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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:      
Net income (loss) $ 375 $ (76) $ 455
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation 144 145 129
Amortization of Intangible Assets 125 194 207
Amortization of deferred loan costs 15 13 16
Accretion of original issue discount and premium related to long-term debt, net 0 (1) (1)
Amortization of stock based compensation 22 20 22
Amortization of program broadcast rights 28 37 48
Payments on program broadcast obligations (29) (38) (49)
Common stock contributed to 401(k) plan 0 10 9
Deferred income taxes (9) (91) (20)
Loss (gain) on disposal of assets, net 20 21 (2)
Gain on sale of investment (110) 0 0
(Gain) loss on early extinguishment of debt (34) 3 0
Impairment of investments 25 29 18
Goodwill and Intangible Asset Impairment 0 43 [1] 0
Other (1) 14 0
Changes in operating assets and liabilities, net of acquisitions:      
Accounts receivable, net 5 308 (26)
Income tax receivable or prepaid 8 26 (4)
Other current assets 27 7 0
Accounts payable 52 (32) (5)
Employee compensation, benefits and pension costs 1 12 3
Accrued network fees and other expenses 49 (5) 6
Accrued interest 49 3 8
Income taxes payable (17) 7 5
Deferred revenue 6 (1) 10
Net cash provided by operating activities 751 648 829
Cash flows from investing activities:      
Acquisitions of businesses and broadcast licenses, net of cash acquired (1) (6) (58)
Proceeds from sale of television stations 0 6 0
Purchases of property and equipment (143) (348) (436)
Proceeds from Repack reimbursement (Note 1) 0 0 7
Proceeds from asset sales 14 54 4
Proceeds from sale of investment 110 0 0
Reimbursement of development costs 0 18 0
Investments in broadcast, production and technology companies (7) (14) (16)
Other (1) (1) (4)
Net cash used in investing activities (28) (291) (503)
Cash flows from financing activities:      
Proceeds from borrowings on long-term debt 2,070 300 0
Repayments of borrowings on long-term debt (2,544) (610) (315)
Repurchases of common stock 0 0 (50)
Payments of common stock dividends (32) (30) (30)
Payments of preferred stock dividends (52) (52) (52)
Deferred and other loan costs (47) 0 0
Payments for taxes related to net share settlement of equity awards (4) (5) (7)
Net cash used in financing activities (609) (397) (454)
Net (decrease) increase in cash 114 (40) (128)
Cash at beginning of year 21 61 189
Cash at end of year $ 135 $ 21 $ 61
[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.