Note 13 - Segment Information

6 Months Ended

Jun. 30, 2022

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 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 six months ended June 30, 2022:	Broadcasting			Companies			Other			Consolidated
Revenue (less agency commissions)	$	1,659		$	36		$	-		$	1,695
Operating expenses before depreciation, amortization and gain on disposal of assets, net:		1,058			40			53			1,151
Depreciation and amortization		159			6			2			167
Gain on disposal of assets, net		(5	)		-			-			(5	)
Operating expenses		1,212			46			55			1,313
Operating income (loss)	$	447		$	(10	)	$	(55	)	$	382
Interest expense	$	-		$	-		$	160		$	160
Capital expenditures (excluding business combinations)	$	66		$	93		$	-		$	159
Goodwill	$	2,612		$	45		$	-		$	2,657
Total assets	$	10,570		$	343		$	210		$	11,123
For the six months ended June 30, 2021:
Revenue (less agency commissions)	$	1,067		$	24		$	-		$	1,091
Operating expenses before depreciation, amortization and gain on disposal of assets, net:		715			26			43			784
Depreciation and amortization		95			6			2			103
Gain on disposal of assets, net		(5	)		-			-			(5	)
Operating expenses		805			32			45			882
Operating income (loss)	$	262		$	(8	)	$	(45	)	$	209
Interest expense	$	-		$	-		$	95		$	95
Capital expenditures (excluding business combinations)	$	28		$	6		$	87		$	121
As of December 31, 2021:
Goodwill	$	2,604		$	45		$	-		$	2,649
Total assets	$	10,592		$	269		$	247		$	11,108