Note 14 - Segment Information

9 Months Ended

Sep. 30, 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 and event 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 Nine months ended September 30, 2019:	Broadcast			Companies			Other			Consolidated
Revenue (less agency commissions)	$	1,481		$	62		$	-		$	1,543
Operating expenses before depreciation, amortization and (gain) loss on disposal of assets, net:		986			57			83			1,126
Depreciation and amortization		135			9			2			146
(Gain) loss on disposal of assets, net		(27	)		-			-			(27	)
Operating expenses		1,094			66			85			1,245
Operating income	$	387		$	(4	)	$	(85	)	$	298
Interest expense	$	-		$	-		$	173		$	173
Capital expenditures (excluding business combinations)	$	69		$	-		$	4		$	73
Goodwill	$	1,409		$	40		$	-		$	1,449
Total Assets	$	6,906		$	142		$	56		$	7,104
For the Nine months ended September 30, 2018:
Revenue (less agency commissions)	$	756		$	-		$	-		$	756
Operating expenses before depreciation, amortization and (gain) loss on disposal of assets, net:		437			-			30			467
Depreciation and amortization		56			-			1			57
(Gain) loss on disposal of assets, net		(6	)		-			-			(6	)
Operating expenses		487			-			31			518
Operating income	$	269		$	-		$	(31	)	$	238
Interest expense	$	-		$	-		$	74		$	74
Capital expenditures (excluding business combinations)	$	35		$	-		$	-		$	35
As of December 31, 2018:
Goodwill	$	612		$	-		$	-		$	612
Total Assets	$	3,242		$	-		$	971		$	4,213