Note 13 - Segment Information

9 Months Ended

Sep. 30, 2021

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 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 nine-months ended September 30, 2021:	Broadcasting			Companies			Other			Consolidated
Revenue (less agency commissions)	$	1,648		$	44		$	-		$	1,692
Operating expenses before depreciation, amortization and loss on disposal of assets, net:		1,099			39			75			1,213
Depreciation and amortization		146			9			2			157
Loss on disposal of assets, net		46			-			-			46
Operating expenses		1,291			48			77			1,416
Operating income (loss)	$	357		$	(4	)	$	(77	)	$	276
Interest expense	$	-		$	-		$	143		$	143
Capital expenditures (excluding business combinations)	$	63		$	88		$	3		$	154
Goodwill	$	1,588		$	45		$	-		$	1,633
Total assets	$	7,229		$	134		$	416		$	7,779
For the nine-months ended September 30, 2020:
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 (loss)	$	457		$	(7	)	$	(49	)	$	401
Interest expense	$	-		$	-		$	143		$	143
Capital expenditures (excluding business combinations)	$	69		$	1		$	-		$	70
As of December 31, 2020:
Goodwill	$	1,419		$	41		$	-		$	1,460
Total assets	$	6,631		$	141		$	871		$	7,643