Note 12 - Segment Information

6 Months Ended

Jun. 30, 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 currently operates television stations located across 94 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 six months ended June 30, 2020:	Broadcast			Companies			Other			Consolidated
Revenue (less agency commissions)	$	964		$	21		$	-		$	985
Operating expenses before depreciation, amortization and (gain) loss on disposal of assets, net:		659			24			32			715
Depreciation and amortization		87			6			1			94
(Gain) loss on disposal of assets, net		(13	)		-			-			(13	)
Operating expenses		733			30			33			796
Operating income (loss)	$	231		$	(9	)	$	(33	)	$	189
Interest expense	$	-		$	-		$	98		$	98
Capital expenditures (excluding business combinations)	$	51		$	-		$	-		$	51
Goodwill	$	1,405		$	41		$	-		$	1,446
Total Assets	$	6,414		$	130		$	496		$	7,040
For the six months ended June 30, 2019:
Revenue (less agency commissions)	$	980		$	46		$	-		$	1,026
Operating expenses before depreciation, amortization and (gain) loss on disposal of assets, net:		670			44			69			783
Depreciation and amortization		90			6			1			97
(Gain) loss on disposal of assets, net		(13	)		-			-			(13	)
Operating expenses		747			50			70			867
Operating income (loss)	$	233		$	(4	)	$	(70	)	$	159
Interest expense	$	-		$	-		$	116		$	116
Capital expenditures (excluding business combinations)	$	39		$	-		$	5		$	44
As of December 31, 2019:
Goodwill	$	1,405		$	41		$	-		$	1,446
Total Assets	$	6,530		$	153		$	289		$	6,972