Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Current assets:	$ 656	$ 541
Cash	368	135
Accounts receivable, net	205	337
Current portion of program broadcast rights, net	17	17
Income tax refunds receivable	6	6
Prepaid income taxes	35	25
Prepaid and other current assets	25	21
Property and equipment, net	1,509	1,577
Operating leases right of use asset	66	69
Broadcast licenses	5,309	5,311
Goodwill	2,642	2,642
Other intangible assets, net	157	290
Investments in broadcasting and technology companies	37	66
Deferred pension assets	21	19
Other	43	27
Total assets	10,440	10,542
Current liabilities:
Accounts payable	144	154
Employee compensation and benefits	103	111
Accrued interest	151	112
Other accrued expenses	47	53
Federal and state income taxes	5	5
Current portion of program broadcast obligations	18	18
Deferred revenue	20	29
Dividends payable	16	15
Current portion of operating lease liabilities	10	10
Current portion of long-term debt	2	20
Total current liabilities	516	527
Long-term debt, less current portion and deferred financing costs	5,742	5,601
Deferred income taxes	1,300	1,347
Operating lease liabilities, less current portion	59	62
Other	18	72
Total liabilities	7,635	7,609
Commitments and Contingencies
Series A Perpetual Preferred Stock, no par value; cumulative; redeemable; designated 1,500,000 shares, issued and outstanding 650,000 shares at each date and $650 aggregate liquidation value at each date	650	650
Stockholders’ equity:
Retained earnings	1,205	1,375
Accumulated other comprehensive loss, net of income tax benefit	(4)	(30)
Stockholders' equity before treasury stock	2,478	2,600
Total stockholders’ equity	2,155	2,283
Total liabilities and stockholders’ equity	10,440	10,542
Common Stock (No Par Value) [Member]
Stockholders’ equity:
Common stock	1,210	1,198
Treasury stock at cost	(288)	(284)
Class A Common Stock (No Par Value) [Member]
Stockholders’ equity:
Common stock	67	57
Treasury stock at cost	$ (35)	$ (33)