Note 11. Discontinued Operations
On March 27, 2011, the FLO TV business and network were shut down. On December 27, 2011, the Company completed the sale of substantially all of its 700 MHz spectrum for $1.9 billion, and as a result, the Company recognized a gain in discontinued operations of $1.2 billion during fiscal 2012. Accordingly, the results of operations of the FLO TV business were presented as discontinued operations. Income (loss) from discontinued operations included share-based compensation and excluded certain general corporate expenses allocated to the FLO TV business during the periods presented. The results of the discontinued FLO TV operations were as follows (in millions):
|
| | | | | | | |
| 2012 | | 2011 |
Revenues | $ | — |
| | $ | 5 |
|
Income (loss) from discontinued operations | $ | 1,203 |
| | $ | (507 | ) |
Income tax (expense) benefit | (427 | ) | | 194 |
|
Discontinued operations, net of income taxes | $ | 776 |
| | $ | (313 | ) |
