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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Operating activities:    
Net income $ 269 $ 61
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 96 76
Amortization of intangible assets 156 81
Amortization of deferred loan costs 12 9
Amortization stock-based compensation 17 10
Amortization of program broadcast rights 36 26
Payments on program broadcast obligations (37) (27)
Common stock contributed to 401(k) plan 0 1
Deferred income taxes (4) (18)
(Gain) loss on disposals of assets, net (6) 46
Other 2 (6)
Changes in operating assets and liabilities:    
Accounts receivable 9 6
Prepaid income taxes (22) (28)
Other current assets 1 33
Accounts payable (20) 23
Employee compensation, benefits and pension cost (5) 19
Accrued network fees and other expenses 10 (13)
Accrued interest 34 13
Income taxes payable (2) (17)
Deferred revenue 50 (12)
Net cash provided by operating activities 596 283
Investing activities:    
Acquisitions of businesses and licenses, net of cash acquired (53) (956)
Proceeds from sale of television stations 0 470
Purchases of property and equipment (298) (154)
Proceeds from Repack reimbursement (Note 1) 7 10
Proceeds from asset sales 2 3
Investments in broadcast, production and technology companies (16) (37)
Other (4) 0
Net cash used in investing activities (362) (664)
Financing activities:    
Borrowings of long-term debt 0 250
Repayments of long-term debt (161) (250)
Repurchase of common stock (50) 0
Payments of common stock dividends (23) (23)
Payments of preferred stock dividends (39) (39)
Deferred and other loan costs 0 (1)
Payments of taxes related to net share settlement of equity awards (6) (7)
Net cash used in financing activities (279) (70)
Net (decrease) increase in cash (45) (451)
Cash at beginning of period 189 773
Cash at end of period $ 144 $ 322