SEGMENT DATA

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

SEGMENT DATA

SEGMENT DATA:

During the period ended June 30, 2023 we modified our segment reporting to align with the new organizational structure of the Company discussed within Company Reorganization under Note 1. Nature of Operations and Summary of Significant Accounting Policies. The segment information within the comparative periods presented has been recast to reflect this new presentation. We measure segment performance based on operating income (loss). For the quarter ended June 30, 2024, we had two reportable segments, local media and tennis. Our local media segment includes our television stations, original networks and content and provides these through 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 tennis segment provides viewers coverage of many of tennis' top tournaments and original professional sport and tennis lifestyle shows. Other and corporate are not reportable segments but are included for reconciliation purposes. Other primarily consists of 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 our businesses are located within the United States. As a result of the Reorganization, the local media segment assets are owned and operated by SBG, the assets of the tennis segment are owned and operated by Ventures, and the other Transferred Assets, which are included in other and corporate, are owned and operated by Ventures.

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

As of June 30, 2024	Local Media		Tennis		Other & Corporate		Eliminations		Consolidated
Assets	$	4,418	$	307	$	964	$	(3)	$	5,686

For the three months ended June 30, 2024	Local Media		Tennis		Other & Corporate		Eliminations			Consolidated
Revenue	$	750	$	67	$	20	$	(8)	(a)	$	829
Depreciation of property and equipment and amortization of definite-lived intangibles and other assets	58		6		—		(1)			63
Amortization of program costs	18		—		—		—			18
Corporate general and administrative expenses	29		—		21		—			50
Operating income (loss)	83		1		(20)		—			64
Interest expense including amortization of debt discount and deferred financing costs	76		—		—		—			76
Income from equity method investments	—		—		78		—			78
For the six months ended June 30, 2024	Local Media		Tennis		Other & Corporate		Eliminations			Consolidated
Revenue	$	1,477	$	130	$	35	$	(15)	(a)	$	1,627
Depreciation of property and equipment and amortization of definite-lived intangibles and other assets	116		11		1		(2)			126
Amortization of program costs	37		—		—		—			37
Corporate general and administrative expenses	70		1		37		—			108
Loss on asset dispositions and other, net of impairment	—		—		2		—			2
Operating income (loss)	124		21		(39)		—			106
Interest expense including amortization of debt discount and deferred financing costs	152		—		—		—			152
(Loss) income from equity method investments	—		(1)		93		—			92

For the three months ended June 30, 2023	Local Media		Tennis		Other & Corporate		Eliminations			Consolidated
Revenue	$	699	$	60	$	14	$	(5)	(a)	$	768
Depreciation of property and equipment and amortization of definite-lived intangibles and other assets	67		5		1		—			73
Amortization of program costs	19		—		—		—			19
Corporate general and administrative expenses	46		—		16		—			62
(Gain) loss on asset dispositions and other, net of impairment	(2)		—		7		—			5
Operating income (loss)	22		3		(28)		—			(3)
Interest expense including amortization of debt discount and deferred financing costs	76		—		—		—			76
Loss from equity method investments	—		—		(1)		—			(1)
For the six months ended June 30, 2023	Local Media		Tennis		Other & Corporate		Eliminations			Consolidated
Revenue	$	1,404	115		31		(9)		(a)	$	1,541
Depreciation of property and equipment and amortization of definite-lived intangibles and other assets	126		10		3		(1)			138
Amortization of program costs	41		—		—		—			41
Corporate general and administrative expenses	78		—		42		—			120
(Gain) loss on asset dispositions and other, net of impairment	(3)		—		14		—			11
Operating income (loss)	63		21		(66)		—			18
Interest expense including amortization of debt discount and deferred financing costs	150		—		—		—			150
Income from equity method investments	—		—		30		—			30

(a)Includes $3 million and $5 million for the three and six months ended June 30, 2024, respectively, and $2 million and $3 million for the three and six months ended June 30, 2023, respectively, of revenue for services provided by other to local media, which is eliminated in consolidation.