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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):
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Production |
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| As of and for the six months ended June 30, 2025: |
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Broadcasting |
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Companies |
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Other |
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Consolidated |
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| |
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| Revenue (less agency commissions) |
|
$ |
1,509 |
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|
$ |
45 |
|
|
$ |
- |
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|
$ |
1,554 |
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| Less:(1) |
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|
|
|
|
|
|
|
|
|
|
|
|
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| Payroll and employee benefits |
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|
429 |
|
|
|
10 |
|
|
|
32 |
|
|
|
471 |
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| Network affiliation fees |
|
|
467 |
|
|
|
- |
|
|
|
- |
|
|
|
467 |
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| Programming |
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|
59 |
|
|
|
3 |
|
|
|
- |
|
|
|
62 |
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| Depreciation and amortization |
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|
114 |
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|
|
8 |
|
|
|
1 |
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|
|
123 |
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| Impairment of intangible assets |
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|
28 |
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|
|
- |
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|
|
- |
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|
|
28 |
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| Other segment items(2) |
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|
176 |
|
|
|
28 |
|
|
|
25 |
|
|
|
229 |
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| Segment operating income (loss) |
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$ |
236 |
|
|
$ |
(4 |
) |
|
$ |
(58 |
) |
|
$ |
174 |
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| Other income (expense): |
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|
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| Miscellaneous income, net |
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|
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|
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1 |
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| Interest expense |
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|
|
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|
|
|
|
|
|
|
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(235 |
) |
| Gain on early extinguishment of debt |
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|
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1 |
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| Loss before income tax |
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|
|
|
|
|
|
|
|
|
|
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|
$ |
(59 |
) |
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|
|
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| Capital expenditures (excluding business combinations) |
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$ |
21 |
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|
$ |
19 |
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|
$ |
- |
|
|
$ |
40 |
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| Goodwill |
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$ |
2,614 |
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|
$ |
28 |
|
|
$ |
- |
|
|
$ |
2,642 |
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| Investments in broadcasting and technology companies |
|
$ |
41 |
|
|
$ |
4 |
|
|
$ |
13 |
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|
$ |
58 |
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| Total assets |
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$ |
9,383 |
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|
$ |
723 |
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|
$ |
246 |
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|
$ |
10,352 |
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| |
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|
|
|
|
|
|
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| For the six months ended June 30, 2024: |
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| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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| Revenue (less agency commissions) |
|
$ |
1,607 |
|
|
$ |
42 |
|
|
$ |
- |
|
|
$ |
1,649 |
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| Less:(1) |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
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| Payroll and employee benefits |
|
|
444 |
|
|
|
10 |
|
|
|
29 |
|
|
|
483 |
|
| Network affiliation fees |
|
|
467 |
|
|
|
- |
|
|
|
- |
|
|
|
467 |
|
| Programming |
|
|
51 |
|
|
|
6 |
|
|
|
- |
|
|
|
57 |
|
| Depreciation and amortization |
|
|
124 |
|
|
|
10 |
|
|
|
1 |
|
|
|
135 |
|
| Other segment items(2) |
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|
186 |
|
|
|
18 |
|
|
|
27 |
|
|
|
231 |
|
| Segment operating income (loss) |
|
$ |
335 |
|
|
$ |
(2 |
) |
|
$ |
(57 |
) |
|
$ |
276 |
|
| Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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| Miscellaneous income, net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
112 |
|
| Interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(233 |
) |
| Loss on early extinguishment of debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(7 |
) |
| Income before income tax |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
148 |
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| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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| Capital expenditures (excluding business combinations) |
|
$ |
41 |
|
|
$ |
22 |
|
|
$ |
- |
|
|
$ |
63 |
|
| As of December 31, 2024: |
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|
|
|
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|
|
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| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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| Goodwill |
|
$ |
2,614 |
|
|
$ |
28 |
|
|
$ |
- |
|
|
$ |
2,642 |
|
| Investments in broadcasting and technology companies |
|
$ |
49 |
|
|
$ |
4 |
|
|
$ |
13 |
|
|
$ |
66 |
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| Total assets |
|
$ |
9,636 |
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|
$ |
681 |
|
|
$ |
225 |
|
|
$ |
10,542 |
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(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 (gain) loss on disposal of assets, professional services expense, repairs and maintenance expense, occupancy expense (including property tax expense), and certain overhead expenses.
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