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Segment Data (Tables)
6 Months Ended
Jun. 30, 2022
Segment Reporting [Abstract]  
Schedule of Segment Financial Information

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

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

Net revenue

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Broadcast

 

$

1,215.9

 

 

$

1,108.3

 

 

$

2,399.8

 

 

$

2,200.6

 

Other

 

 

29.2

 

 

 

23.3

 

 

 

55.4

 

 

 

44.9

 

Total net revenue

 

$

1,245.1

 

 

$

1,131.6

 

 

$

2,455.2

 

 

$

2,245.5

 

 

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

Operating income (loss)

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Broadcast segment profit

 

$

490.9

 

 

$

408.6

 

 

$

973.2

 

 

$

823.0

 

Corporate (unallocated) and other

 

 

(46.4

)

 

 

(37.1

)

 

 

(89.9

)

 

 

(75.5

)

Depreciation and amortization

 

 

(116.9

)

 

 

(113.7

)

 

 

(233.6

)

 

 

(226.9

)

Payments for broadcast rights, net of amortization

 

 

5.3

 

 

 

15.0

 

 

 

10.9

 

 

 

29.7

 

Reimbursement from the FCC related to station repack

 

 

0.6

 

 

 

6.9

 

 

 

2.3

 

 

 

12.3

 

Miscellaneous, net

 

 

(0.1

)

 

 

8.6

 

 

 

(0.1

)

 

 

10.6

 

Income from operations

 

$

333.4

 

 

$

288.3

 

 

$

662.8

 

 

$

573.2

 

 

Assets

 

June 30, 2022

 

 

December 31, 2021

 

Broadcast(1)

 

$

11,650.7

 

 

$

12,038.8

 

Corporate (unallocated) and other

 

 

1,264.8

 

 

 

1,225.7

 

 

 

$

12,915.5

 

 

$

13,264.5

 

 

Goodwill

 

June 30, 2022

 

 

December 31, 2021

 

Broadcast

 

$

2,872.6

 

 

$

2,872.6

 

Other

 

 

179.0

 

 

 

179.0

 

 

 

$

3,051.6

 

 

$

3,051.6

 

 

Summary of Disaggregation of Revenue

The following tables present the disaggregation of the Company’s revenue for the periods presented (in millions):

 

Three Months Ended June 30, 2022

 

Broadcast

 

 

Other

 

 

Consolidated

 

Core advertising

 

$

413.0

 

 

$

-

 

 

$

413.0

 

Political advertising

 

 

86.7

 

 

 

-

 

 

 

86.7

 

Distribution

 

 

646.1

 

 

 

-

 

 

 

646.1

 

Digital

 

 

60.7

 

 

 

27.5

 

 

 

88.2

 

Other

 

 

9.4

 

 

 

1.7

 

 

 

11.1

 

Total net revenue

 

$

1,215.9

 

 

$

29.2

 

 

$

1,245.1

 

 

Six Months Ended June 30, 2022

 

Broadcast

 

 

Other

 

 

Consolidated

 

Core advertising (local and national)

 

$

841.1

 

 

$

-

 

 

$

841.1

 

Political advertising

 

 

110.4

 

 

 

-

 

 

 

110.4

 

Distribution

 

 

1,313.9

 

 

 

0.1

 

 

 

1,314.0

 

Digital

 

 

115.2

 

 

 

51.7

 

 

 

166.9

 

Other

 

 

19.2

 

 

 

3.6

 

 

 

22.8

 

Total net revenue

 

$

2,399.8

 

 

$

55.4

 

 

$

2,455.2

 

 

Three Months Ended June 30, 2021

 

Broadcast

 

 

Other

 

 

Consolidated

 

Core advertising

 

$

423.5

 

 

$

-

 

 

$

423.5

 

Political advertising

 

 

8.5

 

 

 

-

 

 

 

8.5

 

Distribution

 

 

617.0

 

 

 

-

 

 

 

617.0

 

Digital

 

 

51.5

 

 

 

21.9

 

 

 

73.4

 

Other

 

 

7.8

 

 

 

1.4

 

 

 

9.2

 

Total net revenue

 

$

1,108.3

 

 

$

23.3

 

 

$

1,131.6

 

 

 

Six Months Ended June 30, 2021

 

Broadcast

 

 

Other

 

 

Consolidated

 

Core advertising (local and national)

 

$

835.2

 

 

$

-

 

 

$

835.2

 

Political advertising

 

 

13.9

 

 

 

-

 

 

$

13.9

 

Distribution

 

 

1,238.2

 

 

 

-

 

 

$

1,238.2

 

Digital

 

 

98.4

 

 

 

41.4

 

 

$

139.8

 

Other

 

 

14.9

 

 

 

3.5

 

 

$

18.4

 

Total net revenue

 

$

2,200.6

 

 

$

44.9

 

 

$

2,245.5