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Acquisitions (Tables) | 12 Months Ended
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Dec. 31, 2019
Business Combinations [Abstract] |
Schedule of Television Stations Acquired | The television stations acquired during 2019 are listed in the table below, and a summary of each acquisition follows:
Market | Station | Affiliation | Seller
Indianapolis, IN | WTHR | NBC | Dispatch Broadcast Group
Columbus, OH | WBNS | CBS | Dispatch Broadcast Group
Hartford-New Haven, CT | WTIC/WCCT | FOX/CW | Nexstar Media Group
Harrisburg-Lancaster-Lebanon-York, PA | WPMT | FOX | Nexstar Media Group
Memphis, TN | WATN/WLMT | ABC/CW | Nexstar Media Group
Wilkes Barre-Scranton, PA | WNEP | ABC | Nexstar Media Group
Des Moines-Ames, IA | WOI/KCWI | ABC/CW | Nexstar Media Group
Huntsville-Decatur-Florence, AL | WZDX | FOX | Nexstar Media Group
Davenport, IA and Rock Island-Moline, IL | WQAD | ABC | Nexstar Media Group
Ft. Smith-Fayetteville-Springdale-Rogers, AR | KFSM | CBS | Nexstar Media Group
Toledo, OH | WTOL | CBS | Gray Television
Midland-Odessa, TX | KWES | NBC | Gray Television
Summary of Estimated Preliminary Fair Values of Assets Acquired and Liabilities Assumed | The following table summarizes the fair values of the assets acquired and liabilities assumed in connection with the Recent Acquisitions (in thousands):
|  | Nexstar Stations |  | Dispatch Stations |  | Justice & Quest |  | Gray Stations |  | Total
Cash |  | $ | — |  |  | $ | 2,363 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,363 |
Accounts receivable |  | 34,680 |  |  | 26,568 |  |  | 8,501 |  |  | 5,553 |  |  | 75,302 |
Prepaid expenses and other current assets |  | 3,926 |  |  | 6,092 |  |  | 6,987 |  |  | 987 |  |  | 17,992 |
Property and equipment |  | 40,821 |  |  | 40,418 |  |  | 361 |  |  | 11,757 |  |  | 93,357 |
Goodwill |  | 115,225 |  |  | 197,829 |  |  | 23,558 |  |  | 18,756 |  |  | 355,368 |
FCC licenses |  | 374,269 |  |  | 295,983 |  |  | — |  |  | 47,061 |  |  | 717,313 |
Network affiliation agreements |  | 123,919 |  |  | 60,767 |  |  | — |  |  | 14,420 |  |  | 199,106 |
Retransmission agreements |  | 83,413 |  |  | 38,569 |  |  | — |  |  | 12,957 |  |  | 134,939 |
Other intangible assets |  | — |  |  | — |  |  | 52,553 |  |  | — |  |  | 52,553 |
Right-of-use assets for operating leases |  | 22,715 |  |  | 362 |  |  | — |  |  | 251 |  |  | 23,328 |
Other noncurrent assets |  | 237 |  |  | — |  |  | 5,253 |  |  | 18 |  |  | 5,508 |
Total assets acquired |  | $ | 799,205 |  |  | $ | 668,951 |  |  | $ | 97,213 |  |  | $ | 111,760 |  |  | $ | 1,677,129 |
Accounts payable |  | 2,037 |  |  | 954 |  |  | 725 |  |  | 1 |  |  | 3,717 |
Accrued liabilities |  | 7,294 |  |  | 9,011 |  |  | 4,236 |  |  | 1,604 |  |  | 22,145 |
Deferred income tax liability |  | — |  |  | 98,287 |  |  | (471 | ) |  | — |  |  | 97,816 |
Operating lease liabilities - noncurrent |  | 20,346 |  |  | 226 |  |  | — |  |  | 235 |  |  | 20,807 |
Other noncurrent liabilities |  | 426 |  |  | — |  |  | 2,677 |  |  | — |  |  | 3,103 |
Total liabilities assumed |  | $ | 30,103 |  |  | $ | 108,478 |  |  | $ | 7,167 |  |  | $ | 1,840 |  |  | $ | 147,588 |
Net assets acquired |  | $ | 769,102 |  |  | $ | 560,473 |  |  | $ | 90,046 |  |  | $ | 109,920 |  |  | $ | 1,529,541 |
Less: cash acquired |  | $ | — |  |  | $ | (2,363 | ) |  | $ | — |  |  | $ | — |  |  | $ | (2,363 | )
Less: fair value of existing ownership |  | — |  |  | — |  |  | (12,995 | ) |  | — |  |  | (12,995 | )
Cash paid for acquisitions |  | $ | 769,102 |  |  | $ | 558,110 |  |  | $ | 77,051 |  |  | $ | 109,920 |  |  | $ | 1,514,183 |
Schedule of Unaudited Pro Forma Financial Information | The following table sets forth certain pro forma financial information for 2019 and 2018 giving effect to the Recent Acquisitions as if they were all completed on January 1, 2018 (in thousands):
| Year ended Dec. 31,
| 2019 |  | 2018
Revenue | $ | 2,535,328 |  |  | $ | 2,634,651 |
Net income | $ | 283,293 |  |  | $ | 398,543 |
Our Consolidated Statement of Income for 2019 includes the results of the Recent Acquisitions since their respective acquisition dates as shown in the table below (in thousands):
| Year ended
| Dec. 31, 2019
Revenue | $ | 184,977 |
Operating Income | $ | 39,149 |

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