Key Highlights Streaming growth amidst overall revenue decline: WBD continues to see growth in its DTC (direct-to-consumer) segment, driven by subscriber increases and pricing changes for Max. This growth was partially offset by declines in distribution and advertising revenue in the Networks segment, reflecting broader industry trends. Impairment charges signal trouble for linear networks: The substantial goodwill impairment charge taken in Q2 2024 for the Networks reporting unit highlights the challenges facing the linear television business. Declining subscribers, a soft advertising market, and uncertainty surrounding affiliate and sports rights renewals are key concerns. Focus on debt reduction and liquidity: WBD has been actively repurchasing and repaying its senior notes, reducing outstanding debt by over $5 billion in the first nine months of 2024. The company maintains a $6 billion revolving credit facility and emphasizes its focus on liquidity.