Note 13 - Segment Information

9 Months Ended

Sep. 30, 2024

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, 2024:	Broadcasting		Companies			Other			Consolidated
Revenue (less agency commissions)	$	2,531	$	68		$	-		$	2,599
Operating expenses before depreciation, amortization, impairment and loss on disposal of assets, net:		1,719		57			80			1,856
Depreciation and amortization		186		14			2			202
Loss on disposal of assets, net		15		-			-			15
Operating expenses		1,920		71			82			2,073
Operating income (loss)	$	611	$	(3	)	$	(82	)	$	526
Interest expense	$	-	$	-		$	363		$	363
Capital expenditures (excluding business combinations)	$	46	$	57		$	-		$	103
Goodwill	$	2,614	$	28		$	-		$	2,642
Total assets	$	9,840	$	664		$	127		$	10,631
For the nine months ended September 30, 2023:
Revenue (less agency commissions)	$	2,363	$	54		$	-		$	2,417
Operating expenses before depreciation, amortization and (gain) 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
As of December 31, 2023:
Goodwill	$	2,615	$	28		$	-		$	2,643
Total assets	$	9,897	$	658		$	85		$	10,640