SEGMENT DATA (Tables)

6 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

Schedule of Segment Financial Information

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

As of June 30, 2022	Broadcast		Local sports		Other & Corporate			Eliminations		Consolidated
Assets	$	4,620	$	—	$	1,830	(e)	$	(1)	$	6,449

For the three months ended June 30, 2022	Broadcast			Local sports		Other & Corporate		Eliminations			Consolidated
Revenue	$	732	(b)	$	—	$	131	$	(26)	(a)	$	837
Depreciation of property and equipment and amortization of definite-lived intangibles and other assets	60			—		8		(1)			67
Amortization of program contract costs	18			—		3		—			21
Corporate general and administrative expenses	33			—		5		—			38
Gain on asset dispositions and other, net of impairment	—			—		(4)		—			(4)
Operating income (loss)	118			—		(13)		2			107
Interest expense including amortization of debt discount and deferred financing costs	1			—		56		(3)			54
Income from equity method investments	—			—		3		—			3

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 six months ended June 30, 2022	Broadcast			Local sports		Other & Corporate			Eliminations			Consolidated
Revenue	$	1,453	(b)	$	482	$	265		$	(75)	(a)	$	2,125
Depreciation of property and equipment and amortization of definite-lived intangibles and other assets	120			54		16			(2)			188
Amortization of sports programming rights	—			326		—			—			326
Amortization of program contract costs	38			—		8			—			46
Corporate general and administrative expenses	76			1		8			—			85
Gain on deconsolidation of subsidiary	—			—		(3,357)		(c)	—			(3,357)
Gain on asset dispositions and other, net of impairment	(5)			—		(4)			—			(9)
Operating income (loss)	215			(4)		3,359			3			3,573
Interest expense including amortization of debt discount and deferred financing costs	2			72		103			(8)			169
Income from equity method investments	—			10		5			—			15

For the six months ended June 30, 2021	Broadcast		Local sports (d)		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

(a)Includes $1 million and $25 million for the three and six months ended June 30, 2022, respectively, and $27 million and $54 million for the three and six months ended June 30, 2021, respectively, of revenue for services provided by broadcast to local sports and other; and $22 million and $44 million for the three and six months ended June 30, 2022, respectively, of revenue for services provided by other to broadcast, which are eliminated in consolidation.

(b)Includes $10 million and $15 million for the three and six months ended June 30, 2022, respectively, of revenue for services provided by broadcast to DSIH, which are no longer treated as intercompany transactions subsequent to the Deconsolidation. See Deconsolidation of Diamond Sports Intermediate Holdings LLC within Note 1. Nature of Operations and Summary of Significant Accounting Policies.

(c)Represents the gain recognized on the Deconsolidation. See Deconsolidation of Diamond Sports Intermediate Holdings LLC within Note 1. Nature of Operations and Summary of Significant Accounting Policies.

(d)Represents the activity prior to the Deconsolidation on March 1, 2022. See Deconsolidation of Diamond Sports Intermediate Holdings LLC within Note 1. Nature of Operations and Summary of Significant Accounting Policies.

(e)Includes the note receivable due to the Company outstanding under the A/R facility of approximately $193 million. See Long Term Note Receivable within Note. 3 Other Assets.