

	First			Second			Third			Fourth
2015 ^{(a) (b)}	Quarter			Quarter			Quarter			Quarter			Total Year
Revenues:
Entertainment	$	2,261		$	1,785		$	1,932		$	2,460		$	8,438
Cable Networks	539			615			526			562			2,242
Publishing	145			199			203			233			780
Local Broadcasting	596			654			638			719			2,607
Corporate/Eliminations	(41		)	(34		)	(42		)	(64		)	(181		)
Total Revenues	$	3,500		$	3,219		$	3,257		$	3,910		$	13,886
Segment Operating Income (Loss):
Entertainment	$	346		$	262		$	339		$	347		$	1,294
Cable Networks	251			220			246			228			945
Publishing	12			25			43			34			114
Local Broadcasting	161			198			174			232			765
Corporate	(68		)	(64		)	(49		)	(94		)	(275		)
Total Segment Operating Income	702			641			753			747			2,843
Restructuring charges	—			(55		)	—			(26		)	(81		)
Impairment charge	—			—			—			(484		)	(484		)
Gain on sales of businesses	19			—			—			120			139
Total Operating Income	$	721		$	586		$	753		$	357		$	2,417
Net earnings from continuing operations	$	394		$	332		$	426		$	251		$	1,403
Net earnings	$	394		$	332		$	426		$	261		$	1,413

Basic net earnings per common share:
Net earnings from continuing operations	$	.79		$	.68		$	.89		$	.54		$	2.90
Net earnings	$	.79		$	.68		$	.89		$	.56		$	2.92
Diluted net earnings per common share:
Net earnings from continuing operations	$	.78		$	.67		$	.88		$	.53		$	2.87
Net earnings	$	.78		$	.67		$	.88		$	.55		$	2.89

Weighted average number of common shares
outstanding:
Basic	498			490			480			469			484
Diluted	506			495			484			474			489

Dividends per common share	$	.15		$	.15		$	.15		$	.15		$	.60

(a) In the fourth quarter of 2015, the Company recorded a pretax noncash impairment charge of $484 million to reduce the carrying value of radio FCC licenses to their fair value. (See Note 3).

(b) During 2015, the Company recorded gains from the sales of Internet businesses in China. (See Note 3).



	First			Second			Third			Fourth
2014	Quarter			Quarter			Quarter			Quarter			Total Year
Revenues:
Entertainment	$	2,303		$	1,835		$	1,911		$	2,260		$	8,309
Cable Networks	537			516			624			499			2,176
Publishing	153			211			199			215			778
Local Broadcasting	626			665			680			785			2,756
Corporate/Eliminations	(49		)	(39		)	(47		)	(78		)	(213		)
Total Revenues	$	3,570		$	3,188		$	3,367		$	3,681		$	13,806
Segment Operating Income (Loss):
Entertainment	$	420		$	341		$	302		$	253		$	1,316
Cable Networks	254			213			266			241			974
Publishing	11			23			42			25			101
Local Broadcasting	179			215			192			292			878
Corporate	(73		)	(62		)	(56		)	(104		)	(295		)
Total Segment Operating Income	791			730			746			707			2,974
Restructuring charges	—			—			(26		)	—			(26		)
Impairment charge	—			—			(52		)	—			(52		)
Total Operating Income	$	791		$	730		$	668		$	707		$	2,896
Net earnings from continuing operations	$	462		$	418		$	72		$	402		$	1,354
Net earnings	$	468		$	439		$	1,639		$	413		$	2,959

Basic net earnings per common share:
Net earnings from continuing operations	$	.79		$	.73		$	.14		$	.78		$	2.46
Net earnings	$	.80		$	.77		$	3.08		$	.80		$	5.38
Diluted net earnings per common share:
Net earnings from continuing operations	$	.77		$	.72		$	.13		$	.77		$	2.41
Net earnings	$	.78		$	.76		$	3.03		$	.79		$	5.27

Weighted average number of common shares
outstanding:
Basic	585			570			532			515			550
Diluted	600			581			541			523			561

Dividends per common share	$	.12		$	.12		$	.15		$	.15		$	.54