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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2019
Mar. 31, 2019
Sep. 30, 2018
Mar. 31, 2018
Sep. 30, 2019
Sep. 30, 2018
Dec. 31, 2018
Operating activities              
Net income $ 59 $ (18) $ 61 $ 20 $ 85 $ 123  
Adjustments to reconcile net income to net cash provided by operating activities:              
Depreciation 20   13   60 41  
Amortization of intangible assets 29   5   86 16  
Amortization of deferred loan costs         9 3  
Amortization of restricted stock awards         10 5  
Amortization of program broadcast rights         30 16  
Payments on program broadcast obligations         (33) (16)  
Common stock contributed to 401(k)         4 0  
Deferred income taxes         34 44  
Gain on disposals of assets, net (14)   (3)   (27) (6)  
Other         (6) (2)  
Changes in operating assets and liabilities:              
Accounts receivable         29 (9)  
Prepaid income taxes         0 7  
Other current assets         (7) 1  
Accounts payable         2 (3)  
Employee compensation, benefits and pension cost         (6) (3)  
Accrued network fees and other expenses         (42) (1)  
Accrued interest         30 (4)  
Income taxes payable         (9) (34)  
Deferred revenue         6 8  
Net cash provided by operating activities         255 186  
Investing activities              
Acquisitions of television businesses and licenses, net of cash acquired         (2,823) 0  
Proceeds from sale of television station         231 0  
Purchases of property and equipment         (73) (35)  
Proceeds from FCC Repack (Note 1) 15   4   32 7  
Proceeds from asset sales         3 0  
Acquisition prepayments         (12) (5)  
Other         (4) 0  
Net cash used in investing activities         (2,646) (33)  
Financing activities              
Proceeds from borrowings on long-term debt         1,400 0  
Repayments of borrowings on long-term debt         (11) (40)  
Payments for the repurchase of common stock         (11) (20)  
Payment of preferred stock dividends         (26) 0  
Deferred and other loan costs         (50) 0  
Payments for taxes related to net share settlement of equity awards         (4) (4)  
Net cash provided by (used in) financing activities         1,298 (64)  
Net (decrease) increase in cash         (1,093) 89  
Cash and restricted cash at beginning of period   $ 1,419   $ 462 1,419 462 $ 462
Cash at end of period $ 326   $ 551   $ 326 $ 551 $ 1,419