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Acquisitions and Dispositions | 6 Months Ended
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Jun. 30, 2026
Discontinued Operations and Disposal Groups [Abstract] |
Acquisitions and Dispositions | Acquisitions and Dispositions Stations Swap On May 15, 2026, we completed the transaction with Gray Media, Inc. ("Gray") to swap television stations across five markets. We acquired Gray's KKTV (CBS) in Colorado Springs, Colorado; KKCO (NBC) and low power station KJCT-LP (ABC) in Grand Junction, Colorado; and KMVT (CBS) and low power station KSVT-LD (Fox) in Twin Falls, Idaho. Gray acquired WSYM (Fox) in Lansing, Michigan, and KATC (ABC) in Lafayette, Louisiana. The swap involved the even exchange of comparable businesses. As a result, neither company paid cash consideration to the other. The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed with the Gray stations swap.
(in thousands) |  |
Property and equipment: |  |
Land and improvements |  | $ | 6,148 |
Buildings and improvements |  | 16,237 |
Equipment |  | 11,218 |
Computer software |  | 345 |
Operating lease right-of-use assets |  | 901 |
Goodwill |  | 4,932 |
Indefinite-lived intangible assets - FCC licenses |  | 24,601 |
Amortizable intangible assets: |  |
Television network affiliation relationships |  | 5,499 |
Customer lists and advertiser relationships |  | 473 |
Other |  | 704 |
Operating lease liabilities |  | (901) |
Total net assets acquired |  | $ | 70,157 |
We recognized a $9.3 million pre-tax gain from the disposition of WSYM and KATC. Assets Held For Sale On September 3, 2025, we reached an agreement to sell WFTX, our local Fox-affiliated station in Fort Myers, Florida, for $40.0 million and the transaction closed on March 2, 2026. We recognized a pre-tax gain from disposition totaling $5.6 million for the six months ended June 30, 2026. In October 2025, we reached an agreement to sell WRTV, our local ABC-affiliated station in Indianapolis, Indiana, for $83.0 million and the transaction closed on March 31, 2026. We recognized a pre-tax gain from the disposition totaling $28.0 million for the six months ended June 30, 2026.. In the fourth quarter of 2025, we committed to the sale of Court TV and recognized a $19.5 million non-cash charge in the fourth quarter of 2025, reflecting the difference between the carrying value of Court TV's net assets and the transaction consideration. On February 9, 2026, we closed on the sale of the network and have recognized a total pre-tax loss from disposition of $4.0 million for the six months ended June 30, 2026. With the sale, we also entered into a 3-year distribution agreement at market rates with the buyer. The distribution agreement provides for the continued carriage of Court TV on Scripps properties. The following table presents a summary of the assets and liabilities held for sale included in our Condensed Consolidated Balance Sheet as of December 31, 2025.
(in thousands) |  | WFTX |  | WRTV |  | Court TV |  | Total
Assets: |  |  |  |  |  |  |  |
Total current assets |  | $ | — |  |  | $ | — |  |  | $ | 4,467 |  |  | $ | 4,467 |
Property and equipment |  | 11,585 |  |  | 6,228 |  |  | 78 |  |  | 17,891 |
Goodwill and intangible assets |  | 25,347 |  |  | 48,290 |  |  | 3,884 |  |  | 77,521 |
Operating lease right-of-use assets |  | 151 |  |  | — |  |  | — |  |  | 151 |
Other assets |  | 523 |  |  | 452 |  |  | 21,386 |  |  | 22,361 |
Adjustment to carrying value to reflect estimated fair value less cost to sell |  | — |  |  | — |  |  | (19,458) |  |  | (19,458) |
Total assets held for sale |  | 37,606 |  |  | 54,970 |  |  | 10,357 |  |  | 102,933 |
Liabilities: |  |  |  |  |  |  |  |
Total current liabilities |  | 274 |  |  | 194 |  |  | 3,357 |  |  | 3,825 |
Operating lease liabilities |  | 115 |  |  | — |  |  | — |  |  | 115 |
Other liabilities |  | 2,969 |  |  | 154 |  |  | — |  |  | 3,123 |
Total liabilities held for sale |  | 3,358 |  |  | 348 |  |  | 3,357 |  |  | 7,063 |
Net assets held for sale |  | $ | 34,248 |  |  | $ | 54,622 |  |  | $ | 7,000 |  |  | $ | 95,870 |
Pending Transactions Upon our acquisition of ION Media in 2021, we simultaneously sold 23 ION television stations to INYO Broadcast Holdings ("INYO") to comply with ownership rules of the FCC. These divested stations became independent affiliates of ION pursuant to long-term affiliation agreements. In connection with this sale, we also received call options that granted us the right to acquire the assets of some or all of these 23 INYO television stations. In February 2026, we notified INYO of our exercise of all of the options. In addition to other customary closing conditions, any transaction would be subject to FCC consent and, in certain cases, waiver of FCC ownership rules. We also have the right to withdraw our exercise of any or all of the options at any time prior to closing without any further obligation other than reimbursing INYO for expenses. Each station is subject to a separate option, so the acquisition of individual station assets may occur at various dates or potentially not occur. In June 2026, we withdrew the option exercise for six of the INYO television stations to bring an INYO transaction under the national television ownership cap. The aggregate purchase price for the exercise of options on the 17 INYO stations we have notified for exercise is approximately $47.0 million. However, the purchase price is based on formulas that will be contingent on the respective closing dates of any transactions. On March 4, 2026, we reached agreement to acquire WTVQ, the ABC affiliate in Lexington, Kentucky, for $15.8 million. During the first quarter of 2026, we provided a $5.0 million deposit to be applied against the purchase price at closing. While federal regulatory and other customary approvals were pending, we received revenue from and paid expenses related to WTVQ's operations through a local programming and marketing agreement. The transaction closed on August 1, 2026. Other Transactions On April 30, 2025, we completed the sale of our West Palm Beach television station building for cash consideration of $40.0 million and recognized a pre-tax gain from disposition of $31.4 million. With the asset sale, we also entered into a 2.5-year building lease with the buyer for cash consideration of $2.5 million annually.

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