To that point, while streaming advertising remains robust, the state of the overall linear ad market during the second half of this year has been disappointing. And looking ahead, while it is early, the timing of an ad recovery is currently difficult for any of us to predict with any conviction. And finally, as we begin to formulate the initial framework of our TV production business getting back to work into 2024, there is simply a lot we don’t know yet. While we have every confidence that this will eventually ride itself throughout the next year and there should be an eventual tailwind from the end of the work stoppage, this is an evolving process and there is a real risk at this point that some negative financial impact of the strike will extend into 2024 to some extent.
Here’s what these factors mean as we look ahead. We will exit 2023 with great momentum and leverage reduction. We have taken significant financial and operating risk off the table over the last year and we are fully committed to our gross leverage target range of 2.5 to 3 times adjusted EBITDA. That said, taking together the factors just mentioned for an early view on 2024, it is unlikely from today’s perspective that we will hit our target leverage range by the end of 2024 without a meaningful recovery of the TV ad market. We remain hopeful. Indeed, we expect to continue to generate very meaningful free cash flow. Key building blocks to consider for 2024 free cash flow remain #1 around $1 billion tailwind of cash cost to achieve largely going away, #2 lower cash interest expense and #3 further progress in AR and AP driven working capital initiatives, offset by the potential headwinds I’ve noted most importantly, a potential further decline in U.S. advertising and of course, the return to a normal content capital spend, as well as the incremental growth investments I noted earlier.
I remain very comfortable with our leverage and our delevering path as underpinned by the strength of our free cash flow conversion. Looking at our maturities over the next five years, the average amount of debt coming due is below $3 billion per year. Our debt stack is long dated and low cost with the nearly 15-year average maturity and a weighted average coupon of a little over 4.6%. With the vast majority of our remaining debt being fixed, we will be largely insulated from rising rates and in fact, we’ll have increasing opportunity to retire debt at a significant discount. As I stated at the beginning of my remarks, in a very compressed time frame, we have made very significant progress as an organization in what remains a very complex and disruptive period in the industry.
And our transformative efforts have better positioned us to compete, to respond to industry dynamics and to participate with strong operating leverage when the macroeconomic and at market backdrop eventually turned positive. And with the initial phase of integration work largely behind us and the free cash flow engine continuing to fire on all cylinders, we are more focused than ever on driving sustainable and profitable growth that will enhance the financial and competitive profile of the company over the next several years with real upside to shareholder value. Thank you again for your time this morning and now David, JB and I are happy to take your questions.
FX: 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.
