SEGMENT DATA

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

SEGMENT DATA

SEGMENT DATA:

During the period ended March 31, 2022, we measured segment performance based on operating income (loss). We have two reportable segments: broadcast and local sports. Our broadcast segment provides free over-the-air programming to television viewing audiences and includes stations in 86 markets located throughout the continental United States. Our local sports segment provided viewers with live professional sports content and included our Bally RSNs, Marquee, and our investment in the YES Network, prior to the Deconsolidation on March 1, 2022. See Deconsolidation of Diamond Sports Intermediate Holdings LLC under Note 1. Nature of Operations and Summary of Significant Accounting Policies. Other and corporate are not reportable segments but are included for reconciliation purposes. Other primarily consists of original networks and content, including Tennis, non-broadcast digital and internet solutions, technical services, and other non-media investments. Corporate costs primarily include our costs to operate as a public company and to operate our corporate headquarters location. All of our businesses are located within the United States.

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

As of March 31, 2022	Broadcast		Local sports (d)		Other & Corporate			Eliminations		Consolidated
Assets	$	4,854	$	—	$	1,808	(e)	$	—	$	6,662

For the three months ended March 31, 2022	Broadcast			Local sports (d)		Other & Corporate			Eliminations			Consolidated
Revenue	$	721	(b)	$	482	$	134		$	(49)	(a)	$	1,288
Depreciation of property and equipment and amortization of definite-lived intangibles and other assets	60			54		8			(1)			121
Amortization of sports programming rights	—			326		—			—			326
Amortization of program contract costs	20			—		5			—			25
Corporate general and administrative expenses	43			1		3			—			47
Gain on deconsolidation of subsidiary	—			—		(3,357)		(c)	—			(3,357)
(Gain) loss on asset dispositions and other, net of impairment	(5)			—		—			—			(5)
Operating income (loss)	97			(4)		3,372			1			3,466
Interest expense including amortization of debt discount and deferred financing costs	1			72		47			(5)			115
Income from equity method investments	—			10		2			—			12

For the three months ended March 31, 2021	Broadcast		Local sports		Other & Corporate		Eliminations			Consolidated
Revenue	$	665	$	768	$	108	$	(30)	(a)	$	1,511
Depreciation of property and equipment and amortization of definite-lived intangibles and other assets	62		84		8		(1)			153
Amortization of sports programming rights	—		552		—		—			552
Amortization of program contract costs	21		—		2		—			23
Corporate general and administrative expenses	55		3		3		—			61
Gain on asset dispositions and other, net of impairment	(14)		—		—		—			(14)
Operating income (loss)	63		(41)		13		—			35
Interest expense including amortization of debt discount and deferred financing costs	1		108		45		(3)			151
Income (loss) from equity method investments	—		13		(4)		—			9

(a)Includes $24 million and $27 million for the three months ended March 31, 2022 and 2021, respectively, of revenue for services provided by broadcast to local sports and other, and $22 million for the three months ended March 31, 2022, of revenue for services provided by other to broadcast, which are eliminated in consolidation.

(b)Includes $5 million for the three months ended March 31, 2022 of revenue for services provided by broadcast to local sports, which are no longer treated as intercompany transactions subsequent to the Deconsolidation. See Deconsolidation of Diamond Sports Intermediate Holdings LLC within Note 1. Nature of Operations and Summary of Significant Accounting Policies.

(c)Represents the gain recognized on the Deconsolidation. See Deconsolidation of Diamond Sports Intermediate Holdings LLC within Note 1. Nature of Operations and Summary of Significant Accounting Policies.

(d)Represents the activity prior to the Deconsolidation on March 1, 2022. See Deconsolidation of Diamond Sports Intermediate Holdings LLC within Note 1. Nature of Operations and Summary of Significant Accounting Policies.

(e)Includes the note receivable due to the Company outstanding under the A/R facility of approximately $163 million. See Long Term Note Receivable within Note. 3 Other Assets.