Acquisitions (Tables)

6 Months Ended

Jun. 30, 2019

Schedule of Preliminary Fair Value of Assets Acquired and Liabilities Assumed

The following table summarizes the preliminary fair values of the Raycom and Cordillera assets acquired and liabilities assumed at the closing dates.



(in thousands)	Raycom			Cordillera			Total

Accounts receivable	$	—		$	26,264		$	26,264
Other current assets	—			986			986
Property and equipment	11,721			53,671			65,392
Operating lease right-of-use assets	296			4,667			4,963
Goodwill	18,349			253,735			272,084
Indefinite-lived intangible assets - FCC licenses	6,800			26,500			33,300
Amortizable intangible assets:
Television network affiliation relationships	17,400			168,700			186,100
Advertiser relationships	700			5,900			6,600
Other intangible assets	—			13,000			13,000
Accounts payable	—			(15		)	(15		)
Accrued expenses	—			(3,835		)	(3,835		)
Other current liabilities	—			(280		)	(280		)
Operating lease liabilities	(296		)	(4,387		)	(4,683		)
Net purchase price	$	54,970		$	544,906		$	599,876

The following table summarizes the preliminary fair values of the Triton assets acquired and liabilities assumed at the closing date.



(in thousands)

Cash	$	10,515
Accounts receivable	8,879
Other current assets	679
Property and equipment	705
Goodwill	83,876
Other intangible assets	75,000
Accounts payable	(1,881		)
Accrued expenses	(2,964		)
Other current liabilities	(19		)
Deferred tax liability	(14,577		)
Net purchase price	$	160,213

Schedule of Pro Forma Information

Pro forma results of operations, assuming the Cordillera acquisition had taken place at the beginning of 2018, are presented in the following table. The pro forma results do not include Raycom, Omny Studio or Triton, as the impact of these acquisitions, individually or in the aggregate, is not material to prior year results of operations. The pro forma information includes the historical results of operations of Scripps and Cordillera, as well as adjustments for additional depreciation and amortization of the assets acquired, additional interest expense related to the financing of the transaction and other transactional adjustments. 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)	2019			2018		2019			2018

Operating revenues	$	349,612		$	324,101	$	676,423		$	612,882
Income (loss) from continuing operations attributable to the shareholders of The E.W. Scripps Company	(2,845		)	6,324		(17,636		)	(7,464		)
Income (loss) per share from operations attributable to the shareholders of The E.W. Scripps Company:
Basic	$	(0.04	)	$	0.08	$	(0.22	)	$	(0.09	)
Diluted	(0.04		)	0.08		(0.22		)	(0.09		)