| Intangible Assets and Goodwill |
Note 4: Intangible Assets and Goodwill The Company’s goodwill by segment, indefinite-lived intangible assets and definite-lived intangible assets consisted of the following ($ in millions):
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Reportable Segments |
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Other |
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Goodwill |
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Broadcast |
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TEGNA |
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Segments |
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Total |
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Gross balances as of December 31, 2025 |
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$ |
2,922 |
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$ |
- |
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$ |
225 |
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$ |
3,147 |
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Accumulated Impairment |
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|
(43 |
) |
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- |
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(194 |
) |
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(237 |
) |
Net balances as of December 31, 2025 |
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2,879 |
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- |
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31 |
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2,910 |
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Current year acquisition (Note 3) |
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- |
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2,123 |
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- |
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|
2,123 |
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Net balances as of June 30, 2026 |
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$ |
2,879 |
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$ |
2,123 |
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$ |
31 |
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$ |
5,033 |
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Gross balances as of June 30, 2026 |
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$ |
2,922 |
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$ |
2,123 |
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$ |
225 |
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$ |
5,270 |
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Accumulated Impairment |
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(43 |
) |
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- |
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(194 |
) |
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(237 |
) |
Net balances as of June 30, 2026 |
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$ |
2,879 |
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$ |
2,123 |
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$ |
31 |
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$ |
5,033 |
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FCC Licenses |
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Accumulated |
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Indefinite-lived Intangible Assets |
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Gross |
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Impairment |
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Net |
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Balances as of December 31, 2025 |
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$ |
2,997 |
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|
$ |
(48 |
) |
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$ |
2,949 |
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Current year acquisition (Note 3) |
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2,163 |
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- |
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2,163 |
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Balances as of June 30, 2026 |
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$ |
5,160 |
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$ |
(48 |
) |
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$ |
5,112 |
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Network Affiliation Agreements |
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Other Definite-Lived Intangible Assets |
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Total |
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Accumulated |
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Accumulated |
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Accumulated |
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Amortization |
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Amortization |
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Amortization |
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Definite-Lived Intangible Assets |
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Gross |
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and Impairment |
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Net |
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Gross |
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and Impairment |
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Net |
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Gross |
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and Impairment |
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Net |
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Balances as of December 31, 2025 |
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$ |
3,125 |
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|
$ |
(1,820 |
) |
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$ |
1,305 |
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|
$ |
1,157 |
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|
$ |
(875 |
) |
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$ |
282 |
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|
$ |
4,282 |
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|
$ |
(2,695 |
) |
|
$ |
1,587 |
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Balances as of June 30, 2026 |
|
$ |
4,493 |
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|
$ |
(1,940 |
) |
|
$ |
2,553 |
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|
$ |
1,268 |
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$ |
(934 |
) |
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$ |
334 |
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$ |
5,761 |
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$ |
(2,874 |
) |
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$ |
2,887 |
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The increases in network affiliation agreements and other definite-lived intangible assets are primarily attributable to the acquisition of TEGNA as discussed in Note 3 above. The following table presents the Company’s estimate of amortization expense for the remainder of 2026, each of the five succeeding years ended December 31 and thereafter for definite-lived intangible assets as of June 30, 2026 (in millions):
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Remainder of 2026 |
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$ |
197 |
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2027 |
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|
381 |
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2028 |
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|
356 |
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2029 |
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|
329 |
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2030 |
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|
281 |
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2031 |
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|
271 |
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Thereafter |
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1,072 |
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$ |
2,887 |
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Indefinite-lived intangible assets are not subject to amortization but are tested for impairment annually or whenever events or changes in circumstances indicate that such assets might be impaired. During the three and six months ended June 30, 2026, the Company did not identify events that would trigger impairment assessments.
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