Note 12 - Segment Information

3 Months Ended

Mar. 31, 2020

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

12.    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 U.S. 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, 2020:	Broadcast			Companies			Other			Consolidated
Revenue (less agency commissions)	$	515		$	19		$	-		$	534
Operating expenses before depreciation, amortization and gain on disposal of assets, net:		335			19			15			369
Depreciation and amortization		43			3			1			47
Gain on disposal of assets, net		(6	)		-			-			(6	)
Operating expenses		372			22			16			410
Operating income (loss)	$	143		$	(3	)	$	(16	)	$	124
Interest expense	$	-		$	-		$	52		$	52
Capital expenditures (excluding business combinations)	$	27		$	-		$	-		$	27
Goodwill	$	1,405		$	41		$	-		$	1,446
Total Assets	$	6,457		$	133		$	438		$	7,028
For the three months ended March 31, 2019:
Revenue (less agency commissions)	$	481		$	37		$	-		$	518
Operating expenses before depreciation, amortization and gain on disposal of assets, net:		356			35			48			439
Depreciation and amortization		45			3			1			49
Gain on disposal of assets, net		(9	)		-			(1	)		(10	)
Operating expenses		392			38			48			478
Operating income (loss)	$	89		$	(1	)	$	(48	)	$	40
Interest expense	$	-		$	-		$	58		$	58
Capital expenditures (excluding business combinations)	$	15		$	-		$	3		$	18
As of December 31, 2019:
Goodwill	$	1,405		$	41		$	-		$	1,446
Total Assets	$	6,530		$	153		$	289		$	6,972