s exploitation while monetized with other films/programs and expense such costs as the film or television program is exhibited. For theatrical films, the period over which ultimate revenues from all applicable sources and exhibition windows are estimated does not exceed 10 years from the date of the film’s initial release. For television programs, the ultimate period does not exceed 10 years from delivery of the first episode, or, if still in production, five years from delivery of the most recent episode, if later. For games, the ultimate period does not exceed two years from the date of the game’s initial release. Ultimates for produced content monetized on an individual basis are reviewed and updated (as applicable) on a quarterly basis; any adjustments are applied prospectively as of the beginning of the fiscal year of the change.
11


WARNER BROS. DISCOVERY, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)

For programs monetized as a group, including licensed programming, the Company’s film groups are generally aligned along the Company’s networks and digital content offerings, except for certain international territories wherein content assets are shared across the various networks in the territory and therefore, the territory is the film group. Amortization expense for each period is generally based on the revenue forecast model, which approximates the proportion that estimated distribution and advertising revenues for the current period represent in relation to the estimated remaining total lifetime revenues. Digital content and premium pay TV amortization for each period is recognized based on estimated viewing patterns as there are generally no direct revenues to associate to the individual content assets and therefore number of views is most representative of the use of the title. Licensed rights to film and television programming are typically amortized over the useful life of the program’s license period on a straight-line basis (or per-play basis, if greater, for certain programming on our ad-supported networks), or accelerated basis for licensed original programs.
Quarterly, the Company prepares analyses to support its content amortization expense. Critical assumptions used in determining content amortization for programming predominately monetized as a group include: (i) the grouping of content with similar characteristics, (ii) the application of a quantitative revenue forecast model or viewership model based on the adequacy of historical data, (iii) determining the appropriate historical periods to utilize and the relative weighting of those historical periods in the forecast model, and (iv) incorporating secondary streams. The Company then considers the appropriate application of the quantitative assessment given forecasted content use, expected content investment and market trends. Content use and future revenues may differ from estimates based on changes in expectations related to market acceptance, network affiliate fee rates, advertising demand, the number of cable and satellite television subscribers receiving the Company’s networks, the number of subscribers to its digital services, and program usage. Accordingly, the Company continually reviews its estimates and planned usage and revises its assumptions if necessary. Any material adjustments from the Company’s review of the amortization rates for assets in film groups are applied prospectively in the period of the change.
Unamortized film costs are tested for impairment whenever events or changes in circumstances indicate that the fair value of a film (or television program) predominately monetized on its own, or a film group, may be less than its unamortized costs. In addition, a change in the predominant monetization strategy is considered a triggering event for impairment testing before a title is accounted for as part of a film group. If the carrying value of an individual feature film or television program, or film group, exceeds the estimated fair value, an impairment charge will be recorded in the amount of the difference. For content that is predominately monetized individually, we utilize estimates including ultimate revenues and additional costs to be incurred (including exploitation and participation costs), in order to determine whether the carrying value of a film or television program is impaired.
Game development costs are expensed as incurred before the applicable games reach technological feasibility, or for online hosted arrangements, before the preliminary project phase is complete and it is probable the project will be completed and the software will be used to perform the function intended. Upon release, the capitalized game development costs are amortized based on the proportion of the game’s revenues recognized for such period to the game’s total current and anticipated revenues. Unamortized capitalized game production and development costs are stated at the lower of cost, less accumulated amortization, or net realizable value and reported in “Film and television content rights and games, net” on the consolidated balance sheets.
Inventory
Inventory is comprised primarily of DVDs, Blu-ray Discs and game units and is stated at the lower of cost or net realizable value in prepaid expenses and other current assets on the consolidated balance sheets. Cost is determined using the average cost method for the majority of our inventory, with the remaining inventory valued using the standard cost method, which approximates average cost. Returned goods included in inventory are valued at estimated realizable value, but not in excess of cost. The Company periodically reviews its inventory for excess and obsolete inventory. The Company's inventory consisted of the following (in millions).
September 30, 2022 December 31, 2021
Raw materials $ $ — 
Work in process — 
Finished goods 137 
Total inventory $ 149  $
Defined Benefit Plan
The Company maintains a defined benefit pension plan covering certain employees. Defined benefit plan obligations are based on various assumptions used by our actuaries in calculating these amounts. These assumptions include discount rates, compensation rate increases, expected return on plan assets, retirement rates and mortality rates. Actual results that differ from the assumptions and changes in assumptions could affect future expenses and obligations.
12


WARNER BROS. DISCOVERY, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)

Accounting and Reporting Pronouncements Adopted
LIBOR
In March 2020, the Financial Accounting Standards Board (“FASB”) issued guidance providing optional expedients and exceptions for applying U.S. GAAP to contract modifications, hedging relationships, and other transactions associated with the expected market transition away from the London Interbank Offered Rate and other interbank offered rates to alternative reference rates. The guidance is for March 12, 2020 through December 31, 2022 and may not be applied to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022. The Company applied the relevant provisions of the guidance to hedge relationships that were subsequently terminated in the first quarter of 2022.
Convertible Instruments
In August 2020, the FASB issued guidance simplifying the accounting for convertible instruments by reducing the number of accounting models available for convertible debt instruments and convertible preferred stock. This guidance amends the derivatives scope exception for contracts in an entity’s own equity to reduce form-over-substance-based accounting conclusions, requires the use of the if-converted method for calculating earnings per share for convertible instruments, and makes targeted improvements to the disclosures for convertible instruments and related earnings per share guidance. The Company adopted the guidance effective January 1, 2022, and there was no material impact on its consolidated financial statements.
Accounting and Reporting Pronouncements Not Adopted
Government Assistance
In November 2021, the FASB issued guidance requiring disclosure for transactions with a government that are accounted for by applying a grant or contribution accounting model by analogy to other guidance. The annual disclosures include terms and conditions, accounting treatment and impacted financial statement lines reflecting the impact of the transactions. The guidance is effective for annual periods beginning after December 15, 2021. While the guidance will not have an effect on the Company’s consolidated statement of operations or consolidated balance sheets, the Company is currently assessing the impact this guidance will have on its financial statement disclosures.
Supplier Finance Programs
In September 2022, the FASB issued guidance updating the disclosure requirements for supplier finance program obligations. This guidance provides specific authoritative guidance for disclosure of supplier finance programs, including key terms of such programs, amounts outstanding, and where the obligations are presented in the statement of financial position. The guidance is effective for annual periods beginning after December 15, 2022, including interim periods, except for the disclosure of roll forward information, which is effective for annual periods beginning after December 15, 2023. Certain components of this guidance must be applied retrospectively, while others may be applied prospectively. Early adoption is permitted. The Company is currently evaluating the impact this guidance will have on its consolidated financial statements and related disclosures.
NOTE 2. EQUITY AND EARNINGS PER SHARE
Common Stock Issued in Connection with the WarnerMedia Merger
In connection with the Merger, each issued and outstanding share of Discovery Series A common stock, Discovery Series B common stock, and Discovery Series C common stock, was reclassified and automatically converted into one share of WBD common stock, and each issued and outstanding share of Discovery Series A-1 convertible preferred stock (“Series A-1 Preferred Stock”) and Series C-1 convertible preferred stock was reclassified and automatically converted into 13.1135 and 19.3648 shares of WBD common stock, respectively.
The Merger required the consent of Advance/Newhouse Programming Partnership under Discovery's certificate of incorporation as the sole holder of the Series A-1 Preferred Stock. In connection with Advance/Newhouse Programming Partnership’s entry into the consent agreement and related forfeiture of the significant rights attached to the Series A-1 Preferred Stock in the reclassification of the shares of Series A-1 Preferred Stock into common stock, it received an increase to the number of shares of common stock of the Company into which the Series A-1 Preferred Stock converted. The impact of the issuance of such additional shares of common stock was $789 million and was recorded as a transaction expense in selling, general and administrative expense upon the closing of the Merger.
On April 8, 2022, the Company issued 1.7 billion shares of WBD common stock as consideration paid for the acquisition of WM. (See Note 3).
13


WARNER BROS. DISCOVERY, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)

Earnings Per Share
All share and per share amounts have been retrospectively adjusted to reflect the reclassification and automatic conversion into WBD common stock, except for Series A-1 Preferred Stock, which has not been recast because the conversion of Series A-1 Preferred Stock into WBD common stock in connection with the Merger was considered a discrete event and treated prospectively.
The table below sets forth the Company's calculated earnings per share. Earnings per share amounts may not recalculate due to rounding.
Three Months Ended September 30, Nine Months Ended September 30,
2022 2021 2022 2021
Numerator:
Net (loss) income $ (2,285) $ 197  $ (5,218) $ 1,106 
Less:
Allocation of undistributed income to Series A-1 convertible preferred stock —  (17) (49) (104)
Net income attributable to noncontrolling interests (21) (32) (44) (116)
Net income attributable to redeemable noncontrolling interests (2) (9) (8) (22)
Net (loss) income allocated to Warner Bros. Discovery, Inc. Series A common stockholders for basic and diluted net (loss) income per share $ (2,308) $ 139  $ (5,319) $ 864 
Add:
Allocation of undistributed income to Series A-1 convertible preferred stockholders $ —  $ 17  $ —  $ 104 
Net (loss) income allocated to Warner Bros. Discovery, Inc. Series A common stockholders for diluted net (loss) income per share $ (2,308) $ 156  $ (5,319) $ 968 
Denominator — weighted average:
Common shares outstanding — basic 2,428  589  1,775  588 
Impact of assumed preferred stock conversion —  71  —  71 
Dilutive effect of share-based awards —  — 
Common shares outstanding — diluted 2,428  663  1,775  665 

Basic net (loss) income per share allocated to common stockholders $ (0.95) $ 0.24  $ (3.00) $ 1.47 
Diluted net (loss) income per share allocated to common stockholders $ (0.95) $ 0.24  $ (3.00) $ 1.46 
The table below presents the details of share-based awards that were excluded from the calculation of diluted earnings per share (in millions).
Three Months Ended September 30, Nine Months Ended September 30,
2022 2021 2022 2021
Anti-dilutive share-based awards
59  32  48  10 
NOTE 3. ACQUISITIONS AND DISPOSITIONS
Acquisitions
WarnerMedia
On April 8, 2022, the Company completed its Merger with the WarnerMedia Business of AT&T. The Merger was executed through a Reverse Morris Trust type transaction, under which WM was distributed to AT&T’s shareholders via a pro-rata distribution, and immediately thereafter, combined with Discovery. Discovery was deemed to be the accounting acquirer of WM.
14


WARNER BROS. DISCOVERY, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)

The Merger combined WM’s content library of popular and valuable intellectual property with Discovery’s global footprint, collection of local-language content and deep regional expertise across more than 220 countries and territories. The Company expects this broad, worldwide portfolio of brands, coupled with its DTC potential and the attractiveness of the combined assets, to result in increased market penetration globally. The Merger is also expected to create significant cost synergies for the Company.
Purchase Price
The following table summarizes the components of the aggregate purchase consideration paid to acquire WM (in millions).
Fair value of WBD common stock issued to AT&T shareholders (1)
$ 42,309 
Estimated fair value of share-based compensation awards attributable to pre-combination services (2)
94 
Settlement of preexisting relationships (3)
(27)
Purchase consideration $ 42,376 
(1) The fair value of WBD common stock issued to AT&T shareholders represents approximately 1,732 million shares of the Company’s common stock multiplied by the closing share price for Discovery Series A common stock of $24.43 on the Nasdaq on the Closing Date. The number of shares of WBD common stock issued in the Merger was determined based on the number of fully diluted shares of Discovery, Inc. common stock immediately prior to the closing of the Merger, multiplied by the quotient of 71%/29%.
(2) This amount represents the value of AT&T restricted stock unit awards that were not vested and were replaced by WBD restricted stock unit awards with similar terms and conditions as the original AT&T awards. The conversion was based on the ratio of the volume-weighted average per share closing price of AT&T common stock on the ten trading days prior to the Closing Date and the volume-weighted average per share closing price of WBD common stock on the ten trading days following the Closing Date. The fair value of replacement equity-based awards attributable to pre-Merger service was recorded as part of the consideration transferred in the Merger. See Note 14 for additional information.
(3) The amount represents the effective settlement of outstanding payables and receivables between the Company and WM. No gain or loss was recognized upon settlement as amounts were determined to be reflective of fair market value.
Balances reflect rounding of dollar and share amounts to millions, which may result in differences for recalculated standalone amounts compared with the amounts presented above. In August 2022, the Company and AT&T finalized the post-closing working capital settlement process, pursuant to section 1.3 of the Separation and Distribution Agreement, which resulted in the Company receiving a $1.2 billion payment from AT&T in the third quarter of 2022.
Preliminary Purchase Price Allocation
The Company applied the acquisition method of accounting to WM, whereby the excess of the fair value of the purchase price paid over the fair value of identifiable net assets acquired and liabilities assumed was allocated to goodwill. Goodwill reflects the assembled workforce of WM as well as revenue enhancements, cost savings and operating synergies that are expected to result from the Merger. The goodwill recorded as part of the Merger has been provisionally allocated to the Studios, Networks and DTC reportable segments in the amount of $8,938 million, $7,015 million and $5,909 million, respectively, and is not deductible for tax purposes.
15


WARNER BROS. DISCOVERY, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)

The purchase price allocation is preliminary and subject to change. The Company is still evaluating the fair value of film and television library, intangible assets, and income taxes, in addition to ensuring all other assets and liabilities and contingencies have been identified and recorded. The Company has estimated the preliminary fair value of assets acquired and liabilities assumed based on information currently available and will continue to adjust those estimates as additional information pertaining to events or circumstances present at the Closing Date becomes available during the measurement period. The Company reflects measurement period adjustments in the period in which the adjustments occur, and the Company will finalize its accounting for the Merger within one year of the Closing Date. The current period adjustments were primarily related to content, taxes, investments, and capitalized interest. The cumulative impact on the consolidated statements of operations for these measurement period adjustments was $129 million for the three months ended September 30, 2022. The preliminary allocation of the purchase price to the assets acquired and liabilities assumed, measurement period adjustments, and a reconciliation to total consideration transferred is presented in the table below (in millions).
Preliminary
April 8, 2022
Measurement Period
Adjustments
Updated Preliminary
April 8, 2022
Cash $ 2,419  $ (10) $ 2,409 
Accounts receivable 4,224  (1) 4,223 
Other current assets 4,619  (217) 4,402 
Film and television library 28,729  (294) 28,435 
Property and equipment 4,260  17  4,277 
Goodwill 21,513  349  21,862 
Intangible assets 44,889  —  44,889 
Other noncurrent assets 5,206  442  5,648 
Current liabilities (10,544) (14) (10,558)
Debt assumed (41,671) (9) (41,680)
Deferred income taxes (13,264) 107  (13,157)
Other noncurrent liabilities (8,004) (370) (8,374)
Total consideration paid $ 42,376  $ —  $ 42,376 
16


WARNER BROS. DISCOVERY, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)

The fair values of the assets acquired, and liabilities assumed were preliminarily determined using the income, cost, and market approaches. The fair value measurements were primarily based on significant inputs that are not observable in the market, such as discounted cash flow analyses, and thus represent a Level 3 measurement. Significant inputs used in the discounted cash flow analyses and other areas of judgment include (i) historical and projected financial information, (ii) discount rates used to present value future cash flows, (iii) royalty rates, (iv) number of renewals for affiliate contracts, (v) synergies, including cost savings, (vi) tax rates, (vii) economic useful life of assets, and (viii) attrition rates, as relevant, that market participants would consider when estimating fair values. The following are the preliminary fair value approaches followed:
Category Valuation Method
Trade names Relief from royalty method of the income approach
Film and TV content library
Multi-period excess earnings method of the income approach; net book value
Affiliate contracts Multi-period excess earnings method of the income approach
Franchises Multi-period excess earnings method of the income approach
Other intangible assets Multi-period excess earnings method of the income approach
Licensed content Net book value method
Licensed sports rights Differential method, a form of the incremental income approach
Recovery rate for advertiser relationships
With-or-without method, a form of the income approach, recovery rate of 4 years
In-place advertising networks With-or-without method, a form of the income approach
Subscriber relationships Replacement cost method of the cost approach
Real estate, property and equipment Cost approach or the income approach, which estimates the value of property based on the income it generates or the market approach, which determines values based on comparable assets purchased under similar conditions
Current and noncurrent debt assumed comprising existing debt of WM, the Term Loan, and the Notes Quoted prices for identical or similar securities in active markets
The table below presents a summary of intangible assets acquired, exclusive of content assets, and the weighted average useful life of these assets.
Fair Value Weighted Average Useful Life in Years
Trade names $ 21,084  25
Affiliate, advertising and subscriber relationships 14,700  6
Franchises 7,900  35
Other intangible assets 1,205 
Total intangible assets acquired $ 44,889 
The Company incurred transaction-related costs of $59 million and $340 million for the three and nine months ended September 30, 2022, respectively. These costs were associated with legal and professional services and were recognized as operating expenses on the consolidated statement of operations. Additionally, the expense related to the issuance of additional shares of common stock in connection with the conversion of Advance/Newhouse Programming's Series A-1 Preferred Stock was $789 million and was recorded as a transaction expense in selling, general and administrative expense upon the closing of the Merger. (See Note 2.)
17


WARNER BROS. DISCOVERY, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)

As a result of the Merger, WM's assets, liabilities, and operations were included in the Company's consolidated financial statements from the Closing Date. The following table presents WM revenue and earnings as reported within the consolidated financial statements (in millions).
Three Months Ended June 30, 2022 Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022
Revenues:
Advertising $ 1,163  $ 761  $ 1,924 
Distribution 3,526  3,730  7,256 
Content 2,835  3,147  5,982 
Other 208  245  453 
Total revenues 7,732  7,883  15,615 
Inter-segment eliminations (840) (699) (1,539)
Net revenues $ 6,892  $ 7,184  $ 14,076 
Net loss available to Warner Bros. Discovery, Inc. $ (3,020) $ (2,135) $ (5,155)
Pro Forma Combined Financial Information
The following unaudited pro forma combined financial information presents the combined results of the Company and WM as if the Merger had been completed on January 1, 2021. The unaudited pro forma combined financial information is presented for informational purposes and is not indicative of the results of operations that would have been achieved if the Merger had occurred on January 1, 2021, nor is it indicative of future results. The following table presents the Company's pro forma combined revenues and net income (in millions).
Three Months Ended September 30, Nine Months Ended September 30,
2021 2022 2021
Revenues $ 10,980  $ 32,087  $ 32,913 
Net loss available to Warner Bros. Discovery, Inc. (659) (4,132) (2,795)
The unaudited pro forma combined financial information includes, where applicable, adjustments for (i) additional costs of revenues from the fair value step up of film and television library, (ii) additional amortization expense related to acquired intangible assets, (iii) additional depreciation expense from the fair value of property and equipment, (iv) transaction costs and other one-time non-recurring costs, (v) additional interest expense for borrowings related to the Merger and amortization associated with fair value adjustments of debt assumed, (vi) changes to align accounting policies, (vii) elimination of intercompany activity, and (viii) associated tax-related impacts of adjustments. These pro forma adjustments are based on available information as of the date hereof and upon assumptions that the Company believes are reasonable to reflect the impact of the Merger with WM on the Company's historical financial information on a supplemental pro forma basis. Adjustments do not include costs related to integration activities, cost savings or synergies that have been or may be achieved by the combined business.
Dispositions
In September 2022, the Company sold 75% of its interest in The CW Network to Nexstar Media Inc. (“Nexstar”), in exchange for Nexstar agreeing to fund a majority of The CW Network’s expenses and the retention of the Company’s share of certain receivables that existed prior to the transaction. There was no cash consideration exchanged in the transaction. The Company recorded an immaterial gain and retained a 12.5% ownership interest in The CW Network, which is accounted for as an equity method investment.
In April 2022, the Company completed the sale of its minority interest in Discovery Education for a sale price of $138 million and recorded a gain of $133 million.
In June 2021, the Company completed the sale of its Great American Country network to Hicks Equity Partners for a sale price of $90 million and recorded a gain of $76 million.
18


WARNER BROS. DISCOVERY, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)

NOTE 4. GOODWILL AND OTHER INTANGIBLE ASSETS
Goodwill
The carrying value and changes in the carrying value of goodwill attributable to each reportable segment were as follows (in millions).
U.S.
Networks
International
Networks
Studios Networks DTC Total
December 31, 2021 $ 10,813  $ 2,099  $ —  $ —  $ —  $ 12,912 
Segment recast (See Note 20)
(10,813) (2,059) —  10,555  2,317  — 
Acquisitions (See Note 3)
—  —  8,938  7,015  5,909  21,862 
Foreign currency translation and other —  (40) (16) (220) (48) (324)
September 30, 2022 $ —  $ —  $ 8,922  $ 17,350  $ 8,178  $ 34,450 
The Networks segment included accumulated goodwill impairments of $1.6 billion as of September 30, 2022 and December 31, 2021. The Studios and DTC segments did not include any accumulated goodwill impairments as of September 30, 2022 and December 31, 2021.
Intangible Assets
Finite-lived intangible assets consisted of the following (in millions, except years).
  Weighted
Average
Amortization
Period (Years)
September 30, 2022 December 31, 2021
Gross Accumulated 
Amortization
Net Gross Accumulated
Amortization
Net
Intangible assets subject to amortization:
Trademarks and trade names 32 $ 22,872  $ (1,246) $ 21,626  $ 1,716  $ (858) $ 858 
Affiliate, advertising and subscriber relationships 8 23,927  (7,839) 16,088  9,433  (4,303) 5,130 
Franchises 35 7,900  (108) 7,792  —  —  — 
Character rights 14 995  (35) 960  —  —  — 
Other 6 544  (266) 278  395  (227) 168 
Total $ 56,238  $ (9,494) $ 46,744  $ 11,544  $ (5,388) $ 6,156 
Amortization expense relating to finite-lived intangible assets was $1,937 million and $266 million for the three months ended September 30, 2022 and 2021, respectively, and $4,376 million and $814 million for the nine months ended September 30, 2022 and 2021, respectively.
Amortization expense relating to intangible assets subject to amortization for each of the next five years and thereafter is estimated to be as follows (in millions).
Remaining 2022 2023 2024 2025 2026 Thereafter
Amortization expense $ 1,845  $ 6,479  $ 4,967  $ 3,595  $ 2,592  $ 27,266 
Indefinite-lived intangible assets not subject to amortization (in millions):
  September 30, 2022 December 31, 2021
Trademarks $ —  $ 161 
19


WARNER BROS. DISCOVERY, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)

Impairment Analysis
During the second quarter of 2022, the Company performed a qualitative goodwill impairment assessment for all reporting units in conjunction with the change in its segment presentation, and determined that it was more likely than not that the fair value of those reporting units exceeded their carrying values; therefore, no quantitative goodwill impairment analysis was performed. Due to global macro-economic conditions, the Company will continue to monitor its reporting units for changes that could impact recoverability.
NOTE 5. RESTRUCTURING AND OTHER CHARGES
In connection with the Merger, the Company has announced and has taken actions to implement projects to achieve cost synergies for the Company. The Company finalized the framework supporting its ongoing restructuring and transformation initiatives during the three months ended September 30, 2022, which will include, among other things, strategic content programming assessments, organization restructuring, facility consolidation activities, and other contract termination costs. While the Company’s restructuring efforts are ongoing, including the strategic analysis of content programming, the restructuring program is expected to be substantially completed by the end of 2024.
Restructuring and other charges by reportable segments and corporate were as follows (in millions).
  Three Months Ended September 30, Nine Months Ended September 30,
  2022 2021 2022 2021
Studios $ 562  $ —  $ 762  $ — 
Networks 354  666  27 
DTC 517  992 
Corporate 93  —  162  — 
Inter-segment eliminations (5) —  (23) — 
Total restructuring and other charges $ 1,521  $ $ 2,559  $ 29 
Total restructuring charges for the three months ended September 30, 2022 included content impairments of $891 million, organization restructuring costs of $238 million, other content development costs and write-offs of $377 million, and contract terminations costs of $15 million, and for the nine months ended September 30, 2022 included content impairments of $1,392 million, organization restructuring costs of $446 million, other content development costs and write-offs of $706 million, and contract terminations costs of $15 million.
Changes in restructuring and other liabilities recorded in accrued liabilities by major category and by reportable segment and corporate were as follows (in millions).
U.S. Networks International Networks Studios Networks DTC Corporate and Inter-Segment Eliminations Total
December 31, 2021 $ $ 13  $ —  $ —  $ —  $ $ 19 
Segment recast (See Note 20)
(4) (13) —  15  —  — 
Acquisitions (See Note 3) —  —  40  —  14  55  109 
Employee termination accruals, net —  —  88  95  45  218  446 
Cash paid —  —  (19) (15) (13) (48) (95)
September 30, 2022 $ —  $ —  $ 109  $ 95  $ 46  $ 229  $ 479 
20


WARNER BROS. DISCOVERY, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)

NOTE 6. REVENUES
The following table presents the Company’s revenues disaggregated by revenue source (in millions).
Three Months Ended September 30, 2022
Studios Networks DTC Corporate and Inter-segment Eliminations Total
Revenues:
Advertising $ $ 1,944  $ 106  $ (16) $ 2,042 
Distribution 2,924  2,062  —  4,990 
Content 2,884  277  145  (775) 2,531 
Other 192  69  (5) 260 
Total $ 3,088  $ 5,214  $ 2,317  $ (796) $ 9,823 
Three Months Ended September 30, 2021
Studios Networks DTC Corporate and Inter-segment Eliminations Total
Revenues:
Advertising $ —  $ 1,416  $ 37  $ —  $ 1,453 
Distribution —  1,118  210  —  1,328 
Content 339  —  352 
Other —  16  —  17 
Total $ $ 2,889  $ 255  $ —  $ 3,150 
Nine Months Ended September 30, 2022
Studios Networks DTC Corporate and Inter-segment Eliminations Total
Revenues:
Advertising $ 18  $ 5,998  $ 248  $ (25) $ 6,239 
Distribution 6,885  4,287  —  11,180 
Content 5,525  813  279  (1,699) 4,918 
Other 338  133  (8) 472 
Total $ 5,889  $ 13,829  $ 4,823  $ (1,732) $ 22,809 
Nine Months Ended September 30, 2021
Studios Networks DTC Corporate and Inter-segment Eliminations Total
Revenues:
Advertising $ —  $ 4,409