Acquisitions (Tables)

6 Months Ended

Jun. 30, 2021

Summary of net cash consideration for transaction

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

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	$	135,006
Other current assets	24,701
Programming rights	169,027
Property and equipment	120,495
Operating lease right-of-use assets	72,717
Other assets	3,993
Goodwill	1,803,961
Indefinite-lived intangible assets - FCC licenses	424,200
Amortizable intangible assets:
INYO affiliation agreement	422,000
Other affiliation relationships	22,000
Advertiser relationships	143,000
Trade names	72,000
Accounts payable	(9,674)
Unearned revenue	(13,043)
Accrued expenses	(27,141)
Current portion of programming liabilities	(92,721)
Other current liabilities	(8,373)
Programming liabilities	(191,837)
Deferred tax liabilities	(277,009)
Operating lease liabilities	(78,438)
Other long-term liabilities	(35,066)
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 acquisition, or retrospective fair value adjustments to the warrant. 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.


	Six Months Ended June 30,
(in thousands, except per share data) (unaudited)	2021		2020

Operating revenues	$	1,112,720	$	1,045,043
Net income (loss) attributable to Scripps shareholders	19,911		(34,056)
Net income (loss) per share:
Basic	$	0.24	$	(0.42)
Diluted	0.23		(0.42)