Note 11 - Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2024

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 nine-months ended September 30, 2024 is as follows (in millions):

	Net Balance at		Disposals						Net Balance at
	December 31,		And						September 30,
	2023		Adjustments, Net			Amortization			2024
Broadcast licenses	$	5,320	$	(9	)	$	-		$	5,311
Goodwill		2,643		(1	)		-			2,642
Finite-lived intangible assets		415		-			(94	)		321
Total intangible assets net of accumulated amortization	$	8,378	$	(10	)	$	(94	)	$	8,274

A summary of the changes in our goodwill, on a gross basis, for the nine-months ended September 30, 2024, is as follows (in millions):

	As of			Disposals			As of
	December 31,			And			September 30,
	2023			Adjustments, Net			2024
Goodwill, gross	$	2,742		$	(1	)	$	2,741
Accumulated goodwill impairment		(99	)		-			(99	)
Goodwill, net	$	2,643		$	(1	)	$	2,642

As of September 30, 2024 and December 31, 2023, our intangible assets and related accumulated amortization consisted of the following (in millions):

	As of September 30, 2024							As of December 31, 2023
			Accumulated							Accumulated
	Gross		Amortization			Net		Gross		Amortization			Net
Intangible assets not currently subject to amortization:
Broadcast licenses	$	5,365	$	(54	)	$	5,311	$	5,374	$	(54	)	$	5,320
Goodwill		2,642		-			2,642		2,643		-			2,643
	$	8,007	$	(54	)	$	7,953	$	8,017	$	(54	)	$	7,963
Intangible assets subject to amortization:
Network affiliation agreements	$	216	$	(151	)	$	65	$	216	$	(126	)	$	90
Other finite lived intangible assets		992		(736	)		256		992		(667	)		325
	$	1,208	$	(887	)	$	321	$	1,208	$	(793	)	$	415
Total intangibles	$	9,215	$	(941	)	$	8,274	$	9,225	$	(847	)	$	8,378

Amortization expense for the nine-month periods ended September 30, 2024 and 2023 was $94 million and $147 million, respectively. Based on the intangible assets subject to amortization as of September 30, 2024, we expect that amortization expense for the remainder of 2024 would be approximately $31 million, and, for the succeeding five years, amortization expense will be approximately as follows: 2025, $113 million; 2026, $83 million; 2027, $47 million; 2028, $13 million; and 2029, $3 million. If and when acquisitions and dispositions occur in the future, actual amounts may vary materially from these estimates.