XML 15 R4.htm IDEA: XBRL DOCUMENT v3.21.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Millions, $ in Millions
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Revenue (less agency commissions):    
Revenue (less agency commissions) $ 544 $ 534
Operating expenses before depreciation, amortization and gain on disposal of assets, net:    
Corporate and administrative 18 15
Depreciation 25 21
Amortization of intangible assets 26 26
Gain on disposal of assets, net (4) (6)
Operating expenses 443 410
Operating income 101 124
Other income (expense):    
Miscellaneous income, net 1 (1)
Interest expense (48) (52)
Income before income taxes 54 71
Income tax expense 15 18
Net income 39 53
Preferred stock dividends 13 13
Net income attributable to common stockholders $ 26 $ 40
Basic per common share information:    
Net income (in dollars per share) $ 0.28 $ 0.41
Weighted average common shares outstanding (in shares) 94 98
Diluted per common share information:    
Net income (in dollars per share) $ 0.27 $ 0.40
Weighted average common shares outstanding (in shares) 95 99
Dividends declared per common share (in dollars per share) $ 0.08 $ 0
Broadcasting, Segment [Member]    
Revenue (less agency commissions):    
Revenue (less agency commissions) $ 530 $ 515
Operating expenses before depreciation, amortization and gain on disposal of assets, net:    
Cost of goods and services sold 361 335
Operating expenses 404 372
Operating income 126 143
Other income (expense):    
Interest expense 0 0
Production Companies, Segment [Member]    
Revenue (less agency commissions):    
Revenue (less agency commissions) 14 19
Operating expenses before depreciation, amortization and gain on disposal of assets, net:    
Cost of goods and services sold 17 19
Operating expenses 20 22
Operating income (6) (3)
Other income (expense):    
Interest expense $ 0 $ 0