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Acquisitions (Tables) | 3 Months Ended
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Mar. 31, 2021
Business Combinations [Abstract] |
Schedule of Preliminary Fair Value of Assets Acquired and Liabilities Assumed | The following table summarizes the preliminary fair values of the ION assets acquired and liabilities assumed at the closing date.
(in thousands) |  |
Accounts receivable |  | $ | 133,559 |
Other current assets |  | 4,033 |
Programming rights |  | 169,027 |
Property and equipment |  | 63,073 |
Operating lease right-of-use assets |  | 72,717 |
Other assets |  | 4,513 |
Goodwill |  | 1,846,329 |
Indefinite-lived intangible assets - FCC licenses |  | 433,700 |
Amortizable intangible assets: |  |
INYO affiliation agreement |  | 433,000 |
Other affiliation relationships |  | 25,000 |
Advertiser relationships |  | 139,000 |
Trade names |  | 72,000 |
Accounts payable |  | (9,677) |
Unearned revenue |  | (13,043) |
Accrued expenses |  | (27,083) |
Current portion of programming liabilities |  | (92,721) |
Other current liabilities |  | (8,373) |
Programming liabilities |  | (191,837) |
Deferred tax liabilities |  | (266,389) |
Operating lease liabilities |  | (78,000) |
Other long-term liabilities |  | (29,030) |
Total consideration, net of cash acquired |  | $ | 2,679,798 |
Schedule of Pro Forma Information | Pro forma results of operations, assuming the ION acquisition had taken place at the beginning of 2020, are presented in the following table. The pro forma results do not include KCDO, as the impact of this acquisition, 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 ION (excluding the results of the divested stations sold to INYO), as well as adjustments for additional depreciation and amortization of the assets acquired, additional interest expense related to the financing of the transactions and other transactional adjustments. The pro forma results do not include efficiencies, cost reductions or synergies expected to result from the acquisitions. The unaudited pro forma financial information is not necessarily indicative of the results that actually would have occurred had the acquisitions been completed at the beginning of the period.
|  | Three Months Ended March 31,
(in thousands, except per share data) (unaudited) |  | 2021 |  | 2020
Operating revenues |  | $ | 547,643 |  |  | $ | 559,436 |
Net income (loss) attributable to Scripps shareholders |  | 13,009 |  |  | (15,146) |
Net income (loss) per share: |  |  |  |
Basic |  | $ | 0.15 |  |  | $ | (0.19) |
Diluted |  | 0.15 |  |  | (0.19) |
Schedule of Business Acquisitions, by Acquisition | The following table summarizes the net cash consideration for the ION transaction.
(in thousands) |  |
Total purchase price |  | $ | 2,650,000 |
Plus: Cash acquired |  | 14,493 |
Plus: Working capital |  | 59,798 |
Total transaction gross cash consideration |  | 2,724,291 |
Less: Proceeds from ION stations divested |  | (30,000) |
Total transaction net cash consideration |  | 2,694,291 |
Less: Cash acquired |  | (14,493) |
Total consideration, net of cash acquired |  | $ | 2,679,798 |

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