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Segment Data (Tables)

9 Months Ended

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 disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

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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

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-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
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