Note 13 - Segment Information

9 Months Ended

Sep. 30, 2020

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

13.    Segment information

The Company operates in two business segments: broadcasting and production companies. The broadcasting segment 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 Nine months ended September 30, 2020:	Broadcast			Companies			Other			Consolidated
Revenue (less agency commissions)	$	1,557		$	32		$	-		$	1,589
Operating expenses before depreciation, amortization and (gain) loss on disposal of assets, net:		985			32			47			1,064
Depreciation and amortization		136			9			2			147
(Gain) loss on disposal of assets, net		(21	)		(2	)		-			(23	)
Operating expenses		1,100			39			49			1,188
Operating income	$	457		$	(7	)	$	(49	)	$	401
Interest expense	$	-		$	-		$	143		$	143
Capital expenditures (excluding business combinations)	$	69		$	1		$	-		$	70
Goodwill	$	1,408		$	40		$	-		$	1,448
Total Assets	$	6,508		$	139		$	577		$	7,224
For the Nine months ended September 30, 2019:
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
As of December 31, 2019:
Goodwill	$	1,405		$	41		$	-		$	1,446
Total Assets	$	6,530		$	153		$	289		$	6,972