v3.26.1
SEGMENT DATA (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Schedule of Segment Financial Information
Segment financial information is included in the following tables for the periods presented (in millions):
As of June 30, 2026Local MediaTennisOther & CorporateEliminationsConsolidated
Assets$4,144 $281 $1,056 $— $5,481 
For the three months ended June 30, 2026Local MediaTennisOther & CorporateEliminationsConsolidated
Revenue$731 $70 $53 $(14)(b)$840 
Media programming and production expenses381 43 — — 424 
Media selling, general and administrative expenses176 19 35 (13)217 
Depreciation of property and equipment and amortization of definite-lived intangibles and other assets58 6 4 — 68 
Amortization of program costs18 — — — 18 
Corporate general and administrative expenses23 — 22 — 45 
Loss on asset dispositions and other, net5 — — — 5 
Other segment items (a)2 — 12 (1)13 
Operating income (loss)$68 $2 $(20)$— $50 
Interest expense including amortization of debt discount and deferred financing costs$80 $— $— $— $80 
Loss from equity method investments— (1)(2)— (3)
Gain on extinguishment of debt13 — — — 13 
Other income, net— — 55 — 55 
Income before income taxes$35 
For the three months ended June 30, 2025Local MediaTennisOther & CorporateEliminationsConsolidated
Revenue$679 $68 $46 $(9)(b)$784 
Media programming and production expenses380 39 1 — 420 
Media selling, general and administrative expenses162 15 31 (8)200 
Depreciation of property and equipment and amortization of definite-lived intangibles and other assets54 5 — — 59 
Amortization of program costs17 — — — 17 
Corporate general and administrative expenses27 1 17 — 45 
(Gain) loss on asset dispositions and other, net(28)— 37 — 9 
Other segment items (a)2 — 12 (1)13 
Operating income (loss)$65 $8 $(52)$— $21 
Interest expense including amortization of debt discount and deferred financing costs$82 $— $— $— $82 
Loss from equity method investments— (1)— — (1)
Gain on extinguishment of debt4 — — — 4 
Other income (expense), net3 — (21)— (18)
Loss before income taxes$(76)
For the six months ended June 30, 2026Local MediaTennisOther & CorporateEliminationsConsolidated
Revenue$1,432 $140 $99 $(24)(b)$1,647 
Media programming and production expenses763 73 — — 836 
Media selling, general and administrative expenses347 38 69 (23)431 
Depreciation of property and equipment and amortization of definite-lived intangibles and other assets118 11 4 — 133 
Amortization of program costs36 — — — 36 
Corporate general and administrative expenses57 1 36 — 94 
Loss on asset dispositions and other, net4 — 8 — 12 
Other segment items (a)4 — 25 (1)28 
Operating income (loss)$103 $17 $(43)$— $77 
Interest expense including amortization of debt discount and deferred financing costs$165 $— $— $— $165 
Loss from equity method investments— (1)(3)— (4)
Gain on extinguishment of debt13 — — — 13 
Other income (expense), net4 — (27)— (23)
Loss before income taxes$(102)
For the six months ended June 30, 2025Local MediaTennisOther & CorporateEliminationsConsolidated
Revenue$1,373 $136 $67 $(16)(b)$1,560 
Media programming and production expenses770 66 2 — 838 
Media selling, general and administrative expenses332 33 42 (15)392 
Depreciation of property and equipment and amortization of definite-lived intangibles and other assets110 10 1 — 121 
Amortization of program costs36 — — — 36 
Corporate general and administrative expenses64 1 32 — 97 
(Gain) loss on asset dispositions and other, net(20)— 37 — 17 
Other segment items (a)4 — 21 (1)24 
Operating income (loss)$77 $26 $(68)$— $35 
Interest expense including amortization of debt discount and deferred financing costs$226 $— $— $— $226 
Loss from equity method investments— (2)(5)— (7)
Gain on extinguishment of debt6 — — — 6 
Other income (expense), net6 — (90)— (84)
Loss before income taxes$(276)
(a)Other segment items relate primarily to non-media expenses.
(b)Includes $9 million and $17 million for the three and six months ended June 30, 2026, respectively, and $5 million and $9 million for the three and six months ended June 30, 2025, respectively, of revenue for services provided by other to local media, which is eliminated in consolidation.