Note 12 - Segment Information

3 Months Ended

Mar. 31, 2022

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

12. Segment information

The Company operates in two business segments: broadcasting and production companies. The broadcasting segment operates television stations in 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 three months ended March 31, 2022:	Broadcast			Companies			Other			Consolidated
Revenue (less agency commissions)	$	804		$	23		$	-		$	827
Operating expenses before depreciation, amortization and gain on disposal of assets, net		530			26			28			584
Depreciation and amortization		80			3			1			84
Gain on disposal of assets, net		(5	)		-			-			(5	)
Operating expenses		605			29			29			663
Operating income (loss)	$	199		$	(6	)	$	(29	)	$	164
Interest expense	$	-		$	-		$	79		$	79
Capital expenditures (excluding business combinations)	$	17		$	30		$	-		$	47
Goodwill	$	2,604		$	45		$	-		$	2,649
Total Assets	$	10,548		$	281		$	305		$	11,134
For the three months ended March 31, 2021:
Revenue (less agency commissions)	$	530		$	14		$	-		$	544
Operating expenses before depreciation, amortization and gain on disposal of assets, net		361			17			18			396
Depreciation and amortization		47			3			1			51
Gain on disposal of assets, net		(4	)		-			-			(4	)
Operating expenses		404			20			19			443
Operating income (loss)	$	126		$	(6	)	$	(19	)	$	101
Interest expense	$	-		$	-		$	48		$	48
Capital expenditures (excluding business combinations)	$	13		$	-		$	-		$	13
As of December 31, 2021:
Goodwill	$	2,604		$	45		$	-		$	2,649
Total Assets	$	10,592		$	269		$	247		$	11,108