SEGMENT DATA

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

SEGMENT DATA

SEGMENT DATA:

During the period ended March 31, 2023, we measured segment performance based on operating income (loss). For the quarter ended March 31, 2023, we had one reportable segment, broadcast. Prior to the Deconsolidation, we had two reportable segments, broadcast and local sports. Our broadcast segment provides free over-the-air programming to television viewing audiences for stations in markets located throughout the continental United States, as well as distributes the content of these stations to MVPDs for distribution to their customers in exchange for contractual fees. See Revenue Recognition under Note 1. Nature of Operations and Summary of Significant Accounting Policies for further detail. Our local sports segment provided viewers with live professional sports content and included our Bally RSNs, Marquee, and our investment in the YES Network, prior to the Deconsolidation on March 1, 2022. See Deconsolidation of Diamond Sports Intermediate Holdings LLC under Note 1. Nature of Operations and Summary of Significant Accounting Policies. 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 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 March 31, 2023	Broadcast		Other & Corporate			Eliminations		Consolidated
Assets	$	4,379	$	2,057	(d)	$	—	$	6,436

For the three months ended March 31, 2023	Broadcast			Other & Corporate		Eliminations			Consolidated
Revenue	$	676	(b)	$	104	$	(7)	(a)	$	773
Depreciation of property and equipment and amortization of definite-lived intangibles and other assets	59			7		(1)			65
Amortization of program contract costs	17			5		—			22
Corporate general and administrative expenses	33			25		—			58
(Gain) loss on asset dispositions and other, net of impairment	(2)			8		—			6
Operating income (loss)	51			(30)		—			21
Interest expense including amortization of debt discount and deferred financing costs	1			76		(3)			74
Income from equity method investments	—			31		—			31

For the three months ended March 31, 2022	Broadcast			Local sports (c)		Other & Corporate		Eliminations			Consolidated
Revenue	$	721	(b)	$	482	$	134	$	(49)	(a)	$	1,288
Depreciation of property and equipment and amortization of definite-lived intangibles and other assets	60			54		8		(1)			121
Amortization of sports programming rights	—			326		—		—			326
Amortization of program contract costs	20			—		5		—			25
Corporate general and administrative expenses	43			1		3		—			47
Gain on deconsolidation of subsidiary	—			—		(3,357)		—			(3,357)
Gain on asset dispositions and other, net of impairment	(5)			—		—		—			(5)
Operating income (loss)	97			(4)		3,372		1			3,466
Interest expense including amortization of debt discount and deferred financing costs	1			72		47		(5)			115
Income from equity method investments	—			10		2		—			12

(a)Includes $5 million and $22 million for the three months ended March 31, 2023 and 2022, respectively, of revenue for services provided by other to broadcast, which is eliminated in consolidation, and $1 million and $24 million for the three months ended March 31, 2023 and 2022, respectively, of revenue for services provided by broadcast to other and local sports, which is eliminated in consolidation.

(b)Includes $10 million and $5 million for the three months ended March 31, 2023 and 2022, respectively, of revenue for services provided by broadcast under management services agreements after the Deconsolidation, which is not eliminated in consolidation. See Deconsolidation of Diamond Sports Intermediate Holdings LLC within Note 1. Nature of Operations and Summary of Significant Accounting Policies.

(c)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.

(d)Includes the note receivable due to the Company outstanding under the A/R facility of approximately $193 million. See Note Receivable within Note 2. Other Assets.