SEGMENT DATA

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

SEGMENT DATA

SEGMENT DATA:

We measure segment performance based on operating income (loss). For the quarter ended September 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 September 30, 2025	Local Media		Tennis		Other & Corporate		Eliminations		Consolidated
Assets	$	4,288	$	268	$	1,011	$	—	$	5,567

For the three months ended September 30, 2025	Local Media		Tennis		Other & Corporate		Eliminations			Consolidated
Revenue	$	667	$	67	$	48	$	(9)	(b)	$	773
Media programming and production expenses	378		35		—		—			413
Media selling, general and administrative expenses	165		15		30		(7)			203
Depreciation of property and equipment and amortization of definite-lived intangibles and other assets	56		5		1		—			62
Amortization of program costs	21		—		—		—			21
Corporate general and administrative expenses	21		1		18		—			40
Gain on asset dispositions and other, net	(3)		—		(33)		—			(36)
Other segment items (a)	2		—		12		(2)			12
Operating income	$	27	$	11	$	20	$	—		$	58
Interest expense including amortization of debt discount and deferred financing costs	$	85	$	—	$	—	$	—		$	85
Loss from equity method investments	—		—		(2)		—			(2)
Other income, net	2		—		27		—			29
Income before income taxes										$	—
For the nine months ended September 30, 2025	Local Media		Tennis		Other & Corporate		Eliminations			Consolidated
Revenue	$	2,040	$	203	$	115	$	(25)	(b)	$	2,333
Media programming and production expenses	1,148		101		2		—			1,251
Media selling, general and administrative expenses	497		48		72		(22)			595
Depreciation of property and equipment and amortization of definite-lived intangibles and other assets	166		15		2		—			183
Amortization of program costs	57		—		—		—			57
Corporate general and administrative expenses	85		2		50		—			137
(Gain) loss on asset dispositions and other, net	(23)		—		4		—			(19)
Other segment items (a)	6		—		33		(3)			36
Operating income (loss)	$	104	$	37	$	(48)	$	—		$	93
Interest expense including amortization of debt discount and deferred financing costs	$	311	$	—	$	—	$	—		$	311
Loss from equity method investments	—		(2)		(7)		—			(9)
Gain on extinguishment of debt	6		$	—	$	—	—			6
Other income (expense), net	8		—		(63)		—			(55)
Loss before income taxes										$	(276)

For the three months ended September 30, 2024	Local Media		Tennis		Other & Corporate		Eliminations			Consolidated
Revenue	$	845	$	60	$	19	$	(7)	(b)	$	917
Media programming and production expenses	384		30		—		—			414
Media selling, general and administrative expenses	188		13		6		(6)			201
Depreciation of property and equipment and amortization of definite-lived intangibles and other assets	58		5		1		(1)			63
Amortization of program costs	18		—		—		—			18
Corporate general and administrative expenses	24		1		16		—			41
Gain on asset dispositions and other, net	(11)		—		(2)		—			(13)
Other segment items (a)	2		—		12		—			14
Operating income (loss)	$	182	$	11	$	(14)	$	—		$	179
Interest expense including amortization of debt discount and deferred financing costs	$	78	$	—	$	—	$	—		$	78
Income (loss) from equity method investments	1		(1)		—		—			—
Other income, net	2		—		22		—			24
Income before income taxes										$	125
For the nine months ended September 30, 2024	Local Media		Tennis		Other & Corporate		Eliminations			Consolidated
Revenue	$	2,322	$	190	$	54	$	(22)	(b)	$	2,544
Media programming and production expenses	1,149		98		—		—			1,247
Media selling, general and administrative expenses	549		42		16		(16)			591
Depreciation of property and equipment and amortization of definite-lived intangibles and other assets	174		16		2		(3)			189
Amortization of program costs	55		—		—		—			55
Corporate general and administrative expenses	94		2		53		—			149
Gain on asset dispositions and other, net	(11)		—		—		—			(11)
Other segment items (a)	6		—		36		(3)			39
Operating income (loss)	$	306	$	32	$	(53)	$	—		$	285
Interest expense including amortization of debt discount and deferred financing costs	$	230	$	—	$	—	$	—		$	230
Income (loss) from equity method investments	1		(2)		93		—			92
Gain on extinguishment of debt	1		—		—		—			1
Other income (expense), net	35		—		(13)		—			22
Income before income taxes										$	170

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

(b)Includes $5 million and $14 million for the three and nine months ended September 30, 2025, respectively, and $4 million and $9 million for the three and nine months ended September 30, 2024, respectively, of revenue for services provided by other to local media, which is eliminated in consolidation.