Acquisitions (Tables)

12 Months Ended

Dec. 31, 2019

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