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Segment Data (Tables)
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Schedule of Breakdown of Selected Financial Information for Reportable Broadcast Segment and Reconciliation of Segment's Profit to Income from Operations

The following table sets forth a breakdown of selected financial information for our reportable Broadcast segment and a reconciliation of that segment’s profit to income from operations (in millions):

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Reportable Broadcast Segment:

 

 

 

 

 

 

 

 

 

 

 

 

Net revenue

 

$

1,150

 

 

$

1,205

 

 

$

2,319

 

 

$

2,427

 

Programming and related expenses (1)

 

 

(547

)

 

 

(543

)

 

 

(1,090

)

 

 

(1,082

)

Selling, general and administrative expenses (1)

 

 

(178

)

 

 

(192

)

 

 

(359

)

 

 

(382

)

Amortization of broadcast rights (1)

 

 

(15

)

 

 

(16

)

 

 

(31

)

 

 

(33

)

Reportable Broadcast segment's profit

 

 

410

 

 

 

454

 

 

 

839

 

 

 

930

 

Other segmentsʼ loss, net

 

 

(19

)

 

 

(43

)

 

 

(61

)

 

 

(69

)

Corporate (unallocated)

 

 

(51

)

 

 

(50

)

 

 

(102

)

 

 

(103

)

Depreciation and amortization expense (2)

 

 

(118

)

 

 

(120

)

 

 

(234

)

 

 

(242

)

Transaction and other one-time expenses

 

 

(10

)

 

 

-

 

 

 

(10

)

 

 

(1

)

Miscellaneous

 

 

1

 

 

 

(1

)

 

 

-

 

 

 

1

 

Income from operations

 

$

213

 

 

$

240

 

 

$

432

 

 

$

516

 
(1)
The expenses included in the measure of our reportable Broadcast segment’s profit are as follows:
•
Programming and related expenses – primarily include fees incurred under network affiliation agreements and operating costs to produce and air local news.
•
Selling, general and administrative expenses – primarily include (i) salaries, benefits and payroll taxes, commission, professional fees, travel, and software license fees incurred by sales teams and (ii) salaries, benefits and payroll taxes, group insurance and office rental costs incurred in managing the segment’s business units.
•
Amortization of broadcast rights – the amortization of license fees for acquired programs from national program syndicators and certain production companies.
(2)
Includes depreciation of property and equipment and amortization of intangible assets. Excludes amortization of broadcast rights.
Summary of Disaggregation of Revenue

The following tables present the disaggregation of the Company’s revenue by source (in millions):

Three Months Ended June 30, 2025

 

Reportable
Broadcast
Segment

 

 

Other
Segments

 

 

Corporate (unallocated)

 

 

Eliminations(1)

 

 

Consolidated

 

Distribution

 

$

718

 

 

$

28

 

 

$

-

 

 

$

(13

)

 

$

733

 

Advertising

 

 

423

 

 

 

52

 

 

 

-

 

 

 

-

 

 

 

475

 

Other

 

 

9

 

 

 

12

 

 

 

2

 

 

 

(2

)

 

 

21

 

Total net revenue

 

$

1,150

 

 

$

92

 

 

$

2

 

 

$

(15

)

 

$

1,229

 

 

Six Months Ended June 30, 2025

 

Reportable
Broadcast
Segment

 

 

Other
Segments

 

 

Corporate (unallocated)

 

 

Eliminations(1)

 

 

Consolidated

 

Distribution

 

$

1,465

 

 

$

55

 

 

$

-

 

 

$

(25

)

 

$

1,495

 

Advertising

 

 

834

 

 

 

100

 

 

 

-

 

 

 

-

 

 

 

934

 

Other

 

 

20

 

 

 

11

 

 

 

5

 

 

 

(3

)

 

 

33

 

Total net revenue

 

$

2,319

 

 

$

166

 

 

$

5

 

 

$

(28

)

 

$

2,462

 

 

Three Months Ended June 30, 2024

 

Reportable
Broadcast
Segment

 

 

Other
Segments

 

 

Corporate (unallocated)

 

 

Eliminations(1)

 

 

Consolidated

 

Distribution

 

$

719

 

 

$

26

 

 

$

-

 

 

$

(11

)

 

$

734

 

Advertising

 

 

475

 

 

 

47

 

 

 

-

 

 

 

-

 

 

 

522

 

Other

 

 

11

 

 

 

2

 

 

 

2

 

 

 

(2

)

 

 

13

 

Total net revenue

 

$

1,205

 

 

$

75

 

 

$

2

 

 

$

(13

)

 

$

1,269

 

 

 

 

Six Months Ended June 30, 2024

 

Reportable
Broadcast
Segment

 

 

Other
Segments

 

 

Corporate (unallocated)

 

 

Eliminations(1)

 

 

Consolidated

 

Distribution

 

$

1,466

 

 

$

51

 

 

$

-

 

 

$

(22

)

 

$

1,495

 

Advertising

 

 

942

 

 

 

92

 

 

 

-

 

 

 

-

 

 

 

1,034

 

Other

 

 

19

 

 

 

3

 

 

 

5

 

 

 

(3

)

 

 

24

 

Total net revenue

 

$

2,427

 

 

$

146

 

 

$

5

 

 

$

(25

)

 

$

2,553

 

(1) The elimination of distribution revenue represents intersegment revenue generated by Other segments for services provided to the Broadcast segment.