Gray Television (GTN) 10-Q 7 May 24 2024 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2024	May 03, 2024
Document Information [Line Items]
Entity Central Index Key	0000043196
Entity Registrant Name	GRAY TELEVISION INC
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2024
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	1-13796
Entity Incorporation, State or Country Code	GA
Entity Tax Identification Number	58-0285030
Entity Address, Address Line One	4370 Peachtree Road, NE
Entity Address, City or Town	Atlanta
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	30319
City Area Code	404
Local Phone Number	504-9828
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Common Class A [Member]
Document Information [Line Items]
Title of 12(b) Security	Class A common stock (no par value)
Trading Symbol	GTN.A
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		8,842,764
Common Stock [Member]
Document Information [Line Items]
Title of 12(b) Security	common stock (no par value)
Trading Symbol	GTN
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		90,294,783

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Assets:
Cash	$ 134	$ 21
Accounts receivable, less allowance for credit losses of $16 and $17, respectively	362	342
Current portion of program broadcast rights, net	12	18
Income tax refunds receivable	21	21
Prepaid income taxes	14	18
Prepaid and other current assets	58	48
Total current assets	601	468
Property and equipment, net	1,590	1,601
Operating lease right of use asset	71	75
Broadcast licenses	5,320	5,320
Goodwill	2,643	2,643
Other intangible assets, net	384	415
Investment in broadcasting, production and technology companies	86	85
Deferred pension assets	18	17
Other	22	16
Total assets	10,735	10,640
Liabilities and stockholders’ equity:
Accounts payable	36	23
Employee compensation and benefits	77	110
Accrued interest	93	63
Accrued network programming fees	39	37
Other accrued expenses	50	57
Federal and state income taxes	56	22
Current portion of program broadcast obligations	12	20
Deferred revenue	22	23
Dividends payable	14	14
Current portion of operating lease liabilities	10	11
Current portion of long-term debt	15	15
Total current liabilities	424	395
Long-term debt, less current portion and less deferred financing costs	6,139	6,145
Program broadcast obligations, less current portion	1	1
Deferred income taxes	1,353	1,359
Operating lease liabilities, less current portion	65	69
Other	53	50
Total liabilities	8,035	8,019
Commitments and contingencies (Note 9)
Series A Perpetual Preferred Stock, no par value; cumulative; redeemable; designated 1,500,000 shares, issued and outstanding 650,000 shares at each date and $650 aggregate liquidation value, at each date	650	650
Stockholders’ equity:
Retained earnings	1,151	1,084
Accumulated other comprehensive loss	(23)	(23)
Stockholders' equity before treasury stock	2,367	2,285
Total stockholders’ equity	2,050	1,971
Total liabilities and stockholders’ equity	10,735	10,640
Common Stock (No Par Value) [Member]
Stockholders’ equity:
Common stock	1,187	1,174
Treasury stock at cost	(284)	(282)
Class A Common Stock (No Par Value) [Member]
Stockholders’ equity:
Common stock	52	50
Treasury stock at cost	$ (33)	$ (32)

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) $ / shares in Thousands, $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Accounts receivable, allowance for credit losses	$ 16	$ 17
Series A Perpetual Preferred Stock, par value (in dollars per share)	$ 0	$ 0
Series A Perpetual Preferred Stock, shares authorized (in shares)	1,500,000	1,500,000
Series A Perpetual Preferred Stock, shares issued (in shares)	650,000	650,000
Series A Perpetual Preferred Stock, shares outstanding (in shares)	650,000	650,000
Series A Perpetual Preferred Stock, liquidation value	$ 650	$ 650
Common stock, shares authorized (in shares)	200,000,000
Common Stock (No Par Value) [Member]
Common stock, par value (in dollars per share)	$ 0	$ 0
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares issued (in shares)	110,636,360	107,179,827
Common stock, shares outstanding (in shares)	90,349,144	87,227,481
Treasury stock, shares (in shares)	20,287,216	19,952,346
Class A Common Stock (No Par Value) [Member]
Common stock, par value (in dollars per share)	$ 0	$ 0
Common stock, shares authorized (in shares)	25,000,000	25,000,000
Common stock, shares issued (in shares)	11,237,386	10,413,993
Common stock, shares outstanding (in shares)	8,842,764	8,162,266
Treasury stock, shares (in shares)	2,394,622	2,251,727

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenue (less agency commissions)	$ 823	$ 801
Operating expenses before depreciation, amortization and loss on disposal of assets, net:
Depreciation	36	35
Amortization of intangible assets	31	49
Loss on disposal of assets, net	0	10
Operating expenses	699	734
Operating income	124	67
Other income (expense):
Miscellaneous income (expense), net	110	(2)
Interest expense	(115)	(104)
Loss on early extinguishment of debt	0	(3)
Income (loss) before income taxes	119	(42)
Income tax expense (benefit)	31	(11)
Net income (loss)	88	(31)
Preferred stock dividends	13	13
Net income (loss) attributable to common stockholders	$ 75	$ (44)
Basic per share information:
Net income (loss) attributable to common stockholders (in dollars per share)	$ 0.8	$ (0.48)
Weighted average common shares outstanding (in shares)	94	92
Diluted per share information:
Net income (loss) attributable to common stockholders (in dollars per share)	$ 0.79	$ (0.48)
Weighted average common shares outstanding (in shares)	95	92
Dividends declared per common share (in dollars per share)	$ 0.08	$ 0.08
Broadcasting, Segment [Member]
Revenue (less agency commissions)	$ 799	$ 779
Operating expenses before depreciation, amortization and loss on disposal of assets, net:
Cost of goods and services sold	583	555
Production Companies, Segment [Member]
Revenue (less agency commissions)	24	22
Operating expenses before depreciation, amortization and loss on disposal of assets, net:
Cost of goods and services sold	21	59
Other Operating Segment [Member]
Operating expenses before depreciation, amortization and loss on disposal of assets, net:
Corporate and administrative	28	26
Depreciation	36	35
Amortization of intangible assets	$ 31	$ 49

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Net income (loss)	$ 88	$ (31)
Other comprehensive loss:
Adjustment - fair value of interest rate caps	0	(15)
Income tax benefit	0	(4)
Other comprehensive loss, net	0	(11)
Comprehensive income (loss)	$ 88	$ (42)

Condensed Consolidated Statem_3

Condensed Consolidated Statement of Stockholders' Equity (Unaudited) - USD ($) $ in Millions	Restricted Stock [Member] Common Stock [Member] Common Class A [Member]	Restricted Stock [Member] Common Stock [Member]	Restricted Stock [Member] Retained Earnings [Member]	Restricted Stock [Member] Treasury Stock, Common [Member] Common Class A [Member]	Restricted Stock [Member] Treasury Stock, Common [Member]	Restricted Stock [Member] AOCI Attributable to Parent [Member]	Restricted Stock [Member]	Restricted Stock Units (RSUs) [Member] Common Stock [Member] Common Class A [Member]	Restricted Stock Units (RSUs) [Member] Common Stock [Member]	Restricted Stock Units (RSUs) [Member] Retained Earnings [Member]	Restricted Stock Units (RSUs) [Member] Treasury Stock, Common [Member] Common Class A [Member]	Restricted Stock Units (RSUs) [Member] Treasury Stock, Common [Member]	Restricted Stock Units (RSUs) [Member] AOCI Attributable to Parent [Member]	Restricted Stock Units (RSUs) [Member]	Common Stock [Member] Common Class A [Member]	Common Stock [Member]	Retained Earnings [Member]	Treasury Stock, Common [Member] Common Class A [Member]	Treasury Stock, Common [Member]	AOCI Attributable to Parent [Member]	Total
Balance (in shares) at Dec. 31, 2022															9,675,139	105,104,057		(2,130,724)	(19,636,786)
Balance at Dec. 31, 2022															$ 45	$ 1,150	$ 1,242	$ (31)	$ (278)	$ (12)	$ 2,116
Net loss															0	0	(31)	0	0	0	(31)
Preferred stock dividends															0	0	(13)	0	0	0	(13)
Common stock dividends															0	0	(7)	0	0	0	(7)
Adjustment to fair value of interest rate cap															$ 0	$ 0	0	$ 0	$ 0	(11)	(11)
401(k) Plan (in shares)															0	819,898		0	0
401(k) Plan															$ 0	$ 9	0	$ 0	$ 0	0	9
Restricted stock awards (in shares)	25,022	12,227		(92,196)	(129,636)			0	247,953		0	(80,622)
Restricted stock awards	$ 0	$ 0	$ 0	$ (1)	$ (2)	$ 0	$ (3)	$ 0	$ 0	$ 0	$ 0	$ (1)	$ 0	$ (1)
Stock-based compensation															0	2	0	0	0	0	2
Net income (loss)															$ 0	$ 0	(31)	$ 0	$ 0	0	(31)
Balance (in shares) at Mar. 31, 2023															9,700,161	106,184,135		(2,222,920)	(19,847,044)
Balance at Mar. 31, 2023															$ 45	$ 1,161	1,191	$ (32)	$ (281)	(23)	2,061
Balance (in shares) at Dec. 31, 2023															10,413,993	107,179,827		(2,251,727)	(19,952,346)
Balance at Dec. 31, 2023															$ 50	$ 1,174	1,084	$ (32)	$ (282)	(23)	1,971
Net loss															0	0	88	0	0	0	88
Preferred stock dividends															0	0	(13)	0	0	0	(13)
Common stock dividends															0	0	(8)	0	0	0	(8)
Adjustment to fair value of interest rate cap															$ 0	$ 0	0	$ 0	$ 0	0	0
401(k) Plan (in shares)															0	1,765,444		0	0
401(k) Plan															$ 0	$ 9	0	$ 0	$ 0	0	9
Restricted stock awards (in shares)	823,393	1,126,296		(142,895)	(146,470)			0	564,793		0	(188,400)
Restricted stock awards	$ 0	$ 0	$ 0	$ (1)	$ (1)	$ 0	$ (2)	$ 0	$ 0	$ 0	$ 0	$ (1)	$ 0	$ (1)
Stock-based compensation															2	4	0	0	0	0	6
Net income (loss)															$ 0	$ 0	88	$ 0	$ 0	0	88
Balance (in shares) at Mar. 31, 2024															11,237,386	110,636,360		(2,394,622)	(20,287,216)
Balance at Mar. 31, 2024															$ 52	$ 1,187	$ 1,151	$ (33)	$ (284)	$ (23)	$ 2,050

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating activities
Net income (loss)	$ 88	$ (31)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation	36	35
Amortization of intangible assets	31	49
Amortization of deferred loan costs	3	4
Amortization of restricted stock awards	6	2
Amortization of program broadcast rights	7	10
Payments on program broadcast obligations	(8)	(11)
Deferred income taxes	(6)	8
Loss on disposal of assets, net	0	10
Gain on sale of investment	(110)	0
Loss on early extinguishment of debt	0	3
Other	(2)	5
Changes in operating assets and liabilities:
Accounts receivable, net	(20)	317
Income tax receivable or prepaid	4	(21)
Other current assets	(10)	9
Accounts payable	13	(15)
Employee compensation, benefits and pension cost	(33)	(34)
Accrued network fees and other expenses	5	41
Accrued interest	30	27
Income taxes payable	34	3
Deferred revenue	0	1
Net cash provided by operating activities	68	412
Investing activities
Purchases of property and equipment	(34)	(110)
Proceeds from asset sales	7	8
Proceeds from sale of investment	110	0
Reimbursement of development costs	0	11
Investments in broadcast, production and technology companies	(3)	(4)
Net cash provided by (used in) investing activities	80	(95)
Financing activities
Proceeds from borrowings on long-term debt	50	50
Repayments of borrowings on long-term debt	(54)	(349)
Payment of common stock dividends	(8)	(7)
Payment of preferred stock dividends	(13)	(13)
Deferred and other loan costs	(7)	0
Payment for taxes related to net share settlement of equity awards	(3)	(3)
Net cash used in financing activities	(35)	(322)
Net increase (decrease) in cash	113	(5)
Cash at beginning of period	21	61
Cash at end of period	$ 134	$ 56

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block]	1. Basis of Presentation The accompanying condensed consolidated balance sheet of Gray Television, Inc. (and its consolidated subsidiaries, except as the context otherwise provides,“Gray,” the “Company,” “we,” “us,” and “our”) as of December 31, 2023, December 31, 2023, March 31, 2024 three March 31, 2024 2023, 10 10 X. not two not 10 December 31, 2023 ( “2023 10 three March 31, 2024, not may December 31, 2024. Overview. first second Investments in Broadcasting, Production and Technology Companies. may Investments in non-public businesses that do not not not BMI Investment Proceeds February 8, 2024, Use of Estimates. Earnings Per Share. not not The following table reconciles basic weighted-average common shares outstanding to diluted weighted-average common shares outstanding for the three March 31, 2024 2023, Three Months Ended March 31, 2024 2023 Weighted-average common shares outstanding-basic 94 92 Common stock equivalents for stock options and restricted stock 1 - Weighted-average common shares outstanding-diluted 95 92 Accumulated Other Comprehensive Loss. March 31, 2024 December 31, 2023, three March 31, 2024 2023 March 31, 2024 December 31, 2023 March 31, December 31, 2024 2023 Items included in accumulated other comprehensive loss: Adjustment to pension liability $ (7 ) $ (7 ) Adjustment to fair value of interest rate caps (23 ) (23 ) Income tax benefit (7 ) (7 ) Accumulated other comprehensive loss $ (23 ) $ (23 ) Property and Equipment. Estimated March 31, December 31, Useful Lives 2024 2023 (in years) Property and equipment: Land $ 366 $ 368 Buildings and improvements 873 868 7 to 40 Equipment 1,087 1,082 3 to 20 Construction in progress 94 81 2,420 2,399 Accumulated depreciation (830 ) (798 ) Total property and equipment, net $ 1,590 $ 1,601 Maintenance, repairs and minor replacements are charged to operations as incurred; major replacements and betterments are capitalized. The cost of any assets divested, sold or retired and the related accumulated depreciation are removed from the accounts at the time of disposition, and any resulting gain or loss is reflected in income or expense for the period. We incurred costs to build public infrastructure within the Assembly Atlanta project. Pursuant to our Purchase and Sale Agreement with the Doraville Community Improvement District (the “CID”), we receive cash reimbursements for the transfer of specific infrastructure projects to the CID and for other construction costs previously incurred. During the first 2024 2023, Three Months Ended March 31, 2024 2023 Proceeds from asset sold $ 5 $ 6 Proceeds received in advance of asset sale - 9 Total proceeds received for asset transfer to CID 5 15 Proceeds for reimbursement of development costs - 11 Total proceeds received from CID $ 5 $ 26 The following tables provide additional information related to loss on disposal of assets, net included in our condensed consolidated statements of operations and purchases of property and equipment included in our condensed consolidated statements of cash flows (in millions): Three Months Ended March 31, 2024 2023 Loss on disposal of assets, net: Proceeds from disposal of assets $ (7 ) $ (8 ) Net book value of assets disposed 7 9 Discount - Securitization Facility - 9 Total $ - $ 10 Purchase of property and equipment: Recurring purchases - operations $ 19 $ 19 Assembly Atlanta development 15 91 Total $ 34 $ 110 Accounts Receivable and Allowance for Credit Losses. Our allowance for credit losses is an estimate of expected losses over the remaining contractual life of our receivables based on an ongoing analysis of collectability, historical collection experience, current economic and industry conditions and reasonable and supportable forecasts. The allowance is calculated using a historical loss rate applied to the current aging analysis. We may On February 23, 2023, three third $300 February 23, 2026, 860. Under the Securitization Facility, the SPV sells to the Purchasers certain receivables, including all rights, title, and interest in the related receivables (“Sold Receivables”). The parties intend that the conveyance of accounts receivables to the Purchasers, for the ratable benefit of the Purchasers will constitute a purchase and sale of receivables and not not The Securitization Facility is subject to interest charges, at the adjusted one SOFR three March 31, 2023, not not may The proceeds of the Securitization Facility are classified as operating activities in our Consolidated Statement of Cash Flows. Cash received from collections of Sold Receivables is used by the SPV to fund additional purchases of receivables on a revolving basis or to return all or any portion of outstanding capital of the Purchasers. Subsequent collections on the pledged receivables, which have not The amount sold to the Purchasers was $300 million at each of March 31, 2024 December 31, 2023, March 31, 2024 December 31, 2023, three March 31, 2024 2023, three March 31, 2023, three March 31, 2024 not The following table provides a roll-forward of the allowance for credit losses. The allowance is deducted from the amortized cost basis of accounts receivable in our condensed consolidated balance sheets (in millions): Three Months Ended March 31, 2024 2023 Beginning balance $ 17 $ 16 Provision for credit losses - 15 Amounts written off (1 ) - Ending balance $ 16 $ 31 Recent Accounting Pronouncements. November 2023, 2023 07, Segment Reporting (Topic 280 December 15, 2023, December 15, 2024. not In December 2023, 2023 09, Income Taxes (Topic 740 December 15, 2024. not In addition to the accounting standards described above, certain amounts in the condensed consolidated balance sheets and condensed consolidated statements of cash flows have also been reclassified to conform to the current presentation.

Note 2 - Revenue

Note 2 - Revenue	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	2. Revenue Revenue Recognition. Deferred Revenue three March 31, 2024 December 31, 2023. The following table presents our deferred revenue by type (in millions): March 31, December 31, 2024 2023 Advertising deposit liabilities $ 12 $ 13 Other deposit liabilities 10 10 Total deferred revenue $ 22 $ 23 Disaggregation of Revenue. Three Months Ended March 31, 2024 2023 Market and service type: Broadcast advertising: Core advertising $ 372 $ 357 Political 27 8 Total advertising 399 365 Retransmission consent 381 395 Production companies 24 22 Other 19 19 Total revenue $ 823 $ 801 Sales Channel: Direct $ 556 $ 558 Advertising agency intermediary 267 243 Total revenue $ 823 $ 801

Note 3 - Long-term Debt

Note 3 - Long-term Debt	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Debt Disclosure [Text Block]	3. Long-term Debt As of March 31, 2024 December 31, 2023, 2019 2026 “2026 2027 “2027 2030 “2030 2031 “2031 March 31, December 31, 2024 2023 Long-term debt: 2019 Senior Credit Agreement: 2019 Term Loan (matures January 2, 2026) 1,190 1,190 2021 Term Loan (matures December 1, 2028) 1,466 1,470 2026 Notes (matures July 15, 2026) 700 700 2027 Notes (matures May 15, 2027) 750 750 2030 Notes (matures October 15, 2030) 800 800 2031 Notes (matures November 15, 2031) 1,300 1,300 Total outstanding principal, including current portion 6,206 6,210 Unamortized deferred loan costs - 2019 Term Loan (13 ) (12 ) Unamortized deferred loan costs - 2021 Term Loan (4 ) (4 ) Unamortized deferred loan costs - 2024 Revolving Credit Facility (6 ) (2 ) Unamortized deferred loan costs - 2026 Notes (2 ) (3 ) Unamortized deferred loan costs - 2027 Notes (5 ) (6 ) Unamortized deferred loan costs - 2030 Notes (9 ) (10 ) Unamortized deferred loan costs - 2031 Notes (14 ) (14 ) Unamortized premium - 2026 Notes 1 1 Less current portion (15 ) (15 ) Long-term debt, less deferred financing costs $ 6,139 $ 6,145 Borrowing availability under Revolving Credit Facility $ 619 $ 494 Revolving Credit Facility February 16, 2024, second December 31, 2027 ( December 1, 2026 ( 2021 2019 1 March 31, 2024, 2021 2019 Interest Rate Cap February 23, 2023, two two March 31, 2024, December 31, 2025. 1 815. The interest rate caps, as amended, effectively limit the annual interest charged on our 2019 2021 1 4.97% 5.015%. December 31, 2025. $34 March 31, 2024, March 31, 2024 December 31, 2023, The ISDA Master Agreement, together with its related schedules, contain customary representations, warranties and covenants. The interest rate caps were not three March 31, 2024 2023, three March 31, 2024, three March 31, 2023, not not For all of our interest bearing obligations, we made interest payments of approximately $75 million and $78 million during the three March 31, 2024 2023, three March 31, 2024 2023, As of March 31, 2024, 2024 five Minimum Principal Maturities Year 2019 Senior Credit Agreement 2026 Notes 2027 Notes 2030 Notes 2031 Notes Total Remainder of 2024 $ 11 $ - $ - $ - $ - $ 11 2025 15 - - - - 15 2026 1,205 700 - - - 1,905 2027 15 - 750 - - 765 2028 1,410 - - - - 1,410 2029 - - - - - - Thereafter - - - 800 1,300 2,100 Total $ 2,656 $ 700 $ 750 $ 800 $ 1,300 $ 6,206 As of March 31, 2024, no 2019 2026 2027 2030 2031 March 31, 2024 December 31, 2023,

Note 4 - Fair Value Measurement

Note 4 - Fair Value Measurement	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Fair Value Disclosures [Text Block]	4. Fair Value Measurement We measure certain assets and liabilities at fair value, which are classified by the FASB Codification within the fair value hierarchy as level 1, 2, 3, ● Level 1: ● Level 2: not ● Level 3: one Fair value is defined as the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date. The use of different market assumptions or methodologies could have a material effect on the fair value measurement. The carrying amounts of accounts receivable, prepaid and other current assets, accounts payable, employee compensation and benefits, accrued interest, other accrued expenses, and deferred revenue approximate fair value at both March 31, 2024 December 31, 2023. At each of March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 third 2 The fair value of our interest rate caps are based on observable estimates provided by the counterparties and, as such, are classified within Level 2 March 31, 2024 December 31, 2023,

Note 5 - Stockholders' Equity

Note 5 - Stockholders' Equity	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Equity [Text Block]	5. Stockholders Equity We are authorized to issue 245 million shares in total of all classes of stock consisting of 25 million shares of Class A common stock, 200 million shares of common stock, and 20 million shares of “blank check” preferred stock for which our Board of Directors has the authority to determine the rights, powers, limitations and restrictions. The rights of our common stock and Class A common stock are identical, except that our Class A common stock has 10 votes per share and our common stock has one Our common stock and Class A common stock are entitled to receive cash dividends if declared, on an equal per-share basis. The Board of Directors declared a quarterly cash dividend of $0.08 per share on our common stock and Class A common stock to shareholders of record on each of March 15, 2024 2023, March 28, 2024 March 31, 2023. three March 31, 2024 2023, Under our various employee benefit plans, we may, March 31, 2024, December 31, 2023,

Note 6 - Retirement Plans

Note 6 - Retirement Plans	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Retirement Benefits [Text Block]	6. Retirement Plans The components of our net periodic pension benefit are included in miscellaneous income (expense) in our statement of operations. During the three March 31, 2024 2023, not not 2024, During the three March 31, 2024, 2023 401 2023 December 31, 2023. 2024,

Note 7 - Stock-based Compensati

Note 7 - Stock-based Compensation	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Share-Based Payment Arrangement [Text Block]	7. Stock-based Compensation We recognize compensation expense for stock-based payment awards made to our employees, consultants and directors. Our current stock-based compensation plan is the 2022 “2022 three March 31, 2024 2023, Three Months Ended March 31, 2024 2023 Stock-based compensation expense, gross $ 6 $ 2 Income tax benefit at our statutory rate associated with stock-based compensation (2 ) (1 ) Stock-based compensation expense, net $ 4 $ 1 All shares of common stock and Class A common stock underlying Restricted stock, restricted stock units and performance awards are counted as issued at target levels under the 2022 A summary of restricted common stock and Class A common stock activities for the three March 31, 2024 2023, Three Months Ended March 31, 2024 2023 Weighted- Weighted- Average Average Number Grant Date Number Grant Date of Fair Value of Fair Value Shares Per Share Shares Per Share Restricted common stock: Outstanding - beginning of period 1,467,936 $ 12.17 997,745 $ 20.62 Granted (1) 1,126,296 8.10 12,227 12.04 Vested (307,276 ) 13.78 (257,355 ) 20.21 Outstanding - end of period 2,286,956 $ 9.95 752,617 $ 20.62 Restricted Class A common stock: Outstanding - beginning of period 1,148,233 $ 12.37 677,238 $ 19.36 Granted (1) 823,393 8.25 25,022 13.30 Vested (318,733 ) 13.17 (203,986 ) 18.76 Outstanding - end of period 1,652,893 $ 10.16 498,274 $ 19.30 Restricted stock units - common stock: Outstanding - beginning of period 587,168 $ 11.50 274,145 $ 23.60 Granted 1,229,390 5.72 587,168 11.50 Vested (564,793 ) 11.50 (247,953 ) 23.64 Forfeited (22,375 ) 11.50 (26,192 ) 23.15 Outstanding - end of period 1,229,390 $ 5.72 587,168 $ 11.50 ( 1

Note 8 - Leases

Note 8 - Leases	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Leases, Lessee Disclosure [Text Block]	8. Leases As a Lessee. third not may As of March 31, 2024, third one not one Cash flow movements related to our lease activities for assets leased from third three March 31, 2024 2023. As of March 31, 2024, three March 31, 2024 2023 Three Months Ended March 31, 2024 2023 Lease expense Operating lease expense $ 4 $ 4 Short-term lease expense 1 1 Total lease expense $ 5 $ 5 The maturities of operating lease liabilities as of March 31, 2024, 2024 five Year ending December 31, Operating Leases Remainder of 2024 $ 11 2025 14 2026 12 2027 11 2028 8 Thereafter 45 Total lease payments 101 Less: Imputed interest (26 ) Present value of lease liabilities $ 75 As a Lessor. third We recognize revenue from fixed payments on a straight-line basis over the applicable term of the lease agreements, whose lives range between one March 31, 2024 December 31, 2023, Cash flow activities related to our lease activities for assets we lease to third The following table describes the nature of our lease revenue and classification of operating lease revenue recognized in the three March 31, 2024 2023 Three Months Ended March 31, 2024 2023 Operating lease revenue: Fixed lease revenue $ 5 $ - Variable lease revenue 4 4 Total operating lease revenue $ 9 $ 4 The following table presents our future minimum rental receipts for non-cancelable leases and subleases as of March 31, 2024 ( Year ending December 31, Remainder of 2024 $ 14 2025 19 2026 20 2027 20 2028 20 Thereafter 229 Total lease receipts $ 322

Note 9 - Commitments and Contin

Note 9 - Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	9. Commitments and Contingencies We are and expect to continue to be subject to legal actions, proceedings and claims that arise in the normal course of our business. In the opinion of management, the amount of ultimate liability, if any, with respect to these actions, proceedings and claims will not

Note 10 - Goodwill and Intangib

Note 10 - Goodwill and Intangible Assets	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Goodwill and Intangible Assets Disclosure [Text Block]	10. Goodwill and Intangible Assets As of March 31, 2024 December 31, 2023, As of March 31, 2024 As of December 31, 2023 Accumulated Accumulated Gross Amortization Net Gross Amortization Net Intangible assets not currently subject to amortization: Broadcast licenses $ 5,374 $ (54 ) $ 5,320 $ 5,374 $ (54 ) $ 5,320 Goodwill 2,643 - 2,643 2,643 - 2,643 $ 8,017 $ (54 ) $ 7,963 $ 8,017 $ (54 ) $ 7,963 Intangible assets subject to amortization: Network affiliation agreements $ 216 $ (134 ) $ 82 $ 216 $ (126 ) $ 90 Other finite-lived intangible assets 992 (690 ) 302 992 (667 ) 325 $ 1,208 $ (824 ) $ 384 $ 1,208 $ (793 ) $ 415 Total intangible assets $ 9,225 $ (878 ) $ 8,347 $ 9,225 $ (847 ) $ 8,378 Amortization expense for the three March 31, 2024 2023 2024 five 2025, 2026, 2027, 2028, 2029, may

Note 11 - Income Taxes

Note 11 - Income Taxes	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Income Tax Disclosure [Text Block]	11. Income Taxes For the three March 31, 2024 2023, Three Months Ended March 31, 2024 2023 Income tax expense (benefit) $ 31 $ (11 ) Effective income tax rate 26 % 26 % We estimate our differences between taxable income or loss and recorded income or loss on an annual basis. Our tax provision for each quarter is based upon these full year projections, which are revised each reporting period. These projections incorporate estimates of permanent differences between GAAP income or loss and taxable income or loss, state income taxes and adjustments to our liability for unrecognized tax benefits to adjust our statutory Federal income tax rate of 21% to our effective income tax rate. For the three March 31, 2024, 4%; 1%; three March 31, 2023, During the first 2024, 2024, March 31, 2024, not 382 On March 27, 2020, 19 2019 2020, 100% 2021. 2018, 2019, 2020 five 2020, second 2024.

Note 12 - Segment Information

Note 12 - Segment Information	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	12. Segment information The Company operates in two Production As of and for the three months ended March 31, 2024: Broadcast Companies Other Consolidated Revenue (less agency commissions) $ 799 $ 24 $ - $ 823 Operating expenses before depreciation, amortization and gain on disposal of assets, net 583 21 28 632 Depreciation and amortization 62 4 1 67 Operating expenses 645 25 29 699 Operating income (loss) $ 154 $ (1 ) $ (29 ) $ 124 Interest expense $ - $ - $ 115 $ 115 Capital expenditures (excluding business combinations) $ 19 $ 15 $ - $ 34 Goodwill $ 2,615 $ 28 $ - $ 2,643 Total Assets $ 9,850 $ 683 $ 202 $ 10,735 For the three months ended March 31, 2023: Revenue (less agency commissions) $ 779 $ 22 $ - $ 801 Operating expenses before depreciation, amortization and gain on disposal of assets, net 555 59 26 640 Depreciation and amortization 80 3 1 84 Loss on disposal of assets, net 9 1 - 10 Operating expenses 644 63 27 734 Operating income (loss) $ 135 $ (41 ) $ (27 ) $ 67 Interest expense $ - $ - $ 104 $ 104 Capital expenditures (excluding business combinations) $ 19 $ 91 $ - $ 110 As of December 31, 2023: Goodwill $ 2,615 $ 28 $ - $ 2,643 Total Assets $ 9,897 $ 658 $ 85 $ 10,640

Note 13 - Subsequent Event

Note 13 - Subsequent Event	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Subsequent Events [Text Block]	13. Subsequent event On May 6, 2024, December 31, 2025. not may

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Insider Trading Arr Line Items
Insider Trading Policies and Procedures Not Adopted [Text Block]	Item 5. None 10b5 1 10b5 1 408 March 31, 2024.
Rule 10b5-1 Arrangement Adopted [Flag]	false
Rule 10b5-1 Arrangement Terminated [Flag]	false
Non-Rule 10b5-1 Arrangement Terminated [Flag]	false
Non-Rule 10b5-1 Arrangement Adopted [Flag]	false

Significant Accounting Policies

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Investment, Policy [Policy Text Block]	Investments in Broadcasting, Production and Technology Companies. may Investments in non-public businesses that do not not not BMI Investment Proceeds February 8, 2024,
Use of Estimates, Policy [Policy Text Block]	Use of Estimates.
Earnings Per Share, Policy [Policy Text Block]	Earnings Per Share. not not The following table reconciles basic weighted-average common shares outstanding to diluted weighted-average common shares outstanding for the three March 31, 2024 2023, Three Months Ended March 31, 2024 2023 Weighted-average common shares outstanding-basic 94 92 Common stock equivalents for stock options and restricted stock 1 - Weighted-average common shares outstanding-diluted 95 92
Comprehensive Income, Policy [Policy Text Block]	Accumulated Other Comprehensive Loss. March 31, 2024 December 31, 2023, three March 31, 2024 2023 March 31, 2024 December 31, 2023 March 31, December 31, 2024 2023 Items included in accumulated other comprehensive loss: Adjustment to pension liability $ (7 ) $ (7 ) Adjustment to fair value of interest rate caps (23 ) (23 ) Income tax benefit (7 ) (7 ) Accumulated other comprehensive loss $ (23 ) $ (23 )
Property, Plant and Equipment, Policy [Policy Text Block]	Property and Equipment. Estimated March 31, December 31, Useful Lives 2024 2023 (in years) Property and equipment: Land $ 366 $ 368 Buildings and improvements 873 868 7 to 40 Equipment 1,087 1,082 3 to 20 Construction in progress 94 81 2,420 2,399 Accumulated depreciation (830 ) (798 ) Total property and equipment, net $ 1,590 $ 1,601 Maintenance, repairs and minor replacements are charged to operations as incurred; major replacements and betterments are capitalized. The cost of any assets divested, sold or retired and the related accumulated depreciation are removed from the accounts at the time of disposition, and any resulting gain or loss is reflected in income or expense for the period. We incurred costs to build public infrastructure within the Assembly Atlanta project. Pursuant to our Purchase and Sale Agreement with the Doraville Community Improvement District (the “CID”), we receive cash reimbursements for the transfer of specific infrastructure projects to the CID and for other construction costs previously incurred. During the first 2024 2023, Three Months Ended March 31, 2024 2023 Proceeds from asset sold $ 5 $ 6 Proceeds received in advance of asset sale - 9 Total proceeds received for asset transfer to CID 5 15 Proceeds for reimbursement of development costs - 11 Total proceeds received from CID $ 5 $ 26 The following tables provide additional information related to loss on disposal of assets, net included in our condensed consolidated statements of operations and purchases of property and equipment included in our condensed consolidated statements of cash flows (in millions): Three Months Ended March 31, 2024 2023 Loss on disposal of assets, net: Proceeds from disposal of assets $ (7 ) $ (8 ) Net book value of assets disposed 7 9 Discount - Securitization Facility - 9 Total $ - $ 10 Purchase of property and equipment: Recurring purchases - operations $ 19 $ 19 Assembly Atlanta development 15 91 Total $ 34 $ 110
Credit Loss, Financial Instrument [Policy Text Block]	Accounts Receivable and Allowance for Credit Losses. Our allowance for credit losses is an estimate of expected losses over the remaining contractual life of our receivables based on an ongoing analysis of collectability, historical collection experience, current economic and industry conditions and reasonable and supportable forecasts. The allowance is calculated using a historical loss rate applied to the current aging analysis. We may On February 23, 2023, three third $300 February 23, 2026, 860. Under the Securitization Facility, the SPV sells to the Purchasers certain receivables, including all rights, title, and interest in the related receivables (“Sold Receivables”). The parties intend that the conveyance of accounts receivables to the Purchasers, for the ratable benefit of the Purchasers will constitute a purchase and sale of receivables and not not The Securitization Facility is subject to interest charges, at the adjusted one SOFR three March 31, 2023, not not may The proceeds of the Securitization Facility are classified as operating activities in our Consolidated Statement of Cash Flows. Cash received from collections of Sold Receivables is used by the SPV to fund additional purchases of receivables on a revolving basis or to return all or any portion of outstanding capital of the Purchasers. Subsequent collections on the pledged receivables, which have not The amount sold to the Purchasers was $300 million at each of March 31, 2024 December 31, 2023, March 31, 2024 December 31, 2023, three March 31, 2024 2023, three March 31, 2023, three March 31, 2024 not The following table provides a roll-forward of the allowance for credit losses. The allowance is deducted from the amortized cost basis of accounts receivable in our condensed consolidated balance sheets (in millions): Three Months Ended March 31, 2024 2023 Beginning balance $ 17 $ 16 Provision for credit losses - 15 Amounts written off (1 ) - Ending balance $ 16 $ 31
New Accounting Pronouncements, Policy [Policy Text Block]	Recent Accounting Pronouncements. November 2023, 2023 07, Segment Reporting (Topic 280 December 15, 2023, December 15, 2024. not In December 2023, 2023 09, Income Taxes (Topic 740 December 15, 2024. not In addition to the accounting standards described above, certain amounts in the condensed consolidated balance sheets and condensed consolidated statements of cash flows have also been reclassified to conform to the current presentation.

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation (Tables)	3 Months Ended
	Mar. 31, 2024
Notes Tables
Schedule of Weighted Average Number of Shares [Table Text Block]	Three Months Ended March 31, 2024 2023 Weighted-average common shares outstanding-basic 94 92 Common stock equivalents for stock options and restricted stock 1 - Weighted-average common shares outstanding-diluted 95 92
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	March 31, December 31, 2024 2023 Items included in accumulated other comprehensive loss: Adjustment to pension liability $ (7 ) $ (7 ) Adjustment to fair value of interest rate caps (23 ) (23 ) Income tax benefit (7 ) (7 ) Accumulated other comprehensive loss $ (23 ) $ (23 )
Property, Plant and Equipment [Table Text Block]	Estimated March 31, December 31, Useful Lives 2024 2023 (in years) Property and equipment: Land $ 366 $ 368 Buildings and improvements 873 868 7 to 40 Equipment 1,087 1,082 3 to 20 Construction in progress 94 81 2,420 2,399 Accumulated depreciation (830 ) (798 ) Total property and equipment, net $ 1,590 $ 1,601
Proceeds Received for Project [Table Text Block]	Three Months Ended March 31, 2024 2023 Proceeds from asset sold $ 5 $ 6 Proceeds received in advance of asset sale - 9 Total proceeds received for asset transfer to CID 5 15 Proceeds for reimbursement of development costs - 11 Total proceeds received from CID $ 5 $ 26
Schedule of Disposal of Assets and Purchase of Property and Equipment [Table Text Block]	Three Months Ended March 31, 2024 2023 Loss on disposal of assets, net: Proceeds from disposal of assets $ (7 ) $ (8 ) Net book value of assets disposed 7 9 Discount - Securitization Facility - 9 Total $ - $ 10 Purchase of property and equipment: Recurring purchases - operations $ 19 $ 19 Assembly Atlanta development 15 91 Total $ 34 $ 110
Accounts Receivable, Allowance for Credit Loss [Table Text Block]	Three Months Ended March 31, 2024 2023 Beginning balance $ 17 $ 16 Provision for credit losses - 15 Amounts written off (1 ) - Ending balance $ 16 $ 31

Note 2 - Revenue (Tables)

Note 2 - Revenue (Tables)	3 Months Ended
	Mar. 31, 2024
Notes Tables
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block]	March 31, December 31, 2024 2023 Advertising deposit liabilities $ 12 $ 13 Other deposit liabilities 10 10 Total deferred revenue $ 22 $ 23
Disaggregation of Revenue [Table Text Block]	Three Months Ended March 31, 2024 2023 Market and service type: Broadcast advertising: Core advertising $ 372 $ 357 Political 27 8 Total advertising 399 365 Retransmission consent 381 395 Production companies 24 22 Other 19 19 Total revenue $ 823 $ 801 Sales Channel: Direct $ 556 $ 558 Advertising agency intermediary 267 243 Total revenue $ 823 $ 801

Note 3 - Long-term Debt (Tables

Note 3 - Long-term Debt (Tables)	3 Months Ended
	Mar. 31, 2024
Notes Tables
Schedule of Long-Term Debt Instruments [Table Text Block]	March 31, December 31, 2024 2023 Long-term debt: 2019 Senior Credit Agreement: 2019 Term Loan (matures January 2, 2026) 1,190 1,190 2021 Term Loan (matures December 1, 2028) 1,466 1,470 2026 Notes (matures July 15, 2026) 700 700 2027 Notes (matures May 15, 2027) 750 750 2030 Notes (matures October 15, 2030) 800 800 2031 Notes (matures November 15, 2031) 1,300 1,300 Total outstanding principal, including current portion 6,206 6,210 Unamortized deferred loan costs - 2019 Term Loan (13 ) (12 ) Unamortized deferred loan costs - 2021 Term Loan (4 ) (4 ) Unamortized deferred loan costs - 2024 Revolving Credit Facility (6 ) (2 ) Unamortized deferred loan costs - 2026 Notes (2 ) (3 ) Unamortized deferred loan costs - 2027 Notes (5 ) (6 ) Unamortized deferred loan costs - 2030 Notes (9 ) (10 ) Unamortized deferred loan costs - 2031 Notes (14 ) (14 ) Unamortized premium - 2026 Notes 1 1 Less current portion (15 ) (15 ) Long-term debt, less deferred financing costs $ 6,139 $ 6,145 Borrowing availability under Revolving Credit Facility $ 619 $ 494
Schedule of Maturities of Long-Term Debt [Table Text Block]	Minimum Principal Maturities Year 2019 Senior Credit Agreement 2026 Notes 2027 Notes 2030 Notes 2031 Notes Total Remainder of 2024 $ 11 $ - $ - $ - $ - $ 11 2025 15 - - - - 15 2026 1,205 700 - - - 1,905 2027 15 - 750 - - 765 2028 1,410 - - - - 1,410 2029 - - - - - - Thereafter - - - 800 1,300 2,100 Total $ 2,656 $ 700 $ 750 $ 800 $ 1,300 $ 6,206

Note 7 - Stock-based Compensa_2

Note 7 - Stock-based Compensation (Tables)	3 Months Ended
	Mar. 31, 2024
Notes Tables
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block]	Three Months Ended March 31, 2024 2023 Stock-based compensation expense, gross $ 6 $ 2 Income tax benefit at our statutory rate associated with stock-based compensation (2 ) (1 ) Stock-based compensation expense, net $ 4 $ 1
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block]	Three Months Ended March 31, 2024 2023 Weighted- Weighted- Average Average Number Grant Date Number Grant Date of Fair Value of Fair Value Shares Per Share Shares Per Share Restricted common stock: Outstanding - beginning of period 1,467,936 $ 12.17 997,745 $ 20.62 Granted (1) 1,126,296 8.10 12,227 12.04 Vested (307,276 ) 13.78 (257,355 ) 20.21 Outstanding - end of period 2,286,956 $ 9.95 752,617 $ 20.62 Restricted Class A common stock: Outstanding - beginning of period 1,148,233 $ 12.37 677,238 $ 19.36 Granted (1) 823,393 8.25 25,022 13.30 Vested (318,733 ) 13.17 (203,986 ) 18.76 Outstanding - end of period 1,652,893 $ 10.16 498,274 $ 19.30 Restricted stock units - common stock: Outstanding - beginning of period 587,168 $ 11.50 274,145 $ 23.60 Granted 1,229,390 5.72 587,168 11.50 Vested (564,793 ) 11.50 (247,953 ) 23.64 Forfeited (22,375 ) 11.50 (26,192 ) 23.15 Outstanding - end of period 1,229,390 $ 5.72 587,168 $ 11.50

Note 8 - Leases (Tables)

Note 8 - Leases (Tables)	3 Months Ended
	Mar. 31, 2024
Notes Tables
Lease, Cost [Table Text Block]	Three Months Ended March 31, 2024 2023 Lease expense Operating lease expense $ 4 $ 4 Short-term lease expense 1 1 Total lease expense $ 5 $ 5
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block]	Year ending December 31, Operating Leases Remainder of 2024 $ 11 2025 14 2026 12 2027 11 2028 8 Thereafter 45 Total lease payments 101 Less: Imputed interest (26 ) Present value of lease liabilities $ 75
Operating Lease, Lease Income [Table Text Block]	Three Months Ended March 31, 2024 2023 Operating lease revenue: Fixed lease revenue $ 5 $ - Variable lease revenue 4 4 Total operating lease revenue $ 9 $ 4
Lessor, Operating Lease, Payment to be Received, Maturity [Table Text Block]	Remainder of 2024 $ 14 2025 19 2026 20 2027 20 2028 20 Thereafter 229 Total lease receipts $ 322

Note 10 - Goodwill and Intang_2

Note 10 - Goodwill and Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2024
Notes Tables
Schedule of Intangible Assets and Goodwill [Table Text Block]	As of March 31, 2024 As of December 31, 2023 Accumulated Accumulated Gross Amortization Net Gross Amortization Net Intangible assets not currently subject to amortization: Broadcast licenses $ 5,374 $ (54 ) $ 5,320 $ 5,374 $ (54 ) $ 5,320 Goodwill 2,643 - 2,643 2,643 - 2,643 $ 8,017 $ (54 ) $ 7,963 $ 8,017 $ (54 ) $ 7,963 Intangible assets subject to amortization: Network affiliation agreements $ 216 $ (134 ) $ 82 $ 216 $ (126 ) $ 90 Other finite-lived intangible assets 992 (690 ) 302 992 (667 ) 325 $ 1,208 $ (824 ) $ 384 $ 1,208 $ (793 ) $ 415 Total intangible assets $ 9,225 $ (878 ) $ 8,347 $ 9,225 $ (847 ) $ 8,378

Note 11 - Income Taxes (Tables)

Note 11 - Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2024
Notes Tables
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]	Three Months Ended March 31, 2024 2023 Income tax expense (benefit) $ 31 $ (11 ) Effective income tax rate 26 % 26 %

Note 12 - Segment Information (

Note 12 - Segment Information (Tables)	3 Months Ended
	Mar. 31, 2024
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Production As of and for the three months ended March 31, 2024: Broadcast Companies Other Consolidated Revenue (less agency commissions) $ 799 $ 24 $ - $ 823 Operating expenses before depreciation, amortization and gain on disposal of assets, net 583 21 28 632 Depreciation and amortization 62 4 1 67 Operating expenses 645 25 29 699 Operating income (loss) $ 154 $ (1 ) $ (29 ) $ 124 Interest expense $ - $ - $ 115 $ 115 Capital expenditures (excluding business combinations) $ 19 $ 15 $ - $ 34 Goodwill $ 2,615 $ 28 $ - $ 2,643 Total Assets $ 9,850 $ 683 $ 202 $ 10,735 For the three months ended March 31, 2023: Revenue (less agency commissions) $ 779 $ 22 $ - $ 801 Operating expenses before depreciation, amortization and gain on disposal of assets, net 555 59 26 640 Depreciation and amortization 80 3 1 84 Loss on disposal of assets, net 9 1 - 10 Operating expenses 644 63 27 734 Operating income (loss) $ 135 $ (41 ) $ (27 ) $ 67 Interest expense $ - $ - $ 104 $ 104 Capital expenditures (excluding business combinations) $ 19 $ 91 $ - $ 110 As of December 31, 2023: Goodwill $ 2,615 $ 28 $ - $ 2,643 Total Assets $ 9,897 $ 658 $ 85 $ 10,640

Note 1 - Basis of Presentatio_2

Note 1 - Basis of Presentation (Details Textual) $ in Millions		3 Months Ended		12 Months Ended
	Feb. 08, 2024 USD ($)	Mar. 31, 2024 USD ($) Rate	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)	Feb. 23, 2023 USD ($)
Number of Operating Segments		2
Number of Television Markets		114
Percent of US Television Households Reached (Rate) | Rate		36%
Number of Television Markets with Top-Rated Stations		79
Number of Television Markets with First and/or Second Rated Stations		102
Proceeds from Sale of Long-Term Investments		$ 110	$ 0
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]		Secured Overnight Financing Rate (SOFR) [Member]
Wells Fargo Bank, N.A. [Member]
Accounts Receivable Securitization Program Maximum Capacity					$ 300
Debt Instrument, Basis Spread on Variable Rate		1%
Proceeds from Accounts Receivable Securitization		$ 300		$ 300
Accounts Receivable Securitization, Unsold Receivables		307		$ 296
Accounts Receivable Securitization, Total Receivables		607	597
Accounts Receivable Securitization, Charge for Discount			9
Sale Agreement with the Doraville Community Improvement District [Member]
Total Proceeds From Project		$ 5	$ 26
Broadcast Music Inc. [Member]
Proceeds from Sale of Long-Term Investments	$ 110

Note 1 - Basis of Presentatio_3

Note 1 - Basis of Presentation - Reconciliation of Basic to Diluted Weighted-average Shares Outstanding (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Weighted-average common shares outstanding-basic (in shares)	94	92
Common stock equivalents for stock options and restricted stock (in shares)	1	0
Weighted-average common shares outstanding-diluted (in shares)	95	92

Note 1 - Basis of Presentatio_4

Note 1 - Basis of Presentation - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Items included in accumulated other comprehensive loss:
Adjustment to pension liability	$ (7)	$ (7)
Adjustment to fair value of interest rate caps	(23)	(23)
Income tax benefit	(7)	(7)
Accumulated other comprehensive loss	$ (23)	$ (23)

Note 1 - Basis of Presentatio_5

Note 1 - Basis of Presentation - Property and Equipment (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Property and equipment, gross	$ 2,420	$ 2,399
Accumulated depreciation	(830)	(798)
Total property and equipment, net	1,590	1,601
Land [Member]
Property and equipment, gross	366	368
Building and Building Improvements [Member]
Property and equipment, gross	$ 873	868
Building and Building Improvements [Member] | Minimum [Member]
Estimated Useful Lives (Year)	7 years
Building and Building Improvements [Member] | Maximum [Member]
Estimated Useful Lives (Year)	40 years
Equipment [Member]
Property and equipment, gross	$ 1,087	1,082
Equipment [Member] | Minimum [Member]
Estimated Useful Lives (Year)	3 years
Equipment [Member] | Maximum [Member]
Estimated Useful Lives (Year)	20 years
Construction in Progress [Member]
Property and equipment, gross	$ 94	$ 81

Note 1 - Basis of Presentatio_6

Note 1 - Basis of Presentation - Proceeds Received for Project (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Proceeds from asset sold	$ 7	$ 8
Sale Agreement with the Doraville Community Improvement District [Member]
Proceeds from asset sold	5	6
Proceeds received in advance of asset sale	0	9
Total proceeds received for asset transfer to CID	5	15
Proceeds for reimbursement of development costs	0	11
Total proceeds received from CID	$ 5	$ 26

Note 1 - Basis of Presentatio_7

Note 1 - Basis of Presentation - Disposal of Assets and Purchase of Property and Equipment (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Proceeds from disposal of assets	$ (7)	$ (8)
Net book value of assets disposed	7	9
Discount - Securitization Facility	0	9
Total	0	10
Recurring purchases - operations	19	19
Assembly Atlanta development	15	91
Total	$ 34	$ 110

Note 1 - Basis of Presentatio_8

Note 1 - Basis of Presentation - Allowance for Credit Losses (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Beginning balance	$ 17	$ 16
Provision for credit losses	0	15
Amounts written off	(1)	0
Ending balance	$ 16	$ 31

Note 2 - Revenue (Details Textu

Note 2 - Revenue (Details Textual) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Contract with Customer, Liability, Revenue Recognized	$ 13
Deferred Revenue [Member]
Deposit Liability, Current		$ 13

Note 2 - Revenue - Deferred Rev

Note 2 - Revenue - Deferred Revenue (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Deferred revenue	$ 22	$ 23
Advertising Deposit Liabilities [Member]
Deferred revenue	12	13
Other Deposit Liabilities [Member]
Deferred revenue	$ 10	$ 10

Note 2 - Revenue - Disaggregati

Note 2 - Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenue	$ 823	$ 801
Sales Channel, Directly to Consumer [Member]
Revenue	556	558
Sales Channel, Through Intermediary [Member]
Revenue	267	243
Core Advertising [Member]
Revenue	372	357
Political Advertising [Member]
Revenue	27	8
Advertising [Member]
Revenue	399	365
Retransmission Consent [Member]
Revenue	381	395
Production Companies [Member]
Revenue	24	22
Service, Other [Member]
Revenue	$ 19	$ 19

Note 3 - Long-term Debt (Detail

Note 3 - Long-term Debt (Details Textual) - USD ($) $ in Thousands		3 Months Ended
	Feb. 16, 2024	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2025	Dec. 31, 2023
Interest Costs Capitalized		$ 1,000	$ 6,000
Interest Paid, Excluding Capitalized Interest, Operating Activities		75,000	78,000
Interest Rate Cap [Member]
Derivative, Notional Amount		2,600,000
Derivative Asset		21,000
Derivative Liabilities, Net of Tax		23,000			$ 23,000
Amortization		3,000	1,000
Interest Costs Capitalized		$ 2,000	$ 0
Interest Rate Cap [Member] | Minimum [Member]
Derivative, Variable Interest Rate			4.97%
Interest Rate Cap [Member] | Maximum [Member]
Derivative, Variable Interest Rate			5.015%
Interest Rate Cap [Member] | Forecast [Member]
Derivative Fees Payable				$ 34,000
Senior Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity					$ 500,000
Second Amendment to the Senior Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 625,000
Line of Credit Facility, Increase (Decrease), Net	125,000
Second Amendment Extending Maturity Date to December 31, 2027 [Member]
Long-Term Line of Credit	552,500
Second Amendment Extending Maturity Date to December 1, 2026 [Member]
Long-Term Line of Credit	$ 72,500
2026 Notes [Member]
Debt Instrument, Interest Rate, Stated Percentage		5.875%			5.875%
2027 Notes [Member]
Debt Instrument, Interest Rate, Stated Percentage		7%			7%
2030 Notes [Member]
Debt Instrument, Interest Rate, Stated Percentage		4.75%			4.75%
Notes 2031 [Member]
Debt Instrument, Interest Rate, Stated Percentage		5.375%			5.375%
The 2021 Senior Credit Facility [Member] | The 2021 Term Loan [Member]
Debt Instrument, Interest Rate, Effective Percentage		8.40%
The 2019 Senior Credit Facility [Member] | The 2019 Term Loan [Member]
Debt Instrument, Interest Rate, Effective Percentage		7.90%

Note 3 - Long-term Debt - Long-

Note 3 - Long-term Debt - Long-term Debt Summary (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Long-term debt, gross	$ 6,206	$ 6,210
Less current portion	(15)	(15)
Long-term debt, less deferred financing costs	6,139	6,145
Borrowing availability under Revolving Credit Facility	619	494
The 2017 Term Loan [Member]
Long-term debt, gross	1,190	1,190
Unamortized deferred loan costs	(13)	(12)
The 2019 Term Loan [Member]
Long-term debt, gross	1,466	1,470
Unamortized deferred loan costs	(4)	(4)
2026 Notes [Member]
Long-term debt, gross	700	700
Unamortized deferred loan costs	(2)	(3)
Unamortized premium	1	1
2027 Notes [Member]
Long-term debt, gross	750	750
Unamortized deferred loan costs	(5)	(6)
2030 Notes [Member]
Long-term debt, gross	800	800
Unamortized deferred loan costs	(9)	(10)
Notes 2031 [Member]
Long-term debt, gross	1,300	1,300
Unamortized deferred loan costs	(14)	(14)
The 2024 Revolving Credit Facility [Member]
Unamortized deferred loan costs	$ (6)	$ (2)

Note 3 - Long-term Debt - Aggre

Note 3 - Long-term Debt - Aggregate Minimum Principal Maturities on Long-term Debt (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Remainder of 2024	$ 11
2025	15
2026	1,905
2027	765
2028	1,410
2029	0
Thereafter	2,100
Total Debt	6,206	$ 6,210
The 2019 Senior Credit Facility [Member]
Remainder of 2024	11
2025	15
2026	1,205
2027	15
2028	1,410
2029	0
Thereafter	0
Total Debt	2,656
2026 Notes [Member]
Remainder of 2024	0
2025	0
2026	700
2027	0
2028	0
2029	0
Thereafter	0
Total Debt	700	700
2027 Notes [Member]
Remainder of 2024	0
2025	0
2026	0
2027	750
2028	0
2029	0
Thereafter	0
Total Debt	750	750
2030 Notes [Member]
Remainder of 2024	0
2025	0
2026	0
2027	0
2028	0
2029	0
Thereafter	800
Total Debt	800	800
Notes 2031 [Member]
Remainder of 2024	0
2025	0
2026	0
2027	0
2028	0
2029	0
Thereafter	1,300
Total Debt	$ 1,300	$ 1,300

Note 4 - Fair Value Measureme_2

Note 4 - Fair Value Measurement (Details Textual) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Long-Term Debt	$ 6,200	$ 6,200
Long-Term Debt, Fair Value	5,300	5,600
Interest Rate Swap [Member]
Derivative Liability	$ 23	$ 23

Note 5 - Stockholders' Equity (

Note 5 - Stockholders' Equity (Details Textual) $ / shares in Units, $ in Millions			3 Months Ended
	Mar. 15, 2024 $ / shares	Mar. 15, 2023 $ / shares	Mar. 31, 2024 USD ($) $ / shares shares	Mar. 31, 2023 USD ($) $ / shares	Dec. 31, 2023 shares
Capital Units, Authorized (in shares)			245,000,000
Common Stock, Shares Authorized (in shares)			200,000,000
Preferred Stock, Shares Authorized (in shares)			20,000,000
Common Stock, Voting Rights, Votes Per Share			1
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ / shares	$ 0.08	$ 0.08	$ 0.08	$ 0.08
Dividends, Common Stock | $			$ 8	$ 7
Common Stock, Capital Shares Reserved for Future Issuance (in shares)			4,000,000		5,000,000
Class A Common Stock (No Par Value) [Member]
Common Stock, Shares Authorized (in shares)			25,000,000		25,000,000
Common Stock, Voting Rights, Votes Per Share			10
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ / shares	$ 0.08	$ 0.08
Common Stock, Capital Shares Reserved for Future Issuance (in shares)			1,000,000		2,000,000

Note 6 - Retirement Plans (Deta

Note 6 - Retirement Plans (Details Textual) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Defined Contribution Plan, Expected Contributions, Remainder of Fiscal Year	$ 28
Profit Sharing Contribution [Member]
Defined Contribution Plan, Employer Discretionary Contribution Amount	8	$ 9
Pension Plan [Member] | Gray Pension Plan [Member]
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year	$ 4

Note 7 - Stock-based Compensa_3

Note 7 - Stock-based Compensation - Stock-based Compensation Expense and Related Income Tax Benefit (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Stock-based compensation expense, gross	$ 6	$ 2
Income tax benefit at our statutory rate associated with stock-based compensation	(2)	(1)
Stock-based compensation expense, net	$ 4	$ 1

Note 7 - Stock-based Compensa_4

Note 7 - Stock-based Compensation - Summary of Restricted Common Stock Activity (Details) - $ / shares		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023
Restricted Stock [Member]
Outstanding, Shares (in shares)		1,467,936	997,745
Outstanding, Weighted average grant date fair value (in dollars per share)		$ 12.17	$ 20.62
Granted, Shares (in shares)	[1]	1,126,296	12,227
Granted, Weighted average grant date fair value (in dollars per share)	[1]	$ 8.1	$ 12.04
Vested, Shares (in shares)		(307,276)	(257,355)
Vested, Weighted average grant date fair value (in dollars per share)		$ 13.78	$ 20.21
Outstanding, Shares (in shares)		2,286,956	752,617
Outstanding, Weighted average grant date fair value (in dollars per share)		$ 9.95	$ 20.62
Restricted Stock [Member] | Common Class A [Member]
Outstanding, Shares (in shares)		1,148,233	677,238
Outstanding, Weighted average grant date fair value (in dollars per share)		$ 12.37	$ 19.36
Granted, Shares (in shares)	[1]	823,393	25,022
Granted, Weighted average grant date fair value (in dollars per share)	[1]	$ 8.25	$ 13.3
Vested, Shares (in shares)		(318,733)	(203,986)
Vested, Weighted average grant date fair value (in dollars per share)		$ 13.17	$ 18.76
Outstanding, Shares (in shares)		1,652,893	498,274
Outstanding, Weighted average grant date fair value (in dollars per share)		$ 10.16	$ 19.3
Restricted Stock Units (RSUs) [Member]
Outstanding, Shares (in shares)		587,168	274,145
Outstanding, Weighted average grant date fair value (in dollars per share)		$ 11.5	$ 23.6
Granted, Shares (in shares)		1,229,390	587,168
Granted, Weighted average grant date fair value (in dollars per share)		$ 5.72	$ 11.5
Vested, Shares (in shares)		(564,793)	(247,953)
Vested, Weighted average grant date fair value (in dollars per share)		$ 11.5	$ 23.64
Forfeited, Shares (in shares)		(22,375)	(26,192)
Forfeited, Weighted average grant date fair value (in dollars per share)		$ 11.5	$ 23.15
Outstanding, Shares (in shares)		1,229,390	587,168
Outstanding, Weighted average grant date fair value (in dollars per share)		$ 5.72	$ 11.5
[1]For awards subject to future performance conditions, amounts assume target performance.

Note 8 - Leases (Details Textua

Note 8 - Leases (Details Textual) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Operating Lease, Weighted Average Remaining Lease Term (Year)	9 years
Operating Lease, Weighted Average Discount Rate, Percent	6.56%
Deferred Lease Revenue [Member]
Deferred Rent Receivables, Net	$ 7	$ 6
Minimum [Member]
Lessee, Operating Lease, Remaining Lease Term (Year)	1 year
Lessor, Operating Lease, Term of Contract (Year)	1 year
Maximum [Member]
Lessee, Operating Lease, Remaining Lease Term (Year)	99 years
Lessor, Operating Lease, Term of Contract (Year)	15 years

Note 8 - Leases - Lease Expense

Note 8 - Leases - Lease Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating lease expense	$ 4	$ 4
Short-term lease expense	1	1
Total lease expense	$ 5	$ 5

Note 8 - Leases - Maturities of

Note 8 - Leases - Maturities of Operating Lease Liabilities (Details) $ in Millions	Mar. 31, 2024 USD ($)
Remainder of 2024	$ 11
2025	14
2026	12
2027	11
2028	8
Thereafter	45
Total lease payments	101
Less: Imputed interest	(26)
Present value of lease liabilities	$ 75

Note 8 - Leases - Operating Lea

Note 8 - Leases - Operating Lease Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Fixed lease revenue	$ 5	$ 0
Variable lease revenue	4	4
Total operating lease revenue	$ 9	$ 4

Note 8 - Leases - Future Minimu

Note 8 - Leases - Future Minimum Rental Receipts (Details) $ in Millions	Mar. 31, 2024 USD ($)
Remainder of 2024	$ 14
2025	19
2026	20
2027	20
2028	20
Thereafter	229
Total lease receipts	$ 322

Note 10 - Goodwill and Intang_3

Note 10 - Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Amortization of Intangible Assets	$ 31	$ 49
Finite-Lived Intangible Asset, Expected Amortization, Remainder of Fiscal Year	93
Finite-Lived Intangible Asset, Expected Amortization, Year One	113
Finite-Lived Intangible Asset, Expected Amortization, Year Two	83
Finite-Lived Intangible Asset, Expected Amortization, Year Three	47
Finite-Lived Intangible Asset, Expected Amortization, Year Four	13
Finite-Lived Intangible Asset, Expected Amortization, Year Five	$ 3

Note 10 - Goodwill and Intang_4

Note 10 - Goodwill and Intangible Assets - Intangible Assets and Related Accumulated Amortization (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Goodwill	$ 2,643	$ 2,643
Other intangible assets, net	384	415
Total intangible assets, gross	9,225	9,225
Total intangible assets, accumulated amortization	(878)	(847)
Total intangible assets, net	8,347	8,378
Network Affiliate [Member]
Finite-Lived Intangible Assets, Gross	216	216
Finite-Lived Intangible Assets, Accumulated Amortization	(134)	(126)
Other intangible assets, net	82	90
Other Intangible Assets [Member]
Finite-Lived Intangible Assets, Gross	992	992
Finite-Lived Intangible Assets, Accumulated Amortization	(690)	(667)
Other intangible assets, net	302	325
Intangible Assets Subject to Amortization [Member]
Finite-Lived Intangible Assets, Gross	1,208	1,208
Finite-Lived Intangible Assets, Accumulated Amortization	(824)	(793)
Other intangible assets, net	384	415
Broadcast Licenses [Member]
Indefinite-lived Intangible Assets (Excluding Goodwill), Gross	5,374	5,374
Indefinite-Lived Intangible Assets (Excluding Goodwill), Accumulated Amortization	(54)	(54)
Indefinite-Lived Intangible Assets (Excluding Goodwill)	5,320	5,320
Goodwill Not Amortizable [Member]
Goodwill, Gross	2,643	2,643
Goodwill, Accumulated Amortization	0	0
Goodwill	2,643	2,643
Intangible Assets Not Subject to Amortization [Member]
Goodwill and Indefinite-Lived Intangible Assets, Gross	8,017	8,017
Goodwill and Indefinite-lived Intangible Assets, Accumulated Amortization	(54)	(54)
Goodwill and Indefinite-Lived Assets, Net	$ 7,963	$ 7,963

Note 11 - Income Taxes (Details

Note 11 - Income Taxes (Details Textual) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2024
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent		21%
Effective Income Tax Rate Reconciliation, Percent		26%	26%
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent		4%	5%
Effective Income Tax Rate Reconciliation, Deduction, Percent		1%
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Share-Based Payment Arrangement, Percent		2%
Effective Income Tax Rate Reconciliation, Change in Uncertain Tax Positions, Percent		(2.00%)
Income Taxes Paid, Net		$ 0
State and Local Jurisdiction [Member]
Operating Loss Carryforwards		282,000
Operating Loss Carryforwards That Will Not Be Realized		$ 201,000
Forecast [Member]
Proceeds from Income Tax Refunds	$ 23,000
Forecast [Member] | Minimum [Member]
Income Taxes Paid, Net				$ 195,000
Forecast [Member] | Maximum [Member]
Income Taxes Paid, Net				$ 215,000

Note 11 - Income Taxes - Federa

Note 11 - Income Taxes - Federal and State Income Tax Expense (Benefit) Summary (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income tax expense (benefit)	$ 31	$ (11)
Effective income tax rate	26%	26%

Note 12 - Segment Information_2

Note 12 - Segment Information (Details Textual)	3 Months Ended
	Mar. 31, 2024
Number of Operating Segments	2

Note 12 - Segment Information -

Note 12 - Segment Information - Segment Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Revenue (less agency commissions)	$ 823	$ 801
Operating expenses before depreciation, amortization and gain on disposal of assets, net	632	640
Depreciation and amortization	67	84
Operating expenses	699	734
Operating income (loss)	124	67
Interest expense	115	104
Capital expenditures (excluding business combinations)	34	110
Goodwill	2,643		$ 2,643
Total Assets	10,735		10,640
Loss on disposal of assets, net	0	10
Broadcasting, Segment [Member]
Revenue (less agency commissions)	799	779
Production Companies, Segment [Member]
Revenue (less agency commissions)	24	22
Operating Segments [Member] | Broadcasting, Segment [Member]
Revenue (less agency commissions)	799	779
Operating expenses before depreciation, amortization and gain on disposal of assets, net	583	555
Depreciation and amortization	62	80
Operating expenses	645	644
Operating income (loss)	154	135
Interest expense	0	0
Capital expenditures (excluding business combinations)	19	19
Goodwill	2,615		2,615
Total Assets	9,850		9,897
Loss on disposal of assets, net		9
Operating Segments [Member] | Production Companies, Segment [Member]
Revenue (less agency commissions)	24	22
Operating expenses before depreciation, amortization and gain on disposal of assets, net	21	59
Depreciation and amortization	4	3
Operating expenses	25	63
Operating income (loss)	(1)	(41)
Interest expense	0	0
Capital expenditures (excluding business combinations)	15	91
Goodwill	28		28
Total Assets	683		658
Loss on disposal of assets, net		1
Segment Reporting, Reconciling Item, Excluding Corporate Nonsegment [Member]
Revenue (less agency commissions)	0	0
Operating expenses before depreciation, amortization and gain on disposal of assets, net	28	26
Depreciation and amortization	1	1
Operating expenses	29	27
Operating income (loss)	(29)	(27)
Interest expense	115	104
Capital expenditures (excluding business combinations)	0	0
Goodwill	0		0
Total Assets	$ 202		$ 85
Loss on disposal of assets, net		$ 0

Note 13 - Subsequent Event (Det

Note 13 - Subsequent Event (Details Textual) $ in Millions	May 06, 2024 USD ($)
Subsequent Event [Member]
Available Liquidity, Maximum Authorized Amount to Repurchase Debt	$ 250