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Segment Data (Tables)

6 Months Ended

Jun. 30, 2024

Schedule of Segment Financial Information

Segment financial information is included in the following tables for the periods presented (in millions):


	Three Months Ended June 30,						Six Months Ended June 30,
Net revenue	2024			2023			2024			2023
Broadcast	$	1,205		$	1,145		$	2,427		$	2,324
Other		75			96			147			176
Corporate (unallocated)		(11	)		(1	)		(21	)		(3	)
Total net revenue	$	1,269		$	1,240		$	2,553		$	2,497


	Three Months Ended June 30,						Six Months Ended June 30,
Operating income (loss)	2024			2023			2024			2023
Broadcast segment profit	$	453		$	414		$	926		$	861
Other segment loss		(42	)		(72	)		(68	)		(149	)
Corporate (unallocated)		(52	)		(47	)		(104	)		(92	)
Depreciation and amortization expense(1)		(137	)		(142	)		(275	)		(284	)
Payments for broadcast rights(2)		17			23			36			50
Miscellaneous, net		1			3			1			(3	)
Income from operations	$	240		$	179		$	516		$	383


Assets	June 30, 2024		December 31, 2023
Broadcast(3)	$	10,885	$	11,203
Other		400		429
Corporate (unallocated)		534		446
	$	11,819	$	12,078


Goodwill	June 30, 2024		December 31, 2023
Broadcast	$	2,877	$	2,877
Other		69		69
	$	2,946	$	2,946

(1)

Excludes amortization of The CW’s programming costs of $71 million and $120 million for the three months ended June 30, 2024 and 2023, respectively, and $123 million and $227 million for the six months ended June 30, 2024 and 2023, respectively, which are included in Other segment loss.

(2)

Excludes payments for The CW’s broadcast rights of $73 million and $53 million for the three months ended June 30, 2024 and 2023, respectively, and $130 million and $168 million for the six months ended June 30, 2024 and 2023, respectively, which are not included in Other segment loss.

(3)

While the Company’s investment in TV Food Network ($834 million at June 30, 2024 and $936 million at December 31, 2023) has not been allocated to a Company reporting unit or operating segment, such asset has been included in the Company’s disclosure of Broadcast segment assets given the similar nature of the investment to that segment. For additional information on equity investments, see Note 4.

Summary of Disaggregation of Revenue

The following tables present the disaggregation of the Company’s revenue under ASC 606 for the periods presented (in millions):


Three Months Ended June 30, 2024	Broadcast		Other		Corporate & Eliminations (unallocated)			Consolidated
Distribution	$	719	$	26	$	(11	)	$	734
Advertising		476		46		-			522
Other		10		3		-			13
Total net revenue	$	1,205	$	75	$	(11	)	$	1,269


Six Months Ended June 30, 2024	Broadcast		Other		Corporate & Eliminations (unallocated)			Consolidated
Distribution	$	1,466	$	51	$	(22	)	$	1,495
Advertising		942		92		-			1,034
Other		19		4		1			24
Total net revenue	$	2,427	$	147	$	(21	)	$	2,553


Three Months Ended June 30, 2023	Broadcast		Other		Corporate & Eliminations (unallocated)			Consolidated
Distribution	$	684	$	14	$	(2	)	$	696
Advertising		451		60		-			511
Other		10		22		1			33
Total net revenue	$	1,145	$	96	$	(1	)	$	1,240