v3.25.2
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Millions, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Revenue (less agency commissions) $ 772 $ 826 $ 1,554 $ 1,649
Operating expenses before depreciation, amortization, impairment and gain on disposal of assets, net:        
Depreciation     66 72
Amortization of Intangible Assets     57 63
Impairment of intangible assets 28 0 28 0
Gain on disposal of assets, net (6) (1) (8) (1)
Operating expenses 690 674 1,380 1,373
Operating income 82 152 174 276
Other (expense) income:        
Miscellaneous income, net 0 2 1 112
Interest expense (117) (118) (235) (233)
Loss on early extinguishment of debt 0 (7) 1 (7)
(Loss) income before income taxes (35) 29 (59) 148
Income tax expense 21 7 6 38
Net (loss) income (56) 22 (65) 110
Preferred stock dividends 13 13 26 26
Net (loss) income attributable to common stockholders $ (69) $ 9 $ (91) $ 84
Basic per share information:        
Net (loss) income attributable to common stockholders (in dollars per share) $ (0.71) $ 0.09 $ (0.95) $ 0.89
Weighted-average shares outstanding-basic (in shares) 97 95 96 94
Diluted per share information:        
Net (loss) income attributable to common stockholders (in dollars per share) $ (0.71) $ 0.09 $ (0.95) $ 0.88
Weighted-average shares outstanding (in shares) 97 96 96 95
Dividends declared per common share (in dollars per share) $ 0.08 $ 0.08 $ 0.16 $ 0.16
Broadcasting, Segment [Member]        
Revenue (less agency commissions) $ 754 $ 808 $ 1,509 $ 1,607
Operating expenses before depreciation, amortization, impairment and gain on disposal of assets, net:        
Cost of goods and services sold 563 565 1,140 1,148
Production Companies, Segment [Member]        
Revenue (less agency commissions) 18 18 45 42
Operating expenses before depreciation, amortization, impairment and gain on disposal of assets, net:        
Cost of goods and services sold 20 14 40 35
Other Operating Segment [Member]        
Revenue (less agency commissions)     0 0
Operating expenses before depreciation, amortization, impairment and gain on disposal of assets, net:        
Corporate and administrative 25 28 57 56
Depreciation 32 36 66 72
Amortization of Intangible Assets $ 28 $ 32 57 63
Operating income     $ (58) $ (57)