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v3.19.3.a.u2

Note 3 - Acquisitions and Divestitures (Tables) | 12 Months Ended
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Dec. 31, 2019
Notes Tables |
Disposal Groups, Including Discontinued Operations [Table Text Block] |
|  | Total |  |  |  |  |  |  |
|  | Cash |  |  |  |  |  |  |
|  | Consideration |  | Television |  |  |  |  |
Purchaser |  | Received |  | Station |  | Location |  | DMA |
Lockwood Broadcasting, Inc. |  | $ | 67 |  | WTNZ |  | Knoxville, TN |  | 61 |
|  |  |  |  | WFXG |  | Augusta, GA |  | 108 |
|  |  |  |  | WPGX |  | Panama City, FL |  | 149 |
|  |  |  |  | WDFX |  | Dothan, AL |  | 171 |
Scripps Media, Inc. |  |  | 55 |  | KXXV |  | Waco-Temple-Bryan, TX |  | 82 |
|  |  |  |  | KRHD |  | Waco-Temple-Bryan, TX |  | 82 |
|  |  |  |  | WTXL |  | Tallahassee, FL |  | 109 |
TEGNA, Inc. |  |  | 109 |  | WTOL |  | Toledo, OH |  | 80 |
|  |  |  |  | KWES |  | Odessa - Midland, TX |  | 145 |
Total |  | $ | 231 |  |  |  |  |  |  |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] |
|  |  |  |  |  | KYOU |  |  |  |  |
|  |  |  |  |  | and |  |  | Net |
|  | Raycom |  |  | WUPV |  |  | Consideration |
Purchase Price |  | $ | 3,660 |  |  | $ | 17 |  |  | $ | 3,677 |
Less - consideration allocated to all assets acquired and net of liabilites assumed for the Raycom overlap market stations which were also divested on January 2, 2019 |  |  | (234 | ) |  |  | - |  |  |  | (234 | )
Purchase consideration for assets acquired and liabilities assumed net of divestitures |  | $ | 3,426 |  |  | $ | 17 |  |  | $ | 3,443 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] |
|  | 2019 Acquisitions |
|  | Raycom |  |  | United |  |  | Sioux Falls |  |  | Charlottesville |  |  | Total |
Cash |  | $ | 115 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 115 |
Accounts receivable, net |  |  | 243 |  |  |  | 3 |  |  |  | 1 |  |  |  | 1 |  |  |  | 248 |
Program broadcast rights |  |  | 12 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 12 |
Other current assets |  |  | 10 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 10 |
Property and equipment |  |  | 311 |  |  |  | 10 |  |  |  | 10 |  |  |  | 7 |  |  |  | 338 |
Operating lease right of use asset |  |  | 52 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 52 |
Goodwill |  |  | 829 |  |  |  | 3 |  |  |  | 2 |  |  |  | - |  |  |  | 834 |
Broadcast licenses |  |  | 2,004 |  |  |  | 24 |  |  |  | 14 |  |  |  | 2 |  |  |  | 2,044 |
Other intangible assets |  |  | 504 |  |  |  | 8 |  |  |  | 7 |  |  |  | 3 |  |  |  | 522 |
Other non-current assets |  |  | 20 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 20 |
Accrued compensation and benefits |  |  | (29 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (29 | )
Program broadcast obligations |  |  | (16 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (16 | )
Other current liabilities |  |  | (60 | ) |  |  | - |  |  |  | (1 | ) |  |  | - |  |  |  | (61 | )
Income taxes payable |  |  | (3 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (3 | )
Deferred income taxes |  |  | (472 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (472 | )
Operating lease liabilities |  |  | (52 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (52 | )
Other long-term liabilities |  |  | (25 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (25 | )
Total |  | $ | 3,443 |  |  | $ | 48 |  |  | $ | 33 |  |  | $ | 13 |  |  | $ | 3,537 |
|  | 2017 Acquisitions |  |  |  |  |
|  | Fairbanks |  |  | Media General |  |  | Clarksburg |  |  | Diversified |  |  | Vermont |  |  | Total |
Current assets |  | $ | - |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | - |  |  | $ | - |  |  | $ | 2 |
Property and equipment |  |  | 3 |  |  |  | 20 |  |  |  | 4 |  |  |  | 12 |  |  |  | 10 |  |  |  | 49 |
Goodwill |  |  | - |  |  |  | 86 |  |  |  | 3 |  |  |  | 36 |  |  |  | 3 |  |  |  | 128 |
Broadcast licenses |  |  | 2 |  |  |  | 150 |  |  |  | 17 |  |  |  | 26 |  |  |  | 8 |  |  |  | 203 |
Other intangible assets |  |  | 3 |  |  |  | 13 |  |  |  | 2 |  |  |  | 11 |  |  |  | 5 |  |  |  | 34 |
Other non-current assets |  |  | - |  |  |  | 1 |  |  |  | - |  |  |  | - |  |  |  | 3 |  |  |  | 4 |
Current liabilities |  |  | - |  |  |  | (1 | ) |  |  | (1 | ) |  |  | - |  |  |  | - |  |  |  | (2 | )
Total |  | $ | 8 |  |  | $ | 270 |  |  | $ | 26 |  |  | $ | 85 |  |  | $ | 29 |  |  | $ | 418 |
Business Combination, Separately Recognized Transactions [Table Text Block] |
|  | Year Ended |
|  | December 31, |
|  | 2019 |  |  | 2018 |
Transaction Related Expenses by type: |  |  |  |  |  |  |  |
Legal, consulting and other professional fees |  | $ | 24 |  |  | $ | 8 |
Incentive compensation and other severance costs |  |  | 21 |  |  |  | 3 |
Termination of sales representation and other agreements |  |  | 34 |  |  |  | - |
Total Transaction Related Expenses |  | $ | 79 |  |  | $ | 11 |
Transaction Related Expenses by financial statement line item: |  |  |  |  |  |  |  |
Operating expenses before depreciation, amortization and loss (gain) on disposal of assets, net: |  |  |  |  |  |  |  |
Broadcast |  | $ | 45 |  |  | $ | 3 |
Corporate and administrative |  |  | 34 |  |  |  | 8 |
Total Transaction Related Expenses |  | $ | 79 |  |  | $ | 11 |
Business Acquisition, Pro Forma Information [Table Text Block] |
|  | Year Ended |
|  | December 31, |
|  | 2019 |  |  | 2018 |
Revenue (less agency commissions) |  | $ | 2,139 |  |  | $ | 2,212 |
Net income |  | $ | 241 |  |  | $ | 286 |
Net income attributable to common stockholders |  | $ | 189 |  |  | $ | 234 |
Basic net income per share |  | $ | 2.43 |  |  | $ | 3.25 |
Diluted net income per share |  | $ | 2.41 |  |  | $ | 3.21 |
|  | Years Ended |
|  | December 31, |
|  | 2017 |
Revenue (less agency commissions) |  | $ | 895 |
Net income |  | $ | 261 |
Basic net income per share |  | $ | 3.57 |
Diluted net income per share |  | $ | 3.53 |

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