Harry Potter, Game of Thrones, DC, which is mainly Batman today, and Mortal Kombat, whose most recent release, Mortal Kombat 1 has sold nearly 3 million copies since its launch in mid-September. So we’ve got the proven IP and franchises, the world class studios and publishing talent and we intend to continue to invest more capital and more resources into the business. Our focus is on transforming our biggest franchises from largely console and PC based with three-four year release schedules to include more always on gameplay through live services, multiplatform and free-to-play extensions with the goal to have more players spending more time on more platforms. Ultimately we want to drive engagement and monetization of longer cycles and at higher levels.
We have put specific capabilities. We are currently under scale and see significant opportunity to generate greater post purchase revenue. Bottom line, we’ve come a long way in 19 months and have built a very solid foundation for growth. I’m energized by what we’ve done in such a short period of time and even more so than where we are headed as a company. As I said at the outset, our industry is undergoing great disruption and while there are some key factors that are out of our control, like the economy and the impacts of the strike, we do have a very strong handle on those areas of our businesses that we can directly influence. Clearly, there is still much more to be done and our sleeves are rolled up and we’re hard at work. I’m as confident as ever that we have the greatest assets, the strongest creative team and the absolute resolve to make Warner Bros.
Discovery the very best it could be. With that, I’ll turn it over to Gunnar and he’ll walk you through the financials. Gunnar?
Gunnar Wiedenfels: Thank you, David. Good morning everyone and thank you for joining us this morning. I’m very pleased with the strong progress that WBD continues to make across a number of fronts, particularly in light of the obstacles we and the industry have had to navigate, namely geopolitical and economic uncertainty and strike related constraints. We are operating with both greater precision and focus as well as increased flexibility and adaptability.
ex: This quarter, we repaid another $2.4 billion of debt, enabling us to address nearly all floating rate debt that was issued to finance the transaction. In October, we further repaid an additional $600 million of the term loan, leaving only $550 million of this variable and lately higher interest rate debt and bringing total debt repayment since closing up the transaction to nearly $12 billion. We will continue to reduce debt as we generate cash and net leverage will be comfortably below 4 times at year end as previously guided. I am proud that WBD will exit this year with a fundamentally improved financial profile as compared to the beginning of this year regarding command and control, cost structure, profitability and cash flow generation and the balance sheet.
Briefly on our Q3 segment results, which I will as usual discuss on an ex-FX basis. Overall, studios revenues increased 3%. Barbie, the highest grossing movie of 2023 thus far and the highest grossing movie in Warner Bros. history, was the primary driver of segment revenue. Games was also a contributor, which benefited from the release of Mortal Kombat 1 in September. Of course, weighing on this was the impact of the strikes on the production and delivery of TV content, as TV revenues declined significantly, offsetting strong films and games performance. We also face tough comparisons against certain content licensing deals last year. Finally, segment EBITDA decreased 6% in part also due to greater marketing support behind film and game releases.
At Networks, total revenue and EBITDA were impacted by a modest decline in distribution revenue and the continued challenging advertising marketplace, predominantly here in the U.S. where the market has continued to be weaker than we had hoped, while international markets on balance remain more stable in comparison. Looking ahead to Q4, we will be helped by the strong deals we secured for the upfront year 2023-2024 and improving ratings trends on some of our core networks. Taken together, while the market environment continues to be soft, we are expecting an incremental improvement of our network segment ad sales in the fourth quarter. Turning to D2C, we ended Q3 with over 95 million subscribers, representing a modest sequential loss, largely as a result of an extraordinarily light content slate and some expected decline in the overlapping discovery in Max subscribers.
Revenues increased 5% as our core subscriber related revenues distribution and advertising through 5% and 29% respectively, while content decreased 17%. Distribution growth was primarily due to price increases in the U.S. and certain international markets as well as a more favorable subscriber mix as noted previously in wholesale subscribers which have been declining, tend to have lower ARPU’s than retail subscriber. D2C Adjusted EBITDA was positive $111 million representing a $745 million year-over-year improvement helped by both revenue growth and OpEx improvements with cost down 21%. Our D2C team has done a remarkable job improving the quality and financial profile of our streaming business. Only 19 months into the combined operation as Warner Bros.
Discovery and a few months after the launch of Max, we are now on track to at least break even or even profitable across the D2C segment to swing up approximately $2 billion versus last year and very well ahead of our own plan. This is an incredibly valuable asset and provides a strong vantage point for our path to long-term sustainable growth. Turning briefly to consolidated results, revenues increased 1% to nearly $10 billion, while adjusted EBITDA increased 22% to $2.97 billion. Year-to-date, adjusted EBITDA has improved by nearly $1.2 billion year-over-year on a pro forma basis, even with pro forma Networks advertising revenue now down nearly $1 billion in the first nine months of this year and the headwind from the ongoing work stoppage in Hollywood.
We continue to expect that adjusted EBITDA for the full year will be in the $10.5 billion to $11 billion range. Factors impacting where within that range we end naturally include the tone of the scatter market in the U.S., the performance of our three remaining feature film releases in December, as well as the timing of content licensing. Free cash flow for the quarter was a positive $2.1 billion versus the negative $200 million in the prior year quarter, which recall was the first full quarter of the combined company. The nearly $2.3 billion positive swing year-over-year in this quarter alone illustrates the meaningful strides that we have made on all fronts. Admittedly, the swing also includes some benefits from the strikes. So the vast majority of the improvement has been the result of our transformation efforts and relentless focus on efficiencies across the enterprise.
From finding deeper cost synergies with more than $3 billion of incremental cost synergies flowing through this year to driving working capital improvements and far greater discipline on capital allocation. I continue to believe we’re still very much in the early stages of realizing the full benefit of many of these initiatives. I expect full year free cash flow to be similar to the trailing 12 months at the end of Q3, i.e. in this $5.3 billion range give or take with some further strike related benefits balanced against the tough comp in Q4 free cash flow last year when we converted nearly 100% of our EBITDA to free cash flow. Looking ahead to 2024 and with some preliminary thoughts from early stage budgeting, I’d like to provide an initial perspective on a couple of points.
On the positive side, I continue to be confident in our ability to further drive and maintain cost discipline. By the end of this year, we will have realized over $4 billion of cost synergies and we will have already implemented initiatives to deliver more than $5 billion through 2024 and beyond, as I have detailed in the past. Second, with our strong cash generation, significantly reduced leverage, the outstanding results our games business has delivered, the turn to profitability of our streaming business, and the clear value in our ability to drive franchise returns across the company, we see more and more opportunity for investing in sustainable profitable growth. As David alluded to and as we shared with you over the last quarter, as we are planning for 2024, we are examining ways to reinvest at a slightly faster pace into these growth avenues.
This will be most relevant in areas such as marketing support for Max in the U.S. and in conjunction with launches in Latin America and EMEA, including new markets, particularly given the high profile release schedule Casey has assembled and the Olympic Games in Paris next summer. Our disciplined framework centered on rigorous analysis of subscriber acquisition costs, customer lifetime value and return on investment will firmly guide this process and support continued traction and revenue growth while maintaining our focus on longer term segment profitability targets. On the challenging side, it is becoming increasingly clear now that much like 2023, 2024 will have its share of complexity, particularly as it relates to the possibility of continued sluggish advertising trends.
