Note 13 - Segment Information

6 Months Ended

Jun. 30, 2023

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

13. Segment Information

We operate 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 and our productions facilities, primarily Assembly Atlanta. Costs identified as other are primarily corporate and administrative expenses. The following tables present certain financial information concerning our operating segments (in millions):

				Production
As of and for the six months ended June 30, 2023:	Broadcasting			Companies			Other			Consolidated
Revenue (less agency commissions)	$	1,580		$	34		$	-		$	1,614
Operating expenses before depreciation, amortization and gain on disposal of assets, net:		1,107			70			56			1,233
Depreciation and amortization		160			7			2			169
Loss on disposal of assets, net		24			2			-			26
Operating expenses		1,291			79			58			1,428
Operating income (loss)	$	289		$	(45	)	$	(58	)	$	186
Interest expense	$	-		$	-		$	213		$	213
Capital expenditures (excluding business combinations)	$	41		$	168		$	4		$	213
Goodwill	$	2,615		$	45		$	-		$	2,660
Total assets	$	9,995		$	644		$	171		$	10,810
For the six months ended June 30, 2022:
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
As of December 31, 2022:
Goodwill	$	2,618		$	45		$	-		$	2,663
Total assets	$	10,444		$	535		$	173		$	11,152