Exhibit No. 99.1
| Contacts: | Investors: | Media: | ||
| Deborah R. Jacobson | Mark Semer | |||
| LIN TV Corp. | Kekst and Company | |||
| (401) 457-9403 | (212) 521-4802 |
LIN TV CORP. REPORTS 2003 FOURTH-QUARTER AND FISCAL-YEAR RESULTS
PROVIDENCE, RHODE ISLAND, February 10, 2004 – LIN TV Corp. (NYSE: TVL), the parent of LIN Television Corporation, today reported financial results for the fourth quarter and fiscal year ended December 31, 2003. The reported results reflect the impact of the acquisition of Sunrise Television Corp. on May 2, 2002.
Reported Results
LIN TV’s net loss for the fourth quarter of 2003 was $44.2 million, or $0.88 per share, compared to net income of $12.7 million, or $0.25 per share, during the fourth quarter of 2002. Fourth quarter 2003 net revenues were $97.4 million, a decrease of 8.2% from net revenues of $106.1 million in the fourth quarter of 2002. In accordance with Statement of Financial Accounting Standards No. 142 (SFAS 142), the Company discontinued the amortization of goodwill and broadcast licenses on January 1, 2002, and is now required to review goodwill and broadcast license valuations at least annually. In the fourth quarter of 2003, LIN recorded a $51.7 million pre-tax impairment in the carrying value of its broadcast licenses, which is reflected as an operating expense. The decline in market revenue, resulting from the challenging market conditions in 2003 caused by the war and soft advertising environment, contributed to the impairment.
The Company reported an operating loss of $26.7 million in the fourth quarter of 2003, due in large part to the $51.7 million impairment recorded in the quarter compared to $36.8 million of operating income in the fourth quarter of 2002. Direct operating expenses, which exclude depreciation and amortization, decreased 1.9% in the fourth quarter while selling, general and administrative expenses increased 3.4%. Corporate expenses declined 15.8% to $4.3 million due to the absence of transaction-related expenses that were incurred in the 2002 fourth quarter. Depreciation and amortization of intangible assets increased 4.2% to $8.8 million due to additional capital expenditures in 2003 and new equipment that went into operation during the year.
Fourth-quarter broadcast cash flow (operating income plus corporate expenses plus depreciation and amortization of program rights plus other non-cash items minus cash program payments) was $40.6 million for the fourth quarter of 2003 down from $50.6 million in the comparable 2002 period. Cash corporate expenses for the fourth quarter of 2003 were $4.0 million compared to $4.6 million in the fourth quarter of 2002. The Company received $2.7 million of cash
distributions from equity investments in the fourth quarter of 2003 compared to $5.4 million in the fourth quarter of 2002. Interest expense for the fourth quarter of 2003 was $12.3 million of which $10.1 million was paid in cash.
The Company’s net loss for fiscal year 2003 was $90.4 million, or a net loss of $1.81 per share, compared to a net loss in 2002 of $47.2 million, or a loss of $1.13 per share. Net revenues for the year were $349.5 million compared to $349.6 million in 2002. The parity in net revenue is due largely to the May 2002 acquisition of the Sunrise television stations. Operating income for 2003 was $30.6 million, compared to $109.7 million of operating income in 2002 with $51.7 million of the decline due to the impairment charge in 2003. Broadcast cash flow in 2003 was $133.8 million, a 10.8% decrease from $150.0 million in 2002. Corporate overhead paid in cash for 2003 was $15.3 million compared to $12.4 million in 2002. The company received $7.5 million of cash distributions from equity investments in 2003 compared to $6.4 million received in 2002.
Interest expense in 2003 declined 36.8% to $60.5 million from $95.8 million in 2002 due to the company’s refinancing activity during the year. The refinancing also contributed to a $53.6 million charge due to the early extinguishment of debt. Capital expenditures were $13.4 million in the fourth quarter of 2003 compared to $13.2 million for the fourth quarter of 2002 and a total of $28.4 million for the full year 2003 compared to $39.3 million for 2002.
Broadcast cash flow is a non-GAAP financial measure. LIN TV believes that the presentation of this non-GAAP measure is helpful to investors because it is used by lenders to measure the company’s ability to service debt and by industry analysts to determine the market value of stations and their operating performance. Management used the measure, among other things, in evaluating the operating performance of the LIN stations and as a component of incentive bonus payments to key personnel. A reconciliation of GAAP results to broadcast cash flow is included in the attached exhibits.
Adjusted Results
LIN TV also reported adjusted results to reflect the acquisition or disposition of certain of the Sunrise television stations as if they had occurred on January 1, 2002. In addition, the adjusted presentation excludes operating results of the Sunrise North Dakota stations, which were sold in August 2002, and the operating results of KRBC-TV and KACB-TV in Abilene and San Angelo, Texas, which were sold on June 13, 2003. These results are non-GAAP financial measures and management believes they are useful to investors as they reflect the operating results of the stations currently owned by the Company and also provide an additional basis from which investors can establish forecasts and valuations for the Company’s business. A reconciliation of GAAP to adjusted results is included in the attached exhibits.
Net revenue for 2003 was $349.5 million, a 4.7% decline from adjusted net revenue of $366.6 million in 2002 and operating income for 2003 was $30.6 million compared to $112.7 million of adjusted operating income in 2002. Broadcast cash flow for 2003 was $133.8 million compared to adjusted broadcast cash flow of $154.8 million in 2002. The company recorded approximately $3.8 million of net political revenue in 2003 compared to approximately $22.2
million in adjusted net political revenue in 2002. Fourth-quarter and fiscal year results of 2003 were not affected by the adjustments.
CEO Comment
Gary R. Chapman, LIN TV’s Chairman, President and Chief Executive Officer, said: “LIN TV’s results throughout the difficult advertising market in 2003 reflect the fundamental strength of our stations. We are encouraged by our results towards the end of 2003 and in early 2004. Advertising time sales improved in December and each of the months in this year’s first quarter. Political activity is beginning and is expected to increase throughout the year, and our NBC stations have already sold more than 50% of their advertising time for the Olympics. These events, combined with the continued strong management of our stations, should have a positive impact on our 2004 results.”
Balance Sheet
Total debt outstanding on December 31, 2003 was $700.4 million and cash balances were $9.5 million at year-end. Net consolidated leverage as defined in the Company’s senior credit facility (total debt minus cash and cash equivalents divided by $127.5 million, representing trailing four quarters of broadcast cash flow less corporate overhead and including joint venture distributions) at the end of the quarter was 5.4X on an adjusted basis, compared to a permitted leverage covenant of 6.25X.
LIN TV had 50.2 million common shares outstanding on December 31, 2003. Weighted average shares outstanding were 50.1 million for the quarter and 50.0 million for the full year 2003.
Guidance
LIN TV believes that, based on current pacings for the first quarter of 2004, net revenue for the first quarter of 2004 will increase in the mid-single digits and operating income should increase in the high-single to low-double digits compared to the first quarter operating income of $11.8 million in 2003.
The Company estimates the following expense ranges for the full year 2004:
| Direct operating and SG&A expenses | approximately $196 -198 million | |
| Program amortization | approximately $21- $22 million | |
| Cash payments for programming | approximately $24- $25 million | |
| Depreciation and amortization | approximately $32- $33 million | |
| Interest expense | approximately $38 -$40 million | |
| Corporate overhead | approximately $15- $16 million |
| Network compensation | approximately $10 -$11 million | |
| Capital expenditures | approximately $28 -$30 million | |
| Cash taxes | approximately $9 -$10 million |
Recent Developments
On January 8, 2004, LIN TV signed an asset purchase agreement for the sale of WEYI-TV, the NBC affiliate serving Flint, Michigan, for $24 million in cash. The transaction is subject to government approval and is expected to be completed by the middle of 2004. As such, the operating results for WEYI will be treated as discontinued operations in 2004. The proceeds of this transaction will be applied to reduce debt outstanding. Anticipating these sale proceeds, LIN TV utilized available funds under its revolving credit facility to purchase approximately $29.5 million of its 8% senior unsecured bonds in negotiated transactions with an institutional investor. With these adjustments, the Company’s weighted average cost of debt is reduced to approximately 5.5%.
The Company acquired WIRS-TV, channel 42 in Yauco, Puerto Rico, for $4.5 million on January 15, 2004. WIRS will become part of the WJPX network to provide over the air reception for WJPX in an under-served region of the island. In addition, on January 30, 2004, the Company agreed to purchase WTIN-TV, channel 14 in Ponce, Puerto Rico, for $5 million. WTIN is currently a satellite station for WAPA to boost over-the-air reception for the WAPA network in Ponce. The WTIN acquisition is subject to FCC approval.
Mr. Chapman has terminated his previously disclosed 10b5-1 plan, which had been scheduled to expire on June 1, 2004. This plan contemplated the sale of 26,494 shares of common stock that Mr. Chapman will receive in the first half of 2004 upon the required exercise of “phantom units” issued to him in 1998. Mr. Chapman instead intends to pay taxes associated with the transaction out of personal funds and retain ownership of such shares.
About LIN TV Corp.
LIN TV Corp. is an owner and operator of network-affiliated television stations in mid-sized markets. Headquartered in Providence, Rhode Island, the Company operates 23 television stations in 13 markets, two of which are LMAs. LIN’s stations are:
| Market | Station | DMA | Channel | Network | ||||||||
| Indianapolis | WISH-TV | 25 | 8 | CBS | ||||||||
| WIIH- CA | 17 | Univision | ||||||||||
| New Haven | WTNH-TV | 27 | 8 | ABC | ||||||||
| WCTX-TV | 59 | UPN | ||||||||||
| Grand Rapids | WOOD-TV | 38 | 8 | NBC | ||||||||
| WOTV-TV | 41 | ABC | ||||||||||
| WXSP-CA | LPs | UPN | ||||||||||
| Norfolk | WAVY-TV | 41 | 10 | NBC | ||||||||
| Market | Station | DMA | Channel | Network | ||||||||
| WVBT-TV | 43 | Fox | ||||||||||
| Buffalo | WIVB-TV | 44 | 4 | CBS | ||||||||
| WNLO-TV | 23 | UPN | ||||||||||
| Providence | WPRI-TV | 48 | 12 | CBS | ||||||||
| WNAC-TV | 64 | Fox (LMA) | ||||||||||
| Austin | KXAN-TV | 54 | 36 | NBC | ||||||||
| KNVA-TV | 54 | WB (LMA) | ||||||||||
| KBVO-CA | LPs | Telefutura | ||||||||||
| Dayton | WDTN-TV | 59 | 2 | ABC | ||||||||
| Toledo | WUPW-TV | 69 | 36 | Fox | ||||||||
| Fort Wayne | WANE-TV | 105 | 15 | CBS | ||||||||
| Springfield | WWLP-TV | 106 | 22 | NBC | ||||||||
| Lafayette | WLFI-TV | 189 | 18 | CBS | ||||||||
| San Juan | WAPA-TV | NA | 4 | Independent | ||||||||
| WJPX-TV | 24 | Independent | ||||||||||
LIN TV also owns approximately 20% of KXAS-TV in Dallas, Texas and KNSD-TV in San Diego, California through a joint venture with NBC, and a 50% non-voting investment in Banks Broadcasting, Inc., which owns KWCV-TV in Wichita, Kansas and KNIN-TV in Boise, Idaho. Finally, LIN is a 1/3 owner of WAND-TV, the ABC affiliate in Decatur, Illinois, which it manages pursuant to a management services agreement.
Financial information and overviews of LIN TV’s stations are available on the Company’s website at www.lintv.com.
Conference Call
LIN TV Corp. will host a teleconference at 11:00 AM (Eastern time) to discuss its financial results. The teleconference can be accessed live (listen-only) via theInvestor Relationssection of LIN TV’s website at www.lintv.com. To access the teleconference by telephone:
800-231-9012 (within the U.S.)
719-457-2617 (outside the U.S.)
Reference code 502731
Those who intend to access the teleconference should register at least ten minutes in advance to ensure access.
For those unavailable to participate in the live teleconference, a replay can be accessed via theInvestor Relationssection of www.lintv.com from 2:00 PM on February 10 through midnight on February 17. To access the playback by telephone, dial:
888-203-1112 (within the U.S.)
719-457-0820 (outside the U.S.)
Reference code 502731
Safe Harbor Statement
This press release may include statements that may constitute “forward-looking statements,” including estimates of future business prospects or financial results, and statements containing the words “believe,” “estimate,” “project,” “expect,” or similar expressions. Forward-looking statements inherently involve risks and uncertainties, including, among other factors, general economic conditions, demand for advertising, the war in Iraq or other geopolitical events, competition for audience and programming, government regulations and new technologies, that could cause actual results of LIN TV to differ materially from the forward-looking statements. Factors that could contribute to such differences include the risks detailed in the Company’s registration statements and periodic reports filed with the Securities and Exchange Commission. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revision or changes after the date of this release.
# # #
LIN TV CORP.
Unaudited Condensed Consolidated Statements of Operations
| Three months ended | Year Ended | ||||||||||||||||
| December 31, | December 31, | ||||||||||||||||
| 2003 | 2002 | 2003 | 2002 | ||||||||||||||
| Net revenues | $ | 97,428 | $ | 106,091 | $ | 348,529 | $ | 349,594 | |||||||||
| Operating costs and expenses: | |||||||||||||||||
| Direct operating (excluding depreciation of $8.5 million and $8.2 million for the three months ended December 31, 2003 and 2002, respectively, and $31.4 million and $28.0 million for the years ended December 31, 2003 and 2002, respectively) | 26,512 | 27,020 | 102,093 | 96,409 | |||||||||||||
| Selling, general and administrative | 24,507 | 23,710 | 91,554 | 80,691 | |||||||||||||
| Amortization of program rights | 8,346 | 5,049 | 24,835 | 20,759 | |||||||||||||
| Corporate | 4,304 | 5,112 | 16,101 | 12,508 | |||||||||||||
| Restructuring charge | 13 | (22 | ) | 115 | 909 | ||||||||||||
| Depreciation and amortization of intangible assets | 8,809 | 8,453 | 32,614 | 28,658 | |||||||||||||
| Impairment of broadcast licenses | 51,665 | — | 51,665 | — | |||||||||||||
| Total operating costs and expenses | 124,156 | 69,322 | 318,977 | 239,934 | |||||||||||||
| Operating (loss) income | (26,728 | ) | 36,769 | 30,552 | 109,660 | ||||||||||||
| Other (income) expense: | |||||||||||||||||
| Interest expense | 12,323 | 23,084 | 60,505 | 95,775 | |||||||||||||
| Investment income | (91 | ) | (735 | ) | (1,015 | ) | (3,131 | ) | |||||||||
| Share of income in equity investments | 1,658 | (2,119 | ) | (478 | ) | (6,328 | ) | ||||||||||
| Loss (gain) on derivative instruments | 4,630 | (513 | ) | (2,620 | ) | (5,552 | ) | ||||||||||
| Gain on redemption of investment in Southwest Sports Group | — | — | — | (3,819 | ) | ||||||||||||
| Fee on termination of Hicks Muse agreements | — | — | — | 16,000 | |||||||||||||
| Loss on impairment of investment | — | — | 250 | 2,750 | |||||||||||||
| Loss on extinguishment of debt | 516 | 3,199 | 53,621 | 5,656 | |||||||||||||
| Other, net | 339 | 490 | 838 | 356 | |||||||||||||
| Total other expense, net | 19,375 | 23,406 | 111,101 | 101,707 | |||||||||||||
| (Loss) income from continuing operations before (benefit from) provision for taxes and cumulative effect of change in accounting principle | (46,103 | ) | 13,363 | (80,549 | ) | 7,953 | |||||||||||
| (Benefit from) provision for income taxes | (1,937 | ) | 734 | 10,053 | 25,501 | ||||||||||||
| (Loss) income from continuing operations before cumulative effective of change in accounting principle | (44,166 | ) | 12,629 | (90,602 | ) | (17,548 | ) | ||||||||||
| Discontinued operations: | |||||||||||||||||
| Loss from discontinued operations, net of tax benefit of $45 and tax provision of $22 for the three months and year ended December 31, 2002, respectively. | — | (74 | ) | — | (40 | ) | |||||||||||
| Gain on sale of discontinued operations, net of tax provision of $109 for the year ended December 31, 2003 and $425 for the year ended December 31, 2002 | — | — | (212 | ) | (982 | ) | |||||||||||
| Cumulative effect of change in accounting principle, net of tax benefit of $16,525 | — | — | — | 30,689 | |||||||||||||
| Net (loss) income | $ | (44,166 | ) | $ | 12,703 | $ | (90,390 | ) | $ | (47,215 | ) | ||||||
Basic and diluted (loss) income per common share: | |||||||||||||||||
| (Loss) income from continuing operations before cumulative effect of change in accounting principle | $ | (0.88 | ) | $ | 0.25 | $ | (1.81 | ) | $ | (0.42 | ) | ||||||
| Loss from discontinued operations, net of tax | — | — | — | — | |||||||||||||
| Gain on sale of discontinued operations, net of tax | — | — | ��� | 0.02 | |||||||||||||
| Cumulative effect of change in accounting principle, net of tax | — | — | — | (0.73 | ) | ||||||||||||
| Net (loss) income | (0.88 | ) | 0.25 | (1.81 | ) | (1.13 | ) | ||||||||||
| Weighted-average number of common shares outstanding used in calculating basic (loss) income per common share | 50,105 | 49,869 | 49,993 | 41,792 | |||||||||||||
| Weighted-average number of common shares outstanding used in calculating diluted (loss) income per common share | 50,105 | 50,510 | 49,993 | 41,792 | |||||||||||||
LIN TV CORP.
Unaudited Condensed Consolidated Statements of Operations
| Three months ended | |||||||||||||||||||
| December 31, | Year Ended December 31, | ||||||||||||||||||
| 2003 | 2002 | 2003 | 2002 | ||||||||||||||||
Supplemental Financial Data: | |||||||||||||||||||
| Debt outstanding | $ | 700,367 | $ | 864,520 | $ | 700,367 | $ | 864,520 | |||||||||||
| Cash and cash equivalents | 9,475 | 143,860 | 9,475 | 143,860 | |||||||||||||||
| Capital expenditures | 13,351 | 13,168 | 28,357 | 39,275 | |||||||||||||||
| Capital distributions from equity investments | 2,650 | 5,386 | 7,540 | 6,405 | |||||||||||||||
| Cash taxes | 710 | 676 | 5,758 | 1,029 | |||||||||||||||
| Program rights payments (excludes TX station payments) | 5,798 | 4,791 | 23,029 | 22,453 | |||||||||||||||
| Station non-cash items | 15 | — | 942 | — | |||||||||||||||
| Interest Expense Components: | |||||||||||||||||||
| Senior Credit Facility | $ | 1,834 | $ | 184 | $ | 7,194 | $ | 3,928 | |||||||||||
| $300,000 8 3/8% Senior Subordinated Notes | — | 6,282 | 11,445 | 25,125 | |||||||||||||||
| $325,000 10% Senior Discount Notes | — | — | 330 | — | |||||||||||||||
| $100,000 10% Senior Discount Notes | — | — | 190 | — | |||||||||||||||
| $210,000 8% Senior Notes | 4,069 | 4,200 | 16,669 | 16,800 | |||||||||||||||
| $200,000 6 1/2% Senior Subordinated Notes | 3,338 | — | 8,394 | — | |||||||||||||||
| $125,000 2.50% Exchangeable Senior Subordinated Debentures | 895 | — | 2,110 | — | |||||||||||||||
| Other | — | 650 | — | 2,715 | |||||||||||||||
| Cash interest expense | 10,136 | 11,316 | 46,332 | 48,568 | |||||||||||||||
| Amortization of discount and deferred financing fees | 2,187 | 11,768 | 14,173 | 47,207 | |||||||||||||||
| Total interest expense | $ | 12,323 | $ | 23,084 | $ | 60,505 | $ | 95,775 | |||||||||||
LIN TV CORP.
Unaudited Adjusted Condensed Consolidated Statements of Operations
| For the Year | |||||||||||||||||||||
| For the Year Ended December 31, 2002 | Ended | ||||||||||||||||||||
| December 31, | |||||||||||||||||||||
| Adjustment for | 2003 | ||||||||||||||||||||
| Adjustment for | Elimination of HMTF | ||||||||||||||||||||
| Actual | Sunrise Merger(1) | Monitoring Fees | Adjusted | Actual(2) | |||||||||||||||||
| Net revenues | $ | 349,594 | $ | 17,026 | $ | — | $ | 366,620 | $ | 349,529 | |||||||||||
| Operating costs and expenses: | |||||||||||||||||||||
| Direct operating | 96,409 | 5,103 | — | 101,512 | 102,093 | ||||||||||||||||
| Selling, general and administrative | 80,691 | 4,991 | — | 85,682 | 91,554 | ||||||||||||||||
| Amortization of program rights | 20,759 | 2,142 | — | 22,901 | 24,835 | ||||||||||||||||
| Corporate | 12,508 | — | (363 | ) | 12,145 | 16,101 | |||||||||||||||
| Restructuring charge | 909 | — | — | 909 | 115 | ||||||||||||||||
| Impairment of broadcast licenses | — | — | — | — | 51,665 | ||||||||||||||||
| Depreciation and amortization of intangible assets | 28,658 | 2,135 | — | 30,793 | 32,614 | ||||||||||||||||
| Total operating costs and expenses | 239,934 | 14,371 | (363 | ) | 253,942 | 318,977 | |||||||||||||||
| Operating income | 109,660 | 2,655 | 363 | 112,678 | 30,552 | ||||||||||||||||
| Other (income) expense: | |||||||||||||||||||||
| Interest expense | 95,775 | — | — | 95,775 | 60,505 | ||||||||||||||||
| Investment income | (3,131 | ) | — | — | (3,131 | ) | (1,015 | ) | |||||||||||||
| Share of income in equity investments | (6,328 | ) | — | — | (6,328 | ) | (478 | ) | |||||||||||||
| Loss (gain) on derivative instruments | (5,552 | ) | — | — | (5,552 | ) | (2,620 | ) | |||||||||||||
| Gain on redemption of investment in Southwest Sports Group | (3,819 | ) | — | — | (3,819 | ) | — | ||||||||||||||
| Fee on termination of Hicks Muse agreements | 16,000 | — | — | 16,000 | — | ||||||||||||||||
| Loss on impairment of investment | 2,750 | — | — | 2,750 | 250 | ||||||||||||||||
| Loss on extinguishment of debt | 5,656 | — | — | 5,656 | 53,621 | ||||||||||||||||
| Other, net | 358 | — | — | 356 | 838 | ||||||||||||||||
| Total other expense, net | 101,707 | — | — | 101,707 | 111,101 | ||||||||||||||||
| Income from continuing operations before provision for income taxes | 7,953 | 2,655 | 363 | 10,971 | (80,549 | ) | |||||||||||||||
| Provision for income taxes | 25,501 | 929 | 127 | 26,557 | 10,053 | ||||||||||||||||
| (Loss) income from continuing operations | $ | (17,548 | ) | $ | 1,726 | $ | 236 | $ | (15,586 | ) | $ | (90,602 | ) | ||||||||
| (1) | Includes WPRI, WNAC, WUPW, WDTN and WEYI. Excludes North Dakota (KFYR & KVLY) and Texas (KRBC & KACB) stations which were sold in 2002 and 2003, respectively. |
| (2) | Actual results for the year-ended December 31, 2003 do not require any adjustments to be comparable to the adjusted results for the year-ended December 31, 2002. |
LIN TV Corp.
| Three Months Ended | |||||||||||||||||
| December | Year Ended December 31, | ||||||||||||||||
| 2003 | 2002 | 2003 | 2002 | ||||||||||||||
Operating income | (26,728 | ) | 36,769 | 30,552 | 109,660 | ||||||||||||
| Plus: Amortization of program rights | 8,346 | 5,048 | 24,835 | 20,759 | |||||||||||||
| Depreciation and amortization of intangible assets | 8,809 | 8,453 | 32,614 | 28,658 | |||||||||||||
| Impairment of broadcast licenses | 51,665 | — | 51,665 | — | |||||||||||||
| Station non-cash items | 15 | — | 942 | — | |||||||||||||
| Corporate | 4,304 | 5,112 | 16,101 | 12,508 | |||||||||||||
| Restructuring costs | 12 | (22 | ) | 115 | 909 | ||||||||||||
| Less: Program payments | 5,798 | 4,791 | 23,029 | 22,453 | |||||||||||||
Broadcast cash flow (actual) | 40,626 | 50,570 | 133,795 | 150,041 | |||||||||||||
| Plus: Sunrise merger (excluding North Dakota and Texas stations) | — | — | — | 4,785 | (1) | ||||||||||||
Broadcast cash flow (adjusted) | $ | 40,626 | $ | 50,570 | $ | 133,795 | $ | 154,826 | |||||||||
| (1) | The Sunrise merger adjustments are as follows: |
| Operating income | $ | 2,655 | |||||||||||||||
| Plus: Amortization of program rights | 2,142 | ||||||||||||||||
| Depreciation and amortization of intangible assets | 2,135 | ||||||||||||||||
| Less: Program payments | 2,147 | ||||||||||||||||
Broadcast cash flow (adjusted) | $ | 4,785 | |||||||||||||||
