XML 15 R4.htm IDEA: XBRL DOCUMENT v3.20.2
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Millions, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Revenues (less agency commissions)        
Revenue (less agency commissions) $ 451 $ 508 $ 985 $ 1,026
Operating expenses before depreciation, amortization and loss (gain) on disposal of assets, net:        
Corporate and administrative 17 21 32 69
Depreciation 21 20 42 40
Amortization of intangible assets 26 28 52 57
Gain on disposals of assets, net (7) (3) (13) (13)
Operating expenses 386 389 796 867
Operating income 65 119 189 159
Other income (expense):        
Miscellaneous (expense) income, net (2) 1 (3) 4
Interest expense (46) (58) (98) (116)
Income before income taxes 17 62 88 47
Income tax expense 6 18 24 21
Net income 11 44 64 26
Preferred stock dividends 13 13 26 26
Net (loss) income attributable to common stockholders $ (2) $ 31 $ 38 $ 0
Basic per common share information:        
Net (loss) income attributable to common stockholders (in dollars per share) $ (0.02) $ 0.31 $ 0.39 $ 0
Weighted-average shares outstanding (in shares) 97 100 98 100
Diluted per common share information:        
Net (loss) income attributable to common stockholders (in dollars per share) $ (0.02) $ 0.31 $ 0.39 $ 0
Weighted-average shares outstanding (in shares) 97 101 98 100
Dividends declared per common share (in dollars per share) $ 0 $ 0 $ 0 $ 0
Broadcasting, Segment [Member]        
Revenues (less agency commissions)        
Revenue (less agency commissions) $ 449 $ 499 $ 964 $ 980
Operating expenses before depreciation, amortization and loss (gain) on disposal of assets, net:        
Cost of goods and services sold 324 314 659 670
Operating expenses     733 747
Operating income     231 233
Other income (expense):        
Interest expense     0 0
Production Companies, Segment [Member]        
Revenues (less agency commissions)        
Revenue (less agency commissions) 2 9 21 46
Operating expenses before depreciation, amortization and loss (gain) on disposal of assets, net:        
Cost of goods and services sold $ 5 $ 9 24 44
Operating expenses     30 50
Operating income     (9) (4)
Other income (expense):        
Interest expense     $ 0 $ 0