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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Cash Flows from Operating Activities:      
Net income (loss) $ 269,333 $ (18,378) $ 19,749
Income (loss) from discontinued operations, net of tax 115,769 (16,465) (50,140)
Income (loss) from continuing operations, net of tax 153,564 (1,913) 69,889
Adjustments to reconcile net income (loss) from continuing operations to net cash flows from operating activities:      
Depreciation and amortization 107,155 84,344 60,711
Impairment of programming assets 0 0 8,920
Loss (gain) on disposition of investments 0 (930) 251
Losses (gains) on sale of property and equipment 661 (1,692) 1,255
Programming assets and liabilities (16,966) 21,194 (12,788)
Deferred income taxes 80,641 (5,782) 18,241
Stock and deferred compensation plans 17,859 14,697 10,500
Pension expense, net of contributions (29,687) (13,066) (4,052)
Other changes in certain working capital accounts, net 34,094 (109,530) (11,446)
Miscellaneous, net 8,009 8,194 4,243
Net cash provided by (used in) operating activities from continuing operations 355,330 (4,484) 145,724
Net cash used in operating activities from discontinued operations (77,936) (22,968) (4,813)
Net operating activities 277,394 (27,452) 140,911
Cash Flows from Investing Activities:      
Acquisitions, net of cash acquired (7,103) (1,190,422) (149,469)
Proceeds from sale of WPIX television station 83,738 0 0
Additions to property and equipment (44,949) (60,935) (47,093)
Acquisition of intangible assets (1,883) (24,864) (7,229)
Purchase of investments (8,309) (1,636) (558)
Proceeds from FCC repack 28,365 6,959 1,530
Miscellaneous, net 5,319 6,734 2,307
Net cash provided by (used in) investing activities from continuing operations 55,178 (1,264,164) (200,512)
Net cash provided by (used in) investing activities from discontinued operations 262,244 (343) 73,028
Net investing activities 317,422 (1,264,507) (127,484)
Cash Flows from Financing Activities:      
Proceeds from issuance of long-term debt 1,050,000 1,261,175 0
Payments on long-term debt (10,612) (8,728) (5,656)
Deferred financing costs 0 (31,295) 0
Dividends paid (16,574) (16,374) (16,395)
Repurchase of Class A Common shares 0 (584) (32,323)
Proceeds from exercise of stock options 0 0 1,857
Tax payments related to shares withheld for vested stock and RSUs (2,881) (3,831) (3,796)
Miscellaneous, net (21,754) 17,463 1,316
Net cash provided by (used in) financing activities from continuing operations 998,179 1,217,826 (54,997)
Effect of foreign exchange rates on cash, cash equivalents and restricted cash 58 (13) (15)
Increase (decrease) in cash, cash equivalents and restricted cash 1,593,053 (74,146) (41,585)
Cash, cash equivalents and restricted cash:      
Beginning of year 32,968 107,114 148,699
End of year 1,626,021 32,968 107,114
Supplemental Cash Flow Disclosures      
Interest paid 82,532 61,299 33,673
Income taxes refunded (paid) 13,222 (13,183) (3,729)
Non-cash investing and financing information      
Capital expenditures included in accounts payable 2,511 983 693
Accrued debt issuance costs $ 45,243 $ 0 $ 0