XML 19 R4.htm IDEA: XBRL DOCUMENT v3.25.4
Consolidated Statements of Operations - USD ($)
$ in Thousands, shares in Millions
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenue (less agency commissions):      
Revenue (less agency commissions) $ 3,095,000 $ 3,644,000 $ 3,281,000
Operating expenses before depreciation, amortization, impairment and (gain) loss on disposals of assets, net:      
Depreciation 133,000 144,000 145,000
Amortization of intangible assets 104,000 125,000 194,000
Impairment of goodwill, broadcast licenses and other intangible assets 30,000 0 43,000 [1]
(Gain) loss on disposal of assets, net (11,000) 20,000 21,000
Operating expenses, net 2,703,000 2,793,000 2,898,000
Operating income 392,000 851,000 383,000
Other (expense) income:      
Miscellaneous (expense) income, net (1,000) 117,000 7,000
Impairment of investments (20,000) (25,000) (29,000)
Interest expense (474,000) (485,000) (440,000)
(Loss) gain from early extinguishment of debt (10,000) 34,000 (3,000)
(Loss) income before income taxes (113,000) 492,000 (82,000)
Income tax (benefit) expense (28,000) 117,000 (6,000)
Net (loss) income (85,000) 375,000 (76,000)
Preferred stock dividends 52,000 52,000 52,000
Net (loss) income attributable to common stockholders $ (137,000) $ 323,000 $ (128,000)
Basic per share information:      
Net (loss) income attributable to common stockholders (in dollars per share) $ (1.41) $ 3.4 $ (1.39)
Weighted average shares outstanding (in shares) 97 95 92
Diluted per share information:      
Net (loss) income attributable to common stockholders (in dollars per share) $ (1.41) $ 3.36 $ (1.39)
Weighted average shares outstanding (in shares) 97 96 92
Dividends declared per common share (in dollars per share) $ 0.32 $ 0.32 $ 0.32
Broadcasting, Segment [Member]      
Revenue (less agency commissions):      
Revenue (less agency commissions) $ 2,988,000 $ 3,539,000 $ 3,195,000
Operating expenses before depreciation, amortization, impairment and (gain) loss on disposals of assets, net:      
Cost of goods and services sold 2,239,000 2,317,000 2,268,000
Production Companies, Segment [Member]      
Revenue (less agency commissions):      
Revenue (less agency commissions) 107,000 105,000 86,000
Operating expenses before depreciation, amortization, impairment and (gain) loss on disposals of assets, net:      
Cost of goods and services sold 95,000 83,000 115,000
Other Operating Segment [Member]      
Revenue (less agency commissions):      
Revenue (less agency commissions) 0 0 0
Operating expenses before depreciation, amortization, impairment and (gain) loss on disposals of assets, net:      
Corporate and administrative 113,000 104,000 112,000
Impairment of goodwill, broadcast licenses and other intangible assets [1]     0
Operating income $ (115,000) (106,000) (116,000)
Other (expense) income:      
Interest expense   $ (485,000)  
(Loss) gain from early extinguishment of debt     $ (3,000)
[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.