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Note 13 - Segment Information | 9 Months Ended
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Sep. 30, 2024
Notes to Financial Statements |
Segment Reporting Disclosure [Text Block] |
13. | 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 the production of television content and our productions facilities, primarily Assembly Atlanta. Costs identified as other are primarily corporate and administrative expenses. The following tables present certain financial information concerning our operating segments (in millions):
|  |  |  |  |  | Production |  |  |  |  |  |  |  |  |
As of and for the nine months ended September 30, 2024: |  | Broadcasting |  |  | Companies |  |  | Other |  |  | Consolidated |
Revenue (less agency commissions) |  | $ | 2,531 |  |  | $ | 68 |  |  | $ | - |  |  | $ | 2,599 |
Operating expenses before depreciation, amortization, impairment and loss on disposal of assets, net: |  |  | 1,719 |  |  |  | 57 |  |  |  | 80 |  |  |  | 1,856 |
Depreciation and amortization |  |  | 186 |  |  |  | 14 |  |  |  | 2 |  |  |  | 202 |
Loss on disposal of assets, net |  |  | 15 |  |  |  | - |  |  |  | - |  |  |  | 15 |
Operating expenses |  |  | 1,920 |  |  |  | 71 |  |  |  | 82 |  |  |  | 2,073 |
Operating income (loss) |  | $ | 611 |  |  | $ | (3 | ) |  | $ | (82 | ) |  | $ | 526 |
Interest expense |  | $ | - |  |  | $ | - |  |  | $ | 363 |  |  | $ | 363 |
Capital expenditures (excluding business combinations) |  | $ | 46 |  |  | $ | 57 |  |  | $ | - |  |  | $ | 103 |
Goodwill |  | $ | 2,614 |  |  | $ | 28 |  |  | $ | - |  |  | $ | 2,642 |
Total assets |  | $ | 9,840 |  |  | $ | 664 |  |  | $ | 127 |  |  | $ | 10,631 |
For the nine months ended September 30, 2023: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenue (less agency commissions) |  | $ | 2,363 |  |  | $ | 54 |  |  | $ | - |  |  | $ | 2,417 |
Operating expenses before depreciation, amortization and (gain) loss on disposal of assets, net: |  |  | 1,664 |  |  |  | 88 |  |  |  | 79 |  |  |  | 1,831 |
Depreciation and amortization |  |  | 241 |  |  |  | 9 |  |  |  | 3 |  |  |  | 253 |
Impairment of goodwill and other intangible assets |  |  | - |  |  |  | 43 |  |  |  | - |  |  |  | 43 |
Loss on disposal of assets, net |  |  | 18 |  |  |  | 2 |  |  |  | - |  |  |  | 20 |
Operating expenses |  |  | 1,923 |  |  |  | 142 |  |  |  | 82 |  |  |  | 2,147 |
Operating income (loss) |  | $ | 440 |  |  | $ | (88 | ) |  | $ | (82 | ) |  | $ | 270 |
Interest expense |  | $ | - |  |  | $ | - |  |  | $ | 324 |  |  | $ | 324 |
Capital expenditures (excluding business combinations) |  | $ | 83 |  |  | $ | 201 |  |  | $ | 4 |  |  | $ | 288 |
As of December 31, 2023: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Goodwill |  | $ | 2,615 |  |  | $ | 28 |  |  | $ | - |  |  | $ | 2,643 |
Total assets |  | $ | 9,897 |  |  | $ | 658 |  |  | $ | 85 |  |  | $ | 10,640 |

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