v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net income $ 273 $ 188
Adjustments to reconcile net income to net cash provided by operating activities:    
Amortization of broadcast rights 159 168
Depreciation and amortization of intangible assets 279 234
Stock-based compensation expense 60 39
Amortization of debt financing costs, debt discounts and premium 5 5
Loss on extinguishment of debt 10 5
Deferred income taxes (46) (24)
Payments for broadcast rights (147) (161)
Income from equity method investments, net (7) (19)
Distribution from equity method investments - return on capital 96 125
Changes in operating assets and liabilities, net of acquisitions:    
Accounts receivable 96 6
Prepaid and other current assets 22 (6)
Other noncurrent assets 6 5
Accounts payable (64) 60
Accrued expenses and other current liabilities (76) 20
Income tax payable (50) (38)
Other noncurrent liabilities (29) (29)
Other 0 6
Net cash provided by operating activities 587 584
Cash flows from investing activities:    
Purchases of property and equipment (67) (64)
Payments for acquisitions, net of cash acquired (3,341) (22)
Proceeds received from life insurance policies 55 1
Proceeds from disposal of property and equipment 12 1
Other investing activities, net (2) (5)
Net cash used in investing activities (3,343) (89)
Cash flows from financing activities:    
Proceeds from debt issuance, net of debt discounts 11,106 3,393
Repayments of long-term debt (8,149) (3,543)
Payments for debt financing costs (107) (2)
Premium paid on debt extinguishment (13)  
Purchase of treasury stock   (125)
Common stock dividends paid (113) (113)
Payments for capitalized software obligations (11) (10)
Cash paid for shares withheld for taxes (18)  
Payment for excise tax on stock repurchases   (5)
Other financing activities, net (1)  
Net cash provided by (used in) financing activities 2,694 (405)
Net (decrease) increase in cash and cash equivalents (62) 90
Cash and cash equivalents at beginning of period 280 144
Cash and cash equivalents at end of period 218 234
Supplemental information:    
Interest paid 258 188
Income taxes paid, net of refunds 152 141
Non-cash investing and financing activities:    
Purchases of property and equipment in accounts payable and accruals 6 31
Capitalized software in other current and noncurrent liabilities 15 25
Right-of-use assets obtained in exchange for operating lease obligations $ 14 $ 16