SEGMENT DATA (Tables)

6 Months Ended

Jun. 30, 2025

Segment Reporting [Abstract]

Schedule of Segment Financial Information

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

As of June 30, 2025	Local Media		Tennis		Other & Corporate		Eliminations		Consolidated
Assets	$	4,416	$	286	$	969	$	(1)	$	5,670

For the three months ended June 30, 2025	Local Media		Tennis		Other & Corporate		Eliminations			Consolidated
Revenue	$	679	$	68	$	46	$	(9)	(b)	$	784
Media programming and production expenses	380		39		1		—			420
Media selling, general and administrative expenses	162		15		31		(8)			200
Depreciation of property and equipment and amortization of definite-lived intangibles and other assets	54		5		—		—			59
Amortization of program costs	17		—		—		—			17
Corporate general and administrative expenses	27		1		17		—			45
(Gain) loss on asset dispositions and other, net	(28)		—		37		—			9
Other segment items (a)	2		—		12		(1)			13
Operating income (loss)	$	65	$	8	$	(52)	$	—		$	21
Interest expense including amortization of debt discount and deferred financing costs	$	82	$	—	$	—	$	—		$	82
Loss from equity method investments	—		(1)		—		—			(1)
Gain on extinguishment of debt	4		—		—		—			4
Other income (expense), net	3		—		(21)		—			(18)
Loss before income taxes										$	(76)
For the six months ended June 30, 2025	Local Media		Tennis		Other & Corporate		Eliminations			Consolidated
Revenue	$	1,373	$	136	$	67	$	(16)	(b)	$	1,560
Media programming and production expenses	770		66		2		—			838
Media selling, general and administrative expenses	332		33		42		(15)			392
Depreciation of property and equipment and amortization of definite-lived intangibles and other assets	110		10		1		—			121
Amortization of program costs	36		—		—		—			36
Corporate general and administrative expenses	64		1		32		—			97
(Gain) loss on asset dispositions and other, net	(20)		—		37		—			17
Other segment items (a)	4		—		21		(1)			24
Operating income (loss)	$	77	$	26	$	(68)	$	—		$	35
Interest expense including amortization of debt discount and deferred financing costs	$	226	$	—	$	—	$	—		$	226
Loss from equity method investments	—		(2)		(5)		—			(7)
Gain on extinguishment of debt	6		—		—		—			6
Other income (expense), net	6		—		(90)		—			(84)
Loss before income taxes										$	(276)

For the three months ended June 30, 2024	Local Media		Tennis		Other & Corporate		Eliminations			Consolidated
Revenue	$	750	$	67	$	20	$	(8)	(b)	$	829
Media programming and production expenses	382		43		—		—			425
Media selling, general and administrative expenses	178		17		5		(6)			194
Depreciation of property and equipment and amortization of definite-lived intangibles and other assets	58		6		—		(1)			63
Amortization of program costs	18		—		—		—			18
Corporate general and administrative expenses	29		—		21		—			50
Loss on asset dispositions and other, net	—		—		2		—			2
Other segment items (a)	2		—		12		(1)			13
Operating income (loss)	$	83	$	1	$	(20)	$	—		$	64
Interest expense including amortization of debt discount and deferred financing costs	$	76	$	—	$	—	$	—		$	76
Income from equity method investments	—		—		78		—			78
Other income (expense), net	2		—		(44)		—			(42)
Income before income taxes										$	24
For the six months ended June 30, 2024	Local Media		Tennis		Other & Corporate		Eliminations			Consolidated
Revenue	$	1,477	$	130	$	35	$	(15)	(b)	$	1,627
Media programming and production expenses	765		68		—		—			833
Media selling, general and administrative expenses	361		29		10		(10)			390
Depreciation of property and equipment and amortization of definite-lived intangibles and other assets	116		11		1		(2)			126
Amortization of program costs	37		—		—		—			37
Corporate general and administrative expenses	70		1		37		—			108
Loss on asset dispositions and other, net	—		—		2		—			2
Other segment items (a)	4		—		24		(3)			25
Operating income (loss)	$	124	$	21	$	(39)	$	—		$	106
Interest expense including amortization of debt discount and deferred financing costs	$	152	$	—	$	—	$	—		$	152
(Loss) income from equity method investments	—		(1)		93		—			92
Gain on extinguishment of debt	1		—		—		—			1
Other income (expense), net	33		—		(35)		—			(2)
Income before income taxes										$	45

(a)Other segment items relate primarily to non-media expenses.

(b)Includes $5 million and $9 million for the three and six months ended June 30, 2025, respectively, and $3 million and $5 million for the three and six months ended June 30, 2024, respectively, of revenue for services provided by other to local media, which is eliminated in consolidation.