Note 12 - Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2026

Notes to Financial Statements

Intangible Asset and Goodwill [Text Block]

12. Goodwill and Intangible Assets

During the three-months ended March 31, 2026, we acquired several television broadcast stations and broadcast licenses. As a result of these transactions, our goodwill and intangible balances changed. See Note 3 “Acquisitions” for more information regarding these transactions. There were no acquisitions during the three-months ended March 31, 2025. No impairments were recognized for each of the three-months ended March 31, 2026 and 2025.

The following table presents a summary of changes in our goodwill and other intangible assets, on a net basis (in millions):

	Net Balance at							Net Balance at
	December 31,							March 31,
	2025		Net Additions		Amortization			2026
Goodwill	$	2,642	$	9	$	-		$	2,651
Broadcast licenses		5,309		59		-			5,368
Finite-lived intangible assets		157		3		(32	)		128
Total intangible assets net of accumulated amortization	$	8,108	$	71	$	(32	)	$	8,147

As of March 31, 2026 and December 31, 2025, our intangible assets and related accumulated amortization consisted of the following (in millions):

	As of March 31, 2026							As of December 31, 2025
			Accumulated							Accumulated
	Gross		Amortization			Net		Gross		Amortization			Net
Intangible assets not currently subject to amortization:
Broadcast licenses	$	5,422	$	(54	)	$	5,368	$	5,363	$	(54	)	$	5,309
Goodwill		2,651		-			2,651		2,642		-			2,642
	$	8,073	$	(54	)	$	8,019	$	8,005	$	(54	)	$	7,951
Intangible assets subject to amortization:
Network affiliation agreements	$	173	$	(161	)	$	12	$	170	$	(151	)	$	19
Other finite-lived intangible assets		948		(832	)		116		947		(809	)		138
	$	1,121	$	(993	)	$	128	$	1,117	$	(960	)	$	157
Total intangible assets	$	9,194	$	(1,047	)	$	8,147	$	9,122	$	(1,014	)	$	8,108

Amortization expense for the three-months ended March 31, 2026 and 2025 was $32 million and $29 million, respectively. Based on the current amount of intangible assets subject to amortization, we expect that amortization expense for the remainder of 2026 will be approximately $49 million, and, for the succeeding five years, amortization expense will be approximately as follows: 2027, $42 million; 2028, $13 million; 2029, $3 million; 2030, $3 million; 2031, $2 million and thereafter, $16 million. If and when acquisitions and dispositions occur in the future, actual amounts may vary from these estimates.