v3.26.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Revenue (less agency commissions):        
Revenue (less agency commissions) $ 839 $ 772 $ 1,607 $ 1,554
Operating expenses before depreciation, amortization, impairment and (gain) loss on disposals of assets, net:        
Depreciation 34 32 67 66
Amortization of intangible assets 21 28 53 57
Impairment of intangible assets 0 28 0 28 [1]
Loss (gain) on disposal of long-lived assets, net 20 (6) 20 (8)
Operating expenses, net 703 690 1,390 1,380
Operating income 136 82 217 174
Other (expense) income:        
Miscellaneous income, net 0 0 8 1
Interest expense (117) (117) (234) (235)
Gain from early extinguishment of debt 0 0 0 1
Income (loss) before income taxes 19 (35) (9) (59)
Income tax expense (benefit) 5 21 (3) 6
Net income (loss) 14 (56) (6) (65)
Preferred stock dividends 13 13 26 26
Deemed contribution on repurchase of Series A Perpetual Preferred Stock (Note 7) 20 0 20 0
Net income (loss) attributable to common stockholders $ 21 $ (69) $ (12) $ (91)
Net income (loss) attributable to common stockholders        
Net income (loss) attributable to common stockholders (in dollars per share) $ 0.21 $ (0.71) $ (0.12) $ (0.95)
Weighted average shares outstanding (in shares) 98 97 98 96
Diluted per share information:        
Net income (loss) attributable to common stockholders (in dollars per share) $ 0.21 $ (0.71) $ (0.12) $ (0.95)
Weighted average shares outstanding (in shares) 100 97 98 96
Dividends declared per common share (in dollars per share) $ 0.08 $ 0.08 $ 0.16 $ 0.16
Broadcasting, Segment [Member]        
Revenue (less agency commissions):        
Revenue (less agency commissions) $ 813 $ 754 $ 1,552 $ 1,509
Operating expenses before depreciation, amortization, impairment and (gain) loss on disposals of assets, net:        
Cost of goods and services sold 569 563 1,124 1,140
Production Companies, Segment [Member]        
Revenue (less agency commissions):        
Revenue (less agency commissions) 26 18 55 45
Operating expenses before depreciation, amortization, impairment and (gain) loss on disposals of assets, net:        
Cost of goods and services sold 22 20 50 40
Other Operating Segment [Member]        
Revenue (less agency commissions):        
Revenue (less agency commissions)     0 0
Operating expenses before depreciation, amortization, impairment and (gain) loss on disposals of assets, net:        
Corporate and administrative $ 37 $ 25 76 57
Impairment of intangible assets [1]       0
Operating income     $ (77) $ (58)
[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.