“We continue to expect Peacock's EBITDA loss will be roughly $2.5 billion for the year, with the fourth quarter's loss reflecting the cost of new content.”

In context

“billion. Media revenue decreased 23% to $5.2 billion, again reflecting the comparison to the revenue associated with the Tokyo Olympics last year. Excluding the Olympics, Media revenue increased 4.4% driven by Peacock with revenue of $506 million, which more than doubled compared to last year. Distribution revenue increased 4.6% reflecting growth at Peacock driven by increases in paid subscribers compared to last year, as well as higher contractual rates at our networks partially offset by linear subscriber declines that accelerated sequentially. Advertising revenue increased 4.7% reflecting strong increases from Peacock, partially offset by a decline in linear advertising. Media EBITDA decreased 41.5% to $583 million in the third quarter, including a $614 million EBITDA loss at Peacock. We continue to expect Peacock's EBITDA loss will be roughly $2.5 billion for the year, with the fourth quarter's loss reflecting the cost of new content. Excluding Peacock Media EBITDA in the third quarter decreased 21% reflecting the difficult comparison to last year's Tokyo Olympics, as well as revenue pressure at our linear networks. Looking to the fourth quarter, we expect Media growth ex-Peacock to be impacted by a gradual acceleration in pay TV cord cutting, as well as some deterioration in the ad market reflecting broader economic uncertainty, as well as higher costs associated with the broadcast of the World Cup on Telemundo. Moving to Studios. Revenue increased 31% to $3.2 billion driven by strong theatrical and content licensing revenue. Theatrical revenue more than doubled compared to last year, driven by the success of our summer film slate including Jurassic World: Dominion, Minions: Rise of Gru, Black Phone and Nope. In addit”