Note 12 - Segment Information

3 Months Ended

Mar. 31, 2023

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, 2023:	Broadcast			Companies			Other			Consolidated
Revenue (less agency commissions)	$	779		$	22		$	-		$	801
Operating expenses before depreciation, amortization and gain on disposal of assets, net		555			59			26			640
Depreciation and amortization		80			3			1			84
Loss on disposal of assets, net		9			1			-			10
Operating expenses		644			63			27			734
Operating income (loss)	$	135		$	(41	)	$	(27	)	$	67
Interest expense	$	-		$	-		$	104		$	104
Capital expenditures (excluding business combinations)	$	19		$	91		$	-		$	110
Goodwill	$	2,618		$	45		$	-		$	2,663
Total Assets	$	10,016		$	626		$	203		$	10,845
For the three months ended March 31, 2022:
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
As of December 31, 2022:
Goodwill	$	2,618		$	45		$	-		$	2,663
Total Assets	$	10,444		$	535		$	173		$	11,152