v3.26.1
Note 13 - Segment Information
 6 Months Ended
Jun. 30, 2026
Notes to Financial Statements  
Segment Reporting [Text Block]

13.

Segment Information

 

The Company’s chief operating decision maker (“CODM”) is the chief executive officer (“CEO”). The CODM assesses segment performance and allocates resources to each segment by using each segment’s operating profit. The CODM uses operating profit for each segment in the annual budgeting and forecasting process, as well as to review segment operating profit quarterly when making decisions about allocating capital and operating resources to segments.

 

Disaggregated total assets and goodwill by segment are not regularly provided to the CODM. The following tables present our business segment information (in millions):

 

           

Production

                  
As of and for the six-months ended June 30, 2026:  

Broadcasting

    

Companies

    

Other

    

Consolidated

  
                                 

Revenue (less agency commissions)

   $ 1,552     $ 55     $ -     $ 1,607  

Less:(1)

                                

Payroll and employee benefits

     458       11       33       502  

Network affiliation fees

     406       -       -       406  

Programming

     63       3       -       66  

Depreciation and amortization

     108       11       1       120  

Other segment items(2)

     217       36       43       296  

Segment operating income (loss)

   $ 300     $ (6 )   $ (77 )   $ 217  

Other income (expense):

                                

Miscellaneous income, net

                             8  

Interest expense

                             (234 )

Gain on early extinguishment of debt

                             -  

Loss before income tax

                           $ (9 )
                                 

Capital expenditures (excluding business combinations)

   $ 22     $ 14     $ -     $ 36  

Goodwill

   $ 2,665     $ 28     $ -     $ 2,693  

Investments in broadcasting and technology companies

   $ 18     $ 1     $ 13     $ 32  

Total assets

   $ 9,464     $ 657     $ 316     $ 10,437  
                                 
                                 

For the six-months ended June 30, 2025:

                                
                                 

Revenue (less agency commissions)

   $ 1,509     $ 45     $ -     $ 1,554  

Less:(1)

                                

Payroll and employee benefits

     429       10       32       471  

Network affiliation fees

     467       -       -       467  

Programming

     59       3       -       62  

Depreciation and amortization

     114       8       1       123  
Impairment of intangible assets     28       -       -       28  

Other segment items(2)

     176       28       25       229  

Segment operating income (loss)

   $ 236     $ (4 )   $ (58 )   $ 174  

Other income (expense):

                                

Miscellaneous income, net

                             1  

Interest expense

                             (235 )

Loss on early extinguishment of debt

                             1  

Loss before income tax

                           $ (59 )
                                 

Capital expenditures (excluding business combinations)

   $ 21     $ 19     $ -     $ 40  
                                 

As of December 31, 2025:

                                
                                 

Goodwill

   $ 2,614     $ 28     $ -     $ 2,642  

Investments in broadcasting and technology companies

   $ 23     $ 1     $ 13     $ 37  

Total assets

   $ 9,326     $ 647     $ 467     $ 10,440  

 

(1) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. Intersegment expenses are included within the amounts shown.

(2) Other segment items for each reportable segment includes (gain) loss on disposal of long-lived assets, professional services expense, repairs and maintenance expense, occupancy expense (including property tax expense), and certain overhead expenses.