Note 11 - Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 2023

Notes to Financial Statements

Goodwill and Intangible Assets Disclosure [Text Block]

11. Goodwill and Intangible Assets

A summary of changes in our goodwill and other intangible assets, on a net basis, for the six-months ended June 30, 2023 is as follows (in millions):

	Net Balance at										Net Balance at
	December 31,		Acquisitions								June 30,
	2022		and Adjustments			Impairments		Amortization			2023
Goodwill	$	2,663	$	(3	)	$	-	$	-		$	2,660
Broadcast licenses		5,331		(11	)		-		-			5,320
Finite-lived intangible assets		636		-			-		(99	)		537
Total intangible assets net of accumulated amortization	$	8,630	$	(14	)	$	-	$	(99	)	$	8,517

A summary of the changes in our goodwill, on a gross basis, for the six-months ended June 30, 2023, is as follows (in millions):

	As of								As of
	December 31,			Acquisitions					June 30,
	2022			and Adjustments			Impairments		2023
Goodwill, gross	$	2,762		$	(3	)	$	-	$	2,759
Accumulated goodwill impairment		(99	)		-			-		(99	)
Goodwill, net	$	2,663		$	(3	)	$	-	$	2,660

As of June 30, 2023 and December 31, 2022, our intangible assets and related accumulated amortization consisted of the following (in millions):

	As of June 30, 2023							As of December 31, 2022
			Accumulated							Accumulated
	Gross		Amortization			Net		Gross		Amortization			Net
Intangible assets not currently subject to amortization:
Broadcast licenses	$	5,374	$	(54	)	$	5,320	$	5,385	$	(54	)	$	5,331
Goodwill		2,660		-			2,660		2,663		-			2,663
	$	8,034	$	(54	)	$	7,980	$	8,048	$	(54	)	$	7,994
Intangible assets subject to amortization:
Network affiliation agreements	$	216	$	(106	)	$	110	$	218	$	(88	)	$	130
Other finite lived intangible assets		1,052		(625	)		427		1,055		(549	)		506
	$	1,268	$	(731	)	$	537	$	1,273	$	(637	)	$	636
Total intangibles	$	9,302	$	(785	)	$	8,517	$	9,321	$	(691	)	$	8,630

Amortization expense for the six-months ended June 30, 2023 and 2022 was $99 million and $104 million, respectively. Based on the current amount of intangible assets subject to amortization, we expect that amortization expense for the remainder of 2023 will be approximately $98 million, and, for the succeeding five years, amortization expense will be approximately as follows: 2024, $132 million; 2025, $121 million; 2026, $91 million; 2027, $49 million; and 2028, $13 million. If and when acquisitions and dispositions occur in the future, actual amounts may vary materially from these estimates. Please see footnote 14. Subsequent Event, for further discussion of the impairment charge to be recorded in the third quarter of 2023.