Note 14 - Segment Information

3 Months Ended

Mar. 31, 2019

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

14

. Segment information

The Company operates in

two

business segments: broadcasting and production companies. The broadcasting segment operates television stations located across

93

local markets in the United States. The production companies segment includes the production of television content. Costs identified as other are primarily corporate and administrative expenses. The following tables present certain financial information concerning the Company’s operating segments (in millions):

				Production
As of and for the three months ended March 31, 2019:	Broadcast			Companies			Other			Consolidated
Revenue (less agency commissions)	$	481		$	37		$	-		$	518
Operating expenses before depreciation, amortization and (gain) loss on disposal of assets, net:		356			35			48			439
Depreciation and amortization		45			3			1			49
(Gain) loss on disposal of assets, net		(9	)		-			(1	)		(10	)
Operating expenses		392			38			48			478
Operating income	$	89		$	(1	)	$	(48	)	$	40
Interest expense	$	-		$	-		$	58		$	58
Capital expenditures (excluding business combinations)	$	15		$	-		$	3		$	18
Goodwill	$	1,394		$	40		$	-		$	1,434
Total Assets	$	6,990		$	3		$	2		$	6,995
For the three months ended March 31, 2018:
Revenue (less agency commissions)	$	226		$	-		$	-		$	226
Operating expenses before depreciation, amortization and (gain) loss on disposal of assets, net:		150			-			8			158
Depreciation and amortization		19			-			-			19
(Gain) loss on disposal of assets, net		(1	)		-			-			(1	)
Operating expenses		168			-			8			176
Operating income	$	58		$	-		$	(8	)	$	50
Interest expense	$	-		$	-		$	24		$	24
Capital expenditures (excluding business combinations)	$	6		$	-		$	-		$	6
As of December 31, 2018:
Goodwill	$	612		$	-		$	-		$	612
Total Assets	$	3,242		$	-		$	971		$	4,213