SEGMENT DATA

9 Months Ended

Sep. 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 September 30, 2021	Broadcast		Local sports		Other & Corporate		Eliminations		Consolidated
Assets	$	4,712	$	5,711	$	2,435	$	(13)	$	12,845

For the three months ended September 30, 2021	Broadcast		Local sports		Other & Corporate		Eliminations			Consolidated
Revenue	$	701	$	759	$	117	$	(42)	(a)	$	1,535
Depreciation of property and equipment and amortization of definite-lived intangibles and other assets	61		79		9		(1)			148
Amortization of sports programming rights	—		531		—		—			531
Amortization of program contract costs	18		—		4		—			22
Corporate general and administrative expenses	30		2		3		—			35
(Gain) loss on asset dispositions and other, net of impairment	(6)		—		2		—			(4)
Operating income (loss)	126		(39)		(12)		(2)			73
Interest expense including amortization of debt discount and deferred financing costs	1		109		48		(3)			155
Income from equity method investments	—		12		—		—			12

For the three months ended September 30, 2020	Broadcast		Local sports		Other & Corporate		Eliminations			Consolidated
Revenue	$	734	$	727	$	105	$	(27)	(a)	$	1,539
Depreciation of property and equipment and amortization of definite-lived intangibles and other assets	60		109		6		(1)			174
Amortization of sports programming rights	—		632		—		—			632
Amortization of program contract costs	19		—		—		—			19
Corporate general and administrative expenses	25		3		2		—			30
(Gain) loss on asset dispositions and other, net of impairment	(41)		—		2		—			(39)
Impairment of goodwill and definite-lived intangible assets	—		4,264		—		—			4,264
Operating income (loss)	221		(4,450)		10		3			(4,216)
Interest expense including amortization of debt discount and deferred financing costs	2		111		48		(4)			157
Loss from equity method investments	—		(2)		(8)		—			(10)

For the nine months ended September 30, 2021	Broadcast		Local sports		Other & Corporate		Eliminations			Consolidated
Revenue	$	2,053	$	2,365	$	345	$	(105)	(a)	$	4,658
Depreciation of property and equipment and amortization of definite-lived intangibles and other assets	187		241		23		(3)			448
Amortization of sports programming rights	—		1,912		—		—			1,912
Amortization of program contract costs	56		—		11		—			67
Corporate general and administrative expenses	114		8		10		—			132
Gain on asset dispositions and other, net of impairment	(23)		—		(3)		—			(26)
Operating income (loss)	294		(368)		5		(1)			(70)
Interest expense including amortization of debt discount and deferred financing costs	3		327		144		(8)			466
Income (loss) from equity method investments	—		35		(12)		—			23

For the nine months ended September 30, 2020	Broadcast		Local sports		Other & Corporate		Eliminations			Consolidated
Revenue	$	2,026	$	2,155	$	338	$	(88)	(a)	$	4,431
Depreciation of property and equipment and amortization of definite-lived intangibles and other assets	178		328		19		(1)			524
Amortization of sports programming rights	—		1,028		—		—			1,028
Amortization of program contract costs	63		—		—		—			63
Corporate general and administrative expenses	95		7		9		—			111
(Gain) loss on asset dispositions and other, net of impairment	(101)		—		2		—			(99)
Impairment of goodwill and definite-lived intangible assets	—		4,264		—		—			4,264
Operating income (loss)	455		(3,885)		38		(5)			(3,397)
Interest expense including amortization of debt discount and deferred financing costs	4		351		156		(9)			502
Income (loss) from equity method investments	—		6		(29)		—			(23)

(a)Includes $28 million and $82 million for the three and nine months ended September 30, 2021, respectively, and $26 million and $75 million for the three and nine months ended September 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.