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Note 14 - Segment Information
12 Months Ended
Dec. 31, 2019
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]

14.

Segment Information

 

The Company operates in two business segments: broadcasting and production companies. The broadcasting segment operates television stations located across 93 local markets in the United States. The production companies segment includes the production of television and event content. Costs identified as other are primarily corporate and administrative expenses. The following tables present certain financial information concerning the Company’s operating segments (in millions):

 

           

Production

                 

As of and for the Year ended December 31, 2019:

 

Broadcast

   

Companies

   

Other

   

Consolidated

 
                                 

Revenue (less agency commissions)

  $ 2,035     $ 87     $ -     $ 2,122  

Operating expenses before depreciation, amortization and (gain) loss on disposal of assets, net:

    1,325       74       104       1,503  

Depreciation and amortization

    180       13       2       195  

(Gain) loss on disposal of assets, net

    (54 )     -       -       (54 )

Operating expenses

    1,451       87       106       1,644  

Operating income

  $ 584     $ -     $ (106 )   $ 478  
                                 

Interest expense

  $ -     $ -     $ 227     $ 227  

Capital expenditures (excluding business combinations)

  $ 104     $ 1     $ 5     $ 110  

Goodwill

  $ 1,405     $ 41     $ -     $ 1,446  

Total Assets

  $ 6,530     $ 153     $ 289     $ 6,972  
                                 

As of and for the Year ended December 31, 2018:

                               
                                 

Revenue (less agency commissions)

  $ 1,084     $ -     $ -     $ 1,084  

Operating expenses before depreciation, amortization and (gain) loss on disposal of assets, net:

    596       -       41       637  

Depreciation and amortization

    74       -       1       75  

(Gain) loss on disposal of assets, net

    (17 )     -       -       (17 )

Operating expenses

    653       -       42       695  

Operating income

  $ 431     $ -     $ (42 )   $ 389  
                                 

Interest expense

  $ -     $ -     $ 107     $ 107  

Capital expenditures (excluding business combinations)

  $ 68     $ -     $ 2     $ 70  

Goodwill

  $ 612     $ -     $ -     $ 612  

Total Assets

  $ 2,763     $ -     $ 1,450     $ 4,213