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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Operating activities:    
Net income $ 161 $ 78
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 63 50
Amortization of intangible assets 104 53
Amortization of deferred loan costs 8 6
Amortization of restricted stock awards 11 7
Amortization of program broadcast rights 25 17
Payments on program broadcast obligations (26) (18)
Common stock contributed to 401(k) plan 0 1
Deferred income taxes 0 21
Gain on disposal of assets, net (5) (5)
Other 6 1
Changes in operating assets and liabilities:    
Accounts receivable 10 17
Income taxes receivable or prepaid (67) (9)
Other current assets 18 51
Accounts payable 7 23
Employee compensation, benefits and pension cost (8) 13
Accrued network fees and other expenses 7 (34)
Accrued interest 1 0
Income taxes payable 7 (20)
Deferred revenue 8 (14)
Net cash provided by operating activities 330 238
Investing activities:    
Acquisitions of television businesses and licenses, net of cash acquired (40) (41)
Purchases of property and equipment (159) (121)
Proceeds from asset sales 2 3
Proceeds from Repack reimbursement (Note 1) 5 7
Investment in broadcast, production and technology companies (9) (25)
Net cash used in investing activities (201) (177)
Financing activities:    
Repayments of borrowings on long-term debt (58) 0
Repurchase of common stock (50) 0
Payment of common stock dividends (16) (15)
Payment of preferred stock dividends (26) (26)
Deferred and other loan costs 0 (1)
Payment of taxes related to net share settlement of equity awards (6) (7)
Net cash used in financing activities (156) (49)
Net (decrease) increase in cash (27) 12
Cash at beginning of period 189 773
Cash at end of period $ 162 $ 785