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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Operating activities:    
Net income (loss) $ 110 $ (27)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation 72 70
Amortization of intangible assets 63 99
Amortization of deferred loan costs 7 7
Amortization of restricted stock awards 12 9
Amortization of program broadcast rights 13 20
Payments on program broadcast obligations (15) (21)
Deferred income taxes (10) (6)
(Gain) loss on disposal of assets, net (1) 26
Gain on sale of investment (110) 0
Loss from early extinguishment of debt 7 3
Other 1 11
Changes in operating assets and liabilities:    
Accounts receivable, net (1) 321
Income tax receivable or prepaid (26) (24)
Other current assets (1) 4
Accounts payable 8 (21)
Employee compensation, benefits and pension cost (25) (27)
Accrued network fees and other expenses 7 16
Accrued interest (14) 2
Income taxes payable (11) (3)
Net cash provided by operating activities 86 459
Investing activities:    
Acquisitions of television businesses and licenses, net of cash acquired 0 (6)
Proceeds from sale of television station 0 6
Purchases of property and equipment (63) (213)
Proceeds from asset sales 7 22
Proceeds from sale of investment 110 0
Reimbursement of development costs 0 11
Investment in broadcast, production and technology companies (4) (7)
Net cash provided by (used in) investing activities 50 (187)
Financing activities:    
Proceeds from borrowings on long-term debt 2,025 150
Repayments of borrowings on long-term debt (2,015) (403)
Payment of common stock dividends (16) (14)
Payment of preferred stock dividends (26) (26)
Deferred and other loan costs (47) 0
Payment of taxes related to net share settlement of equity awards (3) (4)
Net cash used in financing activities (82) (297)
Net increase (decrease) in cash 54 (25)
Cash at beginning of period 21 61
Cash at end of period $ 75 $ 36