Note 14 - Segment Information

12 Months Ended

Dec. 31, 2024

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

14. Segment Information

The Company’s chief operating decision maker (“CODM”) is the chief executive officer (“CEO”). The CODM assesses segment performance and allocates resources to each segment by using each segment’s operating profit. The CODM uses operating profit for each segment in the annual budgeting and forecasting process as well as reviewing segment operating profit quarterly when making decisions about allocating capital and operating resources to segments. Disaggregated total assets and goodwill by segment are not regularly provided to the CODM. The following tables present our business segment information (in millions):

			Production
As of and for the Year ended December 31, 2024:	Broadcasting		Companies		Other			Consolidated
Revenue (less agency commissions)	$	3,539	$	105	$	-		$	3,644
Less:(1)
Payroll and employee benefits		892		24		55			971
Network affiliation fees		932		-		-			932
Programming		108		20		-			128
Depreciation and amortization		248		19		2			269
Other segment items(2)		403		41		49			493
Segment operating income (loss)	$	956	$	1	$	(106	)	$	851
Other income (expense):
Miscellaneous income (expense), net									117
Impairment of investments									(25	)
Interest expense									(485	)
Gain on early extinguishment of debt									34
Income before income tax								$	492
Capital expenditures (excluding business combinations)	$	97	$	46	$	-		$	143
Goodwill	$	2,614	$	28	$	-		$	2,642
Investments in broadcasting and technology companies	$	49	$	4	$	13		$	66
Total assets	$	9,636	$	681	$	225		$	10,542

			Production
As of and for the Year ended December 31, 2023:	Broadcasting		Companies			Other			Consolidated
Revenue (less agency commissions)	$	3,195	$	86		$	-		$	3,281
Less:(1)
Payroll and employee benefits		865		21			54			940
Network affiliation fees		937		-			-			937
Programming		98		25			-			123
Depreciation and amortization		322		13			4			339
Impairment of goodwill and other inangible assets		-		43			-			43
Other segment items(2)		386		72			58			516
Segment operating income (loss)	$	587	$	(88	)	$	(116	)	$	383
Other income (expense):
Miscellaneous income (expense), net										7
Impairment of investments										(29	)
Interest expense										(440	)
Loss on early extinguishment of debt										(3	)
Income before income tax									$	(82	)
Capital expenditures (excluding business combinations)	$	107	$	240		$	1		$	348
Goodwill	$	2,615	$	28		$	-		$	2,643
Investments in broadcasting and technology companies	$	68	$	4		$	13		$	85
Total assets	$	9,897	$	658		$	85		$	10,640

			Production
As of and for the Year ended December 31, 2022:	Broadcasting		Companies			Other			Consolidated
Revenue (less agency commissions)	$	3,583	$	93		$	-		$	3,676
Less:(1)
Payroll and employee benefits		799		20			50			869
Network affiliation fees		903		-			-			903
Programming		98		26			-			124
Depreciation and amortization		321		12			3			336
Other segment items(2)		363		37			54			454
Segment operating income (loss)	$	1,099	$	(2	)	$	(107	)	$	990
Other income (expense):
Miscellaneous income (expense), net										(4	)
Impairment of investments										(18	)
Interest expense										(354	)
Income before income tax									$	614
Capital expenditures (excluding business combinations)	$	163	$	267		$	6		$	436
Goodwill	$	2,618	$	45		$	-		$	2,663
Investments in broadcasting and technology companies	$	86	$	6		$	13		$	105
Total assets	$	10,444	$	535		$	173		$	11,152

(1) The significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker. Intersegment expenses are included within the amounts shown.

(2) Other segment items for each reportable segment includes; (gain) loss on disposal of assets, professional services expense, repairs and maintenance expense, occupancy expense (including property tax expense), and certain overhead expenses.