v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (56) $ (216)
Adjustments to reconcile net loss to net cash flows from operating activities:    
Amortization of definite-lived intangible and other assets 81 71
Depreciation of property and equipment 52 50
Amortization of program costs 36 36
Stock-based compensation 33 33
Deferred tax benefit (73) (141)
Loss on asset dispositions and other, net 12 17
Loss from equity method investments 4 7
Loss from investments 44 103
Distributions from investments 1 3
Gain on extinguishment of debt (13) (6)
Debt issuance costs 0 68
Change in assets and liabilities, net of acquisitions:    
Decrease in accounts receivable 36 15
Increase in prepaid expenses and other current assets (38) (38)
Increase in accounts payable and accrued and other current liabilities 28 104
Net change in net income taxes payable/receivable 1 49
Decrease in program contracts payable (38) (37)
Other, net (1) 9
Net cash flows from operating activities 109 127
CASH FLOWS USED IN INVESTING ACTIVITIES:    
Acquisition of property and equipment (35) (33)
Acquisition of businesses, net of cash acquired (15) (25)
Purchases of investments (8) (20)
Distributions and proceeds from investments 45 13
Other, net 4 0
Net cash flows used in investing activities (9) (65)
CASH FLOWS USED IN FINANCING ACTIVITIES:    
Proceeds from notes payable and commercial bank financing 0 1,430
Repayments of notes payable, commercial bank financing, and finance leases (315) (1,414)
Dividends paid on Class A and Class B Common Stock (36) (34)
Debt issuance costs 0 (110)
Distributions to noncontrolling interests (3) (6)
Other, net (8) (9)
Cash Provided by (Used in) Financing Activity, Including Discontinued Operation, Total (362) (143)
NET DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH (262) (81)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period 866 697
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period $ 604 $ 616