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Segment Data (Tables) | 9 Months Ended
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Sep. 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 September 30, |  |  | Nine Months Ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Reportable Broadcast Segment: |  |  |  |  |  |  |  |  |  |  |  |
Net revenue |  | $ | 1,131 |  |  | $ | 1,296 |  |  | $ | 3,450 |  |  | $ | 3,723 |
Programming and related expenses (1) |  |  | (556 | ) |  |  | (556 | ) |  |  | (1,646 | ) |  |  | (1,638 | )
Selling, general and administrative expenses (1) |  |  | (184 | ) |  |  | (197 | ) |  |  | (543 | ) |  |  | (579 | )
Amortization of broadcast rights (1) |  |  | (14 | ) |  |  | (15 | ) |  |  | (45 | ) |  |  | (48 | )
Reportable Broadcast segmentʼs profit |  |  | 377 |  |  |  | 528 |  |  |  | 1,216 |  |  |  | 1,458 |
Other segmentsʼ loss, net |  |  | (18 | ) |  |  | (21 | ) |  |  | (79 | ) |  |  | (90 | )
Corporate (unallocated) |  |  | (42 | ) |  |  | (50 | ) |  |  | (144 | ) |  |  | (153 | )
Depreciation and amortization expense (2) |  |  | (118 | ) |  |  | (121 | ) |  |  | (352 | ) |  |  | (363 | )
Transaction and other one-time expenses |  |  | (23 | ) |  |  | - |  |  |  | (33 | ) |  |  | (1 | )
Miscellaneous |  |  | (1 | ) |  |  | (1 | ) |  |  | (1 | ) |  |  | - |
Income from operations |  | $ | 175 |  |  | $ | 335 |  |  | $ | 607 |  |  | $ | 851 |
(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 September 30, 2025 |  | Reportable Broadcast Segment |  |  | Other Segments |  |  | Corporate (unallocated) |  |  | Eliminations(1) |  |  | Consolidated |
Distribution |  | $ | 694 |  |  | $ | 29 |  |  | $ | - |  |  | $ | (14 | ) |  | $ | 709 |
Advertising |  |  | 427 |  |  |  | 49 |  |  |  | - |  |  |  | - |  |  |  | 476 |
Other |  |  | 10 |  |  |  | 2 |  |  |  | 3 |  |  |  | (2 | ) |  |  | 13 |
Total net revenue |  | $ | 1,131 |  |  | $ | 80 |  |  | $ | 3 |  |  | $ | (16 | ) |  | $ | 1,198 |
Nine Months Ended September 30, 2025 |  | Reportable Broadcast Segment |  |  | Other Segments |  |  | Corporate (unallocated) |  |  | Eliminations(1) |  |  | Consolidated |
Distribution |  | $ | 2,159 |  |  | $ | 85 |  |  | $ | - |  |  | $ | (40 | ) |  | $ | 2,204 |
Advertising |  |  | 1,261 |  |  |  | 149 |  |  |  | - |  |  |  | - |  |  |  | 1,410 |
Other |  |  | 30 |  |  |  | 13 |  |  |  | 7 |  |  |  | (4 | ) |  |  | 46 |
Total net revenue |  | $ | 3,450 |  |  | $ | 247 |  |  | $ | 7 |  |  | $ | (44 | ) |  | $ | 3,660 |
Three Months Ended September 30, 2024 |  | Reportable Broadcast Segment |  |  | Other Segments |  |  | Corporate (unallocated) |  |  | Eliminations(1) |  |  | Consolidated |
Distribution |  | $ | 705 |  |  | $ | 26 |  |  | $ | - |  |  | $ | (12 | ) |  | $ | 719 |
Advertising |  |  | 580 |  |  |  | 42 |  |  |  | - |  |  |  | - |  |  |  | 622 |
Other |  |  | 11 |  |  |  | 13 |  |  |  | 3 |  |  |  | (2 | ) |  |  | 25 |
Total net revenue |  | $ | 1,296 |  |  | $ | 81 |  |  | $ | 3 |  |  | $ | (14 | ) |  | $ | 1,366 |
Nine Months Ended September 30, 2024 |  | Reportable Broadcast Segment |  |  | Other Segments |  |  | Corporate (unallocated) |  |  | Eliminations(1) |  |  | Consolidated |
Distribution |  | $ | 2,171 |  |  | $ | 78 |  |  | $ | - |  |  | $ | (34 | ) |  | $ | 2,215 |
Advertising |  |  | 1,522 |  |  |  | 134 |  |  |  | - |  |  |  | - |  |  |  | 1,656 |
Other |  |  | 30 |  |  |  | 17 |  |  |  | 7 |  |  |  | (5 | ) |  |  | 49 |
Total net revenue |  | $ | 3,723 |  |  | $ | 229 |  |  | $ | 7 |  |  | $ | (39 | ) |  | $ | 3,920 |
(1) The elimination of distribution revenue represents intersegment revenue generated by Other segments for services provided to the Broadcast segment.

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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