v3.26.1
SEGMENT INFORMATION - Schedule of Adjusted OIBDA by Segment and Reconciliation to Net Earnings (Loss) (Details) - USD ($)
$ in Millions
3 Months Ended 5 Months Ended 7 Months Ended 12 Months Ended
Dec. 31, 2025
Dec. 31, 2025
Aug. 06, 2025
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Adjusted OIBDA by Segment and Reconciliation to Net Earnings (Loss)            
Revenues   $ 12,269 $ 16,622   $ 29,213 $ 29,652
Advertising and marketing   1,200 1,490   2,800 3,250
Total segment expenses   12,364 15,628   34,482 30,103
Stock-based compensation   (160) (113)   (245) (177)
Depreciation and amortization   (590) (204)   (392) (418)
Programming charges $ (41) (41) 0   (1,118) (2,371)
Impairment charges   0 (157)   (6,130) (83)
Restructuring, transaction-related items, and other corporate matters   (731) (454)   (747) 31
Gain on dispositions   0 35   0 0
Operating income (loss)   (95) 1,029   (5,269) (451)
Interest expense   (366) (516)   (860) (920)
Interest income   64 83   151 137
Gain (loss) from investments   (40) 0   (17) 168
Gain on extinguishment of debt   0 0   0 29
Other items, net   (39) (92)   (182) (216)
Earnings (loss) from continuing operations before income taxes and equity in loss of investee companies   (476) 504   (6,177) (1,253)
Benefit from income taxes   40 79   305 361
Equity in loss of investee companies, net of tax   (104) (171)   (291) (360)
Net earnings (loss) from continuing operations   (540) 412   (6,163) (1,252)
Net earnings from discontinued operations, net of tax   0 0   14 676
Net earnings (loss) (Parent and noncontrolling interests)   (540) 412   (6,149) (576)
Net earnings attributable to noncontrolling interests   (46) (447)   (41) (32)
Net loss attributable to Parent   (586) (35)   (6,190) (608)
Operating Segments | Studios            
Adjusted OIBDA by Segment and Reconciliation to Net Earnings (Loss)            
Revenues   2,798        
Content costs   1,974        
Advertising and marketing   305        
Other   335        
Total segment expenses   2,614        
Adjusted OIBDA   184        
Operating Segments | Direct-to-Consumer            
Adjusted OIBDA by Segment and Reconciliation to Net Earnings (Loss)            
Revenues   3,653 5,087   7,632 6,736
Content costs   1,760 2,712   4,415 4,459
Advertising and marketing   674 749   1,341 1,751
Other   940 1,473   2,373 2,189
Total segment expenses   3,374 4,934   8,129 8,399
Adjusted OIBDA   279 153 $ 153 (497) (1,663)
Operating Segments | TV Media            
Adjusted OIBDA by Segment and Reconciliation to Net Earnings (Loss)            
Revenues   5,841 9,977   18,779 20,085
Content costs   2,774 4,956   9,199 9,861
Advertising and marketing   224 328   689 761
Other   1,408 2,626   4,543 4,672
Total segment expenses   4,406 7,910   14,431 15,294
Adjusted OIBDA   1,435 2,067 2,067 4,348 4,791
Operating Segments | Filmed Entertainment            
Adjusted OIBDA by Segment and Reconciliation to Net Earnings (Loss)            
Revenues     1,593   2,955 2,957
Content costs     846   1,496 1,545
Advertising and marketing     417   783 751
Other     430   772 780
Total segment expenses     1,693   3,051 3,076
Adjusted OIBDA     (100) $ (100) (96) (119)
Corporate/Eliminations            
Adjusted OIBDA by Segment and Reconciliation to Net Earnings (Loss)            
Revenues   (23) (35)   (153) (126)
Adjusted OIBDA   (540) (212)   (427) (447)
Corporate/Eliminations | Studios            
Adjusted OIBDA by Segment and Reconciliation to Net Earnings (Loss)            
Revenues   (17)        
Corporate/Eliminations | Direct-to-Consumer            
Adjusted OIBDA by Segment and Reconciliation to Net Earnings (Loss)            
Revenues     0   0 (1)
Corporate/Eliminations | TV Media            
Adjusted OIBDA by Segment and Reconciliation to Net Earnings (Loss)            
Revenues   (6) (20)   (84) (63)
Corporate/Eliminations | Filmed Entertainment            
Adjusted OIBDA by Segment and Reconciliation to Net Earnings (Loss)            
Revenues     (15)   (69) (62)
Segment Reconciling Items            
Adjusted OIBDA by Segment and Reconciliation to Net Earnings (Loss)            
Stock-based compensation   (91) (99)   (210) (172)
Depreciation and amortization   (590) (204)   (392) (418)
Programming charges   (41) 0   (1,118) (2,371)
Impairment charges     (157)   (6,130) (83)
Restructuring, transaction-related items, and other corporate matters   (731) (454)   (747) 31
Gain on dispositions     35   0 0
Segment Reconciling Items | Restructuring, Transaction-Related Items, And Other Corporate Matters            
Adjusted OIBDA by Segment and Reconciliation to Net Earnings (Loss)            
Stock-based compensation   $ (69) $ (14)   $ (35) $ (5)