Note 12 - Segment Information

3 Months Ended

Mar. 31, 2025

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

12. 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 three months ended March 31, 2025:	Broadcasting		Companies			Other			Consolidated
Revenue (less agency commissions)	$	755	$	27		$	-		$	782
Less:(1)
Payroll and employee benefits		215		5			18			238
Network affiliation fees		233		-			-			233
Programming		35		4			-			39
Depreciation and amortization		57		6			-			63
Other segment items(2)		93		10			14			117
Segment operating income (loss)	$	122	$	2		$	(32	)	$	92
Other income (expense):
Miscellaneous income (expense), net										1
Interest expense										(118	)
Gain on early extinguishment of debt										1
Income before income tax									$	(24	)
Capital expenditures (excluding business combinations)	$	10	$	5		$	-		$	15
Goodwill	$	2,614	$	28		$	-		$	2,642
Investments in broadcasting and technology companies	$	54	$	4		$	14		$	72
Total assets	$	9,473	$	708		$	257		$	10,438
For the three months ended March 31, 2024:
Revenue (less agency commissions)	$	799	$	24		$	-		$	823
Less:(1)
Payroll and employee benefits		226		6			15			247
Network affiliation fees		234		-			-			234
Programming		30		5			-			35
Depreciation and amortization		62		4			1			67
Other segment items(2)		93		10			13			116
Segment operating income (loss)	$	154	$	(1	)	$	(29	)	$	124
Other income (expense):
Miscellaneous income (expense), net										110
Interest expense										(115	)
Income before income tax									$	119
Capital expenditures (excluding business combinations)	$	19	$	15		$	-		$	34
As of December 31, 2024:
Goodwill	$	2,614	$	28		$	-		$	2,642
Investments in broadcasting and technology companies	$	49	$	4		$	13		$	66
Total assets	$	9,636	$	681		$	225		$	10,542

(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.