SEGMENT DATA (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of Segment Financial Information

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, 2024	Local media		Tennis		Other & Corporate		Eliminations		Consolidated
Goodwill	$	2,016	$	61	$	5	$	—	$	2,082
Assets	4,591		253		1,043		(2)		5,885


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


For the year ended December 31, 2024	Local media		Tennis		Other & Corporate		Eliminations			Consolidated
Revenue	$	3,254	$	247	$	76	$	(29)	(b)	$	3,548
Media programming and production expenses	1,536		125		—		—			1,661
Media selling, general and administrative expenses	742		53		21		(22)			794
Depreciation of property and equipment and amortization of definite-lived intangible assets and other assets	231		21		2		(4)			250
Amortization of program costs	74		—		—		—			74
Corporate general and administrative expenses	117		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 debt	1		—		—		—			1
Other income (expense), net	40		—		(11)		—			29
Income before income taxes										$	395

Capital expenditures	$	80	$	1	$	5	$	(2)		$	84


For the year ended December 31, 2023	Local media		Tennis		Other & Corporate		Eliminations			Consolidated
Revenue	$	2,866	$	228	$	62	$	(22)	(b)	$	3,134
Media programming and production expenses	1,488		115		13		(5)			1,611
Media selling, general and administrative expenses	694		41		22		(10)			747
Depreciation of property and equipment and amortization of definite-lived intangible assets and other assets	243		21		10		(3)			271

Amortization of program 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)		—		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 debt	15		—		—		—			15
Other income (expense), net	33		—		(78)		—			(45)
Loss before income taxes										$	(637)

Capital expenditures	$	86	$	1	$	5	$	—		$	92


For the year ended December 31, 2022	Local media		Tennis		Local sports (c)			Other & Corporate			Eliminations			Consolidated
Revenue	$	3,193	$	217	$	482		$	95		$	(59)	(b)	$	3,928
Media programming and production expenses	1,450		97		376		(d)	30			(11)			1,942
Media selling, general and administrative expenses	704		47		55			43			(37)			812
Depreciation of property and equipment and amortization of definite-lived intangible assets and other assets	243		21		54			7			(4)			321

Amortization of program costs	90		—		—			—			—			90
Corporate general and administrative expenses	117		—		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 debt	3		—		—			—			—			3
Other income (expense), net	28		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.