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OTHER ASSETS
 9 Months Ended
Sep. 30, 2025
Schedule of Equity Method Investments [Line Items]  
OTHER ASSETS OTHER ASSETS:
Other assets as of September 30, 2025 and December 31, 2024 consisted of the following (in millions):

 As of September 30,
2025		As of December 31,
2024
Equity method investments$26 $48 
Other investments330 382 
Notes receivable31 27 
Income tax receivable149 144 
Post-retirement plan assets51 47 
Other59 62 
Total other assets$646 $710 
Equity Method Investments

We have a portfolio of investments in a number of entities that are primarily focused on the development of real estate and other media and non-media businesses. No investments were individually significant for the periods presented.

Other Investments

We measure our investments, excluding equity method investments, at fair value or, in situations where fair value is not readily determinable, we have the option to value investments at cost plus observable changes in value, less impairment. Additionally, certain investments are measured at net asset value (“NAV”).

As of September 30, 2025 and December 31, 2024, we held $132 million and $228 million, respectively, in investments measured at fair value. As of September 30, 2025 and December 31, 2024, we held $144 million and $116 million, respectively, in investments measured at NAV. We recognized a fair value adjustment gain of $19 million and loss of $84 million for the three and nine months ended September 30, 2025, respectively, and a fair value adjustment gain of $15 million and loss of $28 million for the three and nine months ended September 30, 2024, respectively, associated with these investments, which are reflected in other income (expense), net in our consolidated statements of operations. As of September 30, 2025 and December 31, 2024, our unfunded commitments related to our investments valued using the NAV practical expedient totaled $45 million and $60 million, respectively.
Investments accounted for utilizing the measurement alternative were $54 million and $38 million as of September 30, 2025 and December 31, 2024, respectively. There were no adjustments to the carrying amount of investments accounted for utilizing the measurement alternative for any of the three and nine months ended September 30, 2025 and the three months ended September 30, 2024. We recorded a $2 million impairment related to one investment for the nine months ended September 30, 2024, which is reflected in other income (expense), net in our consolidated statements of operations.
Sinclair Broadcast Group, LLC  
Schedule of Equity Method Investments [Line Items]  
OTHER ASSETS OTHER ASSETS:
Other assets as of September 30, 2025 and December 31, 2024 consisted of the following (in millions):

 As of September 30,
2025		As of December 31,
2024
Investments$32 $14 
Income tax receivable149 144 
Other54 54 
Total other assets$235 $212 

Investments

SBG’s investments, excluding equity method investments, are accounted for at fair value or, in situations where fair value is not readily determinable, SBG has the option to value investments at cost plus observable changes in value, less impairment. Additionally, certain investments were measured at net asset value (“NAV”).

Investments measured at NAV were $13 million and $5 million as of September 30, 2025 and December 31, 2024, respectively.

Investments accounted for utilizing the measurement alternative were $19 million and $8 million as of September 30, 2025 and December 31, 2024, respectively. There were no adjustments to the carrying amount of investments accounted for utilizing the measurement alternative for any of the three and nine months ended September 30, 2025 and 2024.