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Note 14 - Segment Information | 12 Months Ended
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Dec. 31, 2023
Notes to Financial Statements |
Segment Reporting Disclosure [Text Block] |
14. | Segment Information
During the years ended December 31, 2023, 2022 and 2021, we operated in two business segments, broadcasting and production companies. The broadcasting segment operates television stations in local markets in the United States. The production companies segment includes the production of television and event content. Costs identified as other are primarily corporate and administrative expenses. The following tables present our business segment information (in millions):
|  |  |  |  |  | Production |  |  |  |  |  |  |  |  |
As of and for the Year ended December 31, 2023: |  | Broadcasting |  |  | Companies |  |  | Other |  |  | Consolidated |
Revenue (less agency commissions) |  | $ | 3,195 |  |  | $ | 86 |  |  | $ | - |  |  | $ | 3,281 |
Operating expenses before depreciation, amortization, impairment and loss on disposal of assets, net: |  |  | 2,268 |  |  |  | 115 |  |  |  | 112 |  |  |  | 2,495 |
Depreciation and amortization |  |  | 322 |  |  |  | 13 |  |  |  | 4 |  |  |  | 339 |
Impairment of goodwill and other inangible assets |  |  | - |  |  |  | 43 |  |  |  | - |  |  |  | 43 |
Loss on disposal of assets, net |  |  | 18 |  |  |  | 3 |  |  |  | - |  |  |  | 21 |
Total operating expenses |  |  | 2,608 |  |  |  | 174 |  |  |  | 116 |  |  |  | 2,898 |
Operating income (loss) |  | $ | 587 |  |  | $ | (88 | ) |  | $ | (116 | ) |  | $ | 383 |
Interest expense |  | $ | - |  |  | $ | - |  |  | $ | 440 |  |  | $ | 440 |
Capital expenditures (excluding business combinations) |  | $ | 107 |  |  | $ | 240 |  |  | $ | 1 |  |  | $ | 348 |
Goodwill |  | $ | 2,615 |  |  | $ | 28 |  |  | $ | - |  |  | $ | 2,643 |
Total assets |  | $ | 9,897 |  |  | $ | 658 |  |  | $ | 85 |  |  | $ | 10,640 |
As of and for the Year ended December 31, 2022: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenue (less agency commissions) |  | $ | 3,583 |  |  | $ | 93 |  |  | $ | - |  |  | $ | 3,676 |
Operating expenses before depreciation, amortization and (gain) loss on disposal of assets, net: |  |  | 2,165 |  |  |  | 83 |  |  |  | 104 |  |  |  | 2,352 |
Depreciation and amortization |  |  | 321 |  |  |  | 12 |  |  |  | 3 |  |  |  | 336 |
Loss on disposal of assets, net |  |  | (2 | ) |  |  | - |  |  |  | - |  |  |  | (2 | )
Total operating expenses |  |  | 2,484 |  |  |  | 95 |  |  |  | 107 |  |  |  | 2,686 |
Operating income (loss) |  | $ | 1,099 |  |  | $ | (2 | ) |  | $ | (107 | ) |  | $ | 990 |
Interest expense |  | $ | - |  |  | $ | - |  |  | $ | 354 |  |  | $ | 354 |
Capital expenditures (excluding business combinations) |  | $ | 163 |  |  | $ | 267 |  |  | $ | 6 |  |  | $ | 436 |
Goodwill |  | $ | 2,618 |  |  | $ | 45 |  |  | $ | - |  |  | $ | 2,663 |
Total assets |  | $ | 10,444 |  |  | $ | 535 |  |  | $ | 173 |  |  | $ | 11,152 |
As of and for the Year ended December 31, 2021: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenue (less agency commissions) |  | $ | 2,340 |  |  | $ | 73 |  |  | $ | - |  |  | $ | 2,413 |
Operating expenses before depreciation, amortization and loss on disposal of assets, net: |  |  | 1,548 |  |  |  | 62 |  |  |  | 159 |  |  |  | 1,769 |
Depreciation and amortization |  |  | 206 |  |  |  | 12 |  |  |  | 3 |  |  |  | 221 |
Loss on disposal of assets, net |  |  | 41 |  |  |  | - |  |  |  | 1 |  |  |  | 42 |
Operating expenses |  |  | 1,795 |  |  |  | 74 |  |  |  | 163 |  |  |  | 2,032 |
Operating income (loss) |  | $ | 545 |  |  | $ | (1 | ) |  | $ | (163 | ) |  | $ | 381 |
Interest expense |  | $ | - |  |  | $ | - |  |  | $ | 205 |  |  | $ | 205 |
Capital expenditures (excluding business combinations) |  | $ | 94 |  |  | $ | 110 |  |  | $ | 3 |  |  | $ | 207 |
Goodwill |  | $ | 2,604 |  |  | $ | 45 |  |  | $ | - |  |  | $ | 2,649 |
Total assets |  | $ | 10,592 |  |  | $ | 269 |  |  | $ | 247 |  |  | $ | 11,108 |

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