Segment Data (Tables)

3 Months Ended

Mar. 31, 2025

Schedule of Breakdown of Selected Financial Information for Reportable Broadcast Segment and Reconciliation of Segment's Profit to Income from Operations

The following table sets forth a breakdown of selected financial information for our reportable Broadcast segment and a reconciliation of that segment’s profit to income from operations (in millions):


	Three Months Ended March 31,
	2025			2024
Reportable Broadcast Segment:
Net revenue	$	1,169		$	1,222
Programming and related expenses (1)		(543	)		(539	)
Selling, general and administrative expenses (1)		(181	)		(190	)
Amortization of broadcast rights (1)		(16	)		(17	)
Reportable Broadcast segment's profit		429			476
Other segmentsʼ loss, net		(42	)		(26	)
Corporate (unallocated)		(50	)		(53	)
Depreciation and amortization expense (2)		(116	)		(122	)
Transaction and other one-time expenses		-			(1	)
Miscellaneous		(1	)		1
Income from operations	$	220		$	275

(1)

The expenses included in the measure of our reportable Broadcast segment’s profit are as follows:

•

Programming and related expenses – primarily include fees incurred under network affiliation agreements and operating costs to produce and air local news.

•

Selling, general and administrative expenses – primarily include (i) salaries, benefits and payroll taxes, commission, professional fees, travel, and software license fees incurred by sales teams and (ii) salaries, benefits and payroll taxes, group insurance and office rental costs incurred in managing the segment’s business units.

•

Amortization of broadcast rights – the amortization of license fees for acquired programs from national program syndicators and certain production companies.

(2)

Includes depreciation of property and equipment and amortization of intangible assets. Excludes amortization of broadcast rights.

Summary of Disaggregation of Revenue

The following tables present the disaggregation of the Company’s revenue by source (in millions):


Three Months Ended March 31, 2025	Reportable Broadcast Segment		Other Segments		Corporate (unallocated)		Eliminations(1)			Consolidated
Distribution	$	747	$	27	$	-	$	(12	)	$	762
Advertising		411		49		-		-			460
Other		11		1		2		(2	)		12
Total net revenue	$	1,169	$	77	$	2	$	(14	)	$	1,234


Three Months Ended March 31, 2024	Reportable Broadcast Segment		Other Segments		Corporate (unallocated)		Eliminations(1)			Consolidated
Distribution	$	747	$	25	$	-	$	(11	)	$	761
Advertising		466		46		-		-			512
Other		9		1		2		(1	)		11
Total net revenue	$	1,222	$	72	$	2	$	(12	)	$	1,284

(1)

The elimination of distribution revenue represents intersegment revenue generated by Other segments for services provided to the Broadcast segment.