XML 15 R4.htm IDEA: XBRL DOCUMENT v3.21.2
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Millions, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Revenue (less agency commissions) $ 601 $ 604 $ 1,692 $ 1,589
Operating expenses before depreciation, amortization and loss (gain) on disposal of assets, net:        
Corporate and administrative 32 15 75 47
Depreciation 26 27 76 69
Amortization of intangible assets 28 26 81 78
Loss (gain) on disposal of assets, net 51 (10) 46 (23)
Operating expenses 534 392 1,416 1,188
Operating income 67 212 276 401
Other (expense) income:        
Miscellaneous (expense), net (1) (2) (7) (5)
Interest expense (48) (45) (143) (143)
Income before income taxes 18 165 126 253
Income tax expense 35 43 65 67
Net (loss) income (17) 122 61 186
Preferred stock dividends 13 13 39 39
Net (loss) income attributable to common stockholders $ (30) $ 109 $ 22 $ 147
Basic per share information:        
Net (loss) income attributable to common stockholders (in dollars per share) $ (0.32) $ 1.15 $ 0.23 $ 1.52
Weighted-average shares outstanding (in shares) 95 95 94 97
Diluted per share information:        
Net (loss) income attributable to common stockholders (in dollars per share) $ (0.32) $ 1.14 $ 0.23 $ 1.52
Weighted-average shares outstanding (in shares) 95 96 95 97
Dividends declared per common share (in dollars per share) $ 0.08 $ 0 $ 0.24 $ 0
Broadcasting, Segment [Member]        
Revenue (less agency commissions) $ 581 $ 593 $ 1,648 $ 1,557
Operating expenses before depreciation, amortization and loss (gain) on disposal of assets, net:        
Cost of goods and services sold 384 326 1,099 985
Operating expenses     1,291 1,100
Operating income     357 457
Other (expense) income:        
Interest expense     0 0
Production Companies, Segment [Member]        
Revenue (less agency commissions) 20 11 44 32
Operating expenses before depreciation, amortization and loss (gain) on disposal of assets, net:        
Cost of goods and services sold $ 13 $ 8 39 32
Operating expenses     48 39
Operating income     (4) (7)
Other (expense) income:        
Interest expense     $ 0 $ 0