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Note 12 - Segment Information
 6 Months Ended
Jun. 30, 2024
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]

12.

Segment Information

 

We operate in two business segments: broadcasting and production companies. The broadcasting segment operates television stations in local markets in the U.S. The production companies segment includes production facilities and the production of television and event 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, 2024:

 

Broadcasting

  

Companies

  

Other

  

Consolidated

 
                 

Revenue (less agency commissions)

 $1,607  $42  $-  $1,649 

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

  1,148   35   56   1,239 

Depreciation and amortization

  124   10   1   135 

Gain on disposal of assets, net

  (1)  -   -   (1)

Operating expenses

  1,271   45   57   1,373 

Operating income (loss)

 $336  $(3) $(57) $276 
                 

Interest expense

 $-  $-  $233  $233 

Capital expenditures (excluding business combinations)

 $41  $22  $-  $63 

Goodwill

 $2,615  $28  $-  $2,643 

Total assets

 $9,846  $653  $135  $10,634 
                 

For the six months ended June 30, 2023:

                
                 

Revenue (less agency commissions)

 $1,580  $34  $-  $1,614 

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

  1,107   70   56   1,233 

Depreciation and amortization

  160   7   2   169 

Loss on disposal of assets, net

  24   2   -   26 

Operating expenses

  1,291   79   58   1,428 

Operating income (loss)

 $289  $(45) $(58) $186 
                 

Interest expense

 $-  $-  $213  $213 

Capital expenditures (excluding business combinations)

 $41  $168  $4  $213 
                 

As of December 31, 2023:

                
                 

Goodwill

 $2,615  $28  $-  $2,643 

Total assets

 $9,897  $658  $85  $10,640