Note 13 - Segment Information

9 Months Ended

Sep. 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 nine months ended September 30, 2023:	Broadcasting			Companies			Other			Consolidated
Revenue (less agency commissions)	$	2,363		$	54		$	-		$	2,417
Operating expenses before depreciation, amortization, impairment and loss on disposal of assets, net:		1,664			88			79			1,831
Depreciation and amortization		241			9			3			253
Impairment of goodwill and other intangible assets		-			43			-			43
Loss on disposal of assets, net		18			2			-			20
Operating expenses		1,923			142			82			2,147
Operating income (loss)	$	440		$	(88	)	$	(82	)	$	270
Interest expense	$	-		$	-		$	324		$	324
Capital expenditures (excluding business combinations)	$	83		$	201		$	4		$	288
Goodwill	$	2,615		$	28		$	-		$	2,643
Total assets	$	10,014		$	653		$	68		$	10,735
For the nine months ended September 30, 2022:
Revenue (less agency commissions)	$	2,548		$	56		$	-		$	2,604
Operating expenses before depreciation, amortization and (gain) loss on disposal of assets, net:		1,595			56			80			1,731
Depreciation and amortization		240			10			2			252
(Gain) loss on disposal of assets, net		(6	)		-			-			(6	)
Operating expenses		1,829			66			82			1,977
Operating income (loss)	$	719		$	(10	)	$	(82	)	$	627
Interest expense	$	-		$	-		$	254		$	254
Capital expenditures (excluding business combinations)	$	114		$	181		$	3		$	298
As of December 31, 2022:
Goodwill	$	2,618		$	45		$	-		$	2,663
Total assets	$	10,444		$	535		$	173		$	11,152