Gray Television (GTN) 10-K 1 Mar 17 2016 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2016	Feb. 21, 2017	Jun. 30, 2016
Document Information [Line Items]
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
Entity Public Float			$ 698,178,882
Document Type	10-K
Document Period End Date	Dec. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	FY
Amendment Flag	false
Common Stock [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		66,238,529
Common Class A [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		6,606,173

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Assets:
Cash	$ 325,189	$ 97,318
Accounts receivable, less allowance for doubtful accounts of $3,163 and $1,794, respectively	146,811	121,473
Deferred tax asset	30,826	49,690
Prepaid taxes	14,641
Prepaid and other current assets	5,109	6,462
Total current assets	536,311	285,454
Property and equipment, net	326,093	234,475
Broadcast licenses	1,340,305	1,114,626
Goodwill	485,318	423,236
Other intangible assets, net	56,250	53,280
Investments in broadcasting and technology companies	16,599	13,599
Other	22,455	3,038
Total assets	2,783,331	2,127,708
Liabilities and stockholders’ equity:
Accounts payable	5,257	4,532
Employee compensation and benefits	31,367	28,983
Accrued interest	32,453	12,717
Other accrued expenses	13,802	14,370
Federal and state income taxes	2,916	771
Deferred revenue	4,706	3,514
Total current liabilities	119,407	87,617
Long-term debt, less current portion	1,756,747	1,220,084
Program broadcast obligations, less current portion	4,995	2,171
Deferred income taxes	373,837	351,546
Accrued pension costs	34,047	36,337
Other	1,437	679
Total liabilities	2,290,470	1,698,434
Commitments and contingencies (Note 9)
Stockholders’ equity:
Common stock	658,135	655,446
Accumulated deficit	(101,365)	(163,638)
Accumulated other comprehensive loss, net of income tax benefit	(17,645)	(17,284)
Stockholders' equity before treasury stock	560,889	493,849
Treasury stock at cost	(44,688)	(41,890)
Total stockholders’ equity	492,861	429,274
Total liabilities and stockholders’ equity	2,783,331	2,127,708
Common Class A [Member]
Stockholders’ equity:
Common stock	21,764	19,325
Treasury stock at cost	(23,340)	(22,685)
Network Programming Obligations, Current [Member]
Liabilities and stockholders’ equity:
Accrued network programming fees	14,982	11,945
Syndicated Program Film Obliagtions, Current [Member]
Liabilities and stockholders’ equity:
Accrued network programming fees	13,924	10,785
Syndicated Program Film Rights, Current [Member]
Assets:
Current portion of program broadcast rights, net	$ 13,735	$ 10,511

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - USD ($) $ / shares in Thousands, $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
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)	71,229,497	70,989,426
Treasury stock, shares (in shares)	5,135,406	4,882,705
Account receivable, allowance for doubtful accounts	$ 3,163	$ 1,794
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

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Revenue (less agency commissions)	$ 812,465	$ 597,356	$ 508,134
Operating expenses before depreciation, amortization, and loss on disposals of assets, net:
Broadcast	475,131	374,182	285,990
Corporate and administrative	40,347	34,343	29,203
Depreciation	45,923	36,712	30,248
Amortization of intangible assets	16,596	11,982	8,297
Loss on disposals of assets, net	329	80	623
Operating expenses	578,326	457,299	354,361
Operating income	234,139	140,057	153,773
Other income (expense):
Miscellaneous income, net	775	103	23
Interest expense	(97,236)	(74,411)	(68,913)
Loss from early extinguishment of debt	(31,987)		(5,086)
Income before income taxes	105,691	65,749	79,797
Income tax expense	43,418	26,448	31,736
Net trade income (loss)	$ 62,273	$ 39,301	$ 48,061
Basic per share information:
Net income (in dollars per share)	$ 0.87	$ 0.58	$ 0.83
Weighted average shares outstanding (in shares)	71,848	68,330	57,862
Diluted per share information:
Net income (in dollars per share)	$ 0.86	$ 0.57	$ 0.82
Weighted average shares outstanding (in shares)	72,764	68,987	58,364
Dividends declared per common share (in dollars per share)	$ 0	$ 0

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Net income	$ 62,273	$ 39,301	$ 48,061
Other comprehensive (loss) income:
Adjustment to pension liability	(592)	5,783	(17,053)
Income tax (benefit) expense	(231)	2,255	(6,650)
Other comprehensive (loss) income	(361)	3,528	(10,403)
Comprehensive income	$ 61,912	$ 42,829	$ 37,658

Consolidated Statement of Stock

Consolidated Statement of Stockholders' Equity - USD ($) $ in Thousands	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, 2013	7,331,574	57,010,878		(1,578,554)	(4,768,925)
Balance at Dec. 31, 2013	$ 15,321	$ 483,055	$ (251,000)	$ (22,398)	$ (40,559)	$ (10,409)	$ 174,010
Net income			48,061				48,061
Adjustment to pension liability, net of income tax						(10,403)	(10,403)
401(k) plan		$ 25					$ 25
401(k) plan (in shares)		2,341					2,341
Restricted stock awards (in shares)	236,294	312,961			(45,791)
Restricted stock awards					$ (513)		$ (513)
Share-based compensation	$ 1,775	$ 3,237					5,012
Balance (in shares) at Dec. 31, 2014	7,567,868	57,326,180		(1,578,554)	(4,814,716)
Balance at Dec. 31, 2014	$ 17,096	$ 486,317	(202,939)	$ (22,398)	$ (41,072)	(20,812)	216,192
Net income			39,301				39,301
Adjustment to pension liability, net of income tax						(3,528)	(3,528)
401(k) plan		$ 26					$ 26
401(k) plan (in shares)		1,898					1,898
Restricted stock awards (in shares)	287,513	150,308		(32,817)	(67,989)
Restricted stock awards				$ (287)	$ (818)		$ (1,105)
Share-based compensation	$ 2,229	$ 1,790					4,019
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	$ 655,446	(163,638)	$ (22,685)	$ (41,890)	(17,284)	429,274
Underwritten public offering		$ 167,313					167,313
Underwritten public offering (in shares)		13,511,040
Net income			62,273				62,273
Adjustment to pension liability, net of income tax						(361)	(361)
401(k) plan		$ 29					$ 29
401(k) plan (in shares)		2,571					2,571
Restricted stock awards (in shares)	218,612	237,500		(57,760)	(60,518)
Restricted stock awards				$ (655)	$ (798)		$ (1,453)
Share-based compensation	$ 2,439	$ 2,660					5,099
Balance (in shares) at Dec. 31, 2016	8,073,993	71,229,497		(1,669,131)	(5,135,406)
Balance at Dec. 31, 2016	$ 21,764	$ 658,135	(101,365)	$ (23,340)	$ (44,688)	(17,645)	492,861
Repurchase of common stock					$ (2,000)		$ (2,000)
Repurchase of common stock (in shares)					(192,183)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Operating activities
Net income	$ 62,273	$ 39,301	$ 48,061
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	45,923	36,712	30,248
Amortization of Intangible Assets	16,596	11,982	8,297
Amortization of deferred loan costs	4,884	3,194	2,970
Amortization of original issue discount and premium related to long-term debt, net	(779)	(863)	(863)
Amortization of restricted stock and stock option awards	5,099	4,019	5,012
Loss from early extinguishment of debt	31,987		5,086
Amortization of program broadcast rights	19,001	14,960	12,871
Payments on program broadcast obligations	(18,786)	(14,576)	(15,087)
Common stock contributed to 401(k) plan	29	26	25
Deferred income taxes	41,386	25,770	30,938
Loss on disposals of assets, net	329	80	623
Other	(1,817)	(2,568)	(778)
Changes in operating assets and liabilities:
Accounts receivable	(6,107)	(14,787)	(17,442)
Prepaid taxes	(14,642)
Other current assets	2,032	(3,705)	4,898
Accounts payable	518	(141)	2,197
Employee compensation, benefits and pension costs	871	3,528	6,964
Accrued network fees and other expenses	(5,175)	12,684	1,685
Accrued interest	19,736	(4,907)	4,920
Income taxes payable	2,145	(1,123)	345
Deferred revenue, current portion	1,130	(3,972)	3,249
Net cash provided by operating activities	206,633	105,614	134,219
Investing activities
Acquisitions of television businesses and licenses	(431,846)	(185,126)	(461,185)
Proceeds from Divestiture of Businesses	11,200	0
Purchases of property and equipment	(43,604)	(24,222)	(32,215)
Proceeds from asset sales	2,979	3,115	1,508
Payments of acquisition related liabilities		(91)	(10,000)
Acquisition prepayments and other	(18,063)	(58)
Net cash used in investing activities	(479,334)	(206,382)	(501,892)
Financing activities
Proceeds from borrowings on long-term debt	1,656,000	0	644,000
Repayments of borrowings on long-term debt	(1,100,000)	0	(249,623)
Tender and redemption premiums for 2020 Notes	(27,502)
Proceeds from issuance of common stock	0	167,313
Deferred and other loan costs	(27,926)	4	(9,413)
Net cash provided by financing activities	500,572	167,317	384,964
Net increase in cash	227,871	66,549	17,291
Cash at beginning of period	97,318	30,769	13,478
Cash at end of period	$ 325,189	$ 97,318	$ 30,769

Note 1 - Description of Busines

Note 1 - Description of Business and Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2016
Notes to Financial Statements
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block]	1. Description of Business Gray Television, Inc. (and its consolidated subsidiaries, except as the context otherwise provides, “Gray,” the “Company,” “we,” “us” or “our”) is a television broadcast company headquartered in Atlanta, Georgia, that owns and/or operates television stations in the United States. As of February 21, 2017 , we owned and/or operated television stations in 54 200 37 affiliates of the CBS Network (“CBS”), 29 affiliates of the NBC Network (“NBC”), 20 affiliates of the ABC Network (“ABC”) and 15 affiliates of the FOX Network (“FOX”). In addition to our primary broadcast channels, each of our stations can also broadcast secondary secondary secondary one secondary We also broadcast local news/weather channels in certain of our existing markets. Our combined TV station group reaches approximately 10.1% Principles of Consolidation Gray’s consolidated financial statements include our accounts and those of our wholly-owned and majority-owned subsidiaries. During a portion of the year ended December 31, 2014, All intercompany accounts and transactions have been eliminated in consolidation. Investment in Broadcasting Company two June 30, 2016, 32.4% 67.9% Revenue Recognition Broadcast advertising revenue is generated primarily from the sale of television advertising time to local, national and political advertisers. Internet advertising revenue is generated from the sale of advertisements associated with our stations’ websites. Advertising revenue is billed to the customer and recognized when the advertisement is broadcast or appears on our stations’ websites. Retransmission consent revenue consists of payments to us from cable, satellite and other multiple video program distribution systems for their retransmission of our broadcast signals. Retransmission consent revenue is recognized as earned over the life of the retransmission consent contract. Other revenue consists primarily of revenue earned from the production of programming and payments from tower space rent. Revenue from the production of programming is recognized as the programming is produced. Tower rent is recognized over the life of the rental agreements. Cash received that has not yet been recognized as revenue is presented as deferred revenue. Revenue that has been earned but not yet received is recognized as revenue and presented as a receivable. Trade and Barter Transactions We account for trade transactions involving the exchange of tangible goods or services with our customers as revenue. The revenue is recorded at the time the advertisement is broadcast and the expense is recorded at the time the goods or services are used. The revenue and expense associated with these transactions are based on the fair value of the assets or services involved in the transaction. Trade revenue and expense recognized for each of the years ended December 31, 2016, 2015 2014 Year Ended December 31, 2016 2015 2014 Trade revenue $ 2,069 $ 2,299 $ 2,174 Trade expense (1,997 ) (2,188 ) (2,287 ) Net trade income (loss) $ 72 $ 111 $ (113 ) We do not account for barter revenue and related barter expense generated from network or syndicated programming as such amounts are not material. Furthermore, any such barter revenue recognized would then require the recognition of an equal amount of barter expense. The recognition of these amounts would not have a material effect upon net income. Advertising Expense Our advertising expense was $1.5 $1.0 $1.1 December 31, 2016, 2015 2014, Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Our actual results could differ materially from these estimated amounts. Our most significant estimates are used for our allowance for doubtful accounts in receivables, valuation of goodwill and intangible assets, amortization of program rights and intangible assets, pension costs, income taxes, employee medical insurance claims, useful lives of property and equipment and contingencies. Allowance for Doubtful Accounts Our allowance for doubtful accounts is equal to a portion of our receivable balances that are 120 may 120 $1.9 $0.6 $1.3 December 31, 2016, 2015 2014, Program Broadcast Rights We have two first Wheel of Fortune Seinfeld first first The total license fee payable under a program license agreement allowing us to broadcast programs is recorded at the beginning of the license period and is charged to operating expense over the period that the programs are broadcast. The portion of the unamortized balance expected to be charged to operating expense in the succeeding year is classified as a current asset, with the remainder classified as a non-current asset. The liability for license fees payable under program license agreements is classified as current or long-term, in accordance with the payment terms of the various license agreements. 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; the purchase of new assets, major replacements and betterments are capitalized. The cost of any assets sold or retired and 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. The following table lists the components of property and equipment by major category (dollars in thousands): Estimated December 31, Useful Lives 2016 2015 (in years) Property and equipment: Land $ 44,611 $ 36,529 Buildings and improvements 139,078 85,626 7 to 40 Equipment 471,798 420,380 3 to 20 655,487 542,535 Accumulated depreciation (329,394 ) (308,060 ) Total property and equipment, net $ 326,093 $ 234,475 For the year ended December 31, 2016, $102.7 December 31, 2015 December 31, 2016 Deferred Loan Costs Loan acquisition costs are amortized over the life of the applicable indebtedness using a straight-line method that approximates the effective interest method. In April 2015, 2015 03, 835 30) Simplifying the Presentation of Debt Issuance Costs. 2015 03 August 2015, 2015 15, 835 30) 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 2015 15 June 18, 2015 January 1, 2016. December 31, 2016 2015. Asset Retirement Obligations We own office equipment, broadcasting equipment, leasehold improvements and transmission towers, some of which are located on, or are housed in, leased property or facilities. At the conclusion of several of these leases we are obligated to dismantle, remove and otherwise properly dispose of and remediate the facility or property. We estimate our asset retirement obligations based upon the net present value of the cash flows of the costs expected to be incurred. Asset retirement obligations are recognized as a non-current liability and as a component of the cost of the related asset. Changes to our asset retirement obligations resulting from revisions to the timing or the amount of the original undiscounted cash flow estimates are recognized as an increase or decrease in the carrying amount of the asset retirement obligation and the related asset retirement cost capitalized as part of the related property, plant or equipment. Changes in asset retirement obligations resulting from accretion of the net present value of the estimated cash flows are recognized as operating expenses. We recognize depreciation expense of the capitalized cost over the estimated life of the lease. Our estimated obligations are due at varying times through 2062. $793,000 $701,000 December 31, 2016 2015, December 31, 2016, 2015 2014, $15,000, $34,000 $6,000, Concentration of Credit Risk Excluding political advertising revenue, which is cyclical based on election cycles, for the year ended December 31, 2016, 22%, 10% 7% December 31, 2015 2014. one 5% Earnings Per Share We compute basic earnings per share by dividing net income available 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 diluted weighted-average shares outstanding calculation, unless their inclusion would be antidilutive. The following table reconciles basic weighted-average shares outstanding to diluted weighted-average shares outstanding for the years ended December 31, 2016, 2015 2014 Year Ended December 31, 2016 2015 2014 Weighted-average shares outstanding – basic 71,848 68,330 57,862 Weighted-average shares underlying stock options and restricted shares 916 657 502 Weighted-average shares outstanding - diluted 72,764 68,987 58,364 Valuation of Broadcast Licenses, Goodwill and Other Intangible Assets We have acquired a significant portion of our assets in acquisition transactions. Among the assets acquired in these transactions were broadcast licenses issued by the FCC, goodwill and other intangible assets. For broadcast licenses acquired prior to January 1, 2002, For broadcast licenses acquired after December 31, 2001, December 31, 2001, When renewing broadcast licenses, we incur regulatory filing fees and legal fees. We expense these fees as they are incurred. Other intangible assets that we have acquired include network affiliation agreements, retransmission agreements, advertising contracts, client lists, talent contracts and leases. Although each of our stations is affiliated with at least one Impairment Testing of Indefinite-Lived Intangible Assets We test for impairment of our indefinite-lived intangible assets on an annual basis on the last day of each fiscal year. However, if certain triggering events occur, we test for impairment during the relevant reporting period. For goodwill, we have elected to bypass the qualitative assessment provisions and to perform the prescribed testing steps for goodwill on an annual basis. For purposes of testing goodwill for impairment, each of our individual television markets is considered a separate reporting unit. We review each television market for possible goodwill impairment by comparing the estimated fair value of each respective reporting unit to the recorded value of that reporting unit’s net assets. If the estimated fair value exceeds the recorded net asset value, no goodwill impairment is deemed to exist. If the estimated fair value of the reporting unit does not exceed the recorded value of that reporting unit’s net assets, we then perform, on a notional basis, a purchase price allocation by allocating the reporting unit’s fair value to the fair value of all tangible and identifiable intangible assets with residual fair value representing the implied fair value of goodwill of that reporting unit. The recorded value of goodwill for the reporting unit is written down to this implied value. To estimate the fair value of our reporting units, we utilize a discounted cash flow model supported by a market multiple approach. We believe that a discounted cash flow analysis is the most appropriate methodology to test the recorded value of long-term assets with a demonstrated long-lived/enduring franchise value. We believe the results of the discounted cash flow and market multiple approaches provide reasonable estimates of the fair value of our reporting units because these approaches are based on our actual results and reasonable estimates of future performance, and also take into consideration a number of other factors deemed relevant by us, including but not limited to, expected future market revenue growth, market revenue shares and operating profit margins. We have historically used these approaches in determining the value of our reporting units. We also consider a market multiple approach utilizing market multiples to corroborate our discounted cash flow analysis. We believe that this methodology is consistent with the approach that a strategic market participant would utilize if they were to value one For testing of our broadcast licenses for potential impairment of their recorded asset values, we compare their estimated fair value to the respective asset’s recorded value. If the fair value is greater than the asset’s recorded value, no impairment expense is recorded. If the fair value does not exceed the asset’s recorded value, we record an impairment expense equal to the amount that the asset’s recorded value exceeded the asset’s fair value. We use the income method to estimate the fair value of all broadcast licenses irrespective of whether they were initially recorded using the residual or income methods. For further discussion of our goodwill, broadcast licenses and other intangible assets, see Note 10 Accumulated Other Comprehensive Loss Our accumulated other comprehensive loss balances as of December 31, 2016 2015 December 31, 2016 2015 Accumulated balances of items included in accumulated other comprehensive loss: Increase in pension liability $ (28,926 ) $ (28,334 ) Income tax benefit (11,281 ) (11,050 ) Accumulated other comprehensive loss $ (17,645 ) $ (17,284 ) Recent Accounting Pronouncements In May 2014, 2014 09, 606). 2014 09 August 2015, 2015 14, 606): Deferral of the Effective Date 2015 14 2014 09 one December 15, 2017, December 15, 2016. April 2016, 2016 10, 606): Identifying Performance Obligations and Licensing 2014 09 May 2016, 2016 12, 606): Narrow Scope Improvements and Practical Expedients December 2016, 2016 20, 606): Technical Corrections and Improvements In November 2015, 2015 17, 740) Balance Sheet Classification of Deferred Taxes 2015 17 December 15, 2016, first 2017. In January 2016, 2016 01, 825 10) Recognition and Measurement of Financial Assets and Financial Liabilities 2016 01 December 15, 2017, In February 2016, 2016 02, 842). 2016 02 840, Leases December 15, 2018. $13.2 In March 2016, 2016 09, 718) Improvements to Employee Share-Based Payment Accounting. 2016 09 December 15, 2016, first 2017. In August 2016, 2016 15, 230) Classification of Certain Cash Receipts and Cash Payments 2016 15 eight eight December 15, 2017, In October 2016, 2016 17, 810) – Interests Held through Related Parties That Are under Common Control 2016 17 December 15, 2016, 11 2017. In January 2017, 2017 01, 805) Clarifying the Definition of a Business 2017 01 December 15, 2017, In January 2017, 2017 04, 350) Simplifying the Test for Goodwill Impairment 2017 04 2 2 December 15, 2019, We do not expect that the adoption of this standard will have a material impact on our financial statements. Reclassifications Certain other current and non-current liabilities have been reclassified to conform to the current year presentation.

Note 2 - Acquisitions and Dispo

Note 2 - Acquisitions and Dispositions	12 Months Ended
	Dec. 31, 2016
Notes to Financial Statements
Mergers, Acquisitions and Dispositions Disclosures [Text Block]	2. During 2016, 2015 2014, third During 2016, three 13 one one December 31, 2016, January 2017. 11 2016 Acquisitions and Dispositions On February 16, 2016, purchase price of $443.1 To facilitate regulatory approval for the Schurz Acquistion, on February 1, 2016, $11.2 $2.0 To further faciliate regulatory approvals for the Schurz Acquisition, on February 16, 2016, $16.0 three third 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 “2016 “2014 3 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 - - 574 574 Adjusted purchase price - 30,000 443,074 473,074 Cash consideration received from sale of Schurz Radio Stations - - (16,000 ) (16,000 ) Net adjusted purchase price allocated to assets acquired and liabilities assumed - 30,000 427,074 457,074 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 $ 427,074 $ 415,874 On June 27, 2016, $0.5 On May 13, 2016, $26.5 June 1, 2016, $16.5 first second 2017. Collectively, we refer to the stations acquired and retained in 2016, 2016, as the “2016 The fair values of the assets acquired, liabilities assumed and resulting goodwill of the television station acquisitions we completed in 2016, Schurz Acquisition and the Acquisition Acquisition Acquisition of KYES-TV of WBXX-TV of WLUC-TV Total Accounts receivable $ - $ - $ 19,226 $ 19,226 Other current assets - 429 4,606 5,035 Property and equipment 176 1,633 97,814 99,623 Goodwill 28 10,288 61,981 72,297 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 $ 427,074 $ 457,574 These amounts are based upon management’s determination of the fair values using valuation techniques including income, cost and market approaches. In determining the fair value of the acquired assets and assumed liabilities, the fair values were determined based on, among other factors, expected future revenue and cash flows, expected future growth rates, and estimated discount rates. Actual results may Accounts receivable are recorded at their fair value representing the amount we expect to collect. Gross contractual amounts receivable are approximately $0.2 Property and equipment are recorded at their fair value and are being depreciated over their estimated useful lives ranging from three 40 Amounts related to other intangible assets represent primarily the estimated fair values of retransmission agreements of $14.9 $1.6 $2.6 4.9 5.5 9.5 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 recorded $72.3 2016. The Company’s consolidated results of operations for year ended December 31, 2016 2016 December 31, 2016 $130.4 December 31, 2016 $55.8 In connection with acquiring the 2016 $7.4 December 31, 2016, 2015 Cedar Rapids Acquisition On September 1, 2015, September 1, 2015, September 1, 2015. October 1, 2015, November 1, 2015, $100.0 Odessa Acquisition On July 1, 2015, $33.6 Twin Falls Acquisition On July 1, 2015, $17.5 Wausau Acquisition On July 1, 2015, $14.0 Presque Isle Acquisition On July 1, 2015, $10.3 Laredo Acquisition On July 1, 2015, $9.0 The fair values of the acquired assets, assumed liabilities and the resulting goodwill from the 2015 Acquisition Cedar Rapids Odessa Twin Falls Wausau Presque Isle Laredo Other current assets $ 503 $ 87 $ 93 $ 87 $ 45 $ 22 Property and equipment 13,754 4,629 5,172 1,985 2,822 1,411 Goodwill 25,006 3,719 2,587 11,616 245 5,154 Broadcast licenses 55,676 22,253 6,333 - 6,150 - Other intangible assets 5,849 3,067 3,485 397 1,039 2,435 Other non-current assets 13 13 32 87 - 13 Current liabilities (792 ) (155 ) (170 ) (85 ) (51 ) (22 ) Other long-term liabilities (13 ) (13 ) (32 ) (87 ) - (13 ) Total $ 99,996 $ 33,600 $ 17,500 $ 14,000 $ 10,250 $ 9,000 These amounts are based upon management’s determination of the fair values using valuation techniques including income, cost and market approaches. In determining the fair value of the acquired assets and assumed liabilities, the fair values were determined based on, among other factors, expected future revenue and cash flows, expected future growth rates, and estimated discount rates. Actual results may Property and equipment are recorded at their fair value and are being depreciated over their estimated useful lives ranging from three 40 The amount related to other intangible assets primarily represents the estimated fair values of retransmission agreements of $9.7 $1.0 $5.4 5.3 9.6 16.9 $48.3 Collectively, we refer to the stations acquired and retained in 2015 as the “2015 2015 $6.5 December 31, 2015. Montana Dispositions On September 1, 2015, D2, first $0.1 On November 1, 2015, $3.0 $0.9 2015. 2014 Hoak Acquisition On June 13, 2014, 100% $299.9 Network Station Affiliation Market KSFY-TV ABC Sioux Falls, SD KABY-TV* ABC Sioux Falls, SD KPRY-TV* ABC Sioux Falls, SD KVLY-TV NBC Fargo-Valley City, ND KNOE-TV CBS Monroe- El Dorado, LA KFYR-TV NBC Minot-Bismarck-Dickinson, ND KMOT-TV* NBC Minot-Bismarck-Dickinson, ND KUMV-TV* NBC Minot-Bismarck-Dickinson, ND KQCD-TV* NBC Minot-Bismarck-Dickinson, ND KALB-TV NBC/CBS Alexandria, LA KNOP-TV NBC North Platte, NE KIIT-LP FOX North Platte, NE * satellite station The Hoak Acquisition also included our assumption of Hoak’s interest in certain operating agreements, and the acquisition of certain non-license assets of KHAS-TV, which served the Lincoln-Hastings, Nebraska market. On June 13, 2014, 2014 As a component of the Hoak Acquisition, Gray assumed Hoak’s rights under certain agreements with Parker Broadcasting, Inc. (“Parker”) to provide back-office services, sales support and limited programming to KXJB-TV and KAQY-TV (each, a “Parker Agreement”). The Parker Agreements terminated upon the completion of the Parker Acquisition (defined below). The Hoak Acquisition also included two June 13, 2014, $33.5 SJL Acquisition On September 15, 2014, 100% $131.5 2014 KEVN Acquisition On May 1, 2014, 100% $8.8 KNDX Acquisition On May 1, 2014, four June 13, 2014, June 27, 2014, $7.5 Parker Acquisition Also in 2014, 100% two September 25, 2014, December 1, 2014, The purchase price to complete the Parker Acquisition was $6.7 $1.7 $5.0 2014 WQCW Acquisition On April 1, 2014, $5.5 Helena Acquisition On November 1, 2014, December 1, 2014, $1.9 . Collectively, we refer to the stations acquired and retained in 2014 as the “2014 The fair values of the acquired assets, assumed liabilities and the resulting goodwill from the 2014 Acquisition Hoak SJL KEVN KNDX Parker WQCW Helena Cash $ - $ - $ 615 $ - $ - $ - $ - Accounts receivable 10,722 7,132 569 - 765 - 14 Other current assets 509 1,946 96 39 964 45 49 Property and equipment 45,382 23,508 3,888 2,576 722 991 1,230 Goodwill 131,632 50,941 2,717 1,839 1,932 802 70 Broadcast licenses 91,958 86,685 1,675 500 - 3,691 146 Other intangible assets 35,386 10,091 1,786 2,584 3,163 15 431 Other non-current assets - 253 29 15 16 - - Current liabilities (3,544 ) (4,936 ) (211 ) (36 ) (826 ) (45 ) (90 ) Other long-term liabilities - (379 ) (38 ) (17 ) (5 ) - - Deferred income tax liabilities (12,188 ) (43,712 ) (2,341 ) - - - - Total $ 299,857 $ 131,529 $ 8,785 $ 7,500 $ 6,731 $ 5,499 $ 1,850 These amounts are based upon management’s 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, among other factors, expected future revenue and cash flows, expected future growth rates, and estimated discount rates. Actual results may Accounts receivable are recorded at their fair value that represents the amount we expect to collect. Gross contractual amounts receivable are approximately $0.3 Property and equipment are recorded at their fair value and are being depreciated over their estimated useful lives ranging from three 40 The amount related to other intangible assets primarily represents the estimated fair values of retransmission agreements of $34.2 $13.1 $4.1 4.4 5.5 8.3 $88.6 2014 2014 In connection with acquiring the 2014 $6.2 December 31, 2014. Unaudited Pro Forma Financial Information Pro Forma Data – Acquisitions Completed in 2016 The following table sets forth certain unaudited pro forma information for the years ended December 31, 2016 2015 2016 January 1, 2015 Years Ended December 31, 2016 2015 Revenue (less agency commissions) $ 825,787 $ 701,550 Net income $ 57,795 $ 39,360 Basic net income per share $ 0.80 $ 0.58 Diluted net income per share $ 0.79 $ 0.57 This pro forma financial information is based on Gray’s historical results of operations and the historical results of operations of the stations acquired in 2016, 2016 January 1, 2015 December 31, 2016 2015 Pro Forma Data - 2015 The following table sets forth certain unaudited pro forma information for the years ended December 31, 2015 2014 2015 January 1, 2014 Years Ended December 31, 2015 2014 Revenue (less agency commissions) $ 621,530 $ 559,538 Net income $ 46,181 $ 59,342 Basic net income per share $ 0.68 $ 1.03 Diluted net income per share $ 0.67 $ 1.02 This pro forma financial information is based on Gray’s historical results of operations and the 2015 2015 January 1, 2014 December 31, 2015 2014 In connection with completing the 2015 $6.5 2015, Net revenues and operating income of the businesses acquired in the 2015 December 31, 2015 $23.2 $8.6 Pro Forma Data - Ho ak Acquisition and SJL Acquisition The following table sets forth certain unaudited pro forma results of operations of the Company for the year ended December 31, 2014 January 1, 2013 Year Ended December 31, 2014 Revenue (less agency commissions) $ 565,251 Net income $ 50,771 Basic net income per share $ 0.88 Diluted net income per share $ 0.87 This pro forma financial information is based on each of Gray’s, Hoak’s and SJL’s historical results of operations, 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 Hoak Acquisition, the SJL Acquisition and the related financing transactions on January 1, 2013 December 31, 2014 In connection with completing the Hoak Acquisition and SJL Acquisition, in 2014 $5.1 Net revenues and operating income of the businesses acquired in the Hoak Acquisition and the SJL Acquisition included in our audited consolidated statements of operations for the year ended December 31, 2014 $64.7 $25.8 Pro forma financial information for the following stations acquired in 2014

Note 3 - Long-term Debt

Note 3 - Long-term Debt	12 Months Ended
	Dec. 31, 2016
Notes to Financial Statements
Debt Disclosure [Text Block]	3. As of December 31, 2016 2015, 2014 7½% 2020 “2020 5.125% 2024 “2024 5.875% 2026 “2026 December 31, 2016 2015 Long-term debt including current portion: 2014 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 - 2014 Senior Credit Facility (12,158 ) (6,136 ) Unamortized deferred loan costs - 2020 Notes - (9,317 ) Unamortized deferred loan costs - 2024 Notes (7,742 ) - Unamortized deferred loan costs - 2026 Notes (10,588 ) - Unamortized premium - 2020 Notes - 4,099 Unamortized premium - 2026 Notes 5,797 - Net carrying value $ 1,756,747 $ 1,220,084 Borrowing availability under the Revolving Credit Facility $ 60,000 $ 50,000 On February 7, 2017, 2014 “2017 2.50%, $60.0 $100.0 2022 2024, 11 2017 Prior to the entry in to the 2017 2014 2014 December 31, 2016 2015 $556.4 December 31, 2016 2015, 2014 3.9% 3.8%, In connection with the consummation of the Schurz Acquisition and Related Transactions, effective February 16, 2016, 2014 $425.0 2016 2014 $10.0 $60.0 On June 14, 2016, $500.0 2026 2026 2026 2016 September 14, 2016, $200.0 2026 2026 2026 103.0%, $206.0 June 14, 2016. 2026 2026 2026 July 15, 2026. January 15 July 15 Also on September 14, 2016, $525.0 2024 2024 October 15, 2024. April 15 October 15 April 15, 2017. We used a portion of the proceeds from the sale of the 2026 2024 2020 As of December 31, 2016, $700.0 2026 $525.0 2024 2026 5.875%. 2026 5.875% 5.398%, 2024 5.125%. In September 2016, $431.2 2020 tendered tender Also in September 2016, 2020 103.75% 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 ($19.5 December 31, 2016 $18.2 $9.1 $8.0 $0.2 $3.5 Collateral, Covenants and Restrictions Our obligations under the 2017 2017 2026 2024 December 31, 2016, The 2017 first 2026 2024 December 31, 2016 2015, We may 2026 July 15, 2021 may 35% 2026 July 15, 2019. may 2026 July 15, 2021 100% 2026 We may 2024 October 15, 2019 may 35% 2024 October 15, 2019. may 2024 October 15, 2019 100% 2024 Maturities Aggregate minimum principal maturities on long-term debt as of December 31, 2016 Minimum Principal Maturities 2014 Senior 2024 2026 Year Credit Facility (1) Notes Notes Total 2017 $ - $ - $ - $ - 2018 - - - - 2019 - - - - 2020 - - - - 2021 556,438 - - 556,438 Thereafter - 525,000 700,000 1,225,000 Total $ 556,438 $ 525,000 $ 700,000 $ 1,781,438 (1) Pursuant to the 2017 February 7, 2024. Interest Payments For all of our interest bearing obligations, we made interest payments of approximately $76.2 $76.9 $61.9 2016, 2015 2014, not December 31, 2016, 2015 2014.

Note 4 - Fair Value Measurement

Note 4 - Fair Value Measurement	12 Months Ended
	Dec. 31, 2016
Notes to Financial Statements
Fair Value Disclosures [Text Block]	4. 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”) 3”). 2 1 2”). Fair Value of Financial Instruments The estimated fair value of 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 or methodologies could 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 and fair value of our long-term debt were each $1.8 December 31, 2016 $1.2 December 31, 2015. 2

Note 5 - Stockholders' Equity

Note 5 - Stockholders' Equity	12 Months Ended
	Dec. 31, 2016
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	5. We are authorized to issue 135 15 100 20 10 one December 31, 2016, 2015 2014, not On March 31, 2015, 13.5 $13.00 $167.3 $7.5 $0.9 million. We used the net proceeds from the offering to pay a significant portion of the consideration to acquire the 2015 In each of March November 2004, 2.0 March 2006, 5.0 “2004 2006 December 31, 2016, 279,200 On November 6, 2016, $75.0 December 31, 2019 “2016 The extent to which the Company repurchases any of its shares, 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 thereunder, and the repurchase authorizations may The 2016 (401K fourth 2016, 2016 192,183 $10.38 , or a total cost of $2.0 December 31, 2016 , $73.0 2016 . Under our various employee benefit plans, we may, December 31, 2016, 5,449,148 257,581 December 31, 2015, 5,689,219 476,193

Note 6 - Stock-based Compensati

Note 6 - Stock-based Compensation	12 Months Ended
	Dec. 31, 2016
Notes to Financial Statements
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	6. We recognize compensation expense for stock-based payment awards made to our employees and directors, including stock options and restricted shares under our 2007 “2007 December 31, 2016, 2015 2014 Year Ended December 31, 2016 2015 2014 Stock-based compensation expense, gross $ 5,099 $ 4,019 $ 5,012 Income tax benefit at our statutory rate associated with stock-based compensation (1,989 ) (1,567 ) (1,955 ) Stock-based compensation expense, net $ 3,110 $ 2,452 $ 3,057 2007 Long Term Incentive Plan The 2007 We recognize the fair value of stock options granted on the date of grant as compensation expense, and such expense is amortized over the vesting period of the stock option. The 2007 6.0 1.0 6.0 December 31, 2016, 3.9 0.3 2007 2007 2007 two four three eight 2007 During the year ended December 31, 2016, 218,452 72,816 January 31, 2017; 72,816 January 31, 2018; 72,820 January 31, 2019. December 31, 2016, 166,677 one 55,559 January 31, 2017, January 31, 2018 2019. December 31, 2016, 19,048 January 31, 2017. December 31, 2016, 51,935 January 31, 2017. During the year ended December 31, 2015, 150,308 50,102 January 31, 2016; 50,100 January 31, 2017; 50,106 January 31, 2018. December 31, 2015, 229,322 76,442 January 31, 2016 2017; 76,438 January 31, 2018. December 31, 2015, 58,191 January 31, 2016. During the year ended December 31, 2014, 312,961 68,991 127,316 January 17, 2015; 58,327 January 17, 2016 2017. December 31, 2014, 194,413 31,821 75,412 January 17, 2015; 43,590 January 17, 2016 2017. December 31, 2014, 41,881 January 1, 2015. A summary of restricted common stock activity for the years ended December 31, 2016, 2015 2014 2007 Year Ended December 31, 2016 2015 2014 Weighted- Weighted- Weighted- Average Average Average Number Grant Date Number Grant Date Number Grant Date of Fair Value of Fair Value of Fair Value Shares Per Share Shares Per Share Shares Per Share Restricted stock - common: Outstanding - beginning of period 337,506 $ 9.57 385,056 $ 9.09 274,838 $ 4.43 Granted 237,500 12.88 150,308 10.27 312,961 11.78 Vested (178,973 ) 8.46 (197,858 ) 9.16 (202,743 ) 6.93 Outstanding - end of period 396,033 $ 12.06 337,506 $ 9.57 385,056 $ 9.09 A summary of restricted Class A common stock activity for the years ended December 31, 2016, 2015 2014 2007 Year Ended December 31, 2016 2015 2014 Weighted- Weighted- Weighted- Average Average Average Number Grant Date Number Grant Date Number Grant Date of Fair Value of Fair Value of Fair Value Shares Per Share 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 9.37 236,294 9.80 Vested (178,223 ) 10.04 (117,293 ) 9.85 (31,821 ) 9.75 Outstanding - end of period 415,082 $ 10.15 374,693 $ 9.46 204,473 $ 9.81 At December 31, 2016, 2015 2014, 274,746 December 31, 2016, 2015 2014, 274,746, 206,604 137,376, $1.99 $2.2 December 31, 2016. Directors’ Restricted Stock Plan On May 14, 2003, 1.0 December 31, 2016, 770,000 10,000 December 31, 2016, 2015 2014, As of December 31, 2016, $2.3 1.4

Note 7 - Income Taxes

Note 7 - Income Taxes	12 Months Ended
	Dec. 31, 2016
Notes to Financial Statements
Income Tax Disclosure [Text Block]	7. We recognize deferred tax assets and liabilities for future tax consequences attributable to differences between our financial statement carrying amounts of existing assets and liabilities and their respective tax bases. We measure deferred tax assets and liabilities using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to reverse. We recognize the effect on deferred tax assets and liabilities resulting from a change in tax rates in income in the period that includes the date of the change. Under certain circumstances, we recognize liabilities in our financial statements for positions taken on uncertain tax issues. may 50 Federal and state and local income tax expense (benefit) is summarized as follows (in thousands): Year Ended December 31, 2016 2015 2014 Current: Federal $ - $ - $ - State and local 2,730 1,259 996 State and local - reserve for uncertain tax positions (698 ) (581 ) (198 ) Current income tax expense (benefit) 2,032 678 798 Deferred: Federal 38,214 24,067 28,231 State and local 3,172 1,703 2,707 Deferred income tax expense 41,386 25,770 30,938 Total income tax expense $ 43,418 $ 26,448 $ 31,736 Significant components of our deferred tax liabilities and assets are as follows (in thousands): December 31, 2016 2015 Deferred tax liabilities: Net book value of property and equipment $ 26,620 $ 20,986 Broadcast licenses, goodwill and other intangibles 369,275 350,647 Total deferred tax liabilities 395,895 371,633 Deferred tax assets: Liability for accrued vacation 2,232 2,172 Liability for accrued bonus 5,483 4,786 Loan acquisition costs 336 391 Allowance for doubtful accounts 1,168 700 Liability under health and welfare plan 1,201 1,108 Liability for pension plan 13,278 14,172 Federal operating loss carryforwards 20,401 38,466 State and local operating loss carryforwards 4,555 5,867 Alternative minimum tax carryforwards 386 386 Unearned income 3 73 Stock options 174 163 Acquisition costs 3,140 1,129 Restricted stock 1,950 1,875 Other 109 172 Total deferred tax assets 54,416 71,460 Valuation allowance for deferred tax assets (1,532 ) (1,683 ) Net deferred tax assets 52,884 69,777 Deferred tax liabilities, net of deferred tax assets $ 343,011 $ 301,856 We have approximately $61.5 2029 2031. $122.4 A valuation allowance has been provided for a portion of the state net operating loss carryforwards. We believe that we will not meet the more likely than not threshold in certain states due to the uncertainty of generating sufficient income. Therefore, the state valuation allowance at December 31, 2016 2015 $1.5 $1.7 Our total valuation allowance provided for deferred income tax assets decreased $0.2 December 31, 2016 $0.4 December 31, 2015 A reconciliation of income tax expense at the statutory federal income tax rate and income taxes as reflected in the consolidated financial statements for the years ended December 31, 2016, 2015 2014 Year Ended December 31, 2016 2015 2014 Statutory federal rate applied to income before income tax expense $ 36,992 $ 23,012 $ 27,929 Current year permanent items 1,830 1,192 849 State and local taxes, net of federal tax benefit 5,056 2,831 4,050 Change in valuation allowance (151 ) (369 ) (696 ) Reserve for uncertain tax positions (698 ) (581 ) (198 ) Other items, net 389 363 (198 ) Income tax expense as recorded $ 43,418 $ 26,448 $ 31,736 Effective income tax rate 41.1 % 40.2 % 39.8 % As of each year end, we are required to adjust our pension liability to an amount equal to the funded status of our pension plans with a corresponding adjustment to other comprehensive income on a net of tax basis. During 2016, $0.6 $0.4 $0.2 2015, $5.8 $3.5 $2.3 2014, $17.1 $10.4 $6.7 In 2016, 2015 2014, $14.6 $1.8 $0.4 December 31, 2016, $14.6 December 31, 2015, $0.8 We prescribe a recognition threshold and measurement attribution for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. For benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. We file income tax returns in the U.S. federal and multiple state jurisdictions. With few exceptions, we are no longer subject to U.S. federal, or state and local tax examinations by tax authorities for years prior to 2007. 2009 2011

Note 8 - Retirement Plans

Note 8 - Retirement Plans	12 Months Ended
	Dec. 31, 2016
Notes to Financial Statements
Pension and Other Postretirement Benefits Disclosure [Text Block]	8. We sponsor and contribute to defined benefit and defined contribution retirement plans. During 2016, two December 31, 2016, two December 31, 2016, $5.8 $8.3 The Gray Pension Plan’s funding policy is consistent with the funding requirements of existing federal laws and regulations under the Employee Retirement Income Security Act of 1974. December 31, 2016 2015, December 31, 2016 2015, December 31, 2016 2015 Change in projected benefit obligation: Projected benefit obligation at beginning of year $ 103,199 $ 108,006 Service cost - 3,130 Interest cost 4,398 4,159 Actuarial losses 1,839 420 Benefits paid (2,790 ) (1,683 ) Effect of pension curtailment - (10,833 ) Merger of the Assumed Plans 8,330 - Projected benefit obligation at end of year $ 114,976 $ 103,199 Change in plan assets: Fair value of pension plan assets at beginning of year $ 69,246 $ 66,813 Actual return on plan assets 5,918 (1,034 ) Company contributions 2,775 5,150 Benefits paid (2,790 ) (1,683 ) Merger of the Assumed Plans 5,780 - Fair value of pension plan assets at end of year 80,929 69,246 Funded status of pension plan $ (34,047 ) $ (33,953 ) Amounts recognized in our balance sheets consist of: Accrued benefit cost $ (5,121 ) $ (8,994 ) Accumulated other comprehensive loss (28,926 ) (24,959 ) Net liability recognized $ (34,047 ) $ (33,953 ) The accumulated benefit obligation amounts of the Gray Pension Plan are frozen and were $115.0 $103.2 December 31, 2016 2015, December 31, 2015 December 31, 2016 2015: Year Ended December 31, 2016 2015 Weighted-average assumptions used to determine net periodic benefit cost for the Gray pension plan: Discount rate 4.31% 4.00% Expected long-term rate of return on pension plan assets 7.00% 7.00% Estimated rate of increase in compensation levels N/A 5.63% As of December 31, 2016 2015 Weighted-average assumptions used to determine benefit obligations: Discount rate 4.11% 4.31% Pension expense is computed using the projected unit credit actuarial cost method. The net periodic pension cost for the Gray Pension Plan includes the following components (in thousands): Year Ended December 31, 2016 2015 2014 Components of net periodic pension cost: Service cost $ - $ 3,130 $ 5,162 Interest cost 4,398 4,159 4,106 Expected return on plan assets (4,836 ) (4,782 ) (4,200 ) Recognized net actuarial loss 406 1,580 969 Net periodic pension (benefit) cost $ (32 ) $ 4,087 $ 6,037 For the Gray Pension Plan, the estimated future benefit payments are as follows (in thousands): Years Amount 2017 $ 2,722 2018 2,933 2019 3,299 2020 3,790 2021 4,090 2022 - 2026 25,216 The Gray Pension Plan’s weighted-average asset allocations by asset category were as follows: As of December 31, 2016 2015 Asset category: Insurance general account 23% 26% Cash management accounts 6% 2% Equity accounts 39% 54% Fixed income accounts 28% 14% Real estate accounts 4% 4% Total 100% 100% The investment objective is to achieve a consistent total rate of return (income, appreciation, and reinvested funds) that will equal or exceed the actuarial assumption with aversion to significant volatility. The following is the target asset allocation: Target Range Asset class: Strategic Allocation Lower Limit Upper Limit Equities: Large cap value 5% 0% 50% Large cap blend 5% 0% 50% Large cap growth 5% 0% 50% Mid cap blend 15% 0% 40% Small cap core 5% 0% 25% Foreign large blend 10% 0% 40% Emerging markets 10% 0% 25% Real estate 5% 0% 20% Fixed Income: U.S. Treasury inflation protected 5% 0% 25% Intermediate term bond 10% 0% 50% Long term government bond 5% 0% 40% High yield bond 10% 0% 25% Emerging markets bond 10% 0% 20% Money market taxable 0% 0% 100% Our equity portfolio contains securities of companies necessary to build a diversified portfolio, and that we believe are financially sound. Our fixed income portfolio contains obligations generally rated A or better with no maturity restrictions and an actively managed duration. The cash equivalents strategy uses securities of the highest credit quality. Fair Value of Gray Pension Plan Assets We calculate the fair value of the Gray Pension Plan’s assets based upon the observable and unobservable net asset value of its underlying investments. We utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. These inputs are prioritized by the fair value hierarchy proscribed by Accounting Standards Codification Topic 820, 4 The following table presents the fair value of the Gray Pension Plan’s assets and classifies them by level within the fair value hierarchy as of December 31, 2016 2015, Gray Pension Plan Fair Value Measurements As of December 31, 2016 Level 1 Level 2 Level 3 Total Assets: Insurance general account $ - $ 18,357 $ - $ 18,357 Cash management accounts 5,089 - - 5,089 Equity accounts 31,963 - - 31,963 Fixed income accounts 22,544 - - 22,544 Real estate accounts 2,976 - - 2,976 Total $ 62,572 $ 18,357 $ - $ 80,929 As of December 31, 2015 Level 1 Level 2 Level 3 Total Assets: Insurance general account $ - $ 17,918 $ - $ 17,918 Cash management accounts 1,273 - - 1,273 Equity accounts 37,621 - - 37,621 Fixed income account 9,924 - - 9,924 Real estate accounts 2,510 - - 2,510 Total $ 51,328 $ 17,918 $ - $ 69,246 Expected Pension Contributions We expect to contribute a combined total of approximately $3.0 December 31, 2017. Capital Accumulation Plan The Gray Television, Inc. Capital Accumulation Plan (the “Capital Accumulation Plan”) is a defined contribution plan intended to meet the requirements of Section 401(k) July 1, 2015, 100% first 3% 50% 2% December 31, 2016 2015, $8.8 $1.8 February 21, 2017, we estimate that our matching cash contributions to the Capital Accumulation Plan for year ending December 31, 2017 $8.6 million. In addition, the Company, at its discretion, may December 31, 2016 2015, $3.4 $1.6 December 31, 2016, 2015 2014, Year Ended December 31, 2016 2015 2014 Shares Amount Shares Amount Shares Amount Matching contributions to the Capital Accumulation Plan 2,571 $ 29 1,898 $ 26 2,341 $ 25

Note 9 - Commitments and Contin

Note 9 - Commitments and Contingencies	12 Months Ended
	Dec. 31, 2016
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	9. We have various contractual and other commitments requiring future payments. These commitments include amounts required to be paid for the acquisition of television stations; for the purchase of property and equipment; for service and other agreements; for operating lease commitments for equipment, land and office space; for commitments for various syndicated television programs; and for commitments under affiliation agreements with networks. Future minimum payments for these commitments as of December 31, 2016 Property Service and Syndicated Network Pending and Other Operating Television Affiliation Year Acquisitions Equipment Agreements Leases Programming Agreements Total 2017 $ 287,097 $ 5,467 $ 2,856 $ 2,905 $ 5,702 $ 129,260 $ 433,287 2018 - - 2,856 2,178 12,550 137,228 154,812 2019 - - 749 1,907 4,091 78,261 85,008 2020 - - - 1,362 2,872 31,370 35,604 2021 - - - 1,155 563 3,941 5,659 Thereafter - - - 3,680 290 2,137 6,107 Total $ 287,097 $ 5,467 $ 6,461 $ 13,187 $ 26,068 $ 382,197 $ 720,477 The amounts in the table above are estimates of commitments that are in addition to the liabilities accrued for on our consolidated balance sheet as of December 31, 2016. December 31, 2016. January 2017. 2 11 Leases We have no material capital leases. Where leases include rent holidays, rent escalations, rent concessions and leasehold improvement incentives, the value of these incentives are amortized over the lease term including anticipated renewal periods. Leasehold improvements are depreciated over the associated lease term including anticipated renewal periods. Rent expense resulting from operating leases for the years ended December 31, 2016, 2015 2014 $3.5 $2.8 $2.2 Legal Proceedings and Claims We are and expect to continue to be subject to legal actions, proceedings and claims that arise in the normal course of our business. In the opinion of management, the amount of ultimate liability, if any, with respect to these known actions, proceedings and claims will not materially affect our financial position, results of operations or cash flows, although legal proceedings are subject to inherent uncertainties, and unfavorable rulings or events could occur that could negatively affect us, possibly materially.

Note 10 - Goodwill and Intangib

Note 10 - Goodwill and Intangible Assets	12 Months Ended
	Dec. 31, 2016
Notes to Financial Statements
Goodwill and Intangible Assets Disclosure [Text Block]	1 0 . Goodwill and Intangible Assets During the years ended December 31, 2016 2015, 2 December 31, 2016 2015 Net Balance at Net Balance at December 31, December 31, 2015 Acquisitions Dispositions Impairment Amortization 2016 Goodwill $ 423,236 $ 72,296 $ (10,214 ) $ - $ - $ 485,318 Broadcast licenses 1,114,626 251,035 (25,356 ) - - 1,340,305 Finite-lived intangible assets 53,280 19,566 - - (16,596 ) 56,250 Total intangible assets net of accumulated amortization $ 1,591,142 $ 342,897 $ (35,570 ) $ - $ (16,596 ) $ 1,881,873 Net Balance at Net Balance at December 31, December 31, 2014 Acquisitions Dispositions Impairment Amortization 2015 Goodwill $ 374,390 $ 48,916 $ (70 ) $ - $ - $ 423,236 Broadcast licenses 1,023,580 91,192 (146 ) - - 1,114,626 Finite-lived intangible assets 47,802 17,845 (385 ) - (11,982 ) 53,280 Total intangible assets net of accumulated amortization $ 1,445,772 $ 157,953 $ (601 ) $ - $ (11,982 ) $ 1,591,142 A summary of changes in our goodwill, on a gross basis, for the years ended December 31, 2016 2015 As of As of December 31, 2015 Acquisitions Dispositions Impairment December 31, 2016 Goodwill, gross $ 521,832 $ 72,296 $ (10,214 ) $ - $ 583,914 Accumulated goodwill impairment (98,596 ) - - - (98,596 ) Goodwill, net $ 423,236 $ 72,296 $ (10,214 ) $ - $ 485,318 As of As of December 31, 2014 Acquisitions Dispositions Impairment December 31, 2015 Goodwill, gross $ 472,986 $ 48,916 $ (70 ) $ - $ 521,832 Accumulated goodwill impairment (98,596 ) - - - (98,596 ) Goodwill, net $ 374,390 $ 48,916 $ (70 ) $ - $ 423,236 As of December 31, 2016 2015, As of December 31, 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 485,318 - 485,318 423,236 - 423,236 $ 1,879,322 $ (53,699 ) $ 1,825,623 $ 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 finite-lived intangible assets 105,792 (49,542 ) 56,250 86,696 (33,416 ) 53,280 $ 107,056 $ (50,806 ) $ 56,250 $ 87,960 $ (34,680 ) $ 53,280 Total intangibles $ 1,986,378 $ (104,505 ) $ 1,881,873 $ 1,679,521 $ (88,379 ) $ 1,591,142 Amortization expense for the years ended December 31, 2016, 2015 2014 $16.6 $12.0 $8.3 December 31, 2016, five 2017, $16.3 2018, $11.5 2019, $9.0 2020, $6.1 2021, $3.2 may Impairment of goodwill and broadcast license As of December 31, 2016 2015, not 2016, 2015 2014. See Note 1

Note 11 - Subsequent Events

Note 11 - Subsequent Events	12 Months Ended
	Dec. 31, 2016
Notes to Financial Statements
Subsequent Events [Text Block]	11. 2017 On January 13, 2017, $8.0 On January 17, 2017, two $269.9 $106.0 January 2017 The preliminary fair value estimates of the assets acquired, liabilities assumed and resulting goodwill of our acquisitions completed in 2017 Acquisition Fairbanks Green Bay Davenport Other current assets $ 176 $ 238 $ 301 Property and equipment 2,868 10,133 10,276 Goodwill 251 44,055 45,305 Broadcast licenses 2,228 82,845 63,683 Other intangible assets 2,653 7,767 5,936 Current liabilities (176 ) (238 ) (301 ) Total $ 8,000 $ 144,800 $ 125,200 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. Property and equipment are recorded at their fair value and are being depreciated over their estimated useful lives ranging from three 40 Amounts related to other intangible assets represent primarily the estimated fair values of retransmission agreements of $14.0 $1.5 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 $89.6 2017 On February 16, 2017, two 156) 161) $85.0 second 2017 2017 . Amendment and Restatement of Senior Credit Facility On February 7, 2017, 2017 2017 $656.4 $556.4 “2017 $100.0 “2017 2017 The 2017 September 30, 2017 2.50% 1.50% 2017 5.25 1.00, 2.25% 1.25% 5.25 1.00, 2017 2.50%. $1.4 March 31, 2017. Borrowings under the 2017 1.50% 2.00% 0.50% 1.00%, first 2017 0.50% 1.00%. 2017 may 0.375% 0.50% The 2017 February 7, 2022, 2017 February 7, 2024. As a result of this amendment and restatement of our senior credit facility we expect to record a loss on extinguishment of debt of approximately $4.5 million in the first 2017. $3.0 2017 Results of FCC Spectrum Auction On February 6, 2017, 90.8 The anticipated proceeds reflect the FCC’s acceptance of one We anticipate that the auction proceeds will be received in the second third 2017.

Note 12 - Selected Quarterly Fi

Note 12 - Selected Quarterly Financial Data (Unaudited)	12 Months Ended
	Dec. 31, 2016
Notes to Financial Statements
Quarterly Financial Information [Text Block]	1 2 . Selected Quarterly Financial Data (Unaudited) Fiscal Quarter First Second Third Fourth (In thousands, except for per share data) Year Ended December 31, 2016: Revenue (less agency commissions) $ 173,723 $ 196,633 $ 204,490 $ 237,619 Operating income 36,111 53,687 60,467 83,874 Net income 8,990 17,662 (213 ) 35,834 Basic net income per share $ 0.13 $ 0.25 $ - $ 0.50 Diluted net income per share $ 0.12 $ 0.24 $ - $ 0.49 Year Ended December 31, 2015: Revenue (less agency commissions) $ 133,303 $ 143,464 $ 151,102 $ 169,487 Operating income 28,058 38,758 29,344 43,897 Net income 5,595 12,110 6,609 14,987 Basic net income per share $ 0.10 $ 0.17 $ 0.09 $ 0.21 Diluted net income per share $ 0.10 $ 0.17 $ 0.09 $ 0.21 Because of the method used in calculating per share data, the sum of the quarterly per share data will not necessarily equal the per share data as computed for the year.

Schedule II - Valuation and Qua

Schedule II - Valuation and Qualifying Accounts	12 Months Ended
	Dec. 31, 2016
Notes to Financial Statements
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block]	GRAY TELEVISION, INC. SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS (in thousands) Col. A Col. B Col. C Col. D Col. E Additions (1) (2) Balance at Charged to Charged to Balance at Beginning Costs and Other Deductions End of Description of Period Expenses Accounts (a) (b) Period Year Ended December 31, 2016: Allowance for doubtful accounts $ 1,794 $ 1,917 $ 167 $ (715 ) $ 3,163 Valuation allowance for deferred tax assets $ 1,683 $ - $ - $ (151 ) $ 1,532 Year Ended December 31, 2015: Allowance for doubtful accounts $ 1,667 $ 606 $ - $ (479 ) $ 1,794 Valuation allowance for deferred tax assets $ 2,052 $ - $ - $ (369 ) $ 1,683 Year Ended December 31, 2014: Allowance for doubtful accounts $ 730 $ 1,356 $ 290 $ (709 ) $ 1,667 Valuation allowance for deferred tax assets $ 2,748 $ 3 $ - $ (699 ) $ 2,052 (a) In 2016 2014, 2 (b) Deductions from allowance for doubtful accounts represent write-offs of receivable balances not considered collectible. The deduction from the valuation allowance for deferred tax assets represents changes in estimates of our future taxable income and our estimated future usage of certain net operating loss carryforwards, as well as expiration of certain net operating loss carryforwards.

Significant Accounting Policies

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Consolidation, Policy [Policy Text Block]	Principles of Consolidation Gray’s consolidated financial statements include our accounts and those of our wholly-owned and majority-owned subsidiaries. During a portion of the year ended December 31, 2014, All intercompany accounts and transactions have been eliminated in consolidation.
Investment, Policy [Policy Text Block]	Investment in Broadcasting Company two June 30, 2016, 32.4% 67.9%
Revenue Recognition, Policy [Policy Text Block]	Revenue Recognition Broadcast advertising revenue is generated primarily from the sale of television advertising time to local, national and political advertisers. Internet advertising revenue is generated from the sale of advertisements associated with our stations’ websites. Advertising revenue is billed to the customer and recognized when the advertisement is broadcast or appears on our stations’ websites. Retransmission consent revenue consists of payments to us from cable, satellite and other multiple video program distribution systems for their retransmission of our broadcast signals. Retransmission consent revenue is recognized as earned over the life of the retransmission consent contract. Other revenue consists primarily of revenue earned from the production of programming and payments from tower space rent. Revenue from the production of programming is recognized as the programming is produced. Tower rent is recognized over the life of the rental agreements. Cash received that has not yet been recognized as revenue is presented as deferred revenue. Revenue that has been earned but not yet received is recognized as revenue and presented as a receivable.
Advertising Barter Transactions, Policy [Policy Text Block]	Trade and Barter Transactions We account for trade transactions involving the exchange of tangible goods or services with our customers as revenue. The revenue is recorded at the time the advertisement is broadcast and the expense is recorded at the time the goods or services are used. The revenue and expense associated with these transactions are based on the fair value of the assets or services involved in the transaction. Trade revenue and expense recognized for each of the years ended December 31, 2016, 2015 2014 Year Ended December 31, 2016 2015 2014 Trade revenue $ 2,069 $ 2,299 $ 2,174 Trade expense (1,997 ) (2,188 ) (2,287 ) Net trade income (loss) $ 72 $ 111 $ (113 ) We do not account for barter revenue and related barter expense generated from network or syndicated programming as such amounts are not material. Furthermore, any such barter revenue recognized would then require the recognition of an equal amount of barter expense. The recognition of these amounts would not have a material effect upon net income.
Advertising Costs, Policy [Policy Text Block]	Advertising Expense Our advertising expense was $1.5 $1.0 $1.1 December 31, 2016, 2015 2014,
Use of Estimates, Policy [Policy Text Block]	Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Our actual results could differ materially from these estimated amounts. Our most significant estimates are used for our allowance for doubtful accounts in receivables, valuation of goodwill and intangible assets, amortization of program rights and intangible assets, pension costs, income taxes, employee medical insurance claims, useful lives of property and equipment and contingencies.
Receivables, Trade and Other Accounts Receivable, Allowance for Doubtful Accounts, Policy [Policy Text Block]	Allowance for Doubtful Accounts Our allowance for doubtful accounts is equal to a portion of our receivable balances that are 120 may 120 $1.9 $0.6 $1.3 December 31, 2016, 2015 2014,
Program Broadcast Rights [Policy Text Block]	Program Broadcast Rights We have two first Wheel of Fortune Seinfeld first first The total license fee payable under a program license agreement allowing us to broadcast programs is recorded at the beginning of the license period and is charged to operating expense over the period that the programs are broadcast. The portion of the unamortized balance expected to be charged to operating expense in the succeeding year is classified as a current asset, with the remainder classified as a non-current asset. The liability for license fees payable under program license agreements is classified as current or long-term, in accordance with the payment terms of the various license agreements.
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; the purchase of new assets, major replacements and betterments are capitalized. The cost of any assets sold or retired and 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. The following table lists the components of property and equipment by major category (dollars in thousands): Estimated December 31, Useful Lives 2016 2015 (in years) Property and equipment: Land $ 44,611 $ 36,529 Buildings and improvements 139,078 85,626 7 to 40 Equipment 471,798 420,380 3 to 20 655,487 542,535 Accumulated depreciation (329,394 ) (308,060 ) Total property and equipment, net $ 326,093 $ 234,475 For the year ended December 31, 2016, $102.7 December 31, 2015 December 31, 2016
Deferred Charges, Policy [Policy Text Block]	Deferred Loan Costs Loan acquisition costs are amortized over the life of the applicable indebtedness using a straight-line method that approximates the effective interest method. In April 2015, 2015 03, 835 30) Simplifying the Presentation of Debt Issuance Costs. 2015 03 August 2015, 2015 15, 835 30) 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 2015 15 June 18, 2015 January 1, 2016. December 31, 2016 2015.
Asset Retirement Obligations, Policy [Policy Text Block]	Asset Retirement Obligations We own office equipment, broadcasting equipment, leasehold improvements and transmission towers, some of which are located on, or are housed in, leased property or facilities. At the conclusion of several of these leases we are obligated to dismantle, remove and otherwise properly dispose of and remediate the facility or property. We estimate our asset retirement obligations based upon the net present value of the cash flows of the costs expected to be incurred. Asset retirement obligations are recognized as a non-current liability and as a component of the cost of the related asset. Changes to our asset retirement obligations resulting from revisions to the timing or the amount of the original undiscounted cash flow estimates are recognized as an increase or decrease in the carrying amount of the asset retirement obligation and the related asset retirement cost capitalized as part of the related property, plant or equipment. Changes in asset retirement obligations resulting from accretion of the net present value of the estimated cash flows are recognized as operating expenses. We recognize depreciation expense of the capitalized cost over the estimated life of the lease. Our estimated obligations are due at varying times through 2062. $793,000 $701,000 December 31, 2016 2015, December 31, 2016, 2015 2014, $15,000, $34,000 $6,000,
Concentration Risk, Credit Risk, Policy [Policy Text Block]	Concentration of Credit Risk Excluding political advertising revenue, which is cyclical based on election cycles, for the year ended December 31, 2016, 22%, 10% 7% December 31, 2015 2014. one 5%
Earnings Per Share, Policy [Policy Text Block]	Earnings Per Share We compute basic earnings per share by dividing net income available 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 diluted weighted-average shares outstanding calculation, unless their inclusion would be antidilutive. The following table reconciles basic weighted-average shares outstanding to diluted weighted-average shares outstanding for the years ended December 31, 2016, 2015 2014 Year Ended December 31, 2016 2015 2014 Weighted-average shares outstanding – basic 71,848 68,330 57,862 Weighted-average shares underlying stock options and restricted shares 916 657 502 Weighted-average shares outstanding - diluted 72,764 68,987 58,364
Goodwill and Intangible Assets, Policy [Policy Text Block]	Valuation of Broadcast Licenses, Goodwill and Other Intangible Assets We have acquired a significant portion of our assets in acquisition transactions. Among the assets acquired in these transactions were broadcast licenses issued by the FCC, goodwill and other intangible assets. For broadcast licenses acquired prior to January 1, 2002, For broadcast licenses acquired after December 31, 2001, December 31, 2001, When renewing broadcast licenses, we incur regulatory filing fees and legal fees. We expense these fees as they are incurred. Other intangible assets that we have acquired include network affiliation agreements, retransmission agreements, advertising contracts, client lists, talent contracts and leases. Although each of our stations is affiliated with at least one
Impairment or Disposal of Long-Lived Assets, Including Intangible Assets, Policy [Policy Text Block]	Impairment Testing of Indefinite-Lived Intangible Assets We test for impairment of our indefinite-lived intangible assets on an annual basis on the last day of each fiscal year. However, if certain triggering events occur, we test for impairment during the relevant reporting period. For goodwill, we have elected to bypass the qualitative assessment provisions and to perform the prescribed testing steps for goodwill on an annual basis. For purposes of testing goodwill for impairment, each of our individual television markets is considered a separate reporting unit. We review each television market for possible goodwill impairment by comparing the estimated fair value of each respective reporting unit to the recorded value of that reporting unit’s net assets. If the estimated fair value exceeds the recorded net asset value, no goodwill impairment is deemed to exist. If the estimated fair value of the reporting unit does not exceed the recorded value of that reporting unit’s net assets, we then perform, on a notional basis, a purchase price allocation by allocating the reporting unit’s fair value to the fair value of all tangible and identifiable intangible assets with residual fair value representing the implied fair value of goodwill of that reporting unit. The recorded value of goodwill for the reporting unit is written down to this implied value. To estimate the fair value of our reporting units, we utilize a discounted cash flow model supported by a market multiple approach. We believe that a discounted cash flow analysis is the most appropriate methodology to test the recorded value of long-term assets with a demonstrated long-lived/enduring franchise value. We believe the results of the discounted cash flow and market multiple approaches provide reasonable estimates of the fair value of our reporting units because these approaches are based on our actual results and reasonable estimates of future performance, and also take into consideration a number of other factors deemed relevant by us, including but not limited to, expected future market revenue growth, market revenue shares and operating profit margins. We have historically used these approaches in determining the value of our reporting units. We also consider a market multiple approach utilizing market multiples to corroborate our discounted cash flow analysis. We believe that this methodology is consistent with the approach that a strategic market participant would utilize if they were to value one For testing of our broadcast licenses for potential impairment of their recorded asset values, we compare their estimated fair value to the respective asset’s recorded value. If the fair value is greater than the asset’s recorded value, no impairment expense is recorded. If the fair value does not exceed the asset’s recorded value, we record an impairment expense equal to the amount that the asset’s recorded value exceeded the asset’s fair value. We use the income method to estimate the fair value of all broadcast licenses irrespective of whether they were initially recorded using the residual or income methods. For further discussion of our goodwill, broadcast licenses and other intangible assets, see Note 10
Comprehensive Income, Policy [Policy Text Block]	Accumulated Other Comprehensive Loss Our accumulated other comprehensive loss balances as of December 31, 2016 2015 December 31, 2016 2015 Accumulated balances of items included in accumulated other comprehensive loss: Increase in pension liability $ (28,926 ) $ (28,334 ) Income tax benefit (11,281 ) (11,050 ) Accumulated other comprehensive loss $ (17,645 ) $ (17,284 )
New Accounting Pronouncements, Policy [Policy Text Block]	Recent Accounting Pronouncements In May 2014, 2014 09, 606). 2014 09 August 2015, 2015 14, 606): Deferral of the Effective Date 2015 14 2014 09 one December 15, 2017, December 15, 2016. April 2016, 2016 10, 606): Identifying Performance Obligations and Licensing 2014 09 May 2016, 2016 12, 606): Narrow Scope Improvements and Practical Expedients December 2016, 2016 20, 606): Technical Corrections and Improvements In November 2015, 2015 17, 740) Balance Sheet Classification of Deferred Taxes 2015 17 December 15, 2016, first 2017. In January 2016, 2016 01, 825 10) Recognition and Measurement of Financial Assets and Financial Liabilities 2016 01 December 15, 2017, In February 2016, 2016 02, 842). 2016 02 840, Leases December 15, 2018. $13.2 In March 2016, 2016 09, 718) Improvements to Employee Share-Based Payment Accounting. 2016 09 December 15, 2016, first 2017. In August 2016, 2016 15, 230) Classification of Certain Cash Receipts and Cash Payments 2016 15 eight eight December 15, 2017, In October 2016, 2016 17, 810) – Interests Held through Related Parties That Are under Common Control 2016 17 December 15, 2016, 11 2017. In January 2017, 2017 01, 805) Clarifying the Definition of a Business 2017 01 December 15, 2017, In January 2017, 2017 04, 350) Simplifying the Test for Goodwill Impairment 2017 04 2 2 December 15, 2019, We do not expect that the adoption of this standard will have a material impact on our financial statements.
Reclassification, Policy [Policy Text Block]	Reclassifications Certain other current and non-current liabilities have been reclassified to conform to the current year presentation.

Note 1 - Description of Busin22

Note 1 - Description of Business and Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2016
Notes Tables
Schedule of Principal Transactions Revenue [Table Text Block]	Year Ended December 31, 2016 2015 2014 Trade revenue $ 2,069 $ 2,299 $ 2,174 Trade expense (1,997 ) (2,188 ) (2,287 ) Net trade income (loss) $ 72 $ 111 $ (113 )
Property, Plant and Equipment [Table Text Block]	Estimated December 31, Useful Lives 2016 2015 (in years) Property and equipment: Land $ 44,611 $ 36,529 Buildings and improvements 139,078 85,626 7 to 40 Equipment 471,798 420,380 3 to 20 655,487 542,535 Accumulated depreciation (329,394 ) (308,060 ) Total property and equipment, net $ 326,093 $ 234,475
Schedule of Weighted Average Number of Shares [Table Text Block]	Year Ended December 31, 2016 2015 2014 Weighted-average shares outstanding – basic 71,848 68,330 57,862 Weighted-average shares underlying stock options and restricted shares 916 657 502 Weighted-average shares outstanding - diluted 72,764 68,987 58,364
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	December 31, 2016 2015 Accumulated balances of items included in accumulated other comprehensive loss: Increase in pension liability $ (28,926 ) $ (28,334 ) Income tax benefit (11,281 ) (11,050 ) Accumulated other comprehensive loss $ (17,645 ) $ (17,284 )

Note 2 - Acquisitions and Dis23

Note 2 - Acquisitions and Dispositions (Tables)	12 Months Ended
	Dec. 31, 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 - - 574 574 Adjusted purchase price - 30,000 443,074 473,074 Cash consideration received from sale of Schurz Radio Stations - - (16,000 ) (16,000 ) Net adjusted purchase price allocated to assets acquired and liabilities assumed - 30,000 427,074 457,074 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 $ 427,074 $ 415,874
Business Acquisition, Pro Forma Information [Table Text Block]	Years Ended December 31, 2016 2015 Revenue (less agency commissions) $ 825,787 $ 701,550 Net income $ 57,795 $ 39,360 Basic net income per share $ 0.80 $ 0.58 Diluted net income per share $ 0.79 $ 0.57 Years Ended December 31, 2015 2014 Revenue (less agency commissions) $ 621,530 $ 559,538 Net income $ 46,181 $ 59,342 Basic net income per share $ 0.68 $ 1.03 Diluted net income per share $ 0.67 $ 1.02 Year Ended December 31, 2014 Revenue (less agency commissions) $ 565,251 Net income $ 50,771 Basic net income per share $ 0.88 Diluted net income per share $ 0.87
The 2014 Acquisitions [Member]
Notes Tables
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]	Acquisition Hoak SJL KEVN KNDX Parker WQCW Helena Cash $ - $ - $ 615 $ - $ - $ - $ - Accounts receivable 10,722 7,132 569 - 765 - 14 Other current assets 509 1,946 96 39 964 45 49 Property and equipment 45,382 23,508 3,888 2,576 722 991 1,230 Goodwill 131,632 50,941 2,717 1,839 1,932 802 70 Broadcast licenses 91,958 86,685 1,675 500 - 3,691 146 Other intangible assets 35,386 10,091 1,786 2,584 3,163 15 431 Other non-current assets - 253 29 15 16 - - Current liabilities (3,544 ) (4,936 ) (211 ) (36 ) (826 ) (45 ) (90 ) Other long-term liabilities - (379 ) (38 ) (17 ) (5 ) - - Deferred income tax liabilities (12,188 ) (43,712 ) (2,341 ) - - - - Total $ 299,857 $ 131,529 $ 8,785 $ 7,500 $ 6,731 $ 5,499 $ 1,850
The 2015 Acquisitions [Member]
Notes Tables
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]	Acquisition Cedar Rapids Odessa Twin Falls Wausau Presque Isle Laredo Other current assets $ 503 $ 87 $ 93 $ 87 $ 45 $ 22 Property and equipment 13,754 4,629 5,172 1,985 2,822 1,411 Goodwill 25,006 3,719 2,587 11,616 245 5,154 Broadcast licenses 55,676 22,253 6,333 - 6,150 - Other intangible assets 5,849 3,067 3,485 397 1,039 2,435 Other non-current assets 13 13 32 87 - 13 Current liabilities (792 ) (155 ) (170 ) (85 ) (51 ) (22 ) Other long-term liabilities (13 ) (13 ) (32 ) (87 ) - (13 ) Total $ 99,996 $ 33,600 $ 17,500 $ 14,000 $ 10,250 $ 9,000
The 2016 Acquisitions [Member]
Notes Tables
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 $ - $ - $ 19,226 $ 19,226 Other current assets - 429 4,606 5,035 Property and equipment 176 1,633 97,814 99,623 Goodwill 28 10,288 61,981 72,297 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 $ 427,074 $ 457,574

Note 3 - Long-term Debt (Tables

Note 3 - Long-term Debt (Tables)	12 Months Ended
	Dec. 31, 2016
Notes Tables
Schedule of Long-term Debt Instruments [Table Text Block]	December 31, 2016 2015 Long-term debt including current portion: 2014 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 - 2014 Senior Credit Facility (12,158 ) (6,136 ) Unamortized deferred loan costs - 2020 Notes - (9,317 ) Unamortized deferred loan costs - 2024 Notes (7,742 ) - Unamortized deferred loan costs - 2026 Notes (10,588 ) - Unamortized premium - 2020 Notes - 4,099 Unamortized premium - 2026 Notes 5,797 - Net carrying value $ 1,756,747 $ 1,220,084 Borrowing availability under the Revolving Credit Facility $ 60,000 $ 50,000
Schedule of Maturities of Long-term Debt [Table Text Block]	Minimum Principal Maturities 2014 Senior 2024 2026 Year Credit Facility (1) Notes Notes Total 2017 $ - $ - $ - $ - 2018 - - - - 2019 - - - - 2020 - - - - 2021 556,438 - - 556,438 Thereafter - 525,000 700,000 1,225,000 Total $ 556,438 $ 525,000 $ 700,000 $ 1,781,438

Note 6 - Stock-based Compensa25

Note 6 - Stock-based Compensation (Tables)	12 Months Ended
	Dec. 31, 2016
Notes Tables
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block]	Year Ended December 31, 2016 2015 2014 Stock-based compensation expense, gross $ 5,099 $ 4,019 $ 5,012 Income tax benefit at our statutory rate associated with stock-based compensation (1,989 ) (1,567 ) (1,955 ) Stock-based compensation expense, net $ 3,110 $ 2,452 $ 3,057
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block]	Year Ended December 31, 2016 2015 2014 Weighted- Weighted- Weighted- Average Average Average Number Grant Date Number Grant Date Number Grant Date of Fair Value of Fair Value of Fair Value Shares Per Share Shares Per Share Shares Per Share Restricted stock - common: Outstanding - beginning of period 337,506 $ 9.57 385,056 $ 9.09 274,838 $ 4.43 Granted 237,500 12.88 150,308 10.27 312,961 11.78 Vested (178,973 ) 8.46 (197,858 ) 9.16 (202,743 ) 6.93 Outstanding - end of period 396,033 $ 12.06 337,506 $ 9.57 385,056 $ 9.09 Year Ended December 31, 2016 2015 2014 Weighted- Weighted- Weighted- Average Average Average Number Grant Date Number Grant Date Number Grant Date of Fair Value of Fair Value of Fair Value Shares Per Share 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 9.37 236,294 9.80 Vested (178,223 ) 10.04 (117,293 ) 9.85 (31,821 ) 9.75 Outstanding - end of period 415,082 $ 10.15 374,693 $ 9.46 204,473 $ 9.81

Note 7 - Income Taxes (Tables)

Note 7 - Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2016
Notes Tables
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]	Year Ended December 31, 2016 2015 2014 Current: Federal $ - $ - $ - State and local 2,730 1,259 996 State and local - reserve for uncertain tax positions (698 ) (581 ) (198 ) Current income tax expense (benefit) 2,032 678 798 Deferred: Federal 38,214 24,067 28,231 State and local 3,172 1,703 2,707 Deferred income tax expense 41,386 25,770 30,938 Total income tax expense $ 43,418 $ 26,448 $ 31,736
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]	December 31, 2016 2015 Deferred tax liabilities: Net book value of property and equipment $ 26,620 $ 20,986 Broadcast licenses, goodwill and other intangibles 369,275 350,647 Total deferred tax liabilities 395,895 371,633 Deferred tax assets: Liability for accrued vacation 2,232 2,172 Liability for accrued bonus 5,483 4,786 Loan acquisition costs 336 391 Allowance for doubtful accounts 1,168 700 Liability under health and welfare plan 1,201 1,108 Liability for pension plan 13,278 14,172 Federal operating loss carryforwards 20,401 38,466 State and local operating loss carryforwards 4,555 5,867 Alternative minimum tax carryforwards 386 386 Unearned income 3 73 Stock options 174 163 Acquisition costs 3,140 1,129 Restricted stock 1,950 1,875 Other 109 172 Total deferred tax assets 54,416 71,460 Valuation allowance for deferred tax assets (1,532 ) (1,683 ) Net deferred tax assets 52,884 69,777 Deferred tax liabilities, net of deferred tax assets $ 343,011 $ 301,856
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]	Year Ended December 31, 2016 2015 2014 Statutory federal rate applied to income before income tax expense $ 36,992 $ 23,012 $ 27,929 Current year permanent items 1,830 1,192 849 State and local taxes, net of federal tax benefit 5,056 2,831 4,050 Change in valuation allowance (151 ) (369 ) (696 ) Reserve for uncertain tax positions (698 ) (581 ) (198 ) Other items, net 389 363 (198 ) Income tax expense as recorded $ 43,418 $ 26,448 $ 31,736 Effective income tax rate 41.1 % 40.2 % 39.8 %

Note 8 - Retirement Plans (Tabl

Note 8 - Retirement Plans (Tables)	12 Months Ended
	Dec. 31, 2016
Notes Tables
Schedule of Net Funded Status [Table Text Block]	December 31, 2016 2015 Change in projected benefit obligation: Projected benefit obligation at beginning of year $ 103,199 $ 108,006 Service cost - 3,130 Interest cost 4,398 4,159 Actuarial losses 1,839 420 Benefits paid (2,790 ) (1,683 ) Effect of pension curtailment - (10,833 ) Merger of the Assumed Plans 8,330 - Projected benefit obligation at end of year $ 114,976 $ 103,199 Change in plan assets: Fair value of pension plan assets at beginning of year $ 69,246 $ 66,813 Actual return on plan assets 5,918 (1,034 ) Company contributions 2,775 5,150 Benefits paid (2,790 ) (1,683 ) Merger of the Assumed Plans 5,780 - Fair value of pension plan assets at end of year 80,929 69,246 Funded status of pension plan $ (34,047 ) $ (33,953 ) Amounts recognized in our balance sheets consist of: Accrued benefit cost $ (5,121 ) $ (8,994 ) Accumulated other comprehensive loss (28,926 ) (24,959 ) Net liability recognized $ (34,047 ) $ (33,953 )
Schedule of Assumptions Used [Table Text Block]	Year Ended December 31, 2016 2015 Weighted-average assumptions used to determine net periodic benefit cost for the Gray pension plan: Discount rate 4.31% 4.00% Expected long-term rate of return on pension plan assets 7.00% 7.00% Estimated rate of increase in compensation levels N/A 5.63% As of December 31, 2016 2015 Weighted-average assumptions used to determine benefit obligations: Discount rate 4.11% 4.31%
Schedule of Net Benefit Costs [Table Text Block]	Year Ended December 31, 2016 2015 2014 Components of net periodic pension cost: Service cost $ - $ 3,130 $ 5,162 Interest cost 4,398 4,159 4,106 Expected return on plan assets (4,836 ) (4,782 ) (4,200 ) Recognized net actuarial loss 406 1,580 969 Net periodic pension (benefit) cost $ (32 ) $ 4,087 $ 6,037
Schedule of Expected Benefit Payments [Table Text Block]	Years Amount 2017 $ 2,722 2018 2,933 2019 3,299 2020 3,790 2021 4,090 2022 - 2026 25,216
Defined Benefit Plan, Fair Value of Plan Assets [Table Text Block]	As of December 31, 2016 Level 1 Level 2 Level 3 Total Assets: Insurance general account $ - $ 18,357 $ - $ 18,357 Cash management accounts 5,089 - - 5,089 Equity accounts 31,963 - - 31,963 Fixed income accounts 22,544 - - 22,544 Real estate accounts 2,976 - - 2,976 Total $ 62,572 $ 18,357 $ - $ 80,929 As of December 31, 2015 Level 1 Level 2 Level 3 Total Assets: Insurance general account $ - $ 17,918 $ - $ 17,918 Cash management accounts 1,273 - - 1,273 Equity accounts 37,621 - - 37,621 Fixed income account 9,924 - - 9,924 Real estate accounts 2,510 - - 2,510 Total $ 51,328 $ 17,918 $ - $ 69,246
Asset Classes [Member]
Notes Tables
Schedule of Allocation of Plan Assets [Table Text Block]	Target Range Asset class: Strategic Allocation Lower Limit Upper Limit Equities: Large cap value 5% 0% 50% Large cap blend 5% 0% 50% Large cap growth 5% 0% 50% Mid cap blend 15% 0% 40% Small cap core 5% 0% 25% Foreign large blend 10% 0% 40% Emerging markets 10% 0% 25% Real estate 5% 0% 20% Fixed Income: U.S. Treasury inflation protected 5% 0% 25% Intermediate term bond 10% 0% 50% Long term government bond 5% 0% 40% High yield bond 10% 0% 25% Emerging markets bond 10% 0% 20% Money market taxable 0% 0% 100%
Asset Categories [Member]
Notes Tables
Schedule of Allocation of Plan Assets [Table Text Block]	As of December 31, 2016 2015 Asset category: Insurance general account 23% 26% Cash management accounts 6% 2% Equity accounts 39% 54% Fixed income accounts 28% 14% Real estate accounts 4% 4% Total 100% 100%
Capital Accumulation Plan [Member]
Notes Tables
Defined Contribution Plan Disclosures [Table Text Block]	Year Ended December 31, 2016 2015 2014 Shares Amount Shares Amount Shares Amount Matching contributions to the Capital Accumulation Plan 2,571 $ 29 1,898 $ 26 2,341 $ 25

Note 9 - Commitments and Cont28

Note 9 - Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2016
Notes Tables
Contractual Obligation, Fiscal Year Maturity Schedule [Table Text Block]	Property Service and Syndicated Network Pending and Other Operating Television Affiliation Year Acquisitions Equipment Agreements Leases Programming Agreements Total 2017 $ 287,097 $ 5,467 $ 2,856 $ 2,905 $ 5,702 $ 129,260 $ 433,287 2018 - - 2,856 2,178 12,550 137,228 154,812 2019 - - 749 1,907 4,091 78,261 85,008 2020 - - - 1,362 2,872 31,370 35,604 2021 - - - 1,155 563 3,941 5,659 Thereafter - - - 3,680 290 2,137 6,107 Total $ 287,097 $ 5,467 $ 6,461 $ 13,187 $ 26,068 $ 382,197 $ 720,477

Note 10 - Goodwill and Intang29

Note 10 - Goodwill and Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2016
Notes Tables
Schedule of Changes in Goodwill and Other Intangible Assets [Table Text Block]	Net Balance at Net Balance at December 31, December 31, 2015 Acquisitions Dispositions Impairment Amortization 2016 Goodwill $ 423,236 $ 72,296 $ (10,214 ) $ - $ - $ 485,318 Broadcast licenses 1,114,626 251,035 (25,356 ) - - 1,340,305 Finite-lived intangible assets 53,280 19,566 - - (16,596 ) 56,250 Total intangible assets net of accumulated amortization $ 1,591,142 $ 342,897 $ (35,570 ) $ - $ (16,596 ) $ 1,881,873 Net Balance at Net Balance at December 31, December 31, 2014 Acquisitions Dispositions Impairment Amortization 2015 Goodwill $ 374,390 $ 48,916 $ (70 ) $ - $ - $ 423,236 Broadcast licenses 1,023,580 91,192 (146 ) - - 1,114,626 Finite-lived intangible assets 47,802 17,845 (385 ) - (11,982 ) 53,280 Total intangible assets net of accumulated amortization $ 1,445,772 $ 157,953 $ (601 ) $ - $ (11,982 ) $ 1,591,142
Schedule of Goodwill [Table Text Block]	As of As of December 31, 2015 Acquisitions Dispositions Impairment December 31, 2016 Goodwill, gross $ 521,832 $ 72,296 $ (10,214 ) $ - $ 583,914 Accumulated goodwill impairment (98,596 ) - - - (98,596 ) Goodwill, net $ 423,236 $ 72,296 $ (10,214 ) $ - $ 485,318 As of As of December 31, 2014 Acquisitions Dispositions Impairment December 31, 2015 Goodwill, gross $ 472,986 $ 48,916 $ (70 ) $ - $ 521,832 Accumulated goodwill impairment (98,596 ) - - - (98,596 ) Goodwill, net $ 374,390 $ 48,916 $ (70 ) $ - $ 423,236
Schedule of Intangible Assets and Goodwill [Table Text Block]	As of December 31, 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 485,318 - 485,318 423,236 - 423,236 $ 1,879,322 $ (53,699 ) $ 1,825,623 $ 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 finite-lived intangible assets 105,792 (49,542 ) 56,250 86,696 (33,416 ) 53,280 $ 107,056 $ (50,806 ) $ 56,250 $ 87,960 $ (34,680 ) $ 53,280 Total intangibles $ 1,986,378 $ (104,505 ) $ 1,881,873 $ 1,679,521 $ (88,379 ) $ 1,591,142

Note 11 - Subsequent Events (Ta

Note 11 - Subsequent Events (Tables)	12 Months Ended
	Dec. 31, 2016
The 2017 Acquisition [Member]
Notes Tables
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]	Acquisition Fairbanks Green Bay Davenport Other current assets $ 176 $ 238 $ 301 Property and equipment 2,868 10,133 10,276 Goodwill 251 44,055 45,305 Broadcast licenses 2,228 82,845 63,683 Other intangible assets 2,653 7,767 5,936 Current liabilities (176 ) (238 ) (301 ) Total $ 8,000 $ 144,800 $ 125,200

Note 12 - Selected Quarterly 31

Note 12 - Selected Quarterly Financial Data (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2016
Notes Tables
Quarterly Financial Information [Table Text Block]	Fiscal Quarter First Second Third Fourth (In thousands, except for per share data) Year Ended December 31, 2016: Revenue (less agency commissions) $ 173,723 $ 196,633 $ 204,490 $ 237,619 Operating income 36,111 53,687 60,467 83,874 Net income 8,990 17,662 (213 ) 35,834 Basic net income per share $ 0.13 $ 0.25 $ - $ 0.50 Diluted net income per share $ 0.12 $ 0.24 $ - $ 0.49 Year Ended December 31, 2015: Revenue (less agency commissions) $ 133,303 $ 143,464 $ 151,102 $ 169,487 Operating income 28,058 38,758 29,344 43,897 Net income 5,595 12,110 6,609 14,987 Basic net income per share $ 0.10 $ 0.17 $ 0.09 $ 0.21 Diluted net income per share $ 0.10 $ 0.17 $ 0.09 $ 0.21

Schedule II - Valuation and Q32

Schedule II - Valuation and Qualifying Accounts (Tables)	12 Months Ended
	Dec. 31, 2016
Notes Tables
Summary of Valuation Allowance [Table Text Block]	Col. A Col. B Col. C Col. D Col. E Additions (1) (2) Balance at Charged to Charged to Balance at Beginning Costs and Other Deductions End of Description of Period Expenses Accounts (a) (b) Period Year Ended December 31, 2016: Allowance for doubtful accounts $ 1,794 $ 1,917 $ 167 $ (715 ) $ 3,163 Valuation allowance for deferred tax assets $ 1,683 $ - $ - $ (151 ) $ 1,532 Year Ended December 31, 2015: Allowance for doubtful accounts $ 1,667 $ 606 $ - $ (479 ) $ 1,794 Valuation allowance for deferred tax assets $ 2,052 $ - $ - $ (369 ) $ 1,683 Year Ended December 31, 2014: Allowance for doubtful accounts $ 730 $ 1,356 $ 290 $ (709 ) $ 1,667 Valuation allowance for deferred tax assets $ 2,748 $ 3 $ - $ (699 ) $ 2,052

Note 1 - Description of Busin33

Note 1 - Description of Business and Summary of Significant Accounting Policies (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Jun. 30, 2016
Advertising Expense		$ 1,500,000	$ 1,000,000	$ 1,100,000
Period for Creating Allowance for Doubtful Accounts		120 days
Provision for Doubtful Accounts		$ 1,900,000	600,000	1,300,000
Property, Plant and Equipment, Additions		102,700,000
Asset Retirement Obligation		793,000	701,000
Asset Retirement Obligation, Accretion Expense		$ 15,000	$ 34,000	$ 6,000
Scenario, Forecast [Member] | Accounting Standards Update 2016-02 [Member]
New Accounting Pronouncement Effect, Right of Use Assets	$ 13,200,000
New Accounting Pronouncement Effect, Lease Obligation Liability	$ 13,200,000
Sales Revenue, Services, Net [Member] | Customer Concentration Risk [Member] | Automotive [Member]
Concentration Risk, Percentage		22.00%
Sales Revenue, Services, Net [Member] | Customer Concentration Risk [Member] | Medical [Member]
Concentration Risk, Percentage		10.00%
Sales Revenue, Services, Net [Member] | Customer Concentration Risk [Member] | Restaurant [Member]
Concentration Risk, Percentage		7.00%
Tarzian [Member] | Common Stock [Member]
Cost Method Investments, Ownership Percentage					32.40%
Tarzian [Member] | Dividends Liquidation Dissolution [Member]
Cost Method Investments, Ownership Percentage					67.90%

Note 1 - Description of Busin34

Note 1 - Description of Business and Summary of Significant Accounting Policies - Trade Revenue and Expense (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Net trade income (loss)	$ 35,834	$ (213)	$ 17,662	$ 8,990	$ 14,987	$ 6,609	$ 12,110	$ 5,595	$ 62,273	$ 39,301	$ 48,061
Advertising Barter Transactions [Member]
Trade revenue									2,069	2,299	2,174
Trade expense									(1,997)	(2,188)	(2,287)
Net trade income (loss)									$ 72	$ 111	$ (113)

Note 1 - Description of Busin35

Note 1 - Description of Business and Summary of Significant Accounting Policies - Property and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Property and equipment, gross	$ 655,487	$ 542,535
Accumulated depreciation	(329,394)	(308,060)
Total property and equipment, net	326,093	234,475
Land [Member]
Property and equipment, gross	44,611	36,529
Building and Building Improvements [Member]
Property and equipment, gross	$ 139,078	85,626
Building and Building Improvements [Member] | Minimum [Member]
Estimated useful lives (Year)	7 years
Building and Building Improvements [Member] | Maximum [Member]
Estimated useful lives (Year)	40 years
Equipment [Member]
Property and equipment, gross	$ 471,798	$ 420,380
Equipment [Member] | Minimum [Member]
Estimated useful lives (Year)	3 years
Equipment [Member] | Maximum [Member]
Estimated useful lives (Year)	20 years

Note 1 - Description of Busin36

Note 1 - Description of Business and Summary of Significant Accounting Policies - Reconciliation of Basic to Diluted Weighted-average Shares Outstanding (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Weighted-average shares outstanding – basic (in shares)	71,848	68,330	57,862
Weighted-average shares underlying stock options and restricted shares (in shares)	916	657	502
Weighted-average shares outstanding - diluted (in shares)	72,764	68,987	58,364

Note 1 - Description of Busin37

Note 1 - Description of Business and Summary of Significant Accounting Policies - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Accumulated balances of items included in accumulated other comprehensive loss:
Increase in pension liability	$ (28,926)	$ (28,334)
Income tax benefit	(11,281)	(11,050)
Accumulated other comprehensive loss	$ (17,645)	$ (17,284)

Note 2 - Acquisitions and Dis38

Note 2 - Acquisitions and Dispositions (Details Textual) - USD ($) $ in Thousands

Jun. 27, 2016

Jun. 01, 2016

May 13, 2016

Feb. 16, 2016

Feb. 01, 2016

Sep. 01, 2015

Jul. 02, 2015

Nov. 01, 2014

Sep. 15, 2014

Jun. 13, 2014

May 01, 2014

Apr. 01, 2014

Dec. 31, 2016

Dec. 31, 2015

Dec. 31, 2014

Business Combination, Consideration Transferred

$ 473,074

Proceeds from Divestiture of Businesses

11,200

$ 0

Long-term Debt

1,800,000

1,200,000

Finite-lived Intangible Assets Acquired

19,566

17,845

Goodwill, Acquired During Period

72,296

48,916

Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual

130,400

Business Acquisition, Operating Income (Loss) from Continuing Operations Before Changes in Accounting and Extraordinary Items, Net of Tax

55,800

Business Combination, Acquisition Related Costs

7,400

2016 Term Loan [Member]

Long-term Debt

$ 425,000

KAKE-TV [Member]

Business Combination, Consideration Transferred

Proceeds from Divestiture of Businesses

$ 11,200

11,200

Gain (Loss) on Disposition of Business

$ 2,000

Helena Montana Disposition [Member]

Gain (Loss) on Disposition of Assets

$ (100)

NBC Affiliate and Television Station KTVH-TV [Member]

Gain (Loss) on Disposition of Assets

900

Disposal Group, Including Discontinued Operation, Consideration

3,000

Schurz Acquisition [Member]

Business Combination, Consideration Transferred

443,100

Proceeds from Divestiture of Businesses

$ 16,000

KYES-TV Acquisition [Member]

Payments to Acquire Businesses, Gross

$ 500

Clarksburg Acquisition [Member]

Business Combination, Consideration Transferred

$ 26,500

Payments to Acquire Businesses, Gross

$ 16,500

WBXX Acquisition [Member]

Business Combination, Consideration Transferred

30,000

Proceeds from Divestiture of Businesses

Accounts Receivable Contractual Amounts in Excess of Fair Value

200

Schurz Acquisition and Related Transaction [Member] | Retransmission Agreements [Member]

Finite-lived Intangible Assets Acquired

$ 14,900

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

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

Acquired Finite-lived Intangible Assets, Weighted Average Useful Life

9 years 182 days

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

Cedar Rapids [Member]

Business Combination, Consideration Transferred

$ 100,000

Odessa [Member]

Business Combination, Consideration Transferred

$ 33,600

Twin Falls [Member]

Business Combination, Consideration Transferred

17,500

Wausau [Member]

Business Combination, Consideration Transferred

14,000

Presque Isle [Member]

Business Combination, Consideration Transferred

10,300

Laredo [Member]

Business Combination, Consideration Transferred

$ 9,000

The 2015 Acquisitions [Member]

Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual

23,200

Business Acquisition, Goodwill, Expected Tax Deductible Amount

48,300

Business Acquisition, Pro Forma Income (Loss) from Continuing Operations, Net of Tax

8,600

The 2015 Acquisitions [Member] | General and Administrative Expense [Member]

Business Combination, Acquisition Related Costs

6,500

The 2015 Acquisitions [Member] | Retransmission Agreements [Member]

Finite-lived Intangible Assets Acquired

$ 9,700

Acquired Finite-lived Intangible Assets, Weighted Average Useful Life

5 years 109 days

The 2015 Acquisitions [Member] | Advertising Relationships [Member]

Finite-lived Intangible Assets Acquired

$ 1,000

Acquired Finite-lived Intangible Assets, Weighted Average Useful Life

9 years 219 days

The 2015 Acquisitions [Member] | Income Leases [Member]

Finite-lived Intangible Assets Acquired

$ 5,400

Acquired Finite-lived Intangible Assets, Weighted Average Useful Life

16 years 328 days

The 2015 Acquisitions [Member] | Minimum [Member]

Property, Plant and Equipment, Useful Life

3 years

The 2015 Acquisitions [Member] | Maximum [Member]

Property, Plant and Equipment, Useful Life

40 years

Hoak Acquisition [Member]

Business Combination, Consideration Transferred

$ 299,900

Business Acquisition, Percentage of Voting Interests Acquired

100.00%

Proceeds from Divestiture of Businesses and Interests in Affiliates

$ 33,500

SJL Acquisition [Member]

Business Combination, Consideration Transferred

$ 131,500

Business Acquisition, Percentage of Voting Interests Acquired

100.00%

KEVN Acquisition [Member]

Business Combination, Consideration Transferred

$ 8,800

Business Acquisition, Percentage of Voting Interests Acquired

100.00%

KNDX Acquisition [Member]

Business Combination, Consideration Transferred

$ 7,500

Parker Acquisition [Member]

Business Combination, Consideration Transferred

$ 6,700

Business Acquisition, Percentage of Voting Interests Acquired

100.00%

Parker Acquisition [Member] | Allocated to the Parker Broadcasting of Louisiana [Member]

Business Combination, Consideration Transferred

$ 1,700

Parker Acquisition [Member] | Allocated to the Parker Broadcasting of Dakota [Member]

Business Combination, Consideration Transferred

5,000

WQCW Acquisition [Member]

Business Combination, Consideration Transferred

$ 5,500

Helena Acquisition [Member]

Business Combination, Consideration Transferred

$ 1,900

The 2014 Acquisitions [Member]

Accounts Receivable Contractual Amounts in Excess of Fair Value

300

Business Combination, Acquisition Related Costs

6,200

Business Acquisition, Goodwill, Expected Tax Deductible Amount

88,600

The 2014 Acquisitions [Member] | Retransmission Agreements [Member]

Finite-lived Intangible Assets Acquired

$ 34,200

Acquired Finite-lived Intangible Assets, Weighted Average Useful Life

4 years 146 days

The 2014 Acquisitions [Member] | Advertising Relationships [Member]

Finite-lived Intangible Assets Acquired

$ 13,100

Acquired Finite-lived Intangible Assets, Weighted Average Useful Life

5 years 182 days

The 2014 Acquisitions [Member] | Income Leases [Member]

Finite-lived Intangible Assets Acquired

$ 4,100

Acquired Finite-lived Intangible Assets, Weighted Average Useful Life

8 years 109 days

The 2014 Acquisitions [Member] | Minimum [Member]

Property, Plant and Equipment, Useful Life

3 years

The 2014 Acquisitions [Member] | Maximum [Member]

Property, Plant and Equipment, Useful Life

40 years

Hoak and SJL [Member]

Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual

$ 64,700

Business Combination, Acquisition Related Costs

5,100

Business Acquisition, Pro Forma Income (Loss) from Continuing Operations, Net of Tax

$ 25,800

Note 2 - Acquisitions and Dis39

Note 2 - Acquisitions and Dispositions - Purchase Consideration in Acquisition (Details) - USD ($) $ in Thousands	Feb. 01, 2016	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Base purchase price		$ 472,500
Purchase price adjustment		574
Business Combination, Consideration Transferred		473,074
Cash consideration received from sale of Schurz Radio Stations		(16,000)
Net adjusted purchase price allocated to assets acquired and liabilities assumed		457,074
Non-cash consideration received		(30,000)
Cash consideration received		(11,200)	$ 0
Net consideration - the Schurz Acquisition and Related Transactions		415,874
WBXX Acquisition [Member]
Base purchase price		30,000
Purchase price adjustment
Business Combination, Consideration Transferred		30,000
Cash consideration received from sale of Schurz Radio Stations
Net adjusted purchase price allocated to assets acquired and liabilities assumed		30,000
Non-cash consideration received
Cash consideration received
Net consideration - the Schurz Acquisition and Related Transactions		30,000
Schurz Acquisition and the Acquisition of WLUC-TV [Member]
Base purchase price		442,500
Purchase price adjustment		574
Business Combination, Consideration Transferred		443,074
Cash consideration received from sale of Schurz Radio Stations		(16,000)
Net adjusted purchase price allocated to assets acquired and liabilities assumed		427,074
Non-cash consideration received
Cash consideration received
Net consideration - the Schurz Acquisition and Related Transactions		427,074
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)
Cash consideration received	$ (11,200)	(11,200)
Net consideration - the Schurz Acquisition and Related Transactions		$ (41,200)

Note 2 - Acquisitions and Dis40

Note 2 - Acquisitions and Dispositions - Fair Value of Assets Acquired, Liabilities Assumed, and Goodwill from 2016 Acquisitions (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Goodwill	$ 485,318	$ 423,236	$ 374,390
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	19,226
Other current assets	4,606
Property and equipment	97,814
Goodwill	61,981
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	427,074
2016 Acquisitions [Member]
Accounts receivable	19,226
Other current assets	5,035
Property and equipment	99,623
Goodwill	72,297
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	$ 457,574

Note 2 - Acquisitions and Dis41

Note 2 - Acquisitions and Dispositions - Fair Value of Assets Acquired, Liabilities Assumed, and Goodwill from 2015 Acquisitions (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Goodwill	$ 485,318	$ 423,236	$ 374,390
Cedar Rapids [Member]
Other current assets		503
Property and equipment		13,754
Goodwill		25,006
Broadcast licenses		55,676
Other intangible assets		5,849
Other non-current assets		13
Current liabilities		(792)
Other long-term liabilities		(13)
Total		99,996
Odessa [Member]
Other current assets		87
Property and equipment		4,629
Goodwill		3,719
Broadcast licenses		22,253
Other intangible assets		3,067
Other non-current assets		13
Current liabilities		(155)
Other long-term liabilities		(13)
Total		33,600
Twin Falls [Member]
Other current assets		93
Property and equipment		5,172
Goodwill		2,587
Broadcast licenses		6,333
Other intangible assets		3,485
Other non-current assets		32
Current liabilities		(170)
Other long-term liabilities		(32)
Total		17,500
Wausau [Member]
Other current assets		87
Property and equipment		1,985
Goodwill		11,616
Broadcast licenses		0
Other intangible assets		397
Other non-current assets		87
Current liabilities		(85)
Other long-term liabilities		(87)
Total		14,000
Presque Isle [Member]
Other current assets		45
Property and equipment		2,822
Goodwill		245
Broadcast licenses		6,150
Other intangible assets		1,039
Other non-current assets		0
Current liabilities		(51)
Other long-term liabilities		0
Total		10,250
Laredo [Member]
Other current assets		22
Property and equipment		1,411
Goodwill		5,154
Broadcast licenses		0
Other intangible assets		2,435
Other non-current assets		13
Current liabilities		(22)
Other long-term liabilities		(13)
Total		$ 9,000

Note 2 - Acquisitions and Dis42

Note 2 - Acquisitions and Dispositions - Fair Value of Assets Acquired, Liabilities Assumed, and Goodwill from 2014 Acquisitions (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Goodwill	$ 485,318	$ 423,236	$ 374,390
Hoak Acquisition [Member]
Cash			0
Accounts receivable			10,722
Other current assets			509
Property and equipment			45,382
Goodwill			131,632
Broadcast licenses			91,958
Other intangible assets			35,386
Other non-current assets			0
Current liabilities			(3,544)
Other long-term liabilities			0
Deferred income tax liabilities			(12,188)
Total			299,857
SJL Acquisition [Member]
Cash			0
Accounts receivable			7,132
Other current assets			1,946
Property and equipment			23,508
Goodwill			50,941
Broadcast licenses			86,685
Other intangible assets			10,091
Other non-current assets			253
Current liabilities			(4,936)
Other long-term liabilities			(379)
Deferred income tax liabilities			(43,712)
Total			131,529
KEVN Acquisition [Member]
Cash			615
Accounts receivable			569
Other current assets			96
Property and equipment			3,888
Goodwill			2,717
Broadcast licenses			1,675
Other intangible assets			1,786
Other non-current assets			29
Current liabilities			(211)
Other long-term liabilities			(38)
Deferred income tax liabilities			(2,341)
Total			8,785
KNDX Acquisition [Member]
Cash			0
Accounts receivable			0
Other current assets			39
Property and equipment			2,576
Goodwill			1,839
Broadcast licenses			500
Other intangible assets			2,584
Other non-current assets			15
Current liabilities			(36)
Other long-term liabilities			(17)
Deferred income tax liabilities			0
Total			7,500
Parker Acquisition [Member]
Cash			0
Accounts receivable			765
Other current assets			964
Property and equipment			722
Goodwill			1,932
Broadcast licenses			0
Other intangible assets			3,163
Other non-current assets			16
Current liabilities			(826)
Other long-term liabilities			(5)
Deferred income tax liabilities			0
Total			6,731
WQCW Acquisition [Member]
Cash			0
Accounts receivable			0
Other current assets			45
Property and equipment			991
Goodwill			802
Broadcast licenses			3,691
Other intangible assets			15
Other non-current assets			0
Current liabilities			(45)
Other long-term liabilities			0
Deferred income tax liabilities			0
Total			5,499
Helena Acquisition [Member]
Cash			0
Accounts receivable			14
Other current assets			49
Property and equipment			1,230
Goodwill			70
Broadcast licenses			146
Other intangible assets			431
Other non-current assets			0
Current liabilities			(90)
Other long-term liabilities			0
Deferred income tax liabilities			0
Total			$ 1,850

Note 2 - Acquisitions and Dis43

Note 2 - Acquisitions and Dispositions - Unaudited Pro Forma Results (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
The 2016 Acquisitions [Member]
Revenue (less agency commissions)	$ 825,787	$ 701,550
Net income	$ 57,795	$ 39,360
Basic net income per share (in dollars per share)	$ 0.80	$ 0.58
Diluted net income per share (in dollars per share)	$ 0.79	$ 0.57
The 2015 Acquisitions [Member]
Revenue (less agency commissions)		$ 621,530	$ 559,538
Net income		$ 46,181	$ 59,342
Basic net income per share (in dollars per share)		$ 0.68	$ 1.03
Diluted net income per share (in dollars per share)		$ 0.67	$ 1.02
Hoak and SJL [Member]
Revenue (less agency commissions)			$ 565,251
Net income			$ 50,771
Basic net income per share (in dollars per share)			$ 0.88
Diluted net income per share (in dollars per share)			$ 0.87

Note 3 - Long-term Debt (Detail

Note 3 - Long-term Debt (Details Textual) - USD ($) $ in Thousands	Feb. 07, 2017	Sep. 14, 2016	Feb. 16, 2016	Sep. 30, 2016	Dec. 31, 2016		Dec. 31, 2015	Dec. 31, 2014	Jun. 14, 2016
Long-term Debt, Gross					$ 1,781,438
Proceeds from Issuance of Long-term Debt					1,656,000		$ 0	$ 644,000
Gain (Loss) on Extinguishment of Debt					(31,987)			(5,086)
Interest Paid					76,200		76,900	61,900
Interest Costs Capitalized					0		0	$ 0
The 2017 Senior Credit Facility [Member] | Subsequent Event [Member] | Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 100,000
The 2017 Senior Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Subsequent Event [Member]
Debt Instrument, Basis Spread on Variable Rate	2.50%
2014 Senior Credit Facility [Member]
Long-term Debt, Gross					$ 556,438	[1]	$ 556,438
Debt Instrument, Interest Rate, Stated Percentage					3.90%		3.80%
2014 Senior Credit Facility [Member] | Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity			$ 60,000
Line of Credit Facility, Increase			10,000
2016 Term Loan [Member]
Long-term Debt, Gross			$ 425,000
2026 Notes [Member]
Long-term Debt, Gross					$ 700,000
Debt Instrument, Interest Rate, Stated Percentage					5.875%
Debt Instrument, Face Amount									$ 500,000
Unsecured Debt					$ 700,000
Debt Instrument, Redemption Price, Percentage					100.00%
Debt Instrument, Redemption Price, Net Proceeds from Equity Offerings, Percentage					35.00%
The Additional 2026 Notes [Member]
Debt Instrument, Interest Rate, Stated Percentage					5.875%
Debt Instrument, Face Amount		$ 200,000
Debt Instrument, Issueing Price, Percentage		103.00%
Proceeds from Issuance of Long-term Debt		$ 206,000
Debt Instrument, Interest Rate, Effective Percentage					5.398%
2024 Notes [Member]
Long-term Debt, Gross					$ 525,000
Debt Instrument, Interest Rate, Stated Percentage					5.125%
Debt Instrument, Face Amount		$ 525,000
Unsecured Debt					$ 525,000
Debt Instrument, Redemption Price, Percentage					100.00%
Debt Instrument, Redemption Price, Net Proceeds from Equity Offerings, Percentage					35.00%
2020 Notes [Member]
Debt Instrument, Face Amount				$ 431,200
Unsecured Debt							$ 675,000
Debt Instrument, Redemption Price, Percentage				103.75%
Gain (Loss) on Extinguishment of Debt					(32,000)
Extinguishment of Debt, Gain (Loss), Net of Tax					(19,500)
Payments of Tender Offer Premiums					18,200
Payments for Debt Instrument, Debt Extinguishment, Call Premium					9,100
Write off of Deferred Debt Issuance Cost					8,000
Payments of Debt Extinguishment Costs					200
Un-accredited Net Premium, Recognized					$ 3,500
[1]	Pursuant to the 2017 Senior Credit Facility, the maturity date of the term loan was extended to February 7, 2024.

Note 3 - Long-term Debt - Long-

Note 3 - Long-term Debt - Long-term Debt Summary (Details) - USD ($) $ in Thousands	Dec. 31, 2016		Dec. 31, 2015
2014 Senior Credit Facility	$ 1,781,438
Total outstanding principal	1,781,438		$ 1,231,438
Net carrying value	1,756,747		1,220,084
2014 Senior Credit Facility [Member]
2014 Senior Credit Facility	556,438	[1]	556,438
Unamortized deferred loan costs	(12,158)		(6,136)
Borrowing availability under the Revolving Credit Facility	60,000		50,000
2020 Notes [Member]
Unsecured Debt			675,000
Unamortized deferred loan costs			(9,317)
Unamortized premium			4,099
2024 Notes [Member]
2014 Senior Credit Facility	525,000
Unsecured Debt	525,000
Unamortized deferred loan costs	(7,742)
2026 Notes [Member]
2014 Senior Credit Facility	700,000
Unsecured Debt	700,000
Unamortized deferred loan costs	(10,588)
Unamortized premium	$ 5,797
[1]	Pursuant to the 2017 Senior Credit Facility, the maturity date of the term loan was extended to February 7, 2024.

Note 3 - Long-term Debt - Aggre

Note 3 - Long-term Debt - Aggregate Minimum Principal Maturities on Long-term Debt (Details) - USD ($) $ in Thousands		Dec. 31, 2016		Dec. 31, 2015
2,021		$ 556,438
Thereafter		1,225,000
Total		1,781,438
2014 Senior Credit Facility [Member]
2,021	[1]	556,438
Thereafter	[1]
Total		556,438	[1]	$ 556,438
2024 Notes [Member]
2,021
Thereafter		525,000
Total		525,000
2026 Notes [Member]
2,021
Thereafter		700,000
Total		$ 700,000
[1]	Pursuant to the 2017 Senior Credit Facility, the maturity date of the term loan was extended to February 7, 2024.

Note 4 - Fair Value Measureme47

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

Note 5 - Stockholders' Equity (

Note 5 - Stockholders' Equity (Details Textual) $ / shares in Units, $ in Thousands	Mar. 31, 2015USD ($)$ / sharesshares	Dec. 31, 2016USD ($)shares	Dec. 31, 2016USD ($)$ / sharesshares	Dec. 31, 2015USD ($)shares	Dec. 31, 2014USD ($)	Nov. 06, 2016shares	Mar. 31, 2006shares	Nov. 30, 2004shares	Mar. 31, 2004shares
Capital Units, Authorized		135,000,000	135,000,000
Common Stock, Shares Authorized		100,000,000	100,000,000	100,000,000
Common Stock, Voting Rights, Votes Per Share		1	1
Proceeds from Issuance of Common Stock | $			$ 0	$ 167,313
Treasury Stock, Value, Acquired, Cost Method | $			$ 2,000
Common Stock, Capital Shares Reserved for Future Issuance		5,449,148	5,449,148	5,689,219
Dividends, Common Stock | $			$ 0	$ 0	0
Payments of Dividends | $			$ 0	$ 0	$ 0
March 2004 Authorization [Member]
Stock Repurchase Program, Number of Shares Authorized to be Repurchased									2,000,000
The 2004-2006 Repurchase Authorization [Member]
Stock Repurchase Program, Number of Shares Authorized to be Repurchased							5,000,000
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased		279,200	279,200
The 2016 Repurchase Authorization [Member]
Stock Repurchase Program, Number of Shares Authorized to be Repurchased						75,000,000
Treasury Stock, Shares, Acquired		192,183
Treasury Stock Acquired, Average Cost Per Share | $ / shares			$ 10.38
Treasury Stock, Value, Acquired, Cost Method | $		$ 2,000
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $		$ 73,000	$ 73,000
November 2004 Authorization [Member]
Stock Repurchase Program, Number of Shares Authorized to be Repurchased								2,000,000
Underwritten Offering [Member]
Stock Issued During Period, Shares, New Issues	13,500,000
Share Price | $ / shares	$ 13
Proceeds from Issuance of Common Stock | $	$ 167,300
Issuance of Stock, Underwriting Discount | $	7,500
Issuance of Stock, Underwriting Expenses | $	$ 900
Common Class A [Member]
Common Stock, Shares Authorized		15,000,000	15,000,000	15,000,000
Common Stock, Voting Rights, Votes Per Share		10	10
Common Stock, Capital Shares Reserved for Future Issuance		257,581	257,581	476,193
Blank Check Preferred Stock [Member]
Preferred Stock, Shares Authorized		20,000,000	20,000,000

Note 6 - Stock-based Compensa49

Note 6 - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Millions	Jan. 31, 2016	Jan. 17, 2016	Jan. 17, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
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, Exercisable, Number					206,604	137,376
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price				$ 1.99
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value				$ 2.2
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized				$ 2.3
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition				1 year 146 days
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period				237,500	150,308	312,961
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period				178,973	197,858	202,743
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	312,961
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period		58,327	127,316			68,991
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]
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]
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]
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]
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]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number					50,106
Restricted Stock [Member] | Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period				19,048
Common Class A [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period				218,612	287,513	236,294
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period				178,223	117,293	31,821
Common Class A [Member] | Restricted Stock [Member] | Employee [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period				166,677	229,322	194,413
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period		43,590	75,412			31,821
Common Class A [Member] | 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				55,559
Common Class A [Member] | 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	76,442
Common Class A [Member] | 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					76,438
Common Class A [Member] | Restricted Stock [Member] | Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period				51,935	58,191	41,881
2007 Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized				6,000,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant				3,900,000
2007 Incentive Plan [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period				2 years
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term				3 years
2007 Incentive Plan [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period				4 years
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term				8 years
2007 Incentive Plan [Member] | Common Class A [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized				1,000,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant				300,000
Directors Restricted Stock Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized				1,000,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant				770,000
Share-based Compensation Arrangement by Share-based Payment Award Maximum Number of Restricted Shares Authorized Yearly Per Director				10,000

Note 6 - Stock-based Compensa50

Note 6 - Stock-based Compensation - Stock-based Compensation Expense and Related Income Tax Benefit (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Stock-based compensation expense, gross	$ 5,099	$ 4,019	$ 5,012
Income tax benefit at our statutory rate associated with stock-based compensation	(1,989)	(1,567)	(1,955)
Stock-based compensation expense, net	$ 3,110	$ 2,452	$ 3,057

Note 6 - Stock-based Compensa51

Note 6 - Stock-based Compensation - Summary of Restricted Common Stock Activity (Details) - Restricted Stock [Member] - $ / shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Outstanding - beginning of period (in shares)	337,506	385,056	274,838
Outstanding - beginning of period (in dollars per share)	$ 9.57	$ 9.09	$ 4.43
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	237,500	150,308	312,961
Granted (in dollars per share)	$ 12.88	$ 10.27	$ 11.78
Vested (in shares)	(178,973)	(197,858)	(202,743)
Vested (in dollars per share)	$ 8.46	$ 9.16	$ 6.93
Vested (in shares)	(178,973)	(197,858)	(202,743)
Outstanding - end of period (in shares)	396,033	337,506	385,056
Outstanding - end of period (in dollars per share)	$ 12.06	$ 9.57	$ 9.09
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	236,294
Granted (in dollars per share)	$ 11.25	$ 9.37	$ 9.80
Vested (in shares)	(178,223)	(117,293)	(31,821)
Vested (in dollars per share)	$ 10.04	$ 9.85	$ 9.75
Vested (in shares)	(178,223)	(117,293)	(31,821)
Outstanding - end of period (in shares)	415,082	374,693	204,473
Outstanding - end of period (in dollars per share)	$ 10.15	$ 9.46	$ 9.81

Note 7 - Income Taxes (Details

Note 7 - Income Taxes (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Deferred Tax Assets, Valuation Allowance	$ 1,532	$ 1,683
Increase (Decrease) in Pension Plan Obligations	(600)	(5,800)	$ 17,100
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax	361	3,528	10,403
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Tax	200	2,300	6,700
Income Taxes Paid, Net	14,600	1,800	$ 400
Accrued Income Taxes	14,600	800
Capital Loss Carryforward [Member]
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount	(200)	(400)
Domestic Tax Authority [Member]
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration	61,500
State and Local Jurisdiction [Member]
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration	122,400
State and Local Jurisdiction [Member] | Valuation Allowance, Operating Loss Carryforwards [Member]
Deferred Tax Assets, Valuation Allowance	$ 1,500	$ 1,700

Note 7 - Income Taxes - Federal

Note 7 - Income Taxes - Federal and State Income Tax Expense (Benefit) Summary (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Federal
State and local	2,730	1,259	996
State and local - reserve for uncertain tax positions	(698)	(581)	(198)
Current income tax expense (benefit)	2,032	678	798
Federal	38,214	24,067	28,231
State and local	3,172	1,703	2,707
Deferred income tax expense	41,386	25,770	30,938
Income tax expense as recorded	$ 43,418	$ 26,448	$ 31,736

Note 7 - Income Taxes - Signifi

Note 7 - Income Taxes - Significant Components of Deferred Tax Liabilities and Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Deferred tax liabilities:
Net book value of property and equipment	$ 26,620	$ 20,986
Broadcast licenses, goodwill and other intangibles	369,275	350,647
Total deferred tax liabilities	395,895	371,633
Deferred tax assets:
Liability for accrued vacation	2,232	2,172
Liability for accrued bonus	5,483	4,786
Loan acquisition costs	336	391
Allowance for doubtful accounts	1,168	700
Liability under health and welfare plan	1,201	1,108
Liability for pension plan	13,278	14,172
Federal operating loss carryforwards	20,401	38,466
State and local operating loss carryforwards	4,555	5,867
Alternative minimum tax carryforwards	386	386
Unearned income	3	73
Stock options	174	163
Acquisition costs	3,140	1,129
Restricted stock	1,950	1,875
Other	109	172
Total deferred tax assets	54,416	71,460
Valuation allowance for deferred tax assets	(1,532)	(1,683)
Net deferred tax assets	52,884	69,777
Deferred tax liabilities, net of deferred tax assets	$ 343,011	$ 301,856

Note 7 - Income Taxes - Reconci

Note 7 - Income Taxes - Reconciliation of Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Statutory federal rate applied to income before income tax expense	$ 36,992	$ 23,012	$ 27,929
Current year permanent items	1,830	1,192	849
State and local taxes, net of federal tax benefit	5,056	2,831	4,050
Change in valuation allowance	(151)	(369)	(696)
Reserve for uncertain tax positions	(698)	(581)	(198)
Other items, net	389	363	(198)
Income tax expense as recorded	$ 43,418	$ 26,448	$ 31,736
Effective income tax rate	41.10%	40.20%	39.80%

Note 8 - Retirement Plans (Deta

Note 8 - Retirement Plans (Details Textual) $ in Thousands	Feb. 28, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Defined Benefit Plan, Fair Value of Plan Assets		$ 80,929	$ 69,246	$ 66,813
Defined Benefit Plan, Benefit Obligation		114,976	103,199	$ 108,006
Defined Benefit Plan, Accumulated Benefit Obligation		115,000	103,200
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year		3,000
Profit Sharing Contribution [Member]
Defined Contribution Plan, Employer Discretionary Contribution Amount		3,400	1,600
Capital Accumulation Plan [Member]
Defined Contribution Plan, Employer Discretionary Contribution Amount		$ 8,800	$ 1,800
Capital Accumulation Plan [Member] | Subsequent Event [Member]
Defined Contribution Plan, Expected Contributions In Next Twelve Months	$ 8,600
Capital Accumulation Plan [Member] | First 3% of Each Employee's Salary Deferral [Member]
Defined Contribution Plan, Employer Matching Contribution, Percent of Match		100.00%
Capital Accumulation Plan [Member] | Matched by the Company at the Rate of 100% [Member]
Defined Contribution Plan, Employer Matching Contribution, Percent of Match		3.00%
Capital Accumulation Plan [Member] | Next 2% of Each Employee's Salary Deferral [Member]
Defined Contribution Plan, Employer Matching Contribution, Percent of Match		50.00%
Capital Accumulation Plan [Member] | Matched by the Company at the Rate of 50% [Member]
Defined Contribution Plan, Employer Matching Contribution, Percent of Match		2.00%
Acquired Pension Plans [Member]
Number of Underfunded Pension Plans		2
Defined Benefit Plan, Fair Value of Plan Assets		$ 5,800
Defined Benefit Plan, Benefit Obligation		$ 8,300

Note 8 - Retirement Plans - Sum

Note 8 - Retirement Plans - Summary of Funded Status and Amounts Recognized on Balance Sheets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Projected benefit obligation at beginning of year	$ 103,199	$ 108,006
Service cost		3,130	$ 5,162
Interest cost	4,398	4,159	4,106
Actuarial losses	1,839	420
Benefits paid	(2,790)	(1,683)
Effect of pension curtailment		(10,833)
Merger of the Assumed Plans	8,330
Projected benefit obligation at end of year	114,976	103,199	108,006
Fair value of pension plan assets at beginning of year	69,246	66,813
Actual return on plan assets	5,918	(1,034)
Company contributions	2,775	5,150
Merger of the Assumed Plans	5,780
Fair value of pension plan assets at end of year	80,929	69,246	$ 66,813
Funded status of pension plan	(34,047)	(33,953)
Accrued benefit cost	(5,121)	(8,994)
Accumulated other comprehensive loss	(28,926)	(24,959)
Net liability recognized	$ (34,047)	$ (33,953)

Note 8 - Retirement Plans - Est

Note 8 - Retirement Plans - Estimated Rate of Increase in Compensation Levels (Details)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Weighted-average assumptions used to determine net periodic benefit cost for the Gray pension plan:
Discount rate	4.31%	4.00%
Expected long-term rate of return on pension plan assets	7.00%	7.00%
Estimated rate of increase in compensation levels		5.63%
Weighted-average assumptions used to determine benefit obligations:
Discount rate	4.11%	4.31%

Note 8 - Retirement Plans - Com

Note 8 - Retirement Plans - Components of Net Periodic Benefit Cost for Pension Plans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Components of net periodic pension cost:
Service cost		$ 3,130	$ 5,162
Interest cost	4,398	4,159	4,106
Expected return on plan assets	(4,836)	(4,782)	(4,200)
Recognized net actuarial loss	406	1,580	969
Net periodic pension (benefit) cost	$ (32)	$ 4,087	$ 6,037

Note 8 - Retirement Plans - E60

Note 8 - Retirement Plans - Estimated Future Benefit Payments for Subsequent Years (Details) $ in Thousands	Dec. 31, 2016USD ($)
2,017	$ 2,722
2,018	2,933
2,019	3,299
2,020	3,790
2,021	4,090
2022 - 2026	$ 25,216

Note 8 - Retirement Plans - All

Note 8 - Retirement Plans - Allocation of Plan Assets (Details)	Dec. 31, 2016	Dec. 31, 2015
Asset category:
Plan assets, percent	100.00%	100.00%
Insurance General Account [Member]
Asset category:
Plan assets, percent	23.00%	26.00%
Cash and Cash Equivalents [Member]
Asset category:
Plan assets, percent	6.00%	2.00%
Equity Securities [Member]
Asset category:
Plan assets, percent	39.00%	54.00%
Fixed Income Securities [Member]
Asset category:
Plan assets, percent	28.00%	14.00%
Real Estate [Member]
Asset category:
Plan assets, percent	4.00%	4.00%

Note 8 - Retirement Plans - Tar

Note 8 - Retirement Plans - Target Asset Allocation (Details)	12 Months Ended
	Dec. 31, 2016
Large Cap Value [Member]
Target range, strategic allocation	5.00%
Target range, lower limit	0.00%
Target range, upper limit	50.00%
Large Cap Blend [Member]
Target range, strategic allocation	5.00%
Target range, lower limit	0.00%
Target range, upper limit	50.00%
Large Cap Growth [Member]
Target range, strategic allocation	5.00%
Target range, lower limit	0.00%
Target range, upper limit	50.00%
Mid-cap Blend [Member]
Target range, strategic allocation	15.00%
Target range, lower limit	0.00%
Target range, upper limit	40.00%
Small Cap Core [Member]
Target range, strategic allocation	5.00%
Target range, lower limit	0.00%
Target range, upper limit	25.00%
Foreign Large Blend [Member]
Target range, strategic allocation	10.00%
Target range, lower limit	0.00%
Target range, upper limit	40.00%
Emerging Markets [Member]
Target range, strategic allocation	10.00%
Target range, lower limit	0.00%
Target range, upper limit	25.00%
Real Estate [Member]
Target range, strategic allocation	5.00%
Target range, lower limit	0.00%
Target range, upper limit	20.00%
US Treasury Securities [Member]
Target range, strategic allocation	5.00%
Target range, lower limit	0.00%
Target range, upper limit	25.00%
Intermediate Term Bond [Member]
Target range, strategic allocation	10.00%
Target range, lower limit	0.00%
Target range, upper limit	50.00%
US Government Agencies Debt Securities [Member]
Target range, strategic allocation	5.00%
Target range, lower limit	0.00%
Target range, upper limit	40.00%
High Yield Bond [Member]
Target range, strategic allocation	10.00%
Target range, lower limit	0.00%
Target range, upper limit	25.00%
Emerging Markets Bond [Member]
Target range, strategic allocation	10.00%
Target range, lower limit	0.00%
Target range, upper limit	20.00%
Money Market Funds [Member]
Target range, strategic allocation	0.00%
Target range, lower limit	0.00%
Target range, upper limit	100.00%

Note 8 - Retirement Plans - Pen

Note 8 - Retirement Plans - Pension Plan Fair Value Measurements (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Defined benefit plan, fair value of plan assets	$ 80,929	$ 69,246	$ 66,813
Fair Value, Inputs, Level 2 [Member]
Defined benefit plan, fair value of plan assets	18,357	17,918
Fair Value, Inputs, Level 1 [Member]
Defined benefit plan, fair value of plan assets	62,572	51,328
Insurance General Account [Member]
Defined benefit plan, fair value of plan assets	18,357	17,918
Insurance General Account [Member] | Fair Value, Inputs, Level 2 [Member]
Defined benefit plan, fair value of plan assets	18,357	17,918
Cash and Cash Equivalents [Member]
Defined benefit plan, fair value of plan assets	5,089	1,273
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member]
Defined benefit plan, fair value of plan assets	5,089	1,273
Equity Securities [Member]
Defined benefit plan, fair value of plan assets	31,963	37,621
Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member]
Defined benefit plan, fair value of plan assets	31,963	37,621
Fixed Income Securities [Member]
Defined benefit plan, fair value of plan assets	22,544	9,924
Fixed Income Securities [Member] | Fair Value, Inputs, Level 1 [Member]
Defined benefit plan, fair value of plan assets	22,544	9,924
Real Estate [Member]
Defined benefit plan, fair value of plan assets	2,976	2,510
Real Estate [Member] | Fair Value, Inputs, Level 1 [Member]
Defined benefit plan, fair value of plan assets	$ 2,976	$ 2,510

Note 8 - Retirement Plans - Mat

Note 8 - Retirement Plans - Matching Contributions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Matching contributions to the Capital Accumulation Plan (in shares)	2,571	1,898	2,341
Matching contributions to the Capital Accumulation Plan	$ 29	$ 26	$ 25

Note 9 - Commitments and Cont65

Note 9 - Commitments and Contingencies (Details Textual) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Operating Leases, Rent Expense	$ 3.5	$ 2.8	$ 2.2

Note 9 - Commitments and Cont66

Note 9 - Commitments and Contingencies - Commitments Summary (Details) $ in Thousands	Dec. 31, 2016USD ($)
2,017	$ 2,905
Contractual obligations	433,287
2,018	2,178
Contractual obligations	154,812
2,019	1,907
Contractual obligations	85,008
2,020	1,362
Contractual obligations	35,604
2,021	1,155
Contractual obligations	5,659
Thereafter	3,680
Contractual obligations	6,107
Total	13,187
Contractual obligations	720,477
Service and Other Agreements [Member]
Purchase obligations	2,856
Purchase obligations	2,856
Purchase obligations	749
Purchase obligations	6,461
Equipment [Member]
Purchase obligations	5,467
Purchase obligations	5,467
Syndicated Television Programming [Member]
Purchase obligations	5,702
Purchase obligations	12,550
Purchase obligations	4,091
Purchase obligations	2,872
Purchase obligations	563
Purchase obligations	290
Purchase obligations	26,068
Network Affiliation Agreements [Member]
Purchase obligations	129,260
Purchase obligations	137,228
Purchase obligations	78,261
Purchase obligations	31,370
Purchase obligations	3,941
Purchase obligations	2,137
Purchase obligations	382,197
2017 Acquisitions [Member]
Purchase obligations	287,097
Purchase obligations	$ 287,097

Note 10 - Goodwill and Intang67

Note 10 - Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Amortization of Intangible Assets	$ 16,596	$ 11,982	$ 8,297
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months	16,300
Finite-Lived Intangible Assets, Amortization Expense, Year Two	11,500
Finite-Lived Intangible Assets, Amortization Expense, Year Three	9,000
Finite-Lived Intangible Assets, Amortization Expense, Year Four	6,100
Finite-Lived Intangible Assets, Amortization Expense, Year Five	3,200
Goodwill, Impairment Loss	0	0	0
Impairment of Intangible Assets (Excluding Goodwill)	$ 0	$ 0	$ 0

Note 10 - Goodwill and Intang68

Note 10 - Goodwill and Intangible Assets - Changes in Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Goodwill, net	$ 423,236	$ 374,390
Goodwill, Acquired During Period	72,296	48,916
Goodwill	(10,214)	(70)
Goodwill	485,318	423,236	$ 374,390
Broadcast licenses	1,114,626
Broadcast licenses	1,340,305	1,114,626
Finite-lived intangible assets	53,280	47,802
Finite-lived Intangible Assets Acquired	19,566	17,845
Finite-lived intangible assets	(16,596)	(11,982)	(8,297)
Finite-lived intangible assets	56,250	53,280	47,802
Total intangible assets net of accumulated amortization	1,591,142	1,445,772
Total intangible assets net of accumulated amortization	342,897	157,953
Total intangible assets net of accumulated amortization	(35,570)	(601)
Total intangible assets net of accumulated amortization	1,881,873	1,591,142	1,445,772
Finite-lived intangible assets		(385)
Broadcast Licenses [Member]
Broadcast licenses	1,114,626	1,023,580
Broadcast licenses	251,035	91,192
Broadcast licenses	(25,356)	(146)
Broadcast licenses	$ 1,340,305	$ 1,114,626	$ 1,023,580

Note 10 - Goodwill and Intang69

Note 10 - Goodwill and Intangible Assets - Summary of Changes in Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Goodwill, gross	$ 521,832	$ 472,986
Goodwill, Acquired During Period	72,296	48,916
Goodwill	(10,214)	(70)
Goodwill, gross	583,914	521,832
Accumulated goodwill impairment	(98,596)
Accumulated goodwill impairment	(98,596)	(98,596)
Goodwill, net	423,236	374,390
Goodwill	$ 485,318	$ 423,236

Note 10 - Goodwill and Intang70

Note 10 - Goodwill and Intangible Assets - Intangible Assets and Related Accumulated Amortization (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Accumulated Amortization	$ (104,505)	$ (88,379)
Net	1,340,305	1,114,626
Gross	583,914	521,832	$ 472,986
Net	485,318	423,236	374,390
Gross	1,986,378	1,679,521
Net	1,881,873	1,591,142	1,445,772
Other finite-lived intangible assets	1,881,873	1,591,142
Network Affiliate [Member]
Accumulated Amortization	(1,264)	(1,264)
Gross	1,264	1,264
Other Intangible Assets [Member]
Accumulated Amortization	(49,542)	(33,416)
Gross	105,792	86,696
Other finite-lived intangible assets	56,250	53,280
Intangible Assets Subject to Amortization [Member]
Accumulated Amortization	(50,806)	(34,680)
Gross	107,056	87,960
Other finite-lived intangible assets	56,250	53,280
Broadcast Licenses [Member]
Gross	1,394,004	1,168,325
Accumulated Amortization	(53,699)	(53,699)
Net	1,340,305	1,114,626	$ 1,023,580
Goodwill Not Amortizable [Member]
Gross	485,318	423,236
Net	485,318	423,236
Intangible Assets Not Subject to Amortization [Member]
Accumulated Amortization	(53,699)	(53,699)
Gross	1,879,322	1,591,561
Net	$ 1,825,623	$ 1,537,862

Note 11 - Subsequent Events (De

Note 11 - Subsequent Events (Details Textual) - USD ($)	Feb. 07, 2017	Feb. 06, 2017	Feb. 01, 2017	Jan. 17, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Feb. 28, 2017
Business Combination, Consideration Transferred							$ 473,074,000
Goodwill							485,318,000	$ 423,236,000	$ 374,390,000
Long-term Debt, Gross							1,781,438,000
Gain (Loss) on Extinguishment of Debt							$ (31,987,000)		$ (5,086,000)
The 2017 Senior Credit Facility [Member] | The 2017 Term Loan [Member]
Debt Instrument, Quarterly Principal Payment	$ 1,400,000
Scenario, Forecast [Member] | The 2017 Senior Credit Facility [Member]
Gain (Loss) on Extinguishment of Debt						$ (4,500,000)
FCC [Member] | Scenario, Forecast [Member]
Proceeds from Reverse Auction for Broadcast Spectrum		$ 90,800,000
Variable Interest Entity, Primary Beneficiary [Member] | GME [Member]
Variable Interest Entity, Financial or Other Support, Amount				$ 106,000,000
Subsequent Event [Member] | The 2017 Senior Credit Facility [Member]
Debt Agreement, Maximum Borrowing Capacity	656,400,000
Debt Issuance Costs, Gross	$ 3,000,000
Subsequent Event [Member] | The 2017 Senior Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate	2.50%
Subsequent Event [Member] | The 2017 Senior Credit Facility [Member] | Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 100,000,000
Subsequent Event [Member] | The 2017 Senior Credit Facility [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread Used to Define Base Rate	1.00%
Subsequent Event [Member] | The 2017 Senior Credit Facility [Member] | Revolving Credit Facility [Member] | Federal Funds Effective Swap Rate [Member]
Debt Instrument, Basis Spread Used to Define Base Rate	0.50%
Subsequent Event [Member] | The 2017 Senior Credit Facility [Member] | The 2017 Term Loan [Member]
Long-term Debt, Gross	$ 556,400,000
Subsequent Event [Member] | The 2017 Senior Credit Facility [Member] | The 2017 Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate	2.50%
Debt Instrument, Basis Spread on Variable Rate if Leverage Ratio is Less Than or Equal to 5.25	$ 2.25
Subsequent Event [Member] | The 2017 Senior Credit Facility [Member] | The 2017 Term Loan [Member] | Base Rate [Member]
Debt Instrument, Basis Spread on Variable Rate	1.50%
Debt Instrument, Basis Spread on Variable Rate if Leverage Ratio is Less Than or Equal to 5.25	$ 1.25
Subsequent Event [Member] | Minimum [Member] | The 2017 Senior Credit Facility [Member] | Revolving Credit Facility [Member]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	0.375%
Subsequent Event [Member] | Minimum [Member] | The 2017 Senior Credit Facility [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate	1.50%
Subsequent Event [Member] | Minimum [Member] | The 2017 Senior Credit Facility [Member] | Revolving Credit Facility [Member] | Base Rate [Member]
Debt Instrument, Basis Spread on Variable Rate	0.50%
Subsequent Event [Member] | Maximum [Member] | The 2017 Senior Credit Facility [Member] | Revolving Credit Facility [Member]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	0.50%
Subsequent Event [Member] | Maximum [Member] | The 2017 Senior Credit Facility [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate	2.00%
Subsequent Event [Member] | Maximum [Member] | The 2017 Senior Credit Facility [Member] | Revolving Credit Facility [Member] | Base Rate [Member]
Debt Instrument, Basis Spread on Variable Rate	1.00%
Fairbanks Acquistion [Member] | Subsequent Event [Member]
Payments to Acquire Businesses, Gross			$ 8,000,000
Goodwill										$ 251,000
Green Bay Acquisition and Davenport Acquisition [Member] | Subsequent Event [Member]
Business Combination, Consideration Transferred				269,900,000
2017 Acquisitions [Member] | Subsequent Event [Member]
Goodwill				89.60
2017 Acquisitions [Member] | Subsequent Event [Member] | Retransmission Agreements [Member]
Finite-Lived Intangible Assets, Gross				14
2017 Acquisitions [Member] | Subsequent Event [Member] | Income Leases [Member]
Finite-Lived Intangible Assets, Gross				$ 1.50
2017 Acquisitions [Member] | Subsequent Event [Member] | Minimum [Member]
Property, Plant and Equipment, Useful Life				3 years
2017 Acquisitions [Member] | Subsequent Event [Member] | Maximum [Member]
Property, Plant and Equipment, Useful Life				40 years
Bangor Acquisition and Gainesville Acquisition [Member] | Scenario, Forecast [Member]
Payments to Acquire Businesses, Gross					$ 85,000,000

Note 11 - Subsequent Events - P

Note 11 - Subsequent Events - Preliminary Assets Acquired, Liabilities Assumed, and Goodwill from 2017 Acquisitions (Details) - USD ($) $ in Thousands	Feb. 28, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Goodwill		$ 485,318	$ 423,236	$ 374,390
Subsequent Event [Member] | Fairbanks Acquistion [Member]
Other current assets	$ 176
Property and equipment	2,868
Goodwill	251
Broadcast licenses	2,228
Other intangible assets	2,653
Current liabilities	(176)
Total	8,000
Subsequent Event [Member] | Green Bay Acquisition [Member]
Other current assets	238
Property and equipment	10,133
Goodwill	44,055
Broadcast licenses	82,845
Other intangible assets	7,767
Current liabilities	(238)
Total	144,800
Subsequent Event [Member] | Davenport Acquisition [Member]
Other current assets	301
Property and equipment	10,276
Goodwill	45,305
Broadcast licenses	63,683
Other intangible assets	5,936
Current liabilities	(301)
Total	$ 125,200

Note 12 - Selected Quarterly 73

Note 12 - Selected Quarterly Financial Data (Unaudited) - Selected Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Revenue (less agency commissions)	$ 237,619	$ 204,490	$ 196,633	$ 173,723	$ 169,487	$ 151,102	$ 143,464	$ 133,303	$ 812,465	$ 597,356	$ 508,134
Operating income	83,874	60,467	53,687	36,111	43,897	29,344	38,758	28,058	234,139	140,057	153,773
Net income	$ 35,834	$ (213)	$ 17,662	$ 8,990	$ 14,987	$ 6,609	$ 12,110	$ 5,595	$ 62,273	$ 39,301	$ 48,061
Net income (in dollars per share)	$ 0.50		$ 0.25	$ 0.13	$ 0.21	$ 0.09	$ 0.17	$ 0.10	$ 0.87	$ 0.58	$ 0.83
Diluted net income per share (in dollars per share)	$ 0.49		$ 0.24	$ 0.12	$ 0.21	$ 0.09	$ 0.17	$ 0.10	$ 0.86	$ 0.57	$ 0.82

Schedule II - Valuation and Q74

Schedule II - Valuation and Qualifying Accounts - Summary of Valuation Allowance (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Allowance for Doubtful Accounts [Member]
Allowance for doubtful accounts		$ 1,794	$ 1,667	$ 730
Allowance for doubtful accounts		1,917	606	1,356
Allowance for doubtful accounts	[1]	167		290
Allowance for doubtful accounts	[2]	(715)	(479)	(709)
Allowance for doubtful accounts		3,163	1,794	1,667
Valuation Allowance of Deferred Tax Assets [Member]
Allowance for doubtful accounts		1,683	2,052	2,748
Allowance for doubtful accounts				3
Allowance for doubtful accounts	[1]
Allowance for doubtful accounts	[2]	(151)	(369)	(699)
Allowance for doubtful accounts		$ 1,532	$ 1,683	$ 2,052
[1]	In 2016 and 2014, the change in the allowance for doubtful accounts represents the fair value of balances assumed in acquisition transactions. See Note 2 "Acquisitions and Dispositions" for further information.
[2]	Deductions from allowance for doubtful accounts represent write-offs of receivable balances not considered collectible. The deduction from the valuation allowance for deferred tax assets represents changes in estimates of our future taxable income and our estimated future usage of certain net operating loss carryforwards, as well as expiration of certain net operating loss carryforwards.