v3.25.2
Note 10 - Goodwill and Intangible Assets
6 Months Ended
Jun. 30, 2025
Notes to Financial Statements  
Goodwill and Intangible Assets Disclosure [Text Block]

10.

Goodwill and Intangible Assets

 

During the six-months ended June 30, 2025, we recorded a non-cash impairment charge of $28 million related to the changes to the network affiliation at one station. As a result of this change, our finite-lived intangible assets decreased during that period. The following table presents a summary of changes in our goodwill and other intangible assets, on a net basis (in millions):

 

   

Net Balance at

                           

Net Balance at

 
   

December 31,

   

Acquisitions

                   

June 30,

 
   

2024

   

and Adjustments

   

Impairments

   

Amortization

   

2025

 
                                         

Goodwill

  $ 2,642     $ -     $ -     $ -     $ 2,642  

Broadcast licenses

    5,311       (1 )     -       -       5,310  

Finite-lived intangible assets

    290       (2 )     (28 )     (57 )     203  

Total intangible assets net of accumulated amortization

  $ 8,243     $ (3 )   $ (28 )   $ (57 )   $ 8,155  

 

A summary of changes in our goodwill and other intangible assets, on a net basis, for the six-months ended June 30, 2025 is as follows (in millions):

 

   

As of June 30, 2025

   

As of December 31, 2024

 
           

Accumulated

                   

Accumulated

         
   

Gross

   

Amortization

   

Net

   

Gross

   

Amortization

   

Net

 

Intangible assets not currently subject to amortization:

                                               

Broadcast licenses

  $ 5,364     $ (54 )   $ 5,310     $ 5,365     $ (54 )   $ 5,311  

Goodwill

    2,642       -       2,642       2,642       -       2,642  
    $ 8,006     $ (54 )   $ 7,952     $ 8,007     $ (54 )   $ 7,953  
                                                 

Intangible assets subject to amortization:

                                               

Network affiliation agreements

  $ 216     $ (187 )   $ 29     $ 216     $ (160 )   $ 56  

Other finite lived intangible assets

    989       (815 )     174       992       (758 )     234  
    $ 1,205     $ (1,002 )   $ 203     $ 1,208     $ (918 )   $ 290  
                                                 

Total intangibles

  $ 9,211     $ (1,056 )   $ 8,155     $ 9,215     $ (972 )   $ 8,243  

 

Amortization expense for the six-months ended June 30, 2025 and 2024 was $57 million and $63 million, respectively. Based on the current amount of intangible assets subject to amortization, we expect that amortization expense for the remainder of 2025 will be approximately $56 million, and, for the succeeding five years, amortization expense will be approximately as follows: 2026, $83 million; 2027, $47 million; 2028, $13 million; 2029, $3 million; and 2030, $2 million. If and when acquisitions and dispositions occur in the future, actual amounts may vary materially from these estimates.

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