SEGMENT DATA (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Segment Financial Information

Segment financial information is included in the following tables for the years ended December 31, 2023, 2022, and 2021 (in millions):


As of December 31, 2023	Local media		Tennis		Other & Corporate		Eliminations		Consolidated
Goodwill	$	2,016	$	61	$	5	$	—	$	2,082
Assets	4,747		293		1,048		(3)		6,085


As of December 31, 2022	Local media		Tennis		Other & Corporate		Eliminations		Consolidated
Goodwill	$	2,016	$	61	$	11	$	—	$	2,088
Assets	5,554		324		826		—		6,704


For the year ended December 31, 2023	Local media			Tennis		Other & Corporate		Eliminations			Consolidated
Revenue	$	2,866	(a)	$	228	$	62	$	(22)	(c)	$	3,134
Depreciation of property and equipment and amortization of definite-lived intangible assets and other assets	243			21		10		(3)			271
Amortization of program contract costs	80			—		—		—			80
Corporate general and administrative expenses	134			1		559		—			694
Loss on deconsolidation of subsidiary	—			—		10		—			10
(Gain) loss on asset dispositions and other, net of impairment	(14)		(b)	—		17		—			3

Operating income (loss)	227		(b)	50		(608)		—			(331)
Interest expense including amortization of debt discount and deferred financing costs	305			—		—		—			305
(Loss) income from equity method investments	—			(2)		31		—			29
Capital expenditures	86			1		5		—			92


For the year ended December 31, 2022	Local media			Tennis		Local sports (d)		Other & Corporate			Eliminations			Consolidated
Revenue	$	3,193	(a)	$	217	$	482	$	95		$	(59)	(c)	$	3,928
Depreciation of property and equipment and amortization of definite-lived intangible assets and other assets	243			21		54		7			(4)			321
Amortization of sports programming rights (e)	—			—		326		—			—			326
Amortization of program contract costs	90			—		—		—			—			90
Corporate general and administrative expenses	117			—		1		42			—			160
Gain on deconsolidation of subsidiary	—			—		—		(3,357)		(f)	—			(3,357)
Gain on asset dispositions and other, net of impairment	(17)		(b)	—		—		(47)			—			(64)
Operating income (loss)	591		(b)	52		(4)		3,341			—			3,980
Interest expense including amortization of debt discount and deferred financing costs	226			—		72		6			(8)			296
Income from equity method investments	—			—		10		46			—			56
Capital expenditures	96			1		2		6			—			105


For the year ended December 31, 2021	Local media			Tennis		Local sports			Other & Corporate		Eliminations			Consolidated
Revenue	$	2,887		$	224	$	3,056		$	128	$	(161)	(c)	$	6,134
Depreciation of property and equipment and amortization of definite-lived intangible assets and other assets	248			21		316			9		(3)			591
Amortization of sports programming rights (e)	—			—		2,350			—		—			2,350
Amortization of program contract costs	93			—		—			—		—			93
Corporate general and administrative expenses	148			—		10			12		—			170
Gain on asset dispositions and other, net of impairment	(23)		(b)	—		(43)		(b)	(5)		—			(71)
Operating income (loss)	388		(b)	71		(317)		(b)	(47)		—			95
Interest expense including amortization of debt discount and deferred financing costs	183			—		436			13		(14)			618
Income (loss) from equity method investments	—			—		49			(4)		—			45
Capital expenditures	52			2		16			10		—			80

(a)Includes $52 million and $39 million for the year ended December 31, 2023 and 2022, respectively, of revenue for services provided by local media under management services agreements after the Deconsolidation, which is not eliminated in consolidation.

(b)Local media includes gains of $8 million, $4 million, and $24 million related to reimbursements for spectrum repack costs for the years ended December 31, 2023, 2022, and 2021, respectively. Local sports includes $43 million related to the fair value of equipment that we received for the C-Band spectrum repack for the year ended December 31, 2021. See Note 2. Acquisitions and Dispositions of Assets.

(c)Includes $26 million, and $111 million of revenue for the years ended December 31, 2022 and 2021, respectively, for services provided by local media to local sports and other and $8 million, $12 million, and $35 million for the year ended December 31, 2023, 2022, and 2021, respectively, for services provided by other to local media, which are eliminated in consolidation.

(d)Represents the activity prior to the Deconsolidation on March 1, 2022.

(e)The amortization of sports programming rights is included within media programming and production expenses on our consolidated statements of operations.

(f)Represents the gain recognized on the Deconsolidation.