Note 2 - Revenue

9 Months Ended

Sep. 30, 2025

Notes to Financial Statements

Revenue from Contract with Customer [Text Block]

2. Revenue

Revenue Recognition. We recognize revenue when we have completed a specified service and effectively transferred the control of that service to a customer in return for an amount of consideration we expect to be entitled to receive. The amount of revenue recognized is determined by the amount of consideration specified in a contract with our customers. We have elected to exclude taxes assessed by a governmental authority on transactions with our customers from our revenue. Any unremitted balance is included in current liabilities on our balance sheets.

Deferred Revenue. We record a deferred revenue for cash deposits received from our customers that are to be applied as payment once the performance obligation arises and is satisfied. These deposits are recorded as deferred revenue on our condensed consolidated balance sheets as advertising deposit liabilities. We generally require amounts payable under advertising contracts with our political advertising customers to be paid for in advance. We record the receipt of this cash as an advertising deposit liability. Once the advertisement has been broadcast, the revenue is earned, and we record the revenue and reduce the balance in this deposit liability account. We recorded $12 million of revenue in the nine-months ended September 30, 2025 that was included in the advertising deposit liability balance as of December 31, 2024. We also record other deposit liabilities for cash received in advance for other arrangements, for which revenue is recorded as earned in future periods.

The following table presents our deferred revenue by type (in millions):

	September 30,		December 31,
	2025		2024
Advertising deposit liabilities	$	11	$	12
Other deposit liabilities		17		17
Total deferred revenue	$	28	$	29

Disaggregation of Revenue. Revenue from our production companies segment is generated through our direct sales channel. Revenue from our broadcasting and other segment is generated through both our direct and advertising agency intermediary sales channels. The following table presents our revenue from contracts with customers disaggregated by type of service and sales channel (in millions):

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024
Market and service type:
Advertising:
Core	$	355	$	365	$	1,060	$	1,110
Political		8		173		30		247
Total advertising		363		538		1,090		1,357
Retransmission consent		346		369		1,094		1,121
Production companies		25		26		70		68
Other		15		17		49		53
Total revenue	$	749	$	950	$	2,303	$	2,599
Sales channel:
Direct	$	539	$	558	$	1,657	$	1,665
Advertising agency intermediary		210		392		646		934
Total revenue	$	749	$	950	$	2,303	$	2,599