Note 14 - Segment Information

12 Months Ended

Dec. 31, 2022

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

14. Segment Information

During the years ended December 31, 2022, 2021 and 2020, we operated in two business segments, broadcasting and production companies. The broadcasting segment operates television stations in local markets in the United States. The production companies segment includes the production of television and event content. Costs identified as other are primarily corporate and administrative expenses. The following tables present our business segment information (in millions):

				Production
As of and for the Year ended December 31, 2022:	Broadcasting			Companies			Other			Consolidated
Revenue (less agency commissions)	$	3,583		$	93		$	-		$	3,676
Operating expenses before depreciation, amortization and loss on disposal of assets, net:		2,165			83			104			2,352
Depreciation and amortization		321			12			3			336
Gain on disposal of assets, net		(2	)		-			-			(2	)
Total operating expenses		2,484			95			107			2,686
Operating income (loss)	$	1,099		$	(2	)	$	(107	)	$	990
Interest expense	$	-		$	-		$	354		$	354
Capital expenditures (excluding business combinations)	$	163		$	267		$	6		$	436
Goodwill	$	2,618		$	45		$	-		$	2,663
Total assets	$	10,444		$	535		$	173		$	11,152
As of and for the Year ended December 31, 2021:
Revenue (less agency commissions)	$	2,340		$	73		$	-		$	2,413
Operating expenses before depreciation, amortization and (gain) loss on disposal of assets, net:		1,548			62			159			1,769
Depreciation and amortization		206			12			3			221
Loss on disposal of assets, net		41			-			1			42
Total operating expenses		1,795			74			163			2,032
Operating income (loss)	$	545		$	(1	)	$	(163	)	$	381
Interest expense	$	-		$	-		$	205		$	205
Capital expenditures (excluding business combinations)	$	94		$	110		$	3		$	207
Goodwill	$	2,604		$	45		$	-		$	2,649
Total assets	$	10,592		$	269		$	247		$	11,108
As of and for the Year ended December 31, 2020:
Revenue (less agency commissions)	$	2,320		$	61		$	-		$	2,381
Operating expenses before depreciation, amortization and gain on disposal of assets, net:		1,340			52			65			1,457
Depreciation and amortization		186			12			3			201
(Gain) loss on disposal of assets, net		(31	)		2			-			(29	)
Operating expenses		1,495			66			68			1,629
Operating income (loss)	$	825		$	(5	)	$	(68	)	$	752
Interest expense	$	-		$	-		$	191		$	191
Capital expenditures (excluding business combinations)	$	106		$	4		$	-		$	110
Goodwill	$	1,419		$	41		$	-		$	1,460
Total assets	$	6,631		$	141		$	871		$	7,643