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Note 2 - Acquisitions | 3 Months Ended
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Mar. 31, 2017
Notes to Financial Statements |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | 2 . Acquisitions On January 13, 2017, we acquired KTVF-TV (NBC), KXDF-TV (CBS), and KFXF-TV (FOX) in the Fairbanks, Alaska television market, from Tanana Valley Television Company and Tanana Valley Holdings, LLC for $8.0 million (the “Fairbanks Acquisition”), using cash on hand. As described above, on January 17, 2017, we completed the Media General Acquisition, for an adjusted purchase price of $269.9 million using cash on hand. We refer to the acquisitions completed through March 31, 2017, collectively, as the “2017 Acquisitions.” The preliminary fair value estimates of the assets acquired, liabilities assumed and resulting goodwill of the 2017 Acquisitions are summarized as follows (in thousands):
|  | Acquisition |  |  |  |  |
|  | Fairbanks |  |  | Media General |  |  | Total |
Current assets |  | $ | 122 |  |  | $ | 666 |  |  | $ | 788 |
Property and equipment |  |  | 2,650 |  |  |  | 20,471 |  |  |  | 23,121 |
Goodwill |  |  | 471 |  |  |  | 85,919 |  |  |  | 86,390 |
Broadcast licenses |  |  | 2,228 |  |  |  | 149,846 |  |  |  | 152,074 |
Other intangible assets |  |  | 2,702 |  |  |  | 13,398 |  |  |  | 16,100 |
Other non-current assets |  |  | 71 |  |  |  | 282 |  |  |  | 353 |
Current liabilities |  |  | (140 | ) |  |  | (695 | ) |  |  | (835 | )
Other long-term liabilities |  |  | (84 | ) |  |  | - |  |  |  | (84 | )
Total |  | $ | 8,020 |  |  | $ | 269,887 |  |  | $ | 277,907 |
Amounts in the table above are based upon management’s preliminary estimates of the fair values using valuation techniques including income, cost and market approaches. The fair value estimates are based on, but not limited to, expected future revenue and cash flows, expected future growth rates, and estimated discount rates. Property and equipment are being depreciated over their estimated useful lives ranging from three years to 40 years. Other intangible assets represent primarily the estimated fair values of retransmission agreements of $13.8 million and favorable income leases of $1.5 million. These intangible assets are being amortized over their estimated useful lives of 5.0 years for retransmission agreements and 13.4 years for favorable income leases. Goodwill is calculated as the excess of the consideration transferred over the fair value of the identifiable net assets acquired and liabilities assumed, and represents the future economic benefits expected to arise from other intangible assets acquired that do not qualify for separate recognition, including assembled workforce, as well as future synergies that we expect to generate from each acquisition. We have preliminarily recorded $86.4 million of goodwill related to 2017 Acquisitions. The use of different estimates or assumptions could result in materially different allocations. The goodwill recognized related to these acquisitions is deductible for income tax purposes. Our consolidated results of operations for the three -months ended March 31, 2017 include the results of the 2017 Acquisitions from the date of each transaction. Revenue and operating income attributable thereto and included in our consolidated statements of operations were $10.9 million and $2.8 million, respectively. In connection with the 2017 Acquisitions we incurred a total of $0.6 million of transaction related costs during the three -months ended March 31, 2017, primarily related to legal, consulting and other professional fees.

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- Definition The entire disclosure for business combinations, including leverage buyout transactions (as applicable), and divestitures. This may include a description of a business combination or divestiture (or series of individually immaterial business combinations or divestitures) completed during the period, including background, timing, and assets and liabilities recognized and reclassified or sold. This element does not include fixed asset sales and plant closings. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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