Note 13 - Segment Information

9 Months Ended

Sep. 30, 2025

Segment Reporting Disclosure [Text Block]

13.

Segment information

The Company’s chief operating decision maker (“CODM”) is the chief executive officer (“CEO”). The CODM assesses segment performance and allocates resources to each segment by using each segment’s operating profit. The CODM uses operating profit for each segment in the annual budgeting and forecasting process as well as reviewing segment operating profit quarterly when making decisions about allocating capital and operating resources to segments. Disaggregated total assets and goodwill by segment are not regularly provided to the CODM. The following tables present our business segment information (in millions):

				Production
As of and for the nine months ended September 30, 2025:	Broadcasting			Companies			Other			Consolidated

Revenue (less agency commissions)	$	2,233		$	70		$	-		$	2,303
Less:(1)
Payroll and employee benefits		645			15			46			706
Network affiliation fees		681			-			-			681
Programming		83			7			-			90
Depreciation and amortization		164			14			1			179
Impairment of intangible assets		28			-			-			28
(Gain) loss on disposal of assets, net		(10	)		1			-			(9	)
Other segment items(2)		273			40			39			352
Segment operating income (loss)		369			(7	)		(86	)		276
Other income (expense):
Miscellaneous expense, net											(2	)
Interest expense											(355	)
Loss on early extinguishment of debt											(6	)
Loss before income tax											(87	)

Capital expenditures (excluding business combinations)	$	40		$	25		$	-		$	65
Goodwill	$	2,614		$	28		$	-		$	2,642
Investments in broadcasting and technology companies	$	43		$	-		$	13		$	56
Total assets	$	9,354		$	681		$	286		$	10,321

For the nine months ended September 30, 2024:

Revenue (less agency commissions)	$	2,531		$	68		$	-		$	2,599
Less:⁽¹⁾
Payroll and employee benefits		665			16			42			723
Network affiliation fees		701			-			-			701
Programming		74			10			-			84
Depreciation and amortization		186			14			2			202
Loss on disposal of assets, net		15			-			-			15
Other segment items⁽²⁾		279			31			38			348
Segment operating income (loss)	$	611		$	(3	)	$	(82	)	$	526
Other income (expense):
Miscellaneous income, net											114
Interest expense											(363	)
Loss on early extinguishment of debt											(1	)
Income before income tax											276

Capital expenditures (excluding business combinations)	$	46		$	57		$	-		$	103

As of December 31, 2024:

Goodwill	$	2,614		$	28		$	-		$	2,642
Investments in broadcasting and technology companies	$	49		$	4		$	13		$	66
Total assets	$	9,636		$	681		$	225		$	10,542

(1)	The significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker. Intersegment expenses are included within the amounts shown.

(2)	Other segment items for each reportable segment includes professional services expense, repairs and maintenance expense, occupancy expense (including property tax expense), and certain overhead expenses.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

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