SEGMENT DATA

6 Months Ended

Jun. 30, 2021

Segment Reporting [Abstract]

SEGMENT DATA

SEGMENT DATA:

We measure segment performance based on operating income (loss). We have two reportable segments: broadcast and local sports. Our broadcast segment, previously referred to as our local news and marketing services segment, provides free over-the-air programming to television viewing audiences and includes stations in 86 markets located throughout the continental United States. Our local sports segment, previously referred to as our sports segment, provides viewers with live professional sports content and includes our Bally RSNs, Marquee, and our investment in the YES Network. Other and corporate are not reportable segments but are included for reconciliation purposes. Other primarily consists of original networks and content, including Tennis, non-broadcast digital and internet solutions, technical services, and other non-media investments. Corporate costs primarily include our costs to operate as a public company and to operate our corporate headquarters location. All of our businesses are located within the United States.

Segment financial information is included in the following tables for the periods presented (in millions):

As of June 30, 2021	Broadcast		Local sports		Other & Corporate		Eliminations		Consolidated
Assets	$	4,671	$	5,845	$	2,275	$	(11)	$	12,780

For the three months ended June 30, 2021	Broadcast		Local sports		Other & Corporate		Eliminations			Consolidated
Revenue	$	687	$	838	$	120	$	(33)	(a)	$	1,612
Depreciation of property and equipment and amortization of definite-lived intangibles and other assets	64		78		6		(1)			147
Amortization of sports programming rights	—		829		—		—			829
Amortization of program contract costs	17		—		5		—			22
Corporate general and administrative expenses	29		3		4		—			36
Gain on asset dispositions and other, net of impairment	(3)		—		(5)		—			(8)
Operating income (loss)	105		(288)		4		1			(178)
Interest expense including amortization of debt discount and deferred financing costs	1		110		51		(2)			160
Income (loss) from equity method investments	—		10		(8)		—			2

For the three months ended June 30, 2020	Broadcast		Local sports		Other & Corporate		Eliminations			Consolidated
Revenue	$	592	$	616	$	104	$	(29)	(a)	$	1,283
Depreciation of property and equipment and amortization of definite-lived intangibles and other assets	60		109		7		—			176
Amortization of sports programming rights	—		5		—		—			5
Amortization of program contract costs	21		—		—		—			21
Corporate general and administrative expenses	27		2		3		—			32
(Gain) loss on asset dispositions and other, net of impairment	(29)		—		1		—			(28)
Operating income	83		399		12		(2)			492
Interest expense including amortization of debt discount and deferred financing costs	1		117		50		(3)			165
Income (loss) from equity method investments	—		2		(9)		—			(7)

For the six months ended June 30, 2021	Broadcast		Local sports		Other & Corporate		Eliminations			Consolidated
Revenue	$	1,352	$	1,606	$	228	$	(63)	(a)	$	3,123
Depreciation of property and equipment and amortization of definite-lived intangibles and other assets	126		162		14		(2)			300
Amortization of sports programming rights	—		1,381		—		—			1,381
Amortization of program contract costs	38		—		7		—			45
Corporate general and administrative expenses	84		6		7		—			97
Gain on asset dispositions and other, net of impairment	(17)		—		(5)		—			(22)
Operating income (loss)	168		(329)		17		1			(143)
Interest expense including amortization of debt discount and deferred financing costs	2		218		96		(5)			311
Income (loss) from equity method investments	—		23		(12)		—			11

For the six months ended June 30, 2020	Broadcast		Local sports		Other & Corporate		Eliminations			Consolidated
Revenue	$	1,292	$	1,428	$	233	$	(61)	(a)	$	2,892
Depreciation of property and equipment and amortization of definite-lived intangibles and other assets	118		219		13		—			350
Amortization of sports programming rights	—		396		—		—			396
Amortization of program contract costs	44		—		—		—			44
Corporate general and administrative expenses	70		4		7		—			81
Gain on asset dispositions and other, net of impairment	(60)		—		—		—			(60)
Operating income	234		565		26		(6)			819
Interest expense including amortization of debt discount and deferred financing costs	2		240		108		(5)			345
Income (loss) from equity method investments	—		8		(21)		—			(13)

(a)Includes $27 million and $54 million for the three and six months ended June 30, 2021, respectively, and $25 million and $49 million for the three and six months ended June 30, 2020, respectively, of revenue and selling, general, and administrative expenses, respectively, for services provided by broadcast to local sports and other, which are eliminated in consolidation.