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Note 11 - Goodwill and Intangible Assets | 9 Months Ended
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Sep. 30, 2024
Notes to Financial Statements |
Goodwill and Intangible Assets Disclosure [Text Block] |
11. | Goodwill and Intangible Assets
A summary of changes in our goodwill and other intangible assets, on a net basis, for the nine-months ended September 30, 2024 is as follows (in millions):
|  | Net Balance at |  |  | Disposals |  |  |  |  |  |  | Net Balance at |
|  | December 31, |  |  | And |  |  |  |  |  |  | September 30, |
|  | 2023 |  |  | Adjustments, Net |  |  | Amortization |  |  | 2024 |
Broadcast licenses |  | $ | 5,320 |  |  | $ | (9 | ) |  | $ | - |  |  | $ | 5,311 |
Goodwill |  |  | 2,643 |  |  |  | (1 | ) |  |  | - |  |  |  | 2,642 |
Finite-lived intangible assets |  |  | 415 |  |  |  | - |  |  |  | (94 | ) |  |  | 321 |
Total intangible assets net of accumulated amortization |  | $ | 8,378 |  |  | $ | (10 | ) |  | $ | (94 | ) |  | $ | 8,274 |
A summary of the changes in our goodwill, on a gross basis, for the nine-months ended September 30, 2024, is as follows (in millions):
|  | As of |  |  | Disposals |  |  | As of |
|  | December 31, |  |  | And |  |  | September 30, |
|  | 2023 |  |  | Adjustments, Net |  |  | 2024 |
Goodwill, gross |  | $ | 2,742 |  |  | $ | (1 | ) |  | $ | 2,741 |
Accumulated goodwill impairment |  |  | (99 | ) |  |  | - |  |  |  | (99 | )
Goodwill, net |  | $ | 2,643 |  |  | $ | (1 | ) |  | $ | 2,642 |
As of September 30, 2024 and December 31, 2023, our intangible assets and related accumulated amortization consisted of the following (in millions):
|  | As of September 30, 2024 |  |  | As of December 31, 2023 |
|  |  |  |  |  | Accumulated |  |  |  |  |  |  |  |  |  |  | Accumulated |  |  |  |  |
|  | Gross |  |  | Amortization |  |  | Net |  |  | Gross |  |  | Amortization |  |  | Net |
Intangible assets not currently subject to amortization: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Broadcast licenses |  | $ | 5,365 |  |  | $ | (54 | ) |  | $ | 5,311 |  |  | $ | 5,374 |  |  | $ | (54 | ) |  | $ | 5,320 |
Goodwill |  |  | 2,642 |  |  |  | - |  |  |  | 2,642 |  |  |  | 2,643 |  |  |  | - |  |  |  | 2,643 |
|  | $ | 8,007 |  |  | $ | (54 | ) |  | $ | 7,953 |  |  | $ | 8,017 |  |  | $ | (54 | ) |  | $ | 7,963 |
Intangible assets subject to amortization: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Network affiliation agreements |  | $ | 216 |  |  | $ | (151 | ) |  | $ | 65 |  |  | $ | 216 |  |  | $ | (126 | ) |  | $ | 90 |
Other finite lived intangible assets |  |  | 992 |  |  |  | (736 | ) |  |  | 256 |  |  |  | 992 |  |  |  | (667 | ) |  |  | 325 |
|  | $ | 1,208 |  |  | $ | (887 | ) |  | $ | 321 |  |  | $ | 1,208 |  |  | $ | (793 | ) |  | $ | 415 |
Total intangibles |  | $ | 9,215 |  |  | $ | (941 | ) |  | $ | 8,274 |  |  | $ | 9,225 |  |  | $ | (847 | ) |  | $ | 8,378 |
Amortization expense for the nine-month periods ended September 30, 2024 and 2023 was $94 million and $147 million, respectively. Based on the intangible assets subject to amortization as of September 30, 2024, we expect that amortization expense for the remainder of 2024 would be approximately $31 million, and, for the succeeding five years, amortization expense will be approximately as follows: 2025, $113 million; 2026, $83 million; 2027, $47 million; 2028, $13 million; and 2029, $3 million. If and when acquisitions and dispositions occur in the future, actual amounts may vary materially from these estimates.

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