v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended 15 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2026
Jun. 30, 2025
Mar. 31, 2026
Cash flows from operating activities:            
Net loss $ 14 $ (56) $ (9) $ (6) $ (65) $ (20)
Adjustment to Reconcile Net Income to Cash Provided by (Used in) Operating Activity [Abstract]            
Depreciation 34 32   67 66  
Amortization of intangible assets 21 28   53 57  
Amortization of deferred loan costs       7 8  
Amortization of stock based compensation       11 12  
Amortization of program broadcast rights       13 12  
Payments on program broadcast obligations       (14) (14)  
Deferred income taxes       (1) (35)  
Loss (gain) on disposal of long-lived assets, net       20 (2)  
Gain on sale of investment       (8) (6)  
Gain from early extinguishment of debt 0 0   0 (1)  
Impairment of other intangible assets       0 28  
Other       0 7  
Accounts receivable, net       14 120  
Income taxes receivable or prepaid       (43) 0  
Other current assets       (6) (6)  
Accounts payable       26 26  
Employee compensation, benefits and pension costs       (9) (28)  
Accrued interest       0 (17)  
Income taxes payable       (1) 3  
Deferred revenue       1 (2)  
Net cash provided by operating activities       124 163  
us-gaap_OtherNoncashIncomeExpense       (0) (7)  
Accounts receivable, net       14 120  
Income taxes receivable or prepaid       (43) 0  
Other current assets       (6) (6)  
Accounts payable       26 26  
Employee compensation, benefits and pension costs       (9) (28)  
Accrued interest       0 (17)  
Income taxes payable       (1) 3  
Deferred revenue       1 (2)  
Net cash provided by operating activities       124 163  
Cash flows from investing activities:            
Acquisitions of businesses and broadcast licenses, net of cash acquired       (264) 0  
Purchases of property and equipment       (36) (40)  
Proceeds from asset sales       2 14  
Proceeds from sale of investments       10 22  
Investments in broadcast, production and technology companies       0 (8)  
Other       (2) (2)  
Net cash used in investing activities       (290) (14)  
Cash flows from financing activities:            
Proceeds from borrowings on long-term debt       70 130  
Repayments of borrowings on long-term debt       (13) (168)  
Repurchase of Series A preferred stock       (30) 0  
Payments of common stock dividends       (17) (16)  
Payments of preferred stock dividends       (27) (26)  
Payments of taxes related to net share settlement of equity awards       (9) (5)  
Net cash used in financing activities       (26) (85)  
Net (decrease) increase in cash       (192) 64  
Cash at beginning of year     $ 135 368 135 $ 135
Cash at end of year 176 199   176 199  
Noncash Investing and Financing Items [Abstract]            
Non-cash exchange of television stations (Note 3)       70 0  
Deemed contribution on repurchase of Series A Perpetual Preferred Stock (Note 7) $ 20 $ 0   $ 20 $ 0