SEGMENT DATA

6 Months Ended

Jun. 30, 2025

Segment Reporting [Abstract]

SEGMENT DATA

SEGMENT DATA:

We measure segment performance based on operating income (loss). For the quarter ended June 30, 2025, 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. 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 assets 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, 2025	Local Media		Tennis		Other & Corporate		Eliminations		Consolidated
Assets	$	4,416	$	286	$	969	$	(1)	$	5,670

For the three months ended June 30, 2025	Local Media		Tennis		Other & Corporate		Eliminations			Consolidated
Revenue	$	679	$	68	$	46	$	(9)	(b)	$	784
Media programming and production expenses	380		39		1		—			420
Media selling, general and administrative expenses	162		15		31		(8)			200
Depreciation of property and equipment and amortization of definite-lived intangibles and other assets	54		5		—		—			59
Amortization of program costs	17		—		—		—			17
Corporate general and administrative expenses	27		1		17		—			45
(Gain) loss on asset dispositions and other, net	(28)		—		37		—			9
Other segment items (a)	2		—		12		(1)			13
Operating income (loss)	$	65	$	8	$	(52)	$	—		$	21
Interest expense including amortization of debt discount and deferred financing costs	$	82	$	—	$	—	$	—		$	82
Loss from equity method investments	—		(1)		—		—			(1)
Gain on extinguishment of debt	4		—		—		—			4
Other income (expense), net	3		—		(21)		—			(18)
Loss before income taxes										$	(76)
For the six months ended June 30, 2025	Local Media		Tennis		Other & Corporate		Eliminations			Consolidated
Revenue	$	1,373	$	136	$	67	$	(16)	(b)	$	1,560
Media programming and production expenses	770		66		2		—			838
Media selling, general and administrative expenses	332		33		42		(15)			392
Depreciation of property and equipment and amortization of definite-lived intangibles and other assets	110		10		1		—			121
Amortization of program costs	36		—		—		—			36
Corporate general and administrative expenses	64		1		32		—			97
(Gain) loss on asset dispositions and other, net	(20)		—		37		—			17
Other segment items (a)	4		—		21		(1)			24
Operating income (loss)	$	77	$	26	$	(68)	$	—		$	35
Interest expense including amortization of debt discount and deferred financing costs	$	226	$	—	$	—	$	—		$	226
Loss from equity method investments	—		(2)		(5)		—			(7)
Gain on extinguishment of debt	6		—		—		—			6
Other income (expense), net	6		—		(90)		—			(84)
Loss before income taxes										$	(276)

For the three months ended June 30, 2024	Local Media		Tennis		Other & Corporate		Eliminations			Consolidated
Revenue	$	750	$	67	$	20	$	(8)	(b)	$	829
Media programming and production expenses	382		43		—		—			425
Media selling, general and administrative expenses	178		17		5		(6)			194
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
Loss on asset dispositions and other, net	—		—		2		—			2
Other segment items (a)	2		—		12		(1)			13
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
Other income (expense), net	2		—		(44)		—			(42)
Income before income taxes										$	24
For the six months ended June 30, 2024	Local Media		Tennis		Other & Corporate		Eliminations			Consolidated
Revenue	$	1,477	$	130	$	35	$	(15)	(b)	$	1,627
Media programming and production expenses	765		68		—		—			833
Media selling, general and administrative expenses	361		29		10		(10)			390
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	—		—		2		—			2
Other segment items (a)	4		—		24		(3)			25
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
Gain on extinguishment of debt	1		—		—		—			1
Other income (expense), net	33		—		(35)		—			(2)
Income before income taxes										$	45

(a)Other segment items relate primarily to non-media expenses.

(b)Includes $5 million and $9 million for the three and six months ended June 30, 2025, respectively, and $3 million and $5 million for the three and six months ended June 30, 2024, respectively, of revenue for services provided by other to local media, which is eliminated in consolidation.