The Company currently classifies its operations into three reportable segments: Media, Live Events and Consumer Products. Segment information is prepared on the same basis that our chief operating decision maker manages the segments, evaluates financial results, and makes key operating decisions.

Certain business support functions including sales and marketing, our international offices and talent development are allocated to the three reportable segments based primarily on a percentage of revenue contribution. The remaining unallocated corporate expenses largely relate to corporate functions such as finance, legal, human resources, facilities and information technology. The Company does not allocate these costs to its business segments, as they do not directly relate to revenue generating activities. These unallocated corporate expenses will be shown, as applicable, as a reconciling item in tables where segment and consolidated results are both shown. Revenues from transactions between our operating segments are not material.

The Company presents Adjusted OIBDA as the primary measure of segment profit (loss). The Company defines Adjusted OIBDA as operating income before depreciation and amortization, excluding stock-based compensation, certain impairment charges and other non-recurring material items. Adjusted OIBDA includes depreciation and amortization expenses directly related to our revenue generating activities, including content production asset amortization, depreciation and amortization of costs related to content delivery and technology assets utilized for our WWE Network, as well as amortization of right-of-use assets related to finance leases of equipment used to produce and broadcast our live events. The Company believes the presentation of Adjusted OIBDA is relevant and useful for investors because it allows investors to view our segment performance in the same manner as the primary method used by management to evaluate segment performance and make decisions about allocating resources. Additionally, we believe that Adjusted OIBDA is a primary measure used by media investors, analysts and peers for comparative purposes.

We do not disclose assets by segment information. We do not provide assets by segment information to our chief operating decision maker, as that information is not typically used in the determination of resource allocation and assessing business performance of each reportable segment.

The following tables present summarized financial information for each of the Company's reportable segments:



	Three Months Ended
	March 31,
	2020		2019
Net revenues:
Media	$	256,558	$	135,447
Live Events		17,529		26,239
Consumer Products		16,922		20,762
Total net revenues	$	291,009	$	182,448

Adjusted OIBDA:
Media	$	102,636	$	28,500
Live Events		(2,643)		794
Consumer Products		3,845		6,020
Corporate		(26,580)		(22,925)
Total Adjusted OIBDA	$	77,258	$	12,389



	Three Months Ended
	March 31,
	2020		2019
Total operating income (loss)	$	53,293	$	(6,859)
Depreciation and amortization (1)		10,900		6,420
Stock-based compensation		13,065		12,828
Other adjustments		—		—
Total Adjusted OIBDA	$	77,258	$	12,389

(1)Depreciation and amortization for the three months ended March 31, 2020 includes $2,266 of amortization related to the right-of-use asset for the Company’s new global headquarters lease, which commenced on July 1, 2019 and is accounted for as a finance lease.