v3.26.1
CONTENT RIGHTS
 6 Months Ended
Jun. 30, 2026
Intangible Asset, Excluding Goodwill, after Accumulated Amortization [Abstract]  
CONTENT RIGHTS CONTENT RIGHTS
For purposes of amortization and impairment, capitalized production costs are grouped based on their predominant monetization strategy: individually or as a group. Live programming includes licensed sports rights and related advances. The tables below present the components of content rights (in millions).
June 30, 2026
Predominantly Monetized Individually
Predominantly Monetized as a Group
Total
Production costs:
Released, less amortization$3,061 $6,295 $9,356 
Completed and not released950 326 1,276 
In production and other2,092 1,837 3,929 
Total production costs$6,103 $8,458 $14,561 
Licensed content, live programming, and advances, net4,800 
Game development costs, less amortization351 
Total film and television content rights and games19,712 
Less: Current content rights and prepaid license fees, net(467)
Total noncurrent film and television content rights and games$19,245 
December 31, 2025
Predominantly Monetized Individually
Predominantly Monetized as a Group
Total
Production costs:
Released, less amortization$3,006 $5,686 $8,692 
Completed and not released1,109 521 1,630 
In production and other1,782 2,544 4,326 
Total production costs$5,897 $8,751 $14,648 
Licensed content, live programming, and advances, net4,478 
Game development costs, less amortization310 
Total film and television content rights and games19,436 
Less: Current content rights and prepaid license fees, net(322)
Total noncurrent film and television content rights and games$19,114 
Content amortization consisted of the following (in millions).
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Predominantly monetized individually$582 $645 $982 $1,225 
Predominantly monetized as a group1,933 3,033 3,990 5,563 
Total content amortization$2,515 $3,678 $4,972 $6,788 
Content expense includes amortization, impairments, and development expense and is generally a component of costs of revenues on the consolidated statements of operations. Content impairments were $74 million and $116 million, respectively, for the three and six months ended June 30, 2026. For the three and six months ended June 30, 2025, content impairments were $28 million and $63 million, respectively.