Gray Television (GTN) 10-Q 8 Nov 16 2016 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2016	Oct. 31, 2016
Common Stock [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		66,285,797
Common Class A [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		6,404,862
Entity Registrant Name	GRAY TELEVISION INC
Entity Central Index Key	43,196
Trading Symbol	gtn
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Document Type	10-Q
Document Period End Date	Sep. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Syndicated Program Film Rights, Current [Member]
Assets:
Current portion of program broadcast rights, net	$ 18,309,000	$ 10,511,000
Network Programming Obligations, Current [Member]
Liabilities and stockholders’ equity:
Accrued network programming fees	12,295,000	11,945,000
Syndicated Program Film Obliagtions, Current [Member]
Liabilities and stockholders’ equity:
Accrued network programming fees	18,599,000	10,785,000
Common Class A [Member]
Stockholders’ equity:
Common stock	21,149,000	19,325,000
Treasury stock at cost	(23,340,000)	(22,685,000)
Cash	230,398,000	97,318,000
Accounts receivable, less allowance for doubtful accounts of $2,963 and $1,794, respectively	149,864,000	121,473,000
Deferred tax asset	49,191,000	49,690,000
Prepaid and other current assets	19,828,000	6,462,000
Total current assets	467,590,000	285,454,000
Property and equipment, net	328,629,000	234,475,000
Broadcast licenses	1,340,305,000	1,114,626,000
Goodwill	485,605,000	423,236,000
Other intangible assets, net	60,481,000	53,280,000
Investments in broadcasting and technology companies	16,599,000	13,599,000
Other	21,997,000	3,038,000
Total assets	2,721,206,000	2,127,708,000
Accounts payable	5,467,000	4,532,000
Employee compensation and benefits	25,223,000	28,983,000
Accrued interest	13,557,000	12,717,000
Other accrued expenses	9,270,000	14,370,000
Federal and state income taxes	1,490,000	771,000
Deferred revenue	11,730,000	3,514,000
Total current liabilities	97,631,000	87,617,000
Long-term debt, less current portion	1,755,725,000	1,220,084,000
Program broadcast obligations, less current portion	5,172,000	2,171,000
Deferred income taxes	369,881,000	351,546,000
Accrued pension costs	33,419,000	36,337,000
Other	1,270,000	679,000
Total liabilities	2,263,098,000	1,698,434,000
Commitments and contingencies (Note 7)
Common stock	657,470,000	655,446,000
Accumulated deficit	(137,199,000)	(163,638,000)
Accumulated other comprehensive loss, net of income tax benefit	(17,284,000)	(17,284,000)
Stockholders' equity before treasury stock	524,136,000	493,849,000
Treasury stock at cost	(42,688,000)	(41,890,000)
Total stockholders’ equity	458,108,000	429,274,000
Total liabilities and stockholders’ equity	$ 2,721,206,000	$ 2,127,708,000

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Common Class A [Member]
Common stock, par value (in dollars per share)	$ 0	$ 0
Common stock, shares authorized (in shares)	15,000,000	15,000,000
Common stock, shares issued (in shares)	8,073,993	7,855,381
Treasury stock, shares (in shares)	1,669,131	1,611,371
Allowance for doubtful accounts	$ 2,963	$ 1,794
Common stock, par value (in dollars per share)	$ 0	$ 0
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	71,228,691	70,989,426
Treasury stock, shares (in shares)	4,943,223	4,882,705

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Revenue (less agency commissions)	$ 204,490,000	$ 151,102,000	$ 574,846,000	$ 427,869,000
Operating expenses before depreciation, amortization and loss (gain) on disposal of assets, net:
Broadcast	120,717,000	98,921,000	346,620,000	272,213,000
Corporate and administrative	7,223,000	10,022,000	31,425,000	23,313,000
Depreciation	11,494,000	9,354,000	34,237,000	26,906,000
Amortization of intangible assets	4,235,000	3,213,000	12,365,000	8,715,000
(Gain) loss on disposals of assets, net	354,000	248,000	(66,000)	562,000
Operating expenses	144,023,000	121,758,000	424,581,000	331,709,000
Operating income	60,467,000	29,344,000	150,265,000	96,160,000
Other income (expense):
Miscellaneous income, net	30,000	28,000	740,000	102,000
Interest expense	(27,926,000)	(18,645,000)	(73,470,000)	(55,762,000)
Loss from early extinguishment of debt	(31,987,000)		(31,987,000)
Income before income taxes	584,000	10,727,000	45,548,000	40,500,000
Income tax expense	797,000	4,118,000	19,109,000	16,186,000
Net (loss) income	$ (213,000)	$ 6,609,000	$ 26,439,000	$ 24,314,000
Basic per share information:
Net (loss) income (in dollars per share)		$ 0.09	$ 0.37	$ 0.36
Weighted-average shares outstanding (in shares)	71,879	71,638	71,850	67,215
Diluted per share information:
Net (loss) income (in dollars per share)		$ 0.09	$ 0.36	$ 0.36
Weighted-average shares outstanding (in shares)	71,879	72,341	72,723	67,824
Dividends declared per common share (in dollars per share)	$ 0	$ 0

Condensed Consolidated Stateme5

Condensed Consolidated Statement of Stockholders' Equity (Unaudited) - 9 months ended Sep. 30, 2016 - USD ($)	401(k) Plan [Member]Common Stock [Member]	401(k) Plan [Member]	Common Stock [Member]Common Class A [Member]	Common Stock [Member]	Retained Earnings [Member]	Treasury Stock [Member]Common Class A [Member]	Treasury Stock [Member]	AOCI Attributable to Parent [Member]	Total
Balance (in shares) at Dec. 31, 2015			7,855,381	70,989,426		(1,611,371)	(4,882,705)
Balance at Dec. 31, 2015			$ 19,325,000	$ 655,446,000	$ (163,638,000)	$ (22,685,000)	$ (41,890,000)	$ (17,284,000)	$ 429,274,000
Net income					26,439,000				26,439,000
Adjustment to pension liability, net of income tax
401(k) plan (in shares)	1,765
Issuance of common stock	$ 21,000	$ 21,000				$ (655,000)	$ (798,000)		(1,453,000)
Restricted stock awards (in shares)			218,612	237,500		(57,760)	(60,518)
Amortization of restricted stock and stock option awards			$ 1,824,000	$ 2,003,000					3,827,000
Balance (in shares) at Sep. 30, 2016			8,073,993	71,228,691		(1,669,131)	(4,943,223)
Balance at Sep. 30, 2016			$ 21,149,000	$ 657,470,000	$ (137,199,000)	$ (23,340,000)	$ (42,688,000)	$ (17,284,000)	$ 458,108,000

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Operating activities
Net income	$ 26,439,000	$ 24,314,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	34,237,000	26,906,000
Amortization of Intangible Assets	12,365,000	8,715,000
Amortization of deferred loan costs	3,664,000	2,396,000
Amortization of original issue discount and premium related to long-term debt, net	(626,000)	(647,000)
Amortization of restricted stock and stock option awards	3,827,000	3,011,000
Amortization of program broadcast rights	14,026,000	10,837,000
Payments on program broadcast obligations	(13,859,000)	(10,558,000)
Common stock contributed to 401(k) plan	21,000	19,000
Deferred income taxes	18,335,000	16,040,000
(Gain) loss on disposals of assets, net	(66,000)	562,000
Loss from early extinguishment of debt	31,987,000
Other	659,000	48,000
Changes in operating assets and liabilities:
Accounts receivable	(8,677,000)	(4,120,000)
Other current assets	(12,234,000)	(1,841,000)
Accounts payable	728,000	(233,000)
Other current liabilities	(10,419,000)	(481,000)
Income taxes payable	719,000
Accrued interest	841,000	7,750,000
Net cash provided by operating activities	101,967,000	82,718,000
Investing activities
Acquisitions of television businesses and broadcast licenses	(432,220,000)	(184,346,000)
Proceeds from Divestiture of Businesses	11,200,000	0
Purchases of property and equipment	(33,238,000)	(15,250,000)
Proceeds from asset sales	1,925,000	111,000
Acquisition prepayment and other	(17,171,000)	(150,000)
Net cash used in investing activities	(469,504,000)	(199,635,000)
Financing activities
Proceeds from borrowings on long-term debt	1,656,000,000	0
Repayments of borrowings on long-term debt	(1,100,000,000)	0
Tender and redemption premiums for 2020 Notes	(27,502,000)
Proceeds from issuance of common stock	0	167,313,000
Deferred and other loan costs	(27,881,000)	4,000
Net cash provided by financing activities	500,617,000	167,317,000
Net increase in cash	133,080,000	50,400,000
Cash at beginning of period	97,318,000	30,769,000
Cash at end of period	$ 230,398,000	$ 81,169,000

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation	9 Months Ended
	Sep. 30, 2016
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	1. Basis of Presentation The accompanying condensed consolidated balance sheet of Gray Television, Inc. (and its consolidated subsidiaries, except as the context otherwise provides,“Gray,” the “Company,” “we,” “us,” and “our”) as of December 31, 2015, which was derived from the Company’s audited financial statements as of December 31, 2015, and our accompanying unaudited condensed consolidated financial statements as of September 30, 2016 and for the periods ended September 30, 2016 and 2015 have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, certain information and note disclosures normally included in annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to those rules and regulations, although we believe that the disclosures made are adequate to make the information not misleading. In our opinion, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair statement have been included. Our operations consist of one reportable segment. For further information, refer to the consolidated financial statements and footnotes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2015 (the “ 2015 Form 10-K”). Our financial condition as of, and operating results, for the nine-month period ended September 30, 2016 are not necessarily indicative of the financial condition or results that may be expected for any future interim period or for the year ending December 31, 2016. Seasonality and Cyclicality Broadcast advertising revenues are generally highest in the second and fourth quarters each year. This seasonality results partly from increases in consumer advertising in the spring and retail advertising in the period leading up to and including the holiday season. Broadcast advertising revenues are also typically higher in even-numbered years due to increased spending by political candidates, political parties and special interest groups in advance of elections. This political spending typically is heaviest during the fourth quarter. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires our management to make estimates and assumptions that affect the amounts reported in the unaudited condensed consolidated financial statements and the notes to the unaudited condensed consolidated financial statements. Our actual results could differ materially from these estimates. The most significant estimates we make relate to our allowance for doubtful accounts in receivables, valuation of goodwill and intangible assets, amortization of program broadcast rights and intangible assets, share-based compensation, pension costs, income taxes, employee medical insurance claims, useful lives of property and equipment and contingencies. Earnings Per Share We compute basic earnings per share by dividing net income attributable to common stockholders by the weighted-average number of common shares outstanding during the relevant period. The weighted-average number of common shares outstanding does not include restricted shares. These shares, although classified as issued and outstanding, are considered contingently returnable until the restrictions lapse and, in accordance with U.S. GAAP, are not included in the basic earnings per share calculation until the shares vest. Diluted earnings per share is computed by including all potentially dilutive common shares, including restricted shares and shares underlying stock options, in the denominator of the diluted weighted-average shares outstanding calculation, unless their inclusion would be anti-dilutive. In the three-months ended September 30, 2016, we reported a net loss and therefore all common stock equivalents are excluded from the computation of diluted earnings per share for that period, since their inclusion would be anti-dilutive. The following table reconciles basic weighted-average shares outstanding to diluted weighted-average shares outstanding for the three-month and nine-month periods ended September 30, 2016 and 2015 (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Weighted-average shares outstanding-basic 71,879 71,638 71,850 67,215 Common stock equivalents for stock options and restricted stock - 703 873 609 Weighted-average shares outstanding-diluted 71,879 72,341 72,723 67,824 Accumulated Other Comprehensive Loss Our accumulated other comprehensive loss balances as of September 30, 2016 and December 31, 2015 consist of adjustments to our pension liability and the related income tax benefit. Our comprehensive (loss) income for the three and nine-month periods ended September 30, 2016 and 2015 consisted entirely of net (loss) income. Therefore the consolidated statement of comprehensive (loss) income is not presented for the three and nine-month periods ended September 30, 2016 or 2015. Property and Equipment Property and equipment are carried at cost. Depreciation is computed principally by the straight-line method. Maintenance, repairs and minor replacements are charged to operations as incurred; major replacements and betterments are capitalized. The cost of any assets sold or retired and the related accumulated depreciation are removed from the accounts at the time of disposition, and any resulting profit or loss is reflected in income or expense for the period. In the nine-months ended September 30, 2016, our total property and equipment balance, before accumulated depreciation, increased approximately $102.7 million as a result of property and equipment acquired in connection with recent acquisitions of television stations, and decreased approximately $3.7 million as a result of the disposition of one television station. In the nine-months ended September 30, 2015, our total property and equipment balance, before accumulated depreciation, increased approximately $16.0 million as a result of property and equipment acquired in connection with acquisitions of television stations. The remaining changes in the balances in the nine-months ended September 30, 2016 and 2015 were due to routine property and equipment purchases and retirements. The following table lists the components of property and equipment by major category (dollars in thousands): Estimated September 30, December 31, Useful Lives 2016 2015 (in years) Property and equipment: Land $ 45,306 $ 36,529 Buildings and improvements 135,208 85,626 7 to 40 Equipment 468,692 420,380 3 to 20 649,206 542,535 Accumulated depreciation (320,577 ) (308,060 ) Total property and equipment, net $ 328,629 $ 234,475 Allowance for Doubtful Accounts Our allowance for doubtful accounts is equal to at least 85% of our receivable balances that are 120 days old or older. We may provide allowances for certain receivable balances that are less than 120 days old when warranted by specific facts and circumstances. We generally write-off accounts receivable balances when the customer files for bankruptcy or when all commonly used methods of collection have been exhausted. Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606). ASU 2014-09 provides new guidance on revenue recognition for revenue from contracts with customers and will replace most existing revenue recognition guidance when it becomes effective. This guidance requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The standard is intended to improve comparability of revenue recognition practices across entities and provide more useful information through improved financial statement disclosures. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date Identifying Performance Obligations and Licensing Narrow Scope Improvements and Practical Expedients In November 2015, the FASB issued ASU No. 2015-17, Income Taxes (Topic 740) – Balance Sheet Classification of Deferred Taxes In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments - Overall (Subtopic 825-10) - Recognition and Measurement of Financial Assets and Financial Liabilities In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). ASU 2016-02 will supersede Topic 840, Leases In March 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation (Topic 718) - Improvements to Employee Share-Based Payment Accounting. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230) – Classification of Certain Cash Receipts and Cash Payments Reclassifications In April 2015, the FASB issued ASU No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30) - Simplifying the Presentation of Debt Issuance Costs. Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements- Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting.

Note 2 - Acquisitions and Dispo

Note 2 - Acquisitions and Dispositions	9 Months Ended
	Sep. 30, 2016
Notes to Financial Statements
Mergers, Acquisitions and Dispositions Disclosures [Text Block]	2. Acquisitions and Dispositions As previously disclosed, on February 16, 2016, we completed the acquisition of the television and radio broadcast assets of Schurz Communications, Inc. (“Schurz”) for an adjusted purchase price of $443.4 million plus transaction related expenses (the “Schurz Acquisition”). Also as previously disclosed, to facilitate regulatory approval for the Schurz Acquistion, on February 1, 2016, we exchanged the assets of KAKE-TV (ABC) (and its satellite stations) in the Wichita, Kansas television market, for the assets of Lockwood Broadcasting, Inc.’s television station WBXX-TV (CW) in the Knoxville, Tennessee television market and $11.2 million of cash (the “WBXX Acquisition”). In connection with the divestiture of KAKE-TV’s assets, we recorded a gain of approximately $2.0 million, excluding transaction related expenses. To further faciliate regulatory approvals for the Schurz Acquisition, on February 16, 2016, we also exchanged the assets of WSBT-TV for the assets of Sinclair Broadcast Group, Inc.’s television station WLUC-TV (NBC/FOX) in the Marquette, Michigan television market (the “WLUC Acquisition”), and we sold the Schurz radio broadcast assets (the “Schurz Radio Stations”) for $16.0 million to three third-party radio broadcasters. We did not record a gain or loss related to the WLUC Acquisition or related to the divestiture of the Schurz Radio Stations. The Schurz Acquisition, the WBXX Acquisition, the WLUC Acquisition, and the sale of the Schurz Radio Stations are referred to collectively as the “Schurz Acquisition and Related Transactions.” We used borrowings of $425.0 million (the “2016 Term Loan”) under our senior credit facility, as amended (the “Senior Credit Facility”) to fund a portion of the purchase price to complete the Schurz Acquisition and to pay a portion of the related fees and expenses, the remainder of which were paid from cash on hand. See Note 3 “Long-term Debt” for further information regarding our financing activities. The net consideration to complete the Schurz Acquisition and Related Transactions was as follows (in thousands): Schurz Acquisition and the Divestiture Acquisition Acquisition of KAKE-TV of WBXX-TV of WLUC-TV Total Base purchase price $ - $ 30,000 $ 442,500 $ 472,500 Purchase price adjustment - - 948 948 Adjusted purchase price - 30,000 443,448 473,448 Cash consideration received from sale of Schurz Radio Stations - - (16,000 ) (16,000 ) Net adjusted purchase price allocated to assets acquired and liabilities assumed - 30,000 427,448 457,448 Non-cash consideration received (30,000 ) - - (30,000 ) Cash consideration received (11,200 ) - - (11,200 ) Net consideration - the Schurz Acquisition and Related Transactions $ (41,200 ) $ 30,000 $ 427,448 $ 416,248 On June 27, 2016, we completed the acquisition of KYES-TV (MY, Ant.), a television station serving the Anchorage, Alaska television market, from Fireweed Communications, LLC (the “KYES-TV Acquisition”). The purchase price of $0.5 million, plus transaction related expenses, was paid with cash on hand. Collectively, we refer to the stations acquired and retained in 2016 , as well as those which we began operating under a local programming and marketing agreement (an “LMA”) in 2016, as the “2016 Acquisitions.” P reliminary Fair Value Estimates The preliminary fair value estimates of the assets acquired, liabilities assumed and resulting goodwill of our 2016 Acquisitions are summarized as follows (in thousands): Schurz Acquisition and the Acquisition Acquisition Acquisition of KYES-TV of WBXX-TV of WLUC-TV Total Accounts receivable $ - $ - $ 19,313 $ 19,313 Other current assets - 429 4,606 5,035 Property and equipment 176 1,633 97,814 99,623 Goodwill 28 10,288 62,268 72,584 Broadcast licenses 254 18,199 231,391 249,844 Other intangible assets 42 - 19,523 19,565 Other non-current assets - 408 3,028 3,436 Current liabilities - (460 ) (8,903 ) (9,363 ) Other long-term liabilities - (497 ) (1,592 ) (2,089 ) Total $ 500 $ 30,000 $ 427,448 $ 457,948 Amounts in the table above are based upon management’s preliminary estimate of the fair values using valuation techniques including income, cost and market approaches. In estimating the fair value of the acquired assets and assumed liabilities, the fair value estimates are based on, but not limited to, expected future revenue and cash flows, expected future growth rates, and estimated discount rates. Accounts receivable are recorded at their fair value representing the amount we expect to collect. Gross contractual amounts receivable are approximately $0.2 million more than their recorded fair value. Property and equipment are recorded at their fair value and are being depreciated over their estimated useful lives ranging from three years to 40 years. Amounts related to other intangible assets represent primarily the estimated fair values of retransmission agreements of $14.9 million; advertising client relationships of $1.6 million; and favorable income leases of $2.6 million. These intangible assets are being amortized over their estimated useful lives of approximately 4.9 years for retransmission agreements; approximately 5.5 years for advertising client relationships; and approximately 9.5 years for favorable income leases. Goodwill is calculated as the excess of the consideration transferred over the fair value of the identifiable net assets acquired and liabilities assumed, and represents the future economic benefits expected to arise from other intangible assets acquired that do not qualify for separate recognition, including assembled workforce, as well as future synergies that we expect to generate from each acquisition. We have preliminarily recorded $72.6 million of goodwill related to 2016 Acquisitions. The goodwill recognized related to these acquisitions is deductible for income tax purposes. The Company’s consolidated results of operations for the three and nine-months ended September 30, 2016 include the results of the 2016 Acquisitions from the date of each transaction. Revenues attributable thereto and included in our condensed consolidated statements of operations for the three and nine-months ended September 30, 2016 were $37.1 million and $87.9 million, respectively. Operating income attributable thereto and included in our condensed consolidated statements of operations for the three and nine-months ended September 30, 2016 were $16.2 million and $35.3 million, respectively. In connection with the 2016 Acquisitions, we incurred a total of $0.5 million and $7.7 million of transaction related costs during the three and nine-months ended September 30, 2016, respectively, primarily related to legal, consulting and other professional services. Unaudited Pro Forma Financial Information The following table sets forth certain unaudited pro forma information for the nine-months ended September 30, 2016 and 2015 assuming that the Schurz Acquisition and Related Transactions occurred on January 1, 2015 (in thousands, except per share data): Nine Months Ended September 30, 2016 2015 Revenue (less agency commissions) $ 588,193 $ 505,269 Net income $ 22,025 $ 24,182 Basic net income per share $ 0.31 $ 0.36 Diluted net income per share $ 0.30 $ 0.36 This pro forma financial information is based on historical results of operations of each of Gray, the television stations acquired and the television and radio broadcast assets divested in the Schurz Acquisition and Related Transactions, adjusted for the effect of fair value estimates and other acquisition accounting adjustments, and is not necessarily indicative of what our results would have been had we completed each of the Schurz Acquisition and Related Transactions on January 1, 2015 or on any other historical date, nor is it reflective of our expected results of operations for any future period. The pro forma adjustments for the nine-months ended September 30, 2016 and 2015 reflect depreciation expense and amortization of finite-lived intangible assets related to the fair value of the assets acquired, interest expense resulting from additional borrowings under our Senior Credit Facility and the related tax effects of the adjustments. This pro forma financial information has been prepared based on estimates and assumptions that we believe are reasonable as of the date hereof, and are subject to change based on, among other things, changes in the preliminary allocation of purchase price to the fair value of the assets acquired and liabilities assumed, or any other underlying assumptions. Pro forma information for the KYES-TV Acquisition is not included, as such information is not material to our financial statements. Pending Acquisitions On May 13, 2016, we announced that we agreed to acquire television stations WDTV-TV (CBS) and WVFX-TV (FOX, CW), a legal duopoly in the Clarksburg-Weston, West Virginia television market (the “Clarksburg Acquisition”) from Withers Broadcasting Company of West Virginia and Withers Broadcasting Company of Clarksburg, LLC (collectively “Withers”) for a maximum total purchase price of $26.5 million in cash. On June 1, 2016, we made a partial payment of $16.5 million to Withers and acquired the non-license assets of these stations. Also, on that date we began to provide services to Withers under an LMA. The completion of our acquisition of the stations’ licenses and license-related assets is subject to the receipt of regulatory and other approvals. We currently expect to complete this acquisition in late 2016 or early 2017. On June 3, 2016, we announced that we agreed with Nextstar Broadcasting Group, Inc. (“Nexstar”), to acquire two television stations that Nexstar will divest upon its merger with Media General, Inc. (“Media General”): WBAY-TV (ABC), in the Green Bay, Wisconsin television market, and KWQC-TV (NBC), in the Davenport, Iowa television market, both currently owned and operated by Media General, for $270.0 million in cash. We expect to fund these acquisitions primarily with cash on hand and, if necessary, available borrowings under our Senior Credit Facility or other available financing, depending on the cost and availability thereof. We anticipate closing the acquisition in late 2016 or early 2017. On November 7, 2016, we entered into agreements with Tanana Valley Television Company and Tanana Valley Holdings, LLC, to acquire KTVF (NBC), KXD (CBS), and KFXF (FOX) in the Fairbanks, Alaska television market, for total purchase price of $8.0 million (the “Fairbanks Acquisition”). We anticipate completing the Fairbanks Acquisition using cash on hand following receipt of regulatory approvals in the first or second quarter of 2017.

Note 3 - Long-term Debt

Note 3 - Long-term Debt	9 Months Ended
	Sep. 30, 2016
Notes to Financial Statements
Debt Disclosure [Text Block]	3. Long-term Debt As of September 30, 2016 and December 31, 2015, as applicable, l ong-term debt consisted of obligations under our Senior Credit Facility, our 7½% senior notes due 2020 (the “2020 Notes”), our 5.875% senior notes due 2026 (the “2026 Notes”) and our 5.125% senior notes due 2024 (the “2024 Notes”), as follows (in thousands): September 30, December 31, 2016 2015 Long-term debt including current portion: Senior Credit Facility $ 556,438 $ 556,438 2020 Notes - 675,000 2024 Notes 525,000 - 2026 Notes 700,000 - Total outstanding principal 1,781,438 1,231,438 Unamortized deferred loan costs - Senior Credit Facility (12,857 ) (6,136 ) Unamortized deferred loan costs - 2020 Notes - (9,317 ) Unamortized deferred loan costs - 2024 Notes (7,971 ) - Unamortized deferred loan costs - 2026 Notes (10,834 ) - Unamortized premium - 2020 Notes - 4,099 Unamortized premium - 2026 Notes 5,949 - Net carrying value $ 1,755,725 $ 1,220,084 Borrowing availability under the Revolving Credit Facility $ 60,000 $ 50,000 Our Senior Credit Facility consists of a revolving loan (the “Revolving Credit Facility”) and a term loan. Excluding accrued interest, the amount outstanding under our Senior Credit Facility as of September 30, 2016 and December 31, 2015 consisted solely of a term loan balance of $556.4 million. Our maximum borrowing availability under our Revolving Credit Facility is limited by our required compliance with certain restrictive covenants, including a first lien net leverage ratio covenant. As of September 30, 2016 and December 31, 2015, the interest rate on the balance outstanding under the Senior Credit Facility was 3.9% and 3.8%, respectively. In connection with the consummation of the Schurz Acquisition and Related Transactions, effective February 16, 2016, we entered into the Second Amendment and Incremental Facility Agreement to our Senior Credit Facility (the “Second Amendment”). Pursuant to this Second Amendment, we borrowed $425.0 million under the 2016 Term Loan to fund a portion of the purchase price of the Schurz Acquisition. The Second Amendment also increased our availability under the Revolving Credit Facility by $10.0 million to a total of $60.0 million. On June 14, 2016, we completed the private placement of $500.0 million of our 2026 Notes (the “Original 2026 Notes”), at par. We used a portion of the proceeds of the Original 2026 Notes to repay the outstanding balance of the 2016 Term Loan, accrued interest thereon, and transaction related fees and expenses. On September 14, 2016, we completed the private placement of an additional $200.0 million of our 2026 Notes (the “Additional 2026 Notes”). The Additional 2026 Notes were issued at a price of 103.0%, resulting in aggregate gross proceeds of approximately $206.0 million, plus accrued and unpaid interest from and including June 14, 2016. The Additional 2026 Notes are an additional issuance of, rank equally with and form a single series with the Original 2026 Notes. The 2026 Notes mature on July 15, 2026. Interest is payable semiannually, on January 15 and July 15 of each year commencing on January 15, 2017. Also on September 14, 2016, we completed the private placement of $525.0 million of our 2024 Notes, at par. The 2024 Notes mature on October 15, 2024. Interest is payable semiannually, on April 15 and October 15 of each year commencing on April 15, 2017. We used a portion of the proceeds from the sale of the 2026 Additional Notes and the 2024 Notes to complete the Tender Offer (discussed below). We used the remaining proceeds and cash on hand to redeem the 2020 Notes that remained outstanding after the completion of the Tender Offer. As of September 30, 2016, we had $700.0 million of 2026 Notes outstanding and $525.0 million of 2024 Notes outstanding. The interest rate and yield on the Original 2026 Notes were each 5.875%. The interest rate and yield on the Additional 2026 Notes were 5.875% and 5.398%, respectively. The interest rate and yield on the 2024 Notes were each 5.125%. In September 2016, we purchased approximately $431.2 million in aggregate principal amount of the 2020 Notes validly tendered in connection with a previously announced cash tender offer (the “Tender Offer”). The Tender Offer expired on September 13, 2016. On September 14, 2016, we satisfied and discharged our obligations under the indenture governing the remaining 2020 Notes outstanding by depositing with the trustee thereunder the redemption price of 103.750% of the principal amount thereunder, plus accrued and unpaid interest to, but not including, the date of redemption (the “Redemption”). In connection with the completion of the Tender Offer and the Redemption, we recorded a loss from early extinguishment of debt of approximately $32.0 million ($19.5 million net of tax) in the three and nine-months ended September 30, 2016 consisting of Tender Offer premiums of $18.2 million, call premiums of $9.1 million, the write off of unamortized deferred financing costs of $8.0 million and the payment of approximately $0.2 million in legal and other professional fees; but reduced by the recognition of un-accreted net premium of $3.5 million. Collateral, Covenants and Restrictions Our obligations under the Senior Credit Facility are secured by substantially all of our consolidated subsidiaries' assets, including certain real estate. In addition, all of our subsidiaries are joint and several guarantors of, and our ownership interests in those subsidiaries are pledged to collateralize, our obligations under the Senior Credit Facility. Gray Television, Inc. is a holding company with no material independent assets or operations. For all applicable periods, the 2026 Notes and 2024 Notes have been fully and unconditionally guaranteed, on a joint and several, senior unsecured basis, by all of Gray Television, Inc.'s subsidiaries. As of September 30, 2016, there were no significant restrictions on the ability of Gray Television, Inc.'s subsidiaries to distribute cash to Gray or to the guarantor subsidiaries. The Senior Credit Facility contains affirmative and restrictive covenants with which we must comply, including: (a) limitations on additional indebtedness; (b) limitations on liens; (c) limitations on the sale of assets; (d) limitations on guarantees; (e) limitations on investments and acquisitions; (f) limitations on the payment of dividends and share repurchases; (g) limitations on mergers; and (h) maintenance of a total leverage ratio not to exceed certain maximum limits while any amount is outstanding under the Revolving Credit Facility, as well as other customary covenants for credit facilities of this type. The 2026 Notes and 2024 Notes include covenants with which we must comply which are typical for borrowing transactions of their nature. As of September 30, 2016 and December 31, 2015, we were in compliance with all required covenants under all our debt obligations. We may redeem some or all of the 2026 Notes at any time after July 15, 2021 at specified redemption prices. We may also redeem up to 35% of the aggregate principal amount of the 2026 Notes using the proceeds from certain equity offerings completed before July 15, 2019. In addition, we may redeem some or all of the 2026 Notes at any time prior to July 15, 2021 at a price equal to 100% of the principal amount thereof plus a make whole premium, and accrued but unpaid interest. If we sell certain of our assets or experience specific kinds of changes of control, we must offer to repurchase the 2026 Notes. We may redeem some or all of the 2024 Notes at any time after October 15, 2019 at specified redemption prices. We may also redeem up to 35% of the aggregate principal amount of the 2024 Notes using the proceeds from certain equity offerings completed before October 15, 2019. In addition, we may redeem some or all of the 2024 Notes at any time prior to October 15, 2019 at a price equal to 100% of the principal amount thereof plus a make whole premium, and accrued and unpaid interest. If we sell certain of our assets or experience specific kinds of changes of control, we must offer to repurchase the 2024 Notes.

Note 4 - Fair Value Measurement

Note 4 - Fair Value Measurement	9 Months Ended
	Sep. 30, 2016
Notes to Financial Statements
Fair Value Disclosures [Text Block]	4. Fair Value Measurement For purposes of determining a fair value measurement, we utilize market data or assumptions that market participants would use in pricing an asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated or generally unobservable. We utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. These inputs are prioritized into a hierarchy that gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (“Level 1”) and the lowest priority to unobservable inputs that require assumptions to measure fair value (“Level 3”). Level 2 inputs are those that are other than quoted prices on national exchanges included within Level 1 that are observable for the asset or liability either directly or indirectly (“Level 2”). Fair Value of Other Financial Instruments The estimated fair value of other financial instruments is determined using market information and appropriate valuation methodologies. Interpreting market data to develop fair value estimates involves considerable judgment. The use of different market assumptions may have a material effect on the estimated fair value amounts. Accordingly, the estimates presented are not necessarily indicative of the amounts that we could realize in a current market exchange, or the value that ultimately will be realized upon maturity or disposition. The carrying amounts of the following instruments approximate fair value due to their short term to maturity: (i) accounts receivable; (ii) prepaid and other current assets; (iii) accounts payable; (iv) accrued employee compensation and benefits; (v) accrued interest; (vi) other accrued expenses; (vii) acquisition-related liabilities; and (viii) deferred revenue. The carrying amount of our long-term debt was $1.8 billion and $1.2 billion, respectively, and the fair value was $1.8 billion and $1.2 billion, respectively, as of September 30, 2016 and December 31, 2015. Fair value of our long-term debt is based on observable estimates provided by third-party financial professionals as of September 30, 2016 and December 31, 2015 and as such is classified within Level 2 of the fair value hierarchy.

Note 5 - Retirement Plans

Note 5 - Retirement Plans	9 Months Ended
	Sep. 30, 2016
Notes to Financial Statements
Pension and Other Postretirement Benefits Disclosure [Text Block]	5 . Retirement Plans The following table provides the components of net periodic benefit cost for our pension plans for the three-month and nine-month periods ended September 30, 2016 and 2015, respectively (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Service cost $ - $ - $ - $ 3,116 Interest cost 1,185 - 3,554 4,448 Expected return on plan assets (1,298 ) - (3,892 ) (5,114 ) Loss amortization 153 - 458 1,740 Net periodic benefit cost $ 40 $ - $ 120 $ 4,190 During the nine-month period ended September 30, 2016, we contributed $3.0 million to our defined benefit pension plans. During the remainder of 2016, we do not expect to make further contributions to these plans. During the three and nine-month periods ended September 30, 2016, we contributed $1.5 million and $4.1 million, respectively, in matching contributions to our defined contribution plan, the Gray Television, Inc. Capital Accumulation Plan. During the remainder of 2016, we estimate that our contributions will be approximately $1.4 million to this plan, excluding discretionary profit-sharing contributions.

Note 6 - Stock-based Compensati

Note 6 - Stock-based Compensation	9 Months Ended
	Sep. 30, 2016
Notes to Financial Statements
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	6. Share-based Compensation We recognize compensation expense for share-based payment awards made to our employees and directors, including stock options and restricted shares awarded under our 2007 Long-Term Incentive Plan, as amended (the “2007 Incentive Plan”) and our Directors’ Restricted Stock Plan. Currently, there are no outstanding share awards under our Directors’ Restricted Stock Plan. The following table provides information on our share-based compensation expense and related income tax benefit for the three and nine-month periods ended September 30, 2016 and 2015, respectively (in thousands). Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Stock-based compensation expense, gross $ 1,271 $ 1,009 $ 3,827 $ 3,011 Income tax benefit at our statutory rate associated with share-based compensation (496 ) (394 ) (1,493 ) (1,174 ) Stock-based compensation expense, net $ 775 $ 615 $ 2,334 $ 1,837 The 2007 Long-Term Incentive Plan provides for the grant of incentive stock options, nonqualified stock options, restricted stock awards, stock appreciation rights, and performance awards to acquire shares of our Class A common stock or common stock, or other awards based on our performance, to our employees and non-employee directors. During the nine-month period ended September 30, 2016, we granted 218,452 shares of restricted common stock to certain employees, of which 72,816 shares will vest on each of January 31, 2017 and 2018; and 72,820 shares will vest on January 31, 2019. Also during the nine-month period ended September 30, 2016, we granted 166,677 shares of restricted Class A common stock to one employee, of which 55,559 shares will vest on each of January 31, 2017, 2018 and 2019. During the nine-month period ended September 30, 2016, we also granted 19,048 shares of restricted common stock to certain non-employee directors, which shares will vest on January 31, 2017. Also during the nine-month period ended September 30, 2016, we granted 51,935 shares of restricted Class A common stock to certain non-employee directors, which shares will vest on January 31, 2017. During the nine-month period ended September 30, 2015, we granted 150,308 shares of restricted common stock to certain employees, of which 50,102 shares vested on January 31, 2016; 50,100 shares will vest on January 31, 2017; and 50,106 shares will vest on January 31,2018. Also during the nine-month period ended September 30, 2015, we granted 229,322 shares of restricted Class A common stock to certain employees, of which 76,442 shares vested January 31, 2016; 76,442 shares will vest on January 31, 2017; and 76,438 shares will vest on January 31, 2018. Also during the nine-month period ended September 30, 2015, we granted 58,191 shares of restricted Class A common stock to certain non-employee directors, all of which vested on January 31, 2016. A summary of restricted common stock activity for the nine-month periods ended September 30, 2016 and 2015 is as follows: Nine Months Ended September 30, 2016 September 30, 2015 Weighted- Weighted- average average Grant Date Grant Date Number of Fair Value Number of Fair Value Shares Per Share Shares Per Share Restricted stock - common: Outstanding - beginning of period 337,506 $ 9.57 385,056 $ 9.09 Granted 237,500 $ 12.88 150,308 $ 10.27 Vested (178,973 ) $ 8.46 (197,858 ) $ 9.16 Outstanding - end of period 396,033 $ 12.06 337,506 $ 9.57 A summary of restricted Class A common stock activity for the nine-month periods ended September 30, 2016 and 2015 is as follows: Nine Months Ended September 30, 2016 September 30, 2015 Weighted-average Weighted-average Grant Date Grant Date Number of Fair Value Number of Fair Value Shares Per Share Shares Per Share Restricted stock - class A common: Outstanding - beginning of period 374,693 $ 9.46 204,473 $ 9.81 Granted 218,612 $ 11.25 287,513 $ 9.37 Vested (178,223 ) $ 10.04 (117,293 ) $ 9.85 Outstanding - end of period 415,082 $ 10.15 374,693 $ 9.46 Stock Options As of September 30, 2016 and 2015, options to purchase 274,746 shares of our common stock, with an exercise price of $1.99, were outstanding and exercisable. For each of the nine-month periods ended September 30, 2016 and 2015, we did not have any outstanding stock options for our Class A common stock. The aggregate intrinsic value of our outstanding stock options was $2.3 million based on the closing market price of our common stock on September 30, 2016.

Note 7 - Commitments and Contin

Note 7 - Commitments and Contingencies	9 Months Ended
	Sep. 30, 2016
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	7 . Commitments and Contingencies From time to time, we are or may become subject to legal proceedings and claims that arise in the normal course of our business. In our opinion, the amount of ultimate liability, if any, with respect to known actions, will not materially affect our financial position. However, the outcome of any one or more matters cannot be predicted with certainty, and the unfavorable resolution of any matter could have a material adverse effect on us.

Note 8 - Goodwill and Intangibl

Note 8 - Goodwill and Intangible Assets	9 Months Ended
	Sep. 30, 2016
Notes to Financial Statements
Goodwill and Intangible Assets Disclosure [Text Block]	8 . Goodwill and Intangible Assets During the nine-month period ended September 30, 2016, we acquired and disposed of various television broadcast stations and broadcast licenses. See Note 2 “Acquisitions and Dispositions” for more information regarding these transactions. As a result of these transactions, our goodwill and other intangible asset balances changed. A summary of changes in our goodwill and other intangible assets, on a net basis, for the nine-month period ended September 30, 2016 is as follows (in thousands): Net Balance at Acquisitions Net Balance at December 31, And September 30, 2015 Adjustments Dispositions Impairments Amortization 2016 Goodwill $ 423,236 $ 72,584 $ (10,215 ) $ - $ - $ 485,605 Broadcast licenses 1,114,626 251,035 (25,356 ) - - 1,340,305 Definite lived intangible assets 53,280 19,566 - - (12,365 ) 60,481 Total intangible assets net of accumulated amortization $ 1,591,142 $ 343,185 $ (35,571 ) $ - $ (12,365 ) $ 1,886,391 As of September 30, 2016 and December 31, 2015, our intangible assets and related accumulated amortization consisted of the following (in thousands): As of September 30, 2016 As of December 31, 2015 Accumulated Accumulated Gross Amortization Net Gross Amortization Net Intangible assets not currently subject to amortization: Broadcast licenses $ 1,394,004 $ (53,699 ) $ 1,340,305 $ 1,168,325 $ (53,699 ) $ 1,114,626 Goodwill 485,605 - 485,605 423,236 - 423,236 $ 1,879,609 $ (53,699 ) $ 1,825,910 $ 1,591,561 $ (53,699 ) $ 1,537,862 Intangible assets subject to amortization: Network affiliation agreements $ 1,264 $ (1,264 ) $ - $ 1,264 $ (1,264 ) $ - Other definite lived intangible assets 105,791 (45,310 ) 60,481 86,696 (33,416 ) 53,280 $ 107,055 $ (46,574 ) $ 60,481 $ 87,960 $ (34,680 ) $ 53,280 Total intangibles $ 1,986,664 $ (100,273 ) $ 1,886,391 $ 1,679,521 $ (88,379 ) $ 1,591,142 Amortization expense for the nine-month periods ended September 30, 2016 and 2015 was $12.4 million and $8.7 million, respectively. Based on the current amount of intangible assets subject to amortization, we expect that amortization expense for the succeeding five years will be as follows: 2017, $16.3 million; 2018, $11.5 million; 2019, $9.0 million; 2020, $6.1 million; and 2021, $3.2 million. If and when acquisitions and dispositions occur in the future, actual amounts may vary from these estimates. Impairment of goodwill and broadcast licenses Our intangible assets are primarily comprised of broadcast licenses. There were no triggering events that required a test of our goodwill or intangible assets for impairment during the nine-month periods ended September 30, 2016 or 2015.

Note 9 - Income Taxes

Note 9 - Income Taxes	9 Months Ended
	Sep. 30, 2016
Notes to Financial Statements
Income Tax Disclosure [Text Block]	9 . Income Taxes For the three and nine-month periods ended September 30, 2016 and 2015, our income tax expense and effective income tax rates were as follows (dollars in thousands) : Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Income tax expense $ 797 $ 4,118 $ 19,109 $ 16,186 Effective income tax rate 136.5 % 38.4 % 42.0 % 40.0 % We estimate our differences between taxable income or loss and recorded income or loss on an annual basis. Our tax provision for each quarter is based upon these full-year projections, which are revised each reporting period. These projections incorporate estimates of permanent differences between U.S. GAAP income or loss and taxable income or loss, state income taxes and adjustments to our liability for unrecognized tax benefits to adjust our statutory Federal income tax rate of 35.0% to our effective income tax rate. For the nine-month period ended September 30, 2016, these estimates increased or decreased our statutory Federal income tax rate of 35.0% to our effective income tax rate of 42.0% as follows: state income taxes added 4.6%, permanent differences between our U.S. GAAP income and taxable income added 2.1%, and a discrete share-based compensation adjustment added 1.0%, while adjustments to our reserve for uncertain tax positions resulted in a reduction of 0.7%. For the nine-month period ended September 30, 2015, these estimates increased or decreased our statutory Federal income tax rate of 35.0% to our effective income tax rate of 40.0% as follows: state income taxes added 4.5% and permanent differences between our U.S. GAAP income and taxable income added 1.6%, and discrete items resulted in a reduction of 0.2 %, while adjustments to our reserve for uncertain tax positions resulted in a reduction of 0.9%. For the three-months ended September 30, 2016,

Note 10 - Subsequent Event

Note 10 - Subsequent Event	9 Months Ended
	Sep. 30, 2016
Notes to Financial Statements
Subsequent Events [Text Block]	10. Subsequent Event On November 6, 2016, the Board of Directors of the Company authorized the Company to purchase up to an additional $75.0 million of outstanding common stock prior to December 31, 2019. The extent to which the Company repurchases common stock, the number of shares and the timing of any repurchases will depend on general market conditions, regulatory requirements, alternative investment opportunities and other considerations. The Company is not required to repurchase a minimum number of shares, and the repurchase authorization may be modified, suspended or terminated at any time without prior notice. This authorization prohibits the Company from purchasing shares directly from the Company’s officers, directors, or the Gray Television, Inc. Capital Accumulation Plan (401K plan).

Significant Accounting Policies

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2016
Accounting Policies [Abstract]
Revenue Recognition, Policy [Policy Text Block]	Seasonality and Cyclicality Broadcast advertising revenues are generally highest in the second and fourth quarters each year. This seasonality results partly from increases in consumer advertising in the spring and retail advertising in the period leading up to and including the holiday season. Broadcast advertising revenues are also typically higher in even-numbered years due to increased spending by political candidates, political parties and special interest groups in advance of elections. This political spending typically is heaviest during the fourth quarter.
Use of Estimates, Policy [Policy Text Block]	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires our management to make estimates and assumptions that affect the amounts reported in the unaudited condensed consolidated financial statements and the notes to the unaudited condensed consolidated financial statements. Our actual results could differ materially from these estimates. The most significant estimates we make relate to our allowance for doubtful accounts in receivables, valuation of goodwill and intangible assets, amortization of program broadcast rights and intangible assets, share-based compensation, pension costs, income taxes, employee medical insurance claims, useful lives of property and equipment and contingencies.
Earnings Per Share, Policy [Policy Text Block]	Earnings Per Share We compute basic earnings per share by dividing net income attributable to common stockholders by the weighted-average number of common shares outstanding during the relevant period. The weighted-average number of common shares outstanding does not include restricted shares. These shares, although classified as issued and outstanding, are considered contingently returnable until the restrictions lapse and, in accordance with U.S. GAAP, are not included in the basic earnings per share calculation until the shares vest. Diluted earnings per share is computed by including all potentially dilutive common shares, including restricted shares and shares underlying stock options, in the denominator of the diluted weighted-average shares outstanding calculation, unless their inclusion would be anti-dilutive. In the three-months ended September 30, 2016, we reported a net loss and therefore all common stock equivalents are excluded from the computation of diluted earnings per share for that period, since their inclusion would be anti-dilutive. The following table reconciles basic weighted-average shares outstanding to diluted weighted-average shares outstanding for the three-month and nine-month periods ended September 30, 2016 and 2015 (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Weighted-average shares outstanding-basic 71,879 71,638 71,850 67,215 Common stock equivalents for stock options and restricted stock - 703 873 609 Weighted-average shares outstanding-diluted 71,879 72,341 72,723 67,824
Comprehensive Income, Policy [Policy Text Block]	Accumulated Other Comprehensive Loss Our accumulated other comprehensive loss balances as of September 30, 2016 and December 31, 2015 consist of adjustments to our pension liability and the related income tax benefit. Our comprehensive (loss) income for the three and nine-month periods ended September 30, 2016 and 2015 consisted entirely of net (loss) income. Therefore the consolidated statement of comprehensive (loss) income is not presented for the three and nine-month periods ended September 30, 2016 or 2015.
Property, Plant and Equipment, Policy [Policy Text Block]	Property and Equipment Property and equipment are carried at cost. Depreciation is computed principally by the straight-line method. Maintenance, repairs and minor replacements are charged to operations as incurred; major replacements and betterments are capitalized. The cost of any assets sold or retired and the related accumulated depreciation are removed from the accounts at the time of disposition, and any resulting profit or loss is reflected in income or expense for the period. In the nine-months ended September 30, 2016, our total property and equipment balance, before accumulated depreciation, increased approximately $102.7 million as a result of property and equipment acquired in connection with recent acquisitions of television stations, and decreased approximately $3.7 million as a result of the disposition of one television station. In the nine-months ended September 30, 2015, our total property and equipment balance, before accumulated depreciation, increased approximately $16.0 million as a result of property and equipment acquired in connection with acquisitions of television stations. The remaining changes in the balances in the nine-months ended September 30, 2016 and 2015 were due to routine property and equipment purchases and retirements. The following table lists the components of property and equipment by major category (dollars in thousands): Estimated September 30, December 31, Useful Lives 2016 2015 (in years) Property and equipment: Land $ 45,306 $ 36,529 Buildings and improvements 135,208 85,626 7 to 40 Equipment 468,692 420,380 3 to 20 649,206 542,535 Accumulated depreciation (320,577 ) (308,060 ) Total property and equipment, net $ 328,629 $ 234,475
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block]	Allowance for Doubtful Accounts Our allowance for doubtful accounts is equal to at least 85% of our receivable balances that are 120 days old or older. We may provide allowances for certain receivable balances that are less than 120 days old when warranted by specific facts and circumstances. We generally write-off accounts receivable balances when the customer files for bankruptcy or when all commonly used methods of collection have been exhausted.
New Accounting Pronouncements, Policy [Policy Text Block]	Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606). ASU 2014-09 provides new guidance on revenue recognition for revenue from contracts with customers and will replace most existing revenue recognition guidance when it becomes effective. This guidance requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The standard is intended to improve comparability of revenue recognition practices across entities and provide more useful information through improved financial statement disclosures. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date Identifying Performance Obligations and Licensing Narrow Scope Improvements and Practical Expedients In November 2015, the FASB issued ASU No. 2015-17, Income Taxes (Topic 740) – Balance Sheet Classification of Deferred Taxes In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments - Overall (Subtopic 825-10) - Recognition and Measurement of Financial Assets and Financial Liabilities In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). ASU 2016-02 will supersede Topic 840, Leases In March 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation (Topic 718) - Improvements to Employee Share-Based Payment Accounting. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230) – Classification of Certain Cash Receipts and Cash Payments
Reclassification, Policy [Policy Text Block]	Reclassifications In April 2015, the FASB issued ASU No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30) - Simplifying the Presentation of Debt Issuance Costs. Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements- Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting.

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation (Tables)	9 Months Ended
	Sep. 30, 2016
Notes Tables
Schedule of Weighted Average Number of Shares [Table Text Block]	Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Weighted-average shares outstanding-basic 71,879 71,638 71,850 67,215 Common stock equivalents for stock options and restricted stock - 703 873 609 Weighted-average shares outstanding-diluted 71,879 72,341 72,723 67,824
Property, Plant and Equipment [Table Text Block]	Estimated September 30, December 31, Useful Lives 2016 2015 (in years) Property and equipment: Land $ 45,306 $ 36,529 Buildings and improvements 135,208 85,626 7 to 40 Equipment 468,692 420,380 3 to 20 649,206 542,535 Accumulated depreciation (320,577 ) (308,060 ) Total property and equipment, net $ 328,629 $ 234,475

Note 2 - Acquisitions and Dis19

Note 2 - Acquisitions and Dispositions (Tables)	9 Months Ended
	Sep. 30, 2016
Notes Tables
Schedule of Noncash or Part Noncash Acquisitions [Table Text Block]	Schurz Acquisition and the Divestiture Acquisition Acquisition of KAKE-TV of WBXX-TV of WLUC-TV Total Base purchase price $ - $ 30,000 $ 442,500 $ 472,500 Purchase price adjustment - - 948 948 Adjusted purchase price - 30,000 443,448 473,448 Cash consideration received from sale of Schurz Radio Stations - - (16,000 ) (16,000 ) Net adjusted purchase price allocated to assets acquired and liabilities assumed - 30,000 427,448 457,448 Non-cash consideration received (30,000 ) - - (30,000 ) Cash consideration received (11,200 ) - - (11,200 ) Net consideration - the Schurz Acquisition and Related Transactions $ (41,200 ) $ 30,000 $ 427,448 $ 416,248
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]	Schurz Acquisition and the Acquisition Acquisition Acquisition of KYES-TV of WBXX-TV of WLUC-TV Total Accounts receivable $ - $ - $ 19,313 $ 19,313 Other current assets - 429 4,606 5,035 Property and equipment 176 1,633 97,814 99,623 Goodwill 28 10,288 62,268 72,584 Broadcast licenses 254 18,199 231,391 249,844 Other intangible assets 42 - 19,523 19,565 Other non-current assets - 408 3,028 3,436 Current liabilities - (460 ) (8,903 ) (9,363 ) Other long-term liabilities - (497 ) (1,592 ) (2,089 ) Total $ 500 $ 30,000 $ 427,448 $ 457,948
Business Acquisition, Pro Forma Information [Table Text Block]	Nine Months Ended September 30, 2016 2015 Revenue (less agency commissions) $ 588,193 $ 505,269 Net income $ 22,025 $ 24,182 Basic net income per share $ 0.31 $ 0.36 Diluted net income per share $ 0.30 $ 0.36

Note 3 - Long-term Debt (Tables

Note 3 - Long-term Debt (Tables)	9 Months Ended
	Sep. 30, 2016
Notes Tables
Schedule of Long-term Debt Instruments [Table Text Block]	September 30, December 31, 2016 2015 Long-term debt including current portion: Senior Credit Facility $ 556,438 $ 556,438 2020 Notes - 675,000 2024 Notes 525,000 - 2026 Notes 700,000 - Total outstanding principal 1,781,438 1,231,438 Unamortized deferred loan costs - Senior Credit Facility (12,857 ) (6,136 ) Unamortized deferred loan costs - 2020 Notes - (9,317 ) Unamortized deferred loan costs - 2024 Notes (7,971 ) - Unamortized deferred loan costs - 2026 Notes (10,834 ) - Unamortized premium - 2020 Notes - 4,099 Unamortized premium - 2026 Notes 5,949 - Net carrying value $ 1,755,725 $ 1,220,084 Borrowing availability under the Revolving Credit Facility $ 60,000 $ 50,000

Note 5 - Retirement Plans (Tabl

Note 5 - Retirement Plans (Tables)	9 Months Ended
	Sep. 30, 2016
Notes Tables
Schedule of Net Benefit Costs [Table Text Block]	Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Service cost $ - $ - $ - $ 3,116 Interest cost 1,185 - 3,554 4,448 Expected return on plan assets (1,298 ) - (3,892 ) (5,114 ) Loss amortization 153 - 458 1,740 Net periodic benefit cost $ 40 $ - $ 120 $ 4,190

Note 6 - Stock-based Compensa22

Note 6 - Stock-based Compensation (Tables)	9 Months Ended
	Sep. 30, 2016
Notes Tables
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block]	Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Stock-based compensation expense, gross $ 1,271 $ 1,009 $ 3,827 $ 3,011 Income tax benefit at our statutory rate associated with share-based compensation (496 ) (394 ) (1,493 ) (1,174 ) Stock-based compensation expense, net $ 775 $ 615 $ 2,334 $ 1,837
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block]	Nine Months Ended September 30, 2016 September 30, 2015 Weighted- Weighted- average average Grant Date Grant Date Number of Fair Value Number of Fair Value Shares Per Share Shares Per Share Restricted stock - common: Outstanding - beginning of period 337,506 $ 9.57 385,056 $ 9.09 Granted 237,500 $ 12.88 150,308 $ 10.27 Vested (178,973 ) $ 8.46 (197,858 ) $ 9.16 Outstanding - end of period 396,033 $ 12.06 337,506 $ 9.57 Nine Months Ended September 30, 2016 September 30, 2015 Weighted-average Weighted-average Grant Date Grant Date Number of Fair Value Number of Fair Value Shares Per Share Shares Per Share Restricted stock - class A common: Outstanding - beginning of period 374,693 $ 9.46 204,473 $ 9.81 Granted 218,612 $ 11.25 287,513 $ 9.37 Vested (178,223 ) $ 10.04 (117,293 ) $ 9.85 Outstanding - end of period 415,082 $ 10.15 374,693 $ 9.46

Note 8 - Goodwill and Intangi23

Note 8 - Goodwill and Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2016
Notes Tables
Schedule of Changes in Goodwill and Other Intangible Assets [Table Text Block]	Net Balance at Acquisitions Net Balance at December 31, And September 30, 2015 Adjustments Dispositions Impairments Amortization 2016 Goodwill $ 423,236 $ 72,584 $ (10,215 ) $ - $ - $ 485,605 Broadcast licenses 1,114,626 251,035 (25,356 ) - - 1,340,305 Definite lived intangible assets 53,280 19,566 - - (12,365 ) 60,481 Total intangible assets net of accumulated amortization $ 1,591,142 $ 343,185 $ (35,571 ) $ - $ (12,365 ) $ 1,886,391
Schedule of Intangible Assets and Goodwill [Table Text Block]	As of September 30, 2016 As of December 31, 2015 Accumulated Accumulated Gross Amortization Net Gross Amortization Net Intangible assets not currently subject to amortization: Broadcast licenses $ 1,394,004 $ (53,699 ) $ 1,340,305 $ 1,168,325 $ (53,699 ) $ 1,114,626 Goodwill 485,605 - 485,605 423,236 - 423,236 $ 1,879,609 $ (53,699 ) $ 1,825,910 $ 1,591,561 $ (53,699 ) $ 1,537,862 Intangible assets subject to amortization: Network affiliation agreements $ 1,264 $ (1,264 ) $ - $ 1,264 $ (1,264 ) $ - Other definite lived intangible assets 105,791 (45,310 ) 60,481 86,696 (33,416 ) 53,280 $ 107,055 $ (46,574 ) $ 60,481 $ 87,960 $ (34,680 ) $ 53,280 Total intangibles $ 1,986,664 $ (100,273 ) $ 1,886,391 $ 1,679,521 $ (88,379 ) $ 1,591,142

Note 9 - Income Taxes (Tables)

Note 9 - Income Taxes (Tables)	9 Months Ended
	Sep. 30, 2016
Notes Tables
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]	Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Income tax expense $ 797 $ 4,118 $ 19,109 $ 16,186 Effective income tax rate 136.5 % 38.4 % 42.0 % 40.0 %

Note 1 - Basis of Presentatio25

Note 1 - Basis of Presentation (Details Textual) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Property, Plant and Equipment, Additions	$ 102.7	$ 16
Property, Plant and Equipment, Disposals	$ 3.7
Minimum Percentage of Receivable Balances for creating Allowance for Doubtful Accounts	85.00%
Period for Creating Allowance for Doubtful Accounts	120 days

Note 1 - Basis of Presentatio26

Note 1 - Basis of Presentation - Reconciliation of Basic Weighted-average Shares Outstanding to Diluted Weighted-average Shares Outstanding (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Weighted-average shares outstanding (in shares)	71,879	71,638	71,850	67,215
Common stock equivalents for stock options and restricted stock (in shares)		703	873	609
Weighted-average shares outstanding-diluted (in shares)	71,879	72,341	72,723	67,824

Note 1 - Basis of Presentatio27

Note 1 - Basis of Presentation - Property and Equipment (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Land [Member]
Property, plant and equipment, gross	$ 45,306	$ 36,529
Building and Building Improvements [Member] | Minimum [Member]
Property, Plant and Equipment, Useful Life	7 years
Building and Building Improvements [Member] | Maximum [Member]
Property, Plant and Equipment, Useful Life	40 years
Building and Building Improvements [Member]
Property, plant and equipment, gross	$ 135,208	85,626
Equipment [Member] | Minimum [Member]
Property, Plant and Equipment, Useful Life	3 years
Equipment [Member] | Maximum [Member]
Property, Plant and Equipment, Useful Life	20 years
Equipment [Member]
Property, plant and equipment, gross	$ 468,692	420,380
Property, plant and equipment, gross	649,206	542,535
Accumulated depreciation	(320,577)	(308,060)
Total property and equipment, net	$ 328,629	$ 234,475

Note 2 - Acquisitions and Dis28

Note 2 - Acquisitions and Dispositions (Details Textual) - USD ($)	Nov. 07, 2016	Jun. 27, 2016	Jun. 01, 2016	Feb. 16, 2016	Feb. 16, 2016	Sep. 30, 2016	Dec. 31, 2016	Dec. 31, 2016	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Schurz Acquisition [Member]
Business Combination, Consideration Transferred				$ 443,400,000
Proceeds from Divestiture of Businesses				16,000,000
WLUC Acquisition [Member]
Business Combination, Separately Recognized Transactions, Net Gains and Losses				0
KYES-TV Acquisition [Member]
Payments to Acquire Businesses, Gross		$ 500,000
WBXX Acquisition [Member]
Business Combination, Consideration Transferred									$ 30,000,000
Proceeds from Divestiture of Businesses
Accounts Receivable Contractual Amounts in Excess of Fair Value						$ 200,000			$ 200,000
Schurz Acquisition and Related Transaction [Member] | Minimum [Member]
Property, Plant and Equipment, Useful Life									3 years
Schurz Acquisition and Related Transaction [Member] | Maximum [Member]
Property, Plant and Equipment, Useful Life									40 years
Schurz Acquisition and Related Transaction [Member] | Retransmission Agreements [Member]
Finite-lived Intangible Assets Acquired									$ 14,900,000
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life									4 years 328 days
Schurz Acquisition and Related Transaction [Member] | Advertising Relationships [Member]
Finite-lived Intangible Assets Acquired									$ 1,600,000
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life									5 years 182 days
Schurz Acquisition and Related Transaction [Member] | Off-Market Favorable Lease [Member]
Finite-lived Intangible Assets Acquired									$ 2,600,000
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life									9 years 182 days
Clarksburg Acquisition [Member] | Scenario, Forecast [Member]
Business Combination, Consideration Transferred								$ 26,500,000
Clarksburg Acquisition [Member]
Payments to Acquire Businesses, Gross			$ 16,500,000
Acquisition of WBAY-TV and KWQC-TV [Member] | Scenario, Forecast [Member]
Business Combination, Consideration Transferred							$ 270,000,000
The Fairbanks Acquistion [Member] | Subsequent Event [Member]
Payments to Acquire Businesses, Gross	$ 8,000,000
KAKE-TV [Member]
Business Combination, Consideration Transferred
Proceeds from Divestiture of Businesses					$ 11,200,000				11,200,000
Gain (Loss) on Disposition of Business					2,000,000
2016 Term Loan [Member]
Long-term Debt				$ 425,000,000	$ 425,000,000
Business Combination, Consideration Transferred									473,448,000
Proceeds from Divestiture of Businesses									11,200,000	$ 0
Long-term Debt						1,800,000,000			1,800,000,000		$ 1,200,000,000
Finite-lived Intangible Assets Acquired									19,566,000
Goodwill, Acquired During Period									72,584,000
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual						37,100,000			87,900,000
Business Acquisition, Operating Incom (Loss) from Continuing Operations Before Changes in Accounting and Extraordinary Items, Net of Tax						16,200,000			35,300,000
Business Combination, Acquisition Related Costs						$ 500,000			$ 7,700,000

Note 2 - Acquisition and Dispos

Note 2 - Acquisition and Dispositions - Purchase Consideration in Acquisition (Details) - USD ($)	1 Months Ended	9 Months Ended
	Feb. 16, 2016	Sep. 30, 2016	Sep. 30, 2015
KAKE-TV [Member]
Base purchase price
Purchase price adjustment
Business Combination, Consideration Transferred
Cash consideration received from sale of Schurz Radio Stations
Net adjusted purchase price allocated to assets acquired and liabilities assumed
Non-cash consideration received		(30,000,000)
Cash consideration received	$ (11,200,000)	(11,200,000)
Net consideration - the Schurz Acquisition and Related Transactions		(41,200,000)
WBXX Acquisition [Member]
Base purchase price		30,000,000
Purchase price adjustment
Business Combination, Consideration Transferred		30,000,000
Cash consideration received from sale of Schurz Radio Stations
Net adjusted purchase price allocated to assets acquired and liabilities assumed		30,000,000
Non-cash consideration received
Cash consideration received
Net consideration - the Schurz Acquisition and Related Transactions		30,000,000
Schurz Acquisition and the Acquisition of WLUC-TV [Member]
Base purchase price		442,500,000
Purchase price adjustment		948,000
Business Combination, Consideration Transferred		443,448,000
Cash consideration received from sale of Schurz Radio Stations		(16,000,000)
Net adjusted purchase price allocated to assets acquired and liabilities assumed		427,448,000
Non-cash consideration received
Cash consideration received
Net consideration - the Schurz Acquisition and Related Transactions		427,448,000
Base purchase price		472,500,000
Purchase price adjustment		948,000
Business Combination, Consideration Transferred		473,448,000
Cash consideration received from sale of Schurz Radio Stations		(16,000,000)
Net adjusted purchase price allocated to assets acquired and liabilities assumed		457,448,000
Non-cash consideration received		(30,000,000)
Cash consideration received		(11,200,000)	$ 0
Net consideration - the Schurz Acquisition and Related Transactions		$ 416,248,000

Note 2 - Acquisitions and Dis30

Note 2 - Acquisitions and Dispositions - Preliminary Fair Value Estimates of Acquired Assets, Assumed Liabilities and Resulting Goodwill (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
KYES-TV Acquisition [Member]
Accounts receivable
Other current assets
Property and equipment	176
Goodwill	28
Broadcast licenses	254
Other intangible assets	42
Other non-current assets
Current liabilities
Other long-term liabilities
Total	500
WBXX Acquisition [Member]
Accounts receivable
Other current assets	429
Property and equipment	1,633
Goodwill	10,288
Broadcast licenses	18,199
Other intangible assets
Other non-current assets	408
Current liabilities	(460)
Other long-term liabilities	(497)
Total	30,000
Schurz Acquisition and the Acquisition of WLUC-TV [Member]
Accounts receivable	19,313
Other current assets	4,606
Property and equipment	97,814
Goodwill	62,268
Broadcast licenses	231,391
Other intangible assets	19,523
Other non-current assets	3,028
Current liabilities	(8,903)
Other long-term liabilities	(1,592)
Total	427,448
2016 Acquisitions [Member]
Accounts receivable	19,313
Other current assets	5,035
Property and equipment	99,623
Goodwill	72,584
Broadcast licenses	249,844
Other intangible assets	19,565
Other non-current assets	3,436
Current liabilities	(9,363)
Other long-term liabilities	(2,089)
Total	457,948
Goodwill	$ 485,605	$ 423,236

Note 2 - Acquistions and Dispos

Note 2 - Acquistions and Disposition - Unaudited Pro Forma Results (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Revenue (less agency commissions)	$ 588,193	$ 505,269
Net income	$ 22,025	$ 24,182
Basic net income per share (in dollars per share)	$ 0.31	$ 0.36
Diluted net income per share (in dollars per share)	$ 0.30	$ 0.36

Note 3 - Long-term Debt (Detail

Note 3 - Long-term Debt (Details Textual) - USD ($)	Sep. 14, 2016	Feb. 16, 2016	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Jun. 14, 2016	Dec. 31, 2015
2014 Senior Credit Facility [Member]
Long-term Debt, Gross			$ 556,438,000		$ 556,438,000			$ 556,438,000
Debt Instrument, Interest Rate, Stated Percentage			3.90%		3.90%			3.80%
Line of Credit Facility, Increase		$ 10,000,000
Line of Credit Facility, Maximum Borrowing Capacity		60,000,000
2026 Notes [Member]
Debt Instrument, Interest Rate, Effective Percentage			5.875%		5.875%
Debt Instrument, Interest Rate, Stated Percentage			5.875%		5.875%
Debt Instrument, Face Amount							$ 500,000,000
Unsecured Debt			$ 700,000,000		$ 700,000,000
Debt Instrument, Redemption Price, Percentage					100.00%
Debt Instrument, Redemption Price, Net Proceeds from Equity Offerings, Percentage					35.00%
2024 Notes [Member]
Debt Instrument, Interest Rate, Effective Percentage			5.125%		5.125%
Debt Instrument, Interest Rate, Stated Percentage			5.125%		5.125%
Debt Instrument, Face Amount	$ 525,000,000
Unsecured Debt			$ 525,000,000		$ 525,000,000
Debt Instrument, Redemption Price, Percentage					100.00%
Debt Instrument, Redemption Price, Net Proceeds from Equity Offerings, Percentage					35.00%
2020 Notes [Member]
Gain (Loss) on Extinguishment of Debt			(32,000,000)		$ (32,000,000)
Extinguishment of Debt, Gain (Loss), Net of Tax			19,500,000		19,500,000
Debt Instrument, Face Amount	$ 431,200,000
Unsecured Debt								675,000,000
Debt Instrument, Redemption Price, Percentage	103.75%
Payments of Tender Offer Premiums					18,200,000
Payments for Debt Instrument, Debt Extinguishment, Call Premium					9,100,000
Write off of Deferred Debt Issuance Cost					8,000,000
Payments of Debt Extinguishment Costs					200,000
Un-accredited Net Premium, Recognized					$ 3,500,000
2016 Term Loan [Member]
Long-term Debt		$ 425,000,000
The Additional 2026 Notes [Member]
Debt Instrument, Interest Rate, Effective Percentage			5.398%		5.398%
Debt Instrument, Interest Rate, Stated Percentage			5.875%		5.875%
Debt Instrument, Face Amount	$ 200,000,000
Debt Instrument, Issueing Price, Percentage	103.00%
Proceeds from Issuance of Long-term Debt	$ 206,000,000
Gain (Loss) on Extinguishment of Debt			$ (31,987,000)		$ (31,987,000)
Long-term Debt			$ 1,800,000,000		1,800,000,000			$ 1,200,000,000
Proceeds from Issuance of Long-term Debt					$ 1,656,000,000	$ 0

Note 3 - Long-term Debt - Long-

Note 3 - Long-term Debt - Long-term Debt Summary (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
2014 Senior Credit Facility [Member]
Long-term debt including current portion:
Long-term Debt, Gross	$ 556,438	$ 556,438
Unamortized deferred loan costs	(12,857)	(6,136)
2020 Notes [Member]
Long-term debt including current portion:
Unsecured Debt		675,000
Unamortized deferred loan costs		(9,317)
Unamortized premium		4,099
2024 Notes [Member]
Long-term debt including current portion:
Unsecured Debt	525,000
Unamortized deferred loan costs	(7,971)
2026 Notes [Member]
Long-term debt including current portion:
Unsecured Debt	700,000
Unamortized deferred loan costs	(10,834)
Unamortized premium	5,949
2014 Revolving Credit Facility [Member]
Long-term debt including current portion:
Borrowing availability under the Revolving Credit Facility	60,000	50,000
Total outstanding principal	1,781,438	1,231,438
Net carrying value	$ 1,755,725	$ 1,220,084

Note 4 - Fair Value Measureme34

Note 4 - Fair Value Measurement (Details Textual) - USD ($) $ in Billions	Sep. 30, 2016	Dec. 31, 2015
Long-term Debt	$ 1.8	$ 1.2
Long-term Debt, Fair Value	$ 1.8	$ 1.2

Note 5 - Retirement Plans (Deta

Note 5 - Retirement Plans (Details Textual) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2016
Defined Benefit Plans, Estimated Future Employer Contributions in Current Fiscal Year		$ 0
Defined Benefit Plan, Contributions by Employer		3,000,000
Defined Contribution Plan, Employer Discretionary Contribution Amount	$ 1,500,000	4,100,000
Defined Contribution Plan, Expected Contributions In Next Twelve Months		$ 1,400,000

Note 5 - Retirement Plans - Com

Note 5 - Retirement Plans - Components of Net Periodic Benefit Cost for Pension Plans (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Service cost				$ 3,116
Interest cost	1,185		3,554	4,448
Expected return on plan assets	(1,298)		(3,892)	(5,114)
Loss amortization	153		458	1,740
Net periodic benefit cost	$ 40		$ 120	$ 4,190

Note 6 - Stock-based Compensa37

Note 6 - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Millions	Jan. 31, 2016	Sep. 30, 2016	Sep. 30, 2015
Restricted Stock [Member] | Employee [Member] | Share-based Compensation Award, Tranche One, Vesting January 31, 2017 [Member] | Common Class A [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number		55,559
Restricted Stock [Member] | Employee [Member] | Share-based Compensation Award, Tranche One, Vesting January 31, 2017 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number		72,816
Restricted Stock [Member] | Employee [Member] | Share-based Compensation Award, Tranche Two, Vesting January 31, 2018 [Member] | Common Class A [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number		55,559
Restricted Stock [Member] | Employee [Member] | Share-based Compensation Award, Tranche Two, Vesting January 31, 2018 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number		72,816
Restricted Stock [Member] | Employee [Member] | Share-based Compensation Award, Tranche Three, Vesting January 31, 2019 [Member] | Common Class A [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number		55,559
Restricted Stock [Member] | Employee [Member] | Share-based Compensation Award, Tranche Three, Vesting January 31, 2019 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number		72,820
Restricted Stock [Member] | Employee [Member] | Share-based Compensation Award, Tranche Four, Vested on January 31, 2016 [Member] | Common Class A [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	76,442
Restricted Stock [Member] | Employee [Member] | Share-based Compensation Award, Tranche Four, Vested on January 31, 2016 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	50,102
Restricted Stock [Member] | Employee [Member] | Share-based Compensation Award, Tranche Five, Vesting on January 31, 2017 [Member] | Common Class A [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number		76,442
Restricted Stock [Member] | Employee [Member] | Share-based Compensation Award, Tranche Five, Vesting on January 31, 2017 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number		50,100
Restricted Stock [Member] | Employee [Member] | Share-based Compensation Award, Tranche Six, Vesting on January 31, 2018 [Member] | Common Class A [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number		76,438
Restricted Stock [Member] | Employee [Member] | Share-based Compensation Award, Tranche Six, Vesting on January 31, 2018 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number		50,106
Restricted Stock [Member] | Employee [Member] | Common Class A [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period		166,677	229,322
Restricted Stock [Member] | Employee [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period		218,452	150,308
Restricted Stock [Member] | Common Class A [Member] | Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period		51,935	58,191
Restricted Stock [Member] | Common Class A [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period		218,612	287,513
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period		178,223	117,293
Restricted Stock [Member] | Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period		19,048
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period		237,500	150,308
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period		178,973	197,858
Common Class A [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number		0	0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number		274,746	274,746
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price		$ 1.99	$ 1.99
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value		$ 2.3
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number		274,746	274,746

Note 6 - Stock-based Compensa38

Note 6 - Stock-based Compensation - Stock-based Compensation Expense and Related Income Tax Benefit (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Stock-based compensation expense, gross	$ 1,271	$ 1,009	$ 3,827	$ 3,011
Income tax benefit at our statutory rate associated with share-based compensation	(496)	(394)	(1,493)	(1,174)
Stock-based compensation expense, net	$ 775	$ 615	$ 2,334	$ 1,837

Note 6 - Stock-based Compensa39

Note 6 - Stock-based Compensation - Summary of Restricted Common Stock Activity (Details) - Restricted Stock [Member] - $ / shares	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Common Class A [Member]
Outstanding - beginning of period (in shares)	374,693	204,473
Outstanding - beginning of period (in dollars per share)	$ 9.46	$ 9.81
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	218,612	287,513
Granted (in dollars per share)	$ 11.25	$ 9.37
Vested (in shares)	(178,223)	(117,293)
Vested (in dollars per share)	$ 10.04	$ 9.85
Outstanding - end of period (in shares)	415,082	374,693
Outstanding - end of period (in dollars per share)	$ 10.15	$ 9.46
Outstanding - beginning of period (in shares)	337,506	385,056
Outstanding - beginning of period (in dollars per share)	$ 9.57	$ 9.09
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	237,500	150,308
Granted (in dollars per share)	$ 12.88	$ 10.27
Vested (in shares)	(178,973)	(197,858)
Vested (in dollars per share)	$ 8.46	$ 9.16
Outstanding - end of period (in shares)	396,033	337,506
Outstanding - end of period (in dollars per share)	$ 12.06	$ 9.57

Note 8 - Goodwill and Intangi40

Note 8 - Goodwill and Intangible Assets (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Goodwill, Impairment Loss			$ 0	$ 0
Impairment of Intangible Assets (Excluding Goodwill)			0	0
Amortization of Intangible Assets	$ 4,235,000	$ 3,213,000	12,365,000	$ 8,715,000
Finite-Lived Intangible Assets, Amortization Expense, Year Two	16,300,000		16,300,000
Finite-Lived Intangible Assets, Amortization Expense, Year Three	11,500,000		11,500,000
Finite-Lived Intangible Assets, Amortization Expense, Year Four	9,000,000		9,000,000
Finite-Lived Intangible Assets, Amortization Expense, Year Five	6,100,000		6,100,000
Finite-Lived Intangible Assets, Amortization Expense, Year Six	$ 3,200,000		$ 3,200,000

Note 8 - Goodwill and Intangi41

Note 8 - Goodwill and Intangible Assets - Changes in Goodwill and Other Intangible Assets (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Broadcast Licenses [Member]
Broadcast licenses			$ 1,114,626,000
Broadcast licenses			251,035,000
Broadcast licenses			(25,356,000)
Broadcast licenses	$ 1,340,305,000		1,340,305,000
Goodwill			423,236,000
Goodwill, Acquired During Period			72,584,000
Goodwill			(10,215,000)
Goodwill	485,605,000		485,605,000
Broadcast licenses			1,114,626,000
Broadcast licenses	1,340,305,000		1,340,305,000
Definite lived intangible assets			53,280,000
Finite-lived Intangible Assets Acquired			19,566,000
Definite lived intangible assets
Amortization	(4,235,000)	$ (3,213,000)	(12,365,000)	$ (8,715,000)
Definite lived intangible assets	60,481,000		60,481,000
Total intangible assets net of accumulated amortization			1,591,142,000
Total intangible assets net of accumulated amortization			343,185,000
Total intangible assets net of accumulated amortization			(35,571,000)
Total intangible assets net of accumulated amortization	$ 1,886,391,000		$ 1,886,391,000

Note 8 - Goodwill and Intangi42

Note 8 - Goodwill and Intangible Assets - Intangible Assets and Related Accumulated Amortization (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Broadcast Licenses [Member]
Gross	$ 1,394,004	$ 1,168,325
Accumulated Amortization	(53,699)	(53,699)
Net	1,340,305	1,114,626
Goodwill Not Amortizable [Member]
Gross	485,605	423,236
Net	485,605	423,236
Intangible Assets Not Subject to Amortization [Member]
Accumulated Amortization	(53,699)	(53,699)
Gross	1,879,609	1,591,561
Net	1,825,910	1,537,862
Network Affiliate [Member]
Accumulated Amortization	(1,264)	(1,264)
Gross	1,264	1,264
Other Intangible Assets [Member]
Accumulated Amortization	(45,310)	(33,416)
Gross	105,791	86,696
Other definite lived intangible assets	60,481	53,280
Intangible Assets Subject to Amortization [Member]
Accumulated Amortization	(46,574)	(34,680)
Gross	107,055	87,960
Other definite lived intangible assets	60,481	53,280
Accumulated Amortization	(100,273)	(88,379)
Net	1,340,305	1,114,626
Net	485,605	423,236
Gross	1,986,664	1,679,521
Net	1,886,391	1,591,142
Other definite lived intangible assets	$ 1,886,391	$ 1,591,142

Note 9 - Income Taxes (Details

Note 9 - Income Taxes (Details Textual)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent			35.00%	35.00%
Effective Income Tax Rate Reconciliation, Percent	136.50%	38.40%	42.00%	40.00%
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent			4.60%	4.50%
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Percent			2.10%	1.60%
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Share-based Compensation Cost, Percent			1.00%	(0.20%)
Effective Income Tax Rate Reconciliation, Tax Contingency, State and Local, Percent			(0.70%)	(0.90%)

Note 9 - Income Taxes - Reconci

Note 9 - Income Taxes - Reconciliation of Income Tax Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Income tax expense	$ 797	$ 4,118	$ 19,109	$ 16,186
Effective Income Tax Rate Reconciliation, Percent	136.50%	38.40%	42.00%	40.00%

Note 10 - Subsequent Event (Det

Note 10 - Subsequent Event (Details Textual) $ in Millions	Nov. 06, 2016USD ($)
Subsequent Event [Member]
Stock Repurchase Program, Increase in Authorized Amount	$ 75