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Note 15 - Subsequent Events | 9 Months Ended
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Sep. 30, 2019
Notes to Financial Statements |
Subsequent Events [Text Block] | 15. Subsequent Events Acquisition and Divestiture On October 1, 2019, we acquired the assets of WVIR-TV (NBC) in the Charlottesville, Virginia market (DMA 183) from Waterman Broadcasting Corporation for $12 million using cash on hand (the “Charlottesville Acquisition”). Also, on October 1, 2019, in order to meet regulatory requirements, we divested our legacy stations in that market, WCAV-TV (CBS/FOX) and WVAW-TV (ABC). We expect that the divestitures will result in a gain of approximately $19 million that will be reported in the fourth quarter of 2019. Due to the proximity of the closing dates of the Sioux Falls Acquisition and Charlottsville Acquisition to the the filing date of this quarterly report, we are unable to present a preliminary purchase price allocation for the acquired businesses. Fair value estimates of assets acquired, liabilities assumed and resulting goodwill will be based upon management’s estimate of the fair values using valuation techniques including income, cost and market approaches. In estimating the fair value of the acquired assets and liabilities assumed, the fair value estimates will be based on, among other factors, expected future revenue and cash flows, expected future growth rates, and estimated discount rates. Pre-payment of Long-term Debt On November 1, 2019, we made a voluntary pre-payment of $100 million of our 2019 Term Loan, using cash on hand. This pre-payment reduced the lenders’ total loan commitment for the 2019 Term Loan by an equal amount and relieved our obligation to make future quarterly principal payments until the maturity of the 2019 Term Loan. Stock Repurchase Authorization On November 6, 2019, the Board of Directors authorized the Company to repurchase up to $150 million of outstanding common stock (GTN) and/or Class A common stock (GTN.A) through December 31, 2022. This new authorization supersedes the 2004-2006 Repurchase Authorization and the 2016 Repurchase Authorization. The Company has not yet repurchased any shares under this new plan. Share repurchases would be implemented through purchases made from time to time in either the open market or private transactions. The extent to which the Company repurchases any of its shares, the number of shares and the timing of any repurchases will depend on general market conditions, regulatory requirements, alternative investment opportunities and other considerations. The Company is not required to repurchase a minimum number of shares, and the repurchase authorizations may be modified, suspended or terminated at any time without prior notice.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 + Details
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