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SEGMENT DATA
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
SEGMENT DATA
16. SEGMENT DATA:
 
For the year ended December 31, 2024, we had two reportable segments: local media and tennis. Our local media segment includes our television stations, original networks and content and provides these through free over-the-air programming to television viewing audiences for stations in markets located throughout the continental United States, as well as distributes the content of these stations to MVPDs for distribution to their customers in exchange for contractual fees. Our tennis segment provides viewers coverage of many of tennis’ top tournaments and original professional sport and tennis lifestyle shows. Prior to the Deconsolidation on March 1, 2022, we had one additional reportable segment: local sports. Our local sports segment consisted of RSNs, which owned the exclusive rights to air, among other sporting events, the games of professional sports teams in designated local viewing areas. Other and corporate are not reportable segments but are included for reconciliation purposes. Other primarily consists of non-broadcast digital and internet solutions, technical services, and non-media investments. Corporate costs primarily include our costs to operate as a public company and to operate our corporate headquarters location. As a result of the Reorganization, the local media segment assets are owned and operated by SBG, the assets of the tennis segment are owned and operated by Ventures, and the other Transferred Assets, which are included in other and corporate, are owned and operated by Ventures.

All of our businesses and operations are located within the United States. We define our segments on the basis of the way in which internally reported financial information is reviewed by our chief operating decision maker (“CODM”). Our chief executive officer is the CODM of the organization. The CODM meets regularly with segment managers to review performance, significant initiatives, opportunities, and key operating processes. The CODM measures segment performance based on operating income (loss) and considers budget-to-actual and forecast-to-actual variances on a quarterly basis for making decisions on the Company’s strategy and allocation of resources.

Segment financial information reviewed by the CODM is included in the following tables for the years ended December 31, 2024, 2023, and 2022 (in millions):
As of December 31, 2024Local mediaTennisOther & CorporateEliminationsConsolidated
Goodwill$2,016 $61 $5 $— $2,082 
Assets4,591 253 1,043 (2)5,885 

As of December 31, 2023Local mediaTennisOther & CorporateEliminationsConsolidated
Goodwill$2,016 $61 $5 $— $2,082 
Assets4,747 293 1,048 (3)6,085 
For the year ended December 31, 2024Local mediaTennisOther & CorporateEliminationsConsolidated
Revenue$3,254 $247 $76 $(29)(b)$3,548 
Media programming and production expenses1,536 125 — — 1,661 
Media selling, general and administrative expenses742 53 21 (22)794 
Depreciation of property and equipment and amortization of definite-lived intangible assets and other assets231 21 2 (4)250 
Amortization of program costs74 — — — 74 
Corporate general and administrative expenses117 2 66 — 185 
Gain on asset dispositions and other, net of impairment(18)— (2)— (20)
Other segment items (a)8 — 48 (3)53 
Operating income (loss)$564 $46 $(59)$— $551 
Interest expense including amortization of debt discount and deferred financing costs$304 $— $— $— $304 
(Loss) income from equity method investments— (3)121 — 118 
Gain on extinguishment of debt1 — — — 1 
Other income (expense), net40 — (11)— 29 
Income before income taxes$395 
Capital expenditures$80 $1 $5 $(2)$84 

For the year ended December 31, 2023Local mediaTennisOther & CorporateEliminationsConsolidated
Revenue$2,866 $228 $62 $(22)(b)$3,134 
Media programming and production expenses1,488 115 13 (5)1,611 
Media selling, general and administrative expenses694 41 22 (10)747 
Depreciation of property and equipment and amortization of definite-lived intangible assets and other assets243 21 10 (3)271 
Amortization of program costs80 — — — 80 
Corporate general and administrative expenses134 1 559 — 694 
Loss on deconsolidation of subsidiary— — 10 — 10 
(Gain) loss on asset dispositions and other, net of impairment(14)— 17 — 3 
Other segment items (a)14 — 39 (4)49 
Operating income (loss)$227 $50 $(608)$— $(331)
Interest expense including amortization of debt discount and deferred financing costs$305 $— $— $— $305 
(Loss) income from equity method investments— (2)31 — 29 
Gain on extinguishment of debt15 — — — 15 
Other income (expense), net33 — (78)— (45)
Loss before income taxes$(637)
Capital expenditures$86 $1 $5 $— $92 
 
For the year ended December 31, 2022Local mediaTennisLocal sports (c)Other & CorporateEliminationsConsolidated
Revenue$3,193 $217 $482 $95 $(59)(b)$3,928 
Media programming and production expenses1,450 97 376 (d)30 (11)1,942 
Media selling, general and administrative expenses704 47 55 43 (37)812 
Depreciation of property and equipment and amortization of definite-lived intangible assets and other assets243 21 54 7 (4)321 
Amortization of program costs90 — — — — 90 
Corporate general and administrative expenses117 — 1 42 — 160 
Gain on deconsolidation of subsidiary— — — (3,357)(e)— (3,357)
Gain on asset dispositions and other, net of impairment(17)— — (47)— (64)
Other segment items (a)15 — — 36 (7)44 
Operating income (loss)$591 $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 
Gain on extinguishment of debt3 — — — — 3 
Other income (expense), net28 1 (3)(153)(2)(129)
Income before income taxes$3,614 
Capital expenditures$96 $1 $2 $6 $— $105 
(a)Other segment items relate primarily to non-media expenses.
(b)Includes $13 million, $8 million, and $12 million for the years ended December 31, 2024, 2023, and 2022, respectively, of revenue for services provided by other to local media, which is eliminated in consolidation.
(c)Represents the activity prior to the Deconsolidation on March 1, 2022.
(d)Includes amortization of sports programming rights of $326 million for the year ended December 31, 2022.
(e)Represents the gain recognized as a result of the Deconsolidation.