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Note 13 - Segment Information
 6 Months Ended
Jun. 30, 2021
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]

13.    Segment information

 

The Company operates in two business segments: broadcasting and production companies. The broadcasting segment operates television stations located across 94 local markets in the U.S. The production companies segment includes the production of television content. Costs identified as other are primarily corporate and administrative expenses. The following tables present certain financial information concerning the Company’s operating segments (in millions):

 

           

Production

                  

As of and for the six months ended June 30, 2021:

  

Broadcasting

    

Companies

    

Other

    

Consolidated

  
                                 

Revenue (less agency commissions)

   $ 1,067     $ 24     $ -     $ 1,091  

Operating expenses before depreciation, amortization and gain on disposal of assets, net:

     715       26       43       784  

Depreciation and amortization

     95       6       2       103  

Gain on disposal of assets, net

     (5 )     -       -       (5 )

Operating expenses

     805       32       45       882  

Operating income (loss)

   $ 262     $ (8 )   $ (45 )   $ 209  
                                 

Interest expense

   $ -     $ -     $ 95     $ 95  

Capital expenditures (excluding acquisitions)

   $ 28     $ 6     $ 87     $ 121  

Goodwill

   $ 1,425     $ 41     $ -     $ 1,466  

Total assets

   $ 6,598     $ 121     $ 951     $ 7,670  
                                 

For the six months ended June 30, 2020:

                                
                                 

Revenue (less agency commissions)

   $ 964     $ 21     $ -     $ 985  

Operating expenses before depreciation, amortization and gain on disposal of assets, net:

     659       24       32       715  

Depreciation and amortization

     87       6       1       94  

Gain on disposal of assets, net

     (13 )     -       -       (13 )

Operating expenses

     733       30       33       796  

Operating income (loss)

   $ 231     $ (9 )   $ (33 )   $ 189  
                                 

Interest expense

   $ -     $ -     $ 98     $ 98  

Capital expenditures (excluding acquisitions)

   $ 51     $ -     $ -     $ 51  
                                 

As of December 31, 2020:

                                
                                 

Goodwill

   $ 1,419     $ 41     $ -     $ 1,460  

Total assets

   $ 6,631     $ 141     $ 871     $ 7,643