Note 13 - Segment Information

9 Months Ended

Sep. 30, 2022

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

13. Segment Information

The Company operates in two business segments: broadcasting and production companies. The broadcasting segment operates television stations in local markets in the U.S. The production companies segment includes the production of television 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 nine months ended September 30, 2022:	Broadcasting			Companies			Other			Consolidated
Revenue (less agency commissions)	$	2,548		$	56		$	-		$	2,604
Operating expenses before depreciation, amortization and loss on disposal of assets, net:		1,595			56			80			1,731
Depreciation and amortization		240			10			2			252
Loss on disposal of assets, net		(6	)		-			-			(6	)
Operating expenses		1,829			66			82			1,977
Operating income (loss)	$	719		$	(10	)	$	(82	)	$	627
Interest expense	$	-		$	-		$	254		$	254
Capital expenditures (excluding business combinations)	$	114		$	181		$	3		$	298
Goodwill	$	2,612		$	45		$	-		$	2,657
Total assets	$	10,565		$	358		$	260		$	11,183
For the nine months ended September 30, 2021:
Revenue (less agency commissions)	$	1,648		$	44		$	-		$	1,692
Operating expenses before depreciation, amortization and (gain) loss on disposal of assets, net:		1,099			39			75			1,213
Depreciation and amortization		146			9			2			157
(Gain) loss on disposal of assets, net		46			-			-			46
Operating expenses		1,291			48			77			1,416
Operating income (loss)	$	357		$	(4	)	$	(77	)	$	276
Interest expense	$	-		$	-		$	143		$	143
Capital expenditures (excluding business combinations)	$	63		$	88		$	3		$	154
As of December 31, 2021:
Goodwill	$	2,604		$	45		$	-		$	2,649
Total assets	$	10,592		$	269		$	247		$	11,108