SEGMENT DATA (Tables)

9 Months Ended

Sep. 30, 2025

Schedule of Segment Financial Information

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.