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Acquisitions | 6 Months Ended
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Jun. 30, 2018
Business Combinations [Abstract] |
Acquisitions | Acquisitions Katz On October 2, 2017, we acquired the Katz networks for $292 million, which is net of a 5.33% noncontrolling interest we owned prior to the acquisition date. Katz owns and operates four national television networks — Bounce, Grit, Escape and Laff. The acquisition was funded through the issuance of a new term loan B. Katz is included as part of our National Media segment. Pending the finalization of asset valuations, the following table summarizes the preliminary fair values of the assets acquired and the liabilities assumed:
(in thousands) |  |
Assets: |  |
Cash |  | $ | 21,372 |
Accounts receivable |  | 44,306 |
Current portion of programming |  | 47,120 |
Intangible assets |  | 32,300 |
Goodwill |  | 209,572 |
Programming (less current portion) |  | 74,998 |
Other assets |  | 1,395 |
Total assets acquired |  | 431,063 |
Accounts payable and accrued liabilities |  | 29,339 |
Current portion of programming liabilities |  | 46,376 |
Programming liabilities |  | 53,036 |
Net purchase price |  | $ | 302,312 |
Of the $32 million allocated to intangible assets, $8 million was assigned to trade names with a life of 10 years and $24 million was assigned to advertiser relationships with a life of 5 years. The goodwill of $210 million arises from being able to enter into the market for established over-the-air networks. The goodwill was allocated to our National Media segment. We treated the transaction as an asset acquisition for income tax purposes with a step-up in the assets acquired. The goodwill is deductible for income tax purposes. Pro forma results of operations Pro forma results of operations, assuming the Katz acquisition had taken place at the beginning of 2017, are presented in the following table. The pro forma information includes the historical results of operations of Scripps and Katz, as well as adjustments for additional depreciation and amortization of the assets acquired and additional interest expense related to the financing of the transaction. The pro forma information does not include efficiencies, cost reductions or synergies expected to result from the acquisition. The unaudited pro forma financial information is not necessarily indicative of the results that actually would have occurred had the acquisition been completed at the beginning of the period.
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
(in thousands, except per share data) (unaudited) |  | 2017 |  | 2017
Operating revenues |  | $ | 254,342 |  |  | $ | 487,630 |
Income from continuing operations, net of tax |  | 7,864 |  |  | 5,326 |
Income per share from continuing operations attributable to the shareholders of The E.W. Scripps Company: |  |  |  |
Basic |  | $ | 0.10 |  |  | $ | 0.06 |
Diluted |  | 0.10 |  |  | 0.06 |

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: 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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