Note 14 - Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 2026

Notes to Financial Statements

Intangible Asset and Goodwill [Text Block]

14.

Goodwill and Intangible Assets

During the six-months ended June 30, 2026, we acquired and disposed of several television broadcast stations and broadcast licenses. As a result of these transactions, our goodwill and intangible balances changed. See Note 3, “Acquisitions and Divestitures” for more information regarding these transactions. There were no acquisitions during the six-months ended June 30, 2025. No impairments were recognized for each of the six-months ended June 30, 2026 and 2025.

The following table presents a summary of changes in our goodwill and other intangible assets, on a net basis (in millions):

		Net Balance at												Net Balance at
		December 31,												June 30,
		2025				Net Additions				Amortization				2026

Goodwill		$	2,642			$	51			$	-			$	2,693
Broadcast licenses			5,309				154				-				5,463
Finite-lived intangible assets			157				5				(53	)			109
Total intangible assets net of accumulated amortization		$	8,108			$	210			$	(53	)		$	8,265

A summary of changes in our goodwill and other intangible assets, on a net basis, for the six-months ended June 30, 2026 is as follows (in millions):

		As of June 30, 2026												As of December 31, 2025
						Accumulated												Accumulated
		Gross				Amortization				Net				Gross				Amortization				Net
Intangible assets not currently subject to amortization:
Broadcast licenses		$	5,517			$	(54	)		$	5,463			$	5,363			$	(54	)		$	5,309
Goodwill			2,693				-				2,693				2,642				-				2,642
		$	8,210			$	(54	)		$	8,156			$	8,005			$	(54	)		$	7,951

Intangible assets subject to amortization:
Network affiliation agreements		$	173			$	(165	)		$	8			$	170			$	(151	)		$	19
Other finite-lived intangible assets			944				(843	)			101				947				(809	)			138
		$	1,117			$	(1,008	)		$	109			$	1,117			$	(960	)		$	157

Total intangible assets		$	9,327			$	(1,062	)		$	8,265			$	9,122			$	(1,014	)		$	8,108

Amortization expense for the six-months ended June 30, 2026 and 2025 was $53 million and $57 million, respectively. Based on the current amount of intangible assets subject to amortization, we expect that amortization expense for the remainder of 2026 will be approximately $29 million, and, for the succeeding five years, amortization expense will be approximately as follows: 2027, $42 million; 2028, $13 million; 2029, $3 million; 2030, $3 million; and 2031, $2 million and thereafter, $17 million. If and when acquisitions and dispositions occur in the future, actual amounts may vary materially from these estimates.