Exhibit 982

The Walt Disney Company annual report (Form 10-K), revenue by source

Exhibit 982 · Company filing

The Walt Disney Company annual report (Form 10-K), revenue by source

Linear Networks revenues for fiscal 2025 ($ millions): affiliate fees 6,348; advertising 2,856; other 160; total 9,364. Advertising fell 22% from 3,676 in fiscal 2024.

Source: The Walt Disney Company
Date: 13 November 2025
Grade: Primary record
Document: https://www.sec.gov/Archives/edgar/data/1744489/000174448925000155/dis-20250927.htm
Accessed: 2026-11-10
Cited by: Findings citing this exhibit

Cited by

Finding INF-1.5: Primary record In the latest annual reports reviewed, advertising supplied 20.0 percent of New York Times revenue (2025), 43.0 percent of Nexstar revenue (2025) and 58.5 percent of Fox's Television segment revenue (fiscal 2026). Distribution or affiliate fees exceeded advertising at Nexstar (55.3 percent against 43.0), Warner Bros. Discovery (51.6 percent against 19.6) and Disney's Linear Networks segment (67.8 percent against 30.5).
Finding INF-1.16: Open question The filings reviewed do not state how much of each outlet's advertising revenue comes from pharmaceutical advertisers, and no document read shows whether coverage by the stations Nexstar and TEGNA operate changed after the March 2026 waiver. The court order requires Nexstar to hold TEGNA separate and not to influence its management, including newsroom personnel and programming, pending final judgment.