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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Net (loss) income $ (20) $ (9)
Adjustments to reconcile net (loss) income to net cash provided by operating activities:    
Depreciation 33 34
Amortization of intangible assets 32 29
Amortization of deferred loan costs 4 4
Stock-based compensation 8 7
Amortization of program broadcast rights 6 6
Payments on program broadcast obligations (7) (7)
Deferred income taxes 0 (16)
(Gain) loss on disposal of property and equipment, net 0 (3)
Gain on sale of investment (8) 1
Loss from early extinguishment of debt 0 (1)
Other 1 4
Changes in operating assets and liabilities, net of acquisitions:    
Accounts receivable, net 29 139
Income taxes receivable or prepaid (3) 1
Other current assets (5) (13)
Accounts payable (14) (4)
Employee compensation, benefits and pension costs (22) (36)
Accrued other expenses 14 17
Accrued interest (48) (14)
Income taxes payable 0 1
Deferred revenue 1 (8)
Net cash provided by operating activities 1 132
Cash flows from investing activities:    
Acquisitions of businesses and broadcast licenses, net of cash acquired (68) (1)
Purchases of property and equipment (19) (15)
Proceeds from asset sales 0 10
Proceeds from sale of investments 10 1
Investments in broadcast, production and technology companies 0 (8)
Other 0 (2)
Net cash used in investing activities (77) (15)
Cash flows from financing activities:    
Proceeds from borrowings on long-term debt 0 129
Repayments of borrowings on long-term debt (2) (146)
Payments of common stock dividends (9) (8)
Payments of preferred stock dividends (13) (13)
Payments of taxes related to net share settlement of equity awards (9) (4)
Net cash provided by (used in) financing activities (33) (42)
Net increase (decrease) in cash (109) 75
Cash at beginning of year 368 135
Cash at end of year $ 259 $ 210