Note 12 - Segment Information

3 Months Ended

Mar. 31, 2024

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 production facilities and the production of television and event 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, 2024:	Broadcast		Companies			Other			Consolidated
Revenue (less agency commissions)	$	799	$	24		$	-		$	823
Operating expenses before depreciation, amortization and gain on disposal of assets, net		583		21			28			632
Depreciation and amortization		62		4			1			67
Operating expenses		645		25			29			699
Operating income (loss)	$	154	$	(1	)	$	(29	)	$	124
Interest expense	$	-	$	-		$	115		$	115
Capital expenditures (excluding business combinations)	$	19	$	15		$	-		$	34
Goodwill	$	2,615	$	28		$	-		$	2,643
Total Assets	$	9,850	$	683		$	202		$	10,735
For the three months ended March 31, 2023:
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
As of December 31, 2023:
Goodwill	$	2,615	$	28		$	-		$	2,643
Total Assets	$	9,897	$	658		$	85		$	10,640