Note 14 - Segment Information

12 Months Ended

Dec. 31, 2025

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, 2025:	Broadcasting		Companies			Other			Consolidated
Revenue (less agency commissions)	$	2,988	$	107		$	-		$	3,095
Less:(1)
Payroll and employee benefits		864		22			60			946
Network affiliation fees		882		-			-			882
Programming		116		17			-			133
Depreciation and amortization		215		20			2			237
Other segment items(2)		398		54			53			505
Segment operating income (loss)	$	513	$	(6	)	$	(115	)	$	392
Other income (expense):
Miscellaneous income (expense), net										(1	)
Impairment of investments										(20	)
Interest expense										(474	)
Loss on early extinguishment of debt										(10	)
Loss before income tax									$	(113	)
Capital expenditures (excluding business combinations)	$	74	$	34		$	-		$	108
Goodwill	$	2,614	$	28		$	-		$	2,642
Investments in broadcasting and technology companies	$	23	$	1		$	13		$	37
Total assets	$	9,326	$	647		$	467		$	10,440

			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, 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 intangible assets		-		43			-			43
Other segment items(2)		386		72			58			516
Segment operating income (loss)	$	587	$	(88	)	$	(116	)	$	383
Other income (expense):
Miscellaneous income, net										7
Impairment of investments										(29	)
Interest expense										(440	)
Loss on early extinguishment of debt										(3	)
Loss 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

(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, impairment of goodwill and intangible assets, professional services expense, repairs and maintenance expense, occupancy expense (including property tax expense), and certain overhead expenses.