Gray Television (GTN) 10-Q 7 May 20 2020 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2020	May 01, 2020
Document Information [Line Items]
Entity Central Index Key	0000043196
Entity Registrant Name	GRAY TELEVISION INC
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2020
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2020
Document Transition Report	false
Entity File Number	1-13796
Entity Incorporation, State or Country Code	GA
Entity Tax Identification Number	58-0285030
Entity Address, Address Line One	4370 Peachtree Road, NE
Entity Address, City or Town	Atlanta
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	30319
City Area Code	404
Local Phone Number	504-9828
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Common Class A [Member]
Document Information [Line Items]
Title of 12(b) Security	Class A common stock (no par value)
Trading Symbol	GTN.A
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		7,048,006
Common Stock (No Par Value) [Member]
Document Information [Line Items]
Title of 12(b) Security	common stock (no par value)
Trading Symbol	GTN
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		92,330,303

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Assets:
Cash	$ 296	$ 212
Accounts receivable, less allowance for credit losses of $12 and $11, respectively	385	411
Current portion of program broadcast rights, net	17	25
Prepaid and other current assets	23	24
Total current assets	721	672
Property and equipment, net	731	725
Operating leases right of use asset	61	50
Broadcast licenses	3,573	3,573
Goodwill	1,446	1,446
Other intangible assets, net	434	460
Investment in broadcasting and technology companies	46	31
Other	16	15
Total assets	7,028	6,972
Liabilities and stockholders’ equity:
Accounts payable	23	11
Employee compensation and benefits	44	67
Accrued interest	47	37
Accrued network programming fees	35	30
Other accrued expenses	24	32
Federal and state income taxes	22	13
Current portion of program broadcast obligations	18	28
Deferred revenue	10	9
Dividends payable	13	13
Current portion of operating lease liabilities	7	6
Total current liabilities	243	246
Long-term debt, less current portion and deferred financing costs	3,700	3,697
Program broadcast obligations, less current portion	6	7
Deferred income taxes	820	810
Accrued pension costs	38	38
Operating lease liabilities, less current portion	56	45
Other	13	15
Total liabilities	4,876	4,858
Commitments and contingencies (Note 9)
Series A Perpetual Preferred Stock, no par value; cumulative; redeemable; designated 1,500,000 shares, issued and outstanding 650,000 shares at each date ($650 aggregate liquidation value at each date)	650	650
Stockholders’ equity:
Common stock	1,101	1,093
Retained earnings	544	504
Accumulated other comprehensive loss, net of income tax benefit	(31)	(31)
Stockholders' equity before treasury stock	1,645	1,597
Treasury stock at cost	(117)	(107)
Total stockholders’ equity	1,502	1,464
Total liabilities and stockholders’ equity	7,028	6,972
Common Class A [Member]
Stockholders’ equity:
Common stock	31	31
Treasury stock at cost	$ (26)	$ (26)

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ / shares in Thousands, $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Accounts receivable, allowance for credit losses	$ 12	$ 11
Series A Perpetual Preferred Stock, par value (in dollars per share)	$ 0	$ 0
Series A Perpetual Preferred Stock, shares authorized (in shares)	1,500,000	1,500,000
Series A Perpetual Preferred Stock, shares issued (in shares)	650,000	650,000
Series A Perpetual Preferred Stock, shares outstanding (in shares)	650,000	650,000
Series A Perpetual Preferred Stock, liquidation value	$ 650	$ 650
Common stock, par value (in dollars per share)	$ 0	$ 0
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares issued (in shares)	102,615,418	101,746,860
Common stock, shares outstanding (in shares)	92,752,512	92,685,362
Treasury stock (in shares)	9,862,906	9,088,498
Common Class A [Member]
Common stock, par value (in dollars per share)	$ 0	$ 0
Common stock, shares authorized (in shares)	25,000,000	25,000,000
Common stock, shares issued (in shares)	8,935,773	8,768,959
Common stock, shares outstanding (in shares)	7,048,006	6,881,192
Treasury stock (in shares)	1,887,767	1,887,767

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unauited) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenues (less agency commissions)
Revenue (less agency commissions)	$ 534	$ 518
Operating expenses before depreciation, amortization and gain on disposal of assets, net:
Corporate and administrative	15	48
Depreciation	21	20
Amortization of intangible assets	26	29
Gain on disposal of assets, net	(6)	(10)
Operating expenses	410	478
Operating income	124	40
Other income (expense):
Miscellaneous income, net	(1)	3
Interest expense	(52)	(58)
Income (loss) before income taxes	71	(15)
Income tax expense	18	3
Net income (loss)	53	(18)
Preferred stock dividends	13	13
Net income (loss) attributable to common stockholders	$ 40	$ (31)
Basic per common share information:
Net income (loss) attributable to common stockholders (in dollars per share)	$ 0.41	$ (0.31)
Weighted average shares outstanding (in shares)	98	99
Diluted per common share information:
Net income (loss) attributable to common stockholders (in dollars per share)	$ 0.40	$ (0.31)
Weighted average shares outstanding (in shares)	99	99
Dividends declared per common share (in dollars per share)	$ 0	$ 0
Broadcasting, Segment [Member]
Revenues (less agency commissions)
Revenue (less agency commissions)	$ 515	$ 481
Operating expenses before depreciation, amortization and gain on disposal of assets, net:
Cost of goods and services sold	335	356
Operating expenses	372	392
Operating income	143	89
Other income (expense):
Interest expense	0	0
Production Companies, Segment [Member]
Revenues (less agency commissions)
Revenue (less agency commissions)	19	37
Operating expenses before depreciation, amortization and gain on disposal of assets, net:
Cost of goods and services sold	19	35
Operating expenses	22	38
Operating income	(3)	(1)
Other income (expense):
Interest expense	$ 0	$ 0

Condensed Consolidated Statem_2

Condensed Consolidated Statement of Stockholders' Equity (Unaudited) - USD ($) $ in Millions	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, 2018	8,569,149	89,298,943		(1,840,114)	(7,276,443)
Balance at Dec. 31, 2018	$ 27	$ 907	$ 372	$ (26)	$ (72)	$ (21)	$ 1,187
Net income (loss)	0	0	(18)	0	0	0	(18)
Preferred stock dividends	$ 0	$ 0	(13)	$ 0	$ 0	0	(13)
Acquisitions of television businesses and licenses (in shares)	0	11,499,945		0	0
Acquisitions of television businesses and licenses	$ 0	$ 170	0	$ 0	$ 0	0	170
401(k) Plan (in shares)	0	196,509		0	0
401(k) Plan	$ 0	$ 4	0	$ 0	$ 0	0	4
Restricted stock awards (in shares)	199,810	677,602		(47,653)	(123,167)
Restricted stock awards	$ 0	$ 0	0	$ 0	$ (3)	0	(3)
Share-based compensation	0	2	0	0	0	0	2
Adoption of ASU 2018-02	$ 0	$ 0	2	$ 0	$ 0	(2)	0
Balance (in shares) at Mar. 31, 2019	8,768,959	101,672,999		(1,887,767)	(7,399,610)
Balance at Mar. 31, 2019	$ 27	$ 1,083	343	$ (26)	$ (75)	(23)	1,329
Balance (in shares) at Dec. 31, 2019	8,768,959	101,746,860		(1,887,767)	(9,088,498)
Balance at Dec. 31, 2019	$ 31	$ 1,093	504	$ (26)	$ (107)	(31)	1,464
Net income (loss)	0	0	53	0	0	0	53
Preferred stock dividends	$ 0	$ 0	(13)	$ 0	$ 0	0	(13)
401(k) Plan (in shares)	0	430,899		0	0
401(k) Plan	$ 0	$ 4	0	$ 0	$ 0	0	4
Restricted stock awards	0	0	0	0	(2)	0	(2)
Share-based compensation	$ 0	$ 4	0	$ 0	$ 0	0	4
2007 Long Term Incentive Plan - stock options exercised (in shares)	0	274,746		0	(154,935)
2007 Long Term Incentive Plan - stock options exercised	$ 0	$ 0	0	$ 0	$ (2)	0	(2)
Forfeiture of restricted stock awards (in shares)	0	(85,630)		0	0
Forfeiture of restricted stock awards	$ 0	$ 0	0	$ 0	$ 0	0	0
Repurchase of common stock (in shares)	0	0		0	(500,923)
Repurchase of common stock	$ 0	$ 0	0	$ 0	$ (6)	0	(6)
Balance (in shares) at Mar. 31, 2020	8,935,773	102,615,418		(1,887,767)	(9,862,906)
Balance at Mar. 31, 2020	$ 31	$ 1,101	$ 544	$ (26)	$ (117)	$ (31)	$ 1,502

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Operating activities
Net income (loss)	$ 53	$ (18)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation	21	20
Amortization of intangible assets	26	29
Amortization of deferred loan costs	3	3
Amortization of restricted stock and stock option awards	4	3
Amortization of program broadcast rights	9	10
Payments on program broadcast obligations	(10)	(14)
Common stock contributed to 401(k)	4	4
Deferred income taxes	9	3
Gain on disposal of assets, net	(6)	(10)
Other	0	(1)
Changes in operating assets and liabilities:
Accounts receivable	26	12
Other current assets	(12)	11
Accounts payable	12	5
Employee compensation, benefits and pension cost	(24)	(21)
Accrued network fees and other expenses	(3)	(31)
Accrued interest	9	14
Income taxes payable	9	(1)
Deferred revenue	1	6
Net cash provided by operating activities	131	24
Investing activities
Acquisitions of television businesses and licenses, net of cash acquired	(1)	(2,740)
Proceeds from sale of television stations	0	231
Purchases of property and equipment	(27)	(18)
Proceeds from asset sales	1	2
Proceeds from FCC Repack (Note 1)	6	12
Acquisition prepayments	0	(47)
Other	(3)	(2)
Net cash used in investing activities	(24)	(2,562)
Financing activities
Proceeds from borrowings on long-term debt	0	1,400
Repayments of borrowings on long-term debt	0	(4)
Payments for the repurchase of common stock	(6)	0
Payment of preferred stock dividends	(13)	0
Deferred and other loan costs	0	(50)
Payment for taxes related to net share settlement of equity awards	(4)	(2)
Net cash (used in) provided by financing activities	(23)	1,344
Net increase (decrease) in cash	84	(1,194)
Cash and restricted cash at beginning of period	212	1,419
Cash at end of period	$ 296	$ 225

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation	3 Months Ended
	Mar. 31, 2020
Notes to Financial Statements
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block]	1. The accompanying condensed consolidated balance sheet of Gray Television, Inc. (and its consolidated subsidiaries, except as the context otherwise provides,“Gray,” the “Company,” “we,” “us,” and “our”) as of December 31, 2019, December 31, 2019, March 31, 2020 three March 31, 2020 2019, 10 10 X. not two 10 December 31, 2019 ( “2019 10 three March 31, 2020, not may December 31, 2020. Overview . 93 24% 2019, first 68 first second 86 Use of Estimates . Earnings Per Share . not not The following table reconciles basic weighted-average shares outstanding to diluted weighted-average shares outstanding for the three March 31, 2020 2019, Three Months Ended March 31, 2020 2019 Weighted-average common shares outstanding-basic 98 99 Common stock equivalents for stock options and restricted stock 1 - Weighted-average common shares outstanding-diluted 99 99 Accumulated Other Comprehensive Loss . March 31, 2020 December 31, 2019, three March 31, 2020 three March 31, 2019 2018 02, Income Statement - Reporting Comprehensive Income 220 Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income March 31, 2020 December 31, 2019 March 31, December 31, 2020 2019 Accumulated balances of items included in accumulated other comprehensive loss: Increase in pension liability $ (42 ) $ (42 ) Income tax benefit (11 ) (11 ) Accumulated other comprehensive loss $ (31 ) $ (31 ) Pr operty and Equipme nt . Estimated March 31, December 31, Useful Lives 2020 2019 (in years) Property and equipment: Land $ 119 $ 119 Buildings and improvements 295 291 7 to 40 Equipment 792 776 3 to 20 1,206 1,186 Accumulated depreciation (475 ) (461 ) Total property and equipment, net $ 731 $ 725 Maintenance, repairs and minor replacements are charged to operations as incurred; major replacements and betterments are capitalized. The cost of any assets divested, sold or retired and the related accumulated depreciation are removed from the accounts at the time of disposition, and any resulting profit or loss is reflected in income or expense for the period. In April 2017, $1.7 March 2018 $1.0 $750 may seven thirty-seven 2017 three The following tables provide additional information related to gain on disposal of assets, net included in our condensed consolidated statements of operations and purchases of property and equipment included in our condensed consolidated statements of cash flows (in millions): Three Months Ended March 31, 2020 2019 Gain on disposal of fixed assets, net: Proceeds from sale of assets $ (1 ) $ (2 ) Proceeds from Repack (6 ) (12 ) Net book value of assets disposed 1 2 Other - 2 Total $ (6 ) $ (10 ) Purchase of property and equipment: Recurring purchases - operations $ 21 $ 9 Repack 6 9 Total $ 27 $ 18 Accounts Receivable and Allowance for Credit Losses. Our allowance for credit losses is an estimate of expected losses over the remaining contractual life of our receivables based on an ongoing analysis of collectability, historical collection experience, current economic and industry conditions and reasonable and supportable forecasts. The allowance is calculated using a historical loss rate applied to the current aging analysis. We may We are closely monitoring the potential impact from the novel coronavirus and its related disease (collectively, “COVID- 19” 19 not March 31, 2020. 19 19 1A. 10 The following table provides a roll-forward of the allowance for credit losses. The allowance is deducted from the amortized cost basis of accounts receivable in our condensed consolidated balance sheets (in millions): Three Months Ended March 31, 2020 Beginning balance $ 11 Provision for credit losses 1 Amounts written off - Amounts recovered from previous write-offs - Ending balance $ 12 Recent Accounting Pronouncements . January 2020, 2020 01, Investments Equity Securities (Topic 321 323 815 2020 01 2020 01 321, 323, 815. 2020 01 first 2022, 2020 01 In December 2019, 2019 12, Income Taxes (Topic 740 2019 12 740. 2019 12 first 2022, 2019 12 Adoption of Accounting Standard January 1, 2020, 2016 13, 326 120 120 2016 13 not In addition to the accounting standards described above, certain amounts in the condensed consolidated balance sheets have also been reclassified to conform to the current presentation.

Note 2 - Revenue

Note 2 - Revenue	3 Months Ended
	Mar. 31, 2020
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	2 . Revenue Revenue Recognition . We record a deposit liability for cash deposits received from our customers that are to be applied as payment once the performance obligation arises and is satisfied. These deposits are recorded as deposit liabilities on our balance sheet. When we invoice our customers for completed performance obligations, we are unconditionally entitled to receive payment of the invoiced amounts. Therefore, we record invoiced amounts in accounts receivable on our balance sheet. We generally require amounts payable under advertising contracts with our political advertising customers to be paid for in advance. We record the receipt of this cash as a deposit liability. Once the advertisement has been broadcast, the revenue is earned, and we record the revenue and reduce the balance in this deposit liability account. We recorded $9 million of revenue in the three March 31, 2020 December 31, 2019. March 31, 2020 December 31, 2019, Disaggregation of Revenue . Three Months Ended March 31, 2020 2019 Market and service type: Broadcast advertising: Local $ 199 $ 211 National 51 50 Political 36 3 Total advertising 286 264 Retransmission consent 213 204 Production companies 19 37 Other 16 13 Total revenue $ 534 $ 518 Sales Channel: Direct $ 327 $ 333 Advertising agency intermediary 207 185 Total revenue $ 534 $ 518

Note 3 - Long-term Debt

Note 3 - Long-term Debt	3 Months Ended
	Mar. 31, 2020
Notes to Financial Statements
Debt Disclosure [Text Block]	3 . Long-term Debt As of March 31, 2020 December 31, 2019, “2019 2024 “2024 2026 “2026 2027 “2027 March 31, December 31, 2020 2019 Long-term debt: 2019 Senior Credit Facility: 2017 Term Loan $ 595 $ 595 2019 Term Loan 1,190 1,190 2024 Notes 525 525 2026 Notes 700 700 2027 Notes 750 750 Total outstanding principal, including current portion 3,760 3,760 Unamortized deferred loan costs - 2019 Senior Credit Facility (41 ) (44 ) Unamortized deferred loan costs - 2024 Notes (5 ) (5 ) Unamortized deferred loan costs - 2026 Notes (7 ) (7 ) Unamortized deferred loan costs - 2027 Notes (11 ) (11 ) Unamortized premium - 2026 Notes 4 4 Long-term debt, less deferred financing costs 3,700 3,697 Less current portion - - Long-term debt, less current portion and deferred financing costs $ 3,700 $ 3,697 Borrowing availability under 2019 Revolving Credit Facility $ 200 $ 200 As of March 31, 2020, 2019 2019 January 2, 2026. March 31, 2020, 2017 2017 February 7, 2024. As of March 31, 2020, 2020 five Minimum Principal Maturities Year 2019 Senior Credit Facility 2024 Notes 2026 Notes 2027 Notes Total Remainder of 2020 $ - $ - $ - $ - $ - 2021 - - - - - 2022 - - - - - 2023 - - - - - 2024 595 525 - - 1,120 2025 - - - - - Thereafter 1,190 - 700 750 2,640 Total $ 1,785 $ 525 $ 700 $ 750 $ 3,760 As of March 31, 2020, no 2019 2024 2026 2027 March 31, 2020 December 31, 2019, For all of our interest bearing obligations, we made interest payments of approximately $39 million and $41 million during the three March 31, 2020 2019, not three March 31, 2020 2019.

Note 4 - Fair Value Measurement

Note 4 - Fair Value Measurement	3 Months Ended
	Mar. 31, 2020
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 Other Financial Instruments . not The carrying amounts of the following instruments approximate fair value due to their short term to maturity: (i) accounts receivable, (ii) prepaid and other current assets, (iii) accounts payable, (iv) accrued employee compensation and benefits, (v) accrued interest, (vi) other accrued expenses, (vii) acquisition-related liabilities and (viii) deferred revenue. The carrying amount of our long-term debt was $3.7 billion and $3.7 billion, respectively, and the fair value was $3.6 billion and $3.9 billion, respectively, as of March 31, 2020 December 31, 2019. third March 31, 2020 December 31, 2019, 2

Note 5 - Stockholders' Equity

Note 5 - Stockholders' Equity	3 Months Ended
	Mar. 31, 2020
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	5 . Stockholders’ Equity We are authorized to issue 245 million shares in total of all classes of stock consisting of 25 million shares of Class A common stock, 200 million shares of common stock, and 20 million shares of “blank check” preferred stock for which our Board of Directors has the authority to determine the rights, powers, limitations and restrictions. The rights of our common stock and Class A common stock are identical, except that our Class A common stock has 10 votes per share and our common stock has one vote per share. Our common stock and Class A common stock are entitled to receive cash dividends if declared, on an equal per-share basis. For the three March 31, 2020 2019, not On January 2, 2019, On November 5, 2019, December 31, 2022 ( “2019 2019 2019 “401k On December 15, 2019, “2019 10B 18 10b5 1 1934. 2019 2019 three March 31, 2020, 2019 March 31, 2020, 2019 Under our various employee benefit plans, we may, March 31, 2020, December 31, 2019,

Note 6 - Retirement Plans

Note 6 - Retirement Plans	3 Months Ended
	Mar. 31, 2020
Notes to Financial Statements
Retirement Benefits [Text Block]	6 . Retirement Plans The components of our net periodic pension benefit are included in miscellaneous income in our income statement. During the three March 31, 2020, not not 2020, During the three March 31, 2020, 2019 401 2019 December 31, 2019. 2020,

Note 7 - Stock-based Compensati

Note 7 - Stock-based Compensation	3 Months Ended
	Mar. 31, 2020
Notes to Financial Statements
Share-based Payment Arrangement [Text Block]	7 . Stock-based Compensation We recognize compensation expense for stock-based payment awards made to our employees, consultants and directors. Our current stock-based compensation plans include our 2017 “2017 2007 “2007 three March 31, 2020 2019, Three Months Ended March 31, 2020 2019 Stock-based compensation expense, gross $ 4 $ 2 Income tax benefit at our statutory rate associated with stock-based compensation (1 ) (1 ) Stock-based compensation expense, net $ 3 $ 1 All shares of common stock and Class A common stock underlying outstanding options, restricted stock units and performance awards are counted as issued at target levels under the 2017 2007 During the three March 31, 2020, 2017 ● 83,407 shares of restricted Class A common stock with a grant date fair value per share of $19.87 to an employee, of which 27,802 shares will vest on each of January 31, 2021 2022 January 31, 2023; ● 83,407 shares of restricted Class A common stock with a grant date fair value per share of $19.87 to an employee, subject to the achievement of certain performance measures, which will vest on January 31, 2023; ● 207,787 shares of restricted common stock with a grant date fair value per share of $21.69 to certain employees, of which 69,262 shares will vest on each of January 31, 2021 2022 January 31, 2023; ● 40,756 shares of restricted common stock with a grant date fair value per share of $21.69 to an employee, subject to the achievement of certain performance measures, which will vest on January 31, 2023; ● restricted stock units representing 90,184 shares of our common stock, to certain employees, of which 60,052 shares will vest on March 1, 2021; March 1, 2022 2023. During the three March 31, 2019, 2017 ● 99,905 shares of restricted Class A common stock with a grant date fair value per share of $15.36 to an employee, of which 33,302 shares vested on January 31, 2020; January 31, 2021 January 31, 2022; ● 99,905 shares of restricted Class A common stock with a grant date fair value per share of $15.36 to an employee, subject to the achievement of certain performance measures, which will vest on January 31, 2022; ● 340,993 shares of restricted common stock with a grant date fair value per share of $14.85 to certain employees that will vest on January 2, 2021; ● 277,048 shares of restricted common stock with a grant date fair value of $16.55 to certain employees, of which 92,349 shares vested on January 31, 2020; January 31, 2021 January 31, 2022; ● 48,338 shares of restricted common stock with a grant date fair value per share of $16.55 to an employee, subject to the achievement of certain performance measures, which will vest on January 31, 2022; ● 11,223 shares of restricted common stock with a grant date fair value per share of $17.83 to an employee that vested on February 15, 2020. A summary of restricted common stock and Class A common stock activities for the three March 31, 2020 2019, Three Months Ended March 31, 2020 2019 Weighted- Weighted- Average Average Number Grant Date Number Grant Date of Fair Value of Fair Value Shares Per Share Shares Per Share Restricted common stock: Outstanding - beginning of period 977,547 $ 15.45 578,894 $ 13.14 Granted (1) 248,543 21.69 677,602 15.72 Forfeited (85,630 ) 15.53 - - Vested (260,004 ) 14.20 (279,170 ) 13.25 Outstanding - end of period 880,456 $ 17.57 977,326 $ 14.89 Restricted Class A common stock: Outstanding - beginning of period 449,284 $ 13.55 407,786 $ 11.82 Granted (1) 166,814 19.87 199,810 15.36 Vested (136,056 ) 12.32 (158,312 ) 11.38 Outstanding - end of period 480,042 $ 16.10 449,284 $ 13.55 Restricted stock units - common stock: Outstanding - beginning of period 398,000 $ 18.21 - $ - Granted 90,184 18.92 - - Vested - - - - Outstanding - end of period 488,184 $ 18.34 - $ - ( 1 At December 31, 2019, first 2020, March 31, 2020, not

Note 8 - Leases

Note 8 - Leases	3 Months Ended
	Mar. 31, 2020
Notes to Financial Statements
Leases, Lessee Disclosure [Text Block]	8 . Leases We determine if an arrangement is a lease at its inception. Operating lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. We generally use our incremental borrowing rate based on the information available at the lease commencement date in determining the present value of future payments, because the implicit rate of the lease is generally not may We have operating leases that primarily relate to certain of our facilities, data centers and vehicles. As of March 31, 2020, one not one Cash flow movements related to our lease activities are included in other assets and accounts payable and other liabilities as presented in net cash provided by operating activities in our condensed consolidated statement of cash flows for the three March 31, 2020. As of March 31, 2020, three Three Months Ended March 31, 2020 2019 Lease expense Operating lease expense $ 3 $ 3 Short-term lease expense 1 1 Total lease expense $ 4 $ 4 The maturities of operating lease liabilities as of March 31, 2020, 2020 five Year ending December 31, Operating Leases Remainder of 2020 $ 8 2021 10 2022 10 2023 8 2024 8 Thereafter 47 Total lease payments $ 91 Less: Imputed interest (28 ) Present value of lease liabilities $ 63

Note 9 - Commitments and Contin

Note 9 - Commitments and Contingencies	3 Months Ended
	Mar. 31, 2020
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	9 . Commitments and Contingencies 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 actions, proceedings and claims will not

Note 10 - Goodwill and Intangib

Note 10 - Goodwill and Intangible Assets	3 Months Ended
	Mar. 31, 2020
Notes to Financial Statements
Goodwill and Intangible Assets Disclosure [Text Block]	1 0 . Goodwill and Intangible Assets As of March 31, 2020 December 31, 2019, As of March 31, 2020 As of December 31, 2019 Accumulated Accumulated Gross Amortization Net Gross Amortization Net Intangible assets not currently subject to amortization: Broadcast licenses $ 3,627 $ (54 ) $ 3,573 $ 3,627 $ (54 ) $ 3,573 Goodwill 1,446 - 1,446 1,446 - 1,446 $ 5,073 $ (54 ) $ 5,019 $ 5,073 $ (54 ) $ 5,019 Intangible assets subject to amortization: Network affiliation agreements $ 56 $ (20 ) $ 36 $ 56 $ (17 ) $ 39 Other finite-lived intangible assets 615 (217 ) 398 615 (194 ) 421 $ 671 $ (237 ) $ 434 $ 671 $ (211 ) $ 460 Total intangibles $ 5,744 $ (291 ) $ 5,453 $ 5,744 $ (265 ) $ 5,479 Amortization expense for the three March 31, 2020 2019 2020 five 2021, 2022, 2023, 2024, 2025, may Impairment of goodwill and broadcast licenses. December 31 may three March 31, 2020, 19 19 19 19 not not not may

Note 11 - Income Taxes

Note 11 - Income Taxes	3 Months Ended
	Mar. 31, 2020
Notes to Financial Statements
Income Tax Disclosure [Text Block]	1 1 . Income Taxes For the three March 31, 2020 2019, Three Months Ended March 31, 2020 2019 Income tax expense $ 18 $ 3 Effective income tax rate 25 % (20 )% We estimate our differences between taxable income or loss and recorded income or loss on an annual basis. Our tax provision for each quarter is based upon these full year projections, which are revised each reporting period. These projections incorporate estimates of permanent differences between U.S. GAAP income or loss and taxable income or loss, state income taxes and adjustments to our liability for unrecognized tax benefits to adjust our statutory Federal income tax rate of 21% to our effective income tax rate. For the three March 31, 2020, three March 31, 2019, 2 On March 27, 2020, 19 2019 2020, 100% 2021. 2018, 2019, 2020 five

Note 12 - Segment Information

Note 12 - Segment Information	3 Months Ended
	Mar. 31, 2020
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	1 2 . Segment information The Company operates in two business segments: broadcasting and production companies. The broadcasting segment operates television stations located across 93 Production As of and for the three months ended March 31, 2020: Broadcast Companies Other Consolidated Revenue (less agency commissions) $ 515 $ 19 $ - $ 534 Operating expenses before depreciation, amortization and gain on disposal of assets, net: 335 19 15 369 Depreciation and amortization 43 3 1 47 Gain on disposal of assets, net (6 ) - - (6 ) Operating expenses 372 22 16 410 Operating income (loss) $ 143 $ (3 ) $ (16 ) $ 124 Interest expense $ - $ - $ 52 $ 52 Capital expenditures (excluding business combinations) $ 27 $ - $ - $ 27 Goodwill $ 1,405 $ 41 $ - $ 1,446 Total Assets $ 6,457 $ 133 $ 438 $ 7,028 For the three months ended March 31, 2019: Revenue (less agency commissions) $ 481 $ 37 $ - $ 518 Operating expenses before depreciation, amortization and gain on disposal of assets, net: 356 35 48 439 Depreciation and amortization 45 3 1 49 Gain on disposal of assets, net (9 ) - (1 ) (10 ) Operating expenses 392 38 48 478 Operating income (loss) $ 89 $ (1 ) $ (48 ) $ 40 Interest expense $ - $ - $ 58 $ 58 Capital expenditures (excluding business combinations) $ 15 $ - $ 3 $ 18 As of December 31, 2019: Goodwill $ 1,405 $ 41 $ - $ 1,446 Total Assets $ 6,530 $ 153 $ 289 $ 6,972

Note 13 - Subsequent Event

Note 13 - Subsequent Event	3 Months Ended
	Mar. 31, 2020
Notes to Financial Statements
Subsequent Events [Text Block]	13. Subsequent Event During April 2020 2019 2019 November 2019, 2019 2019

Significant Accounting Policies

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Use of Estimates, Policy [Policy Text Block]	Use of Estimates .
Earnings Per Share, Policy [Policy Text Block]	Earnings Per Share . not not The following table reconciles basic weighted-average shares outstanding to diluted weighted-average shares outstanding for the three March 31, 2020 2019, Three Months Ended March 31, 2020 2019 Weighted-average common shares outstanding-basic 98 99 Common stock equivalents for stock options and restricted stock 1 - Weighted-average common shares outstanding-diluted 99 99
Comprehensive Income, Policy [Policy Text Block]	Accumulated Other Comprehensive Loss . March 31, 2020 December 31, 2019, three March 31, 2020 three March 31, 2019 2018 02, Income Statement - Reporting Comprehensive Income 220 Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income March 31, 2020 December 31, 2019 March 31, December 31, 2020 2019 Accumulated balances of items included in accumulated other comprehensive loss: Increase in pension liability $ (42 ) $ (42 ) Income tax benefit (11 ) (11 ) Accumulated other comprehensive loss $ (31 ) $ (31 )
Property, Plant and Equipment, Policy [Policy Text Block]	Pr operty and Equipme nt . Estimated March 31, December 31, Useful Lives 2020 2019 (in years) Property and equipment: Land $ 119 $ 119 Buildings and improvements 295 291 7 to 40 Equipment 792 776 3 to 20 1,206 1,186 Accumulated depreciation (475 ) (461 ) Total property and equipment, net $ 731 $ 725 Maintenance, repairs and minor replacements are charged to operations as incurred; major replacements and betterments are capitalized. The cost of any assets divested, sold or retired and the related accumulated depreciation are removed from the accounts at the time of disposition, and any resulting profit or loss is reflected in income or expense for the period. In April 2017, $1.7 March 2018 $1.0 $750 may seven thirty-seven 2017 three The following tables provide additional information related to gain on disposal of assets, net included in our condensed consolidated statements of operations and purchases of property and equipment included in our condensed consolidated statements of cash flows (in millions): Three Months Ended March 31, 2020 2019 Gain on disposal of fixed assets, net: Proceeds from sale of assets $ (1 ) $ (2 ) Proceeds from Repack (6 ) (12 ) Net book value of assets disposed 1 2 Other - 2 Total $ (6 ) $ (10 ) Purchase of property and equipment: Recurring purchases - operations $ 21 $ 9 Repack 6 9 Total $ 27 $ 18
Receivables, Trade and Other Accounts Receivable, Allowance for Doubtful Accounts, Policy [Policy Text Block]	Accounts Receivable and Allowance for Credit Losses. Our allowance for credit losses is an estimate of expected losses over the remaining contractual life of our receivables based on an ongoing analysis of collectability, historical collection experience, current economic and industry conditions and reasonable and supportable forecasts. The allowance is calculated using a historical loss rate applied to the current aging analysis. We may We are closely monitoring the potential impact from the novel coronavirus and its related disease (collectively, “COVID- 19” 19 not March 31, 2020. 19 19 1A. 10 The following table provides a roll-forward of the allowance for credit losses. The allowance is deducted from the amortized cost basis of accounts receivable in our condensed consolidated balance sheets (in millions): Three Months Ended March 31, 2020 Beginning balance $ 11 Provision for credit losses 1 Amounts written off - Amounts recovered from previous write-offs - Ending balance $ 12
New Accounting Pronouncements, Policy [Policy Text Block]	Recent Accounting Pronouncements . January 2020, 2020 01, Investments Equity Securities (Topic 321 323 815 2020 01 2020 01 321, 323, 815. 2020 01 first 2022, 2020 01 In December 2019, 2019 12, Income Taxes (Topic 740 2019 12 740. 2019 12 first 2022, 2019 12 Adoption of Accounting Standard January 1, 2020, 2016 13, 326 120 120 2016 13 not In addition to the accounting standards described above, certain amounts in the condensed consolidated balance sheets have also been reclassified to conform to the current presentation.

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation (Tables)	3 Months Ended
	Mar. 31, 2020
Notes Tables
Schedule of Weighted Average Number of Shares [Table Text Block]	Three Months Ended March 31, 2020 2019 Weighted-average common shares outstanding-basic 98 99 Common stock equivalents for stock options and restricted stock 1 - Weighted-average common shares outstanding-diluted 99 99
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	March 31, December 31, 2020 2019 Accumulated balances of items included in accumulated other comprehensive loss: Increase in pension liability $ (42 ) $ (42 ) Income tax benefit (11 ) (11 ) Accumulated other comprehensive loss $ (31 ) $ (31 )
Property, Plant and Equipment [Table Text Block]	Estimated March 31, December 31, Useful Lives 2020 2019 (in years) Property and equipment: Land $ 119 $ 119 Buildings and improvements 295 291 7 to 40 Equipment 792 776 3 to 20 1,206 1,186 Accumulated depreciation (475 ) (461 ) Total property and equipment, net $ 731 $ 725
Schedule of Disposal of Assets and Purchase of Property and Equipment [Table Text Block]	Three Months Ended March 31, 2020 2019 Gain on disposal of fixed assets, net: Proceeds from sale of assets $ (1 ) $ (2 ) Proceeds from Repack (6 ) (12 ) Net book value of assets disposed 1 2 Other - 2 Total $ (6 ) $ (10 ) Purchase of property and equipment: Recurring purchases - operations $ 21 $ 9 Repack 6 9 Total $ 27 $ 18
Accounts Receivable, Allowance for Credit Loss [Table Text Block]	Three Months Ended March 31, 2020 Beginning balance $ 11 Provision for credit losses 1 Amounts written off - Amounts recovered from previous write-offs - Ending balance $ 12

Note 2 - Revenue (Tables)

Note 2 - Revenue (Tables)	3 Months Ended
	Mar. 31, 2020
Notes Tables
Disaggregation of Revenue [Table Text Block]	Three Months Ended March 31, 2020 2019 Market and service type: Broadcast advertising: Local $ 199 $ 211 National 51 50 Political 36 3 Total advertising 286 264 Retransmission consent 213 204 Production companies 19 37 Other 16 13 Total revenue $ 534 $ 518 Sales Channel: Direct $ 327 $ 333 Advertising agency intermediary 207 185 Total revenue $ 534 $ 518

Note 3 - Long-term Debt (Tables

Note 3 - Long-term Debt (Tables)	3 Months Ended
	Mar. 31, 2020
Notes Tables
Schedule of Long-term Debt Instruments [Table Text Block]	March 31, December 31, 2020 2019 Long-term debt: 2019 Senior Credit Facility: 2017 Term Loan $ 595 $ 595 2019 Term Loan 1,190 1,190 2024 Notes 525 525 2026 Notes 700 700 2027 Notes 750 750 Total outstanding principal, including current portion 3,760 3,760 Unamortized deferred loan costs - 2019 Senior Credit Facility (41 ) (44 ) Unamortized deferred loan costs - 2024 Notes (5 ) (5 ) Unamortized deferred loan costs - 2026 Notes (7 ) (7 ) Unamortized deferred loan costs - 2027 Notes (11 ) (11 ) Unamortized premium - 2026 Notes 4 4 Long-term debt, less deferred financing costs 3,700 3,697 Less current portion - - Long-term debt, less current portion and deferred financing costs $ 3,700 $ 3,697 Borrowing availability under 2019 Revolving Credit Facility $ 200 $ 200
Schedule of Maturities of Long-term Debt [Table Text Block]	Minimum Principal Maturities Year 2019 Senior Credit Facility 2024 Notes 2026 Notes 2027 Notes Total Remainder of 2020 $ - $ - $ - $ - $ - 2021 - - - - - 2022 - - - - - 2023 - - - - - 2024 595 525 - - 1,120 2025 - - - - - Thereafter 1,190 - 700 750 2,640 Total $ 1,785 $ 525 $ 700 $ 750 $ 3,760

Note 7 - Stock-based Compensa_2

Note 7 - Stock-based Compensation (Tables)	3 Months Ended
	Mar. 31, 2020
Notes Tables
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block]	Three Months Ended March 31, 2020 2019 Stock-based compensation expense, gross $ 4 $ 2 Income tax benefit at our statutory rate associated with stock-based compensation (1 ) (1 ) Stock-based compensation expense, net $ 3 $ 1
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block]	Three Months Ended March 31, 2020 2019 Weighted- Weighted- Average Average Number Grant Date Number Grant Date of Fair Value of Fair Value Shares Per Share Shares Per Share Restricted common stock: Outstanding - beginning of period 977,547 $ 15.45 578,894 $ 13.14 Granted (1) 248,543 21.69 677,602 15.72 Forfeited (85,630 ) 15.53 - - Vested (260,004 ) 14.20 (279,170 ) 13.25 Outstanding - end of period 880,456 $ 17.57 977,326 $ 14.89 Restricted Class A common stock: Outstanding - beginning of period 449,284 $ 13.55 407,786 $ 11.82 Granted (1) 166,814 19.87 199,810 15.36 Vested (136,056 ) 12.32 (158,312 ) 11.38 Outstanding - end of period 480,042 $ 16.10 449,284 $ 13.55 Restricted stock units - common stock: Outstanding - beginning of period 398,000 $ 18.21 - $ - Granted 90,184 18.92 - - Vested - - - - Outstanding - end of period 488,184 $ 18.34 - $ -

Note 8 - Leases (Tables)

Note 8 - Leases (Tables)	3 Months Ended
	Mar. 31, 2020
Notes Tables
Lease, Cost [Table Text Block]	Three Months Ended March 31, 2020 2019 Lease expense Operating lease expense $ 3 $ 3 Short-term lease expense 1 1 Total lease expense $ 4 $ 4
Lessee, Operating Lease, Liability, Maturity [Table Text Block]	Year ending December 31, Operating Leases Remainder of 2020 $ 8 2021 10 2022 10 2023 8 2024 8 Thereafter 47 Total lease payments $ 91 Less: Imputed interest (28 ) Present value of lease liabilities $ 63

Note 10 - Goodwill and Intang_2

Note 10 - Goodwill and Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2020
Notes Tables
Schedule of Intangible Assets and Goodwill [Table Text Block]	As of March 31, 2020 As of December 31, 2019 Accumulated Accumulated Gross Amortization Net Gross Amortization Net Intangible assets not currently subject to amortization: Broadcast licenses $ 3,627 $ (54 ) $ 3,573 $ 3,627 $ (54 ) $ 3,573 Goodwill 1,446 - 1,446 1,446 - 1,446 $ 5,073 $ (54 ) $ 5,019 $ 5,073 $ (54 ) $ 5,019 Intangible assets subject to amortization: Network affiliation agreements $ 56 $ (20 ) $ 36 $ 56 $ (17 ) $ 39 Other finite-lived intangible assets 615 (217 ) 398 615 (194 ) 421 $ 671 $ (237 ) $ 434 $ 671 $ (211 ) $ 460 Total intangibles $ 5,744 $ (291 ) $ 5,453 $ 5,744 $ (265 ) $ 5,479

Note 11 - Income Taxes (Tables)

Note 11 - Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2020
Notes Tables
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]	Three Months Ended March 31, 2020 2019 Income tax expense $ 18 $ 3 Effective income tax rate 25 % (20 )%

Note 12 - Segment Information (

Note 12 - Segment Information (Tables)	3 Months Ended
	Mar. 31, 2020
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Production As of and for the three months ended March 31, 2020: Broadcast Companies Other Consolidated Revenue (less agency commissions) $ 515 $ 19 $ - $ 534 Operating expenses before depreciation, amortization and gain on disposal of assets, net: 335 19 15 369 Depreciation and amortization 43 3 1 47 Gain on disposal of assets, net (6 ) - - (6 ) Operating expenses 372 22 16 410 Operating income (loss) $ 143 $ (3 ) $ (16 ) $ 124 Interest expense $ - $ - $ 52 $ 52 Capital expenditures (excluding business combinations) $ 27 $ - $ - $ 27 Goodwill $ 1,405 $ 41 $ - $ 1,446 Total Assets $ 6,457 $ 133 $ 438 $ 7,028 For the three months ended March 31, 2019: Revenue (less agency commissions) $ 481 $ 37 $ - $ 518 Operating expenses before depreciation, amortization and gain on disposal of assets, net: 356 35 48 439 Depreciation and amortization 45 3 1 49 Gain on disposal of assets, net (9 ) - (1 ) (10 ) Operating expenses 392 38 48 478 Operating income (loss) $ 89 $ (1 ) $ (48 ) $ 40 Interest expense $ - $ - $ 58 $ 58 Capital expenditures (excluding business combinations) $ 15 $ - $ 3 $ 18 As of December 31, 2019: Goodwill $ 1,405 $ 41 $ - $ 1,446 Total Assets $ 6,530 $ 153 $ 289 $ 6,972

Note 1 - Basis of Presentatio_2

Note 1 - Basis of Presentation - Reconciliation of Basic to Diluted Weighted-average Shares Outstanding (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Weighted-average common shares outstanding-basic (in shares)	98	99
Common stock equivalents for stock options and restricted stock (in shares)	1	0
Weighted-average common shares outstanding-diluted (in shares)	99	99

Note 1 - Basis of Presentatio_3

Note 1 - Basis of Presentation - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Increase in pension liability	$ (42)	$ (42)
Income tax benefit	(11)	(11)
Accumulated other comprehensive loss	$ (31)	$ (31)

Note 1 - Basis of Presentatio_4

Note 1 - Basis of Presentation - Property and Equipment (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Property and equipment, gross	$ 1,206	$ 1,186
Accumulated depreciation	(475)	(461)
Total property and equipment, net	731	725
Land [Member]
Property and equipment, gross	119	119
Building and Building Improvements [Member]
Property and equipment, gross	$ 295	291
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	$ 792	$ 776
Equipment [Member] | Minimum [Member]
Estimated Useful Lives (Year)	3 years
Equipment [Member] | Maximum [Member]
Estimated Useful Lives (Year)	20 years

Note 1 - Basis of Presentatio_5

Note 1 - Basis of Presentation - Disposal of Assets and Purchase of Property and Equipment (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Proceeds from sale of assets	$ (1)	$ (2)
Proceeds from Repack	(6)	(12)
Net book value of assets disposed	1	2
Other	0	2
Total	(6)	(10)
Recurring purchases - operations	21	9
Repack	6	9
Total	$ 27	$ 18

Note 1 - Basis of Presentatio_6

Note 1 - Basis of Presentation - Allowance for Credit Losses (Details) $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)
Beginning balance	$ 11
Provision for credit losses	1
Amounts written off	0
Amounts recovered from previous write-offs	0
Ending balance	$ 12

Note 2 - Revenue (Details Textu

Note 2 - Revenue (Details Textual) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Contract with Customer, Liability, Revenue Recognized	$ 9
Deferred Revenue [Member]
Deposit Liability, Current	$ 10	$ 9

Note 2 - Revenue - Disaggregati

Note 2 - Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenue	$ 534	$ 518
Sales Channel, Directly to Consumer [Member]
Revenue	327	333
Sales Channel, Through Intermediary [Member]
Revenue	207	185
Local Advertising [Member]
Revenue	199	211
National Advertising [Member]
Revenue	51	50
Political Advertising [Member]
Revenue	36	3
Advertising [Member]
Revenue	286	264
Retransmission Consent [Member]
Revenue	213	204
Production Companies [Member]
Revenue	19	37
Service, Other [Member]
Revenue	$ 16	$ 13

Note 3 - Long-term Debt (Detail

Note 3 - Long-term Debt (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Interest Paid, Excluding Capitalized Interest, Operating Activities	$ 39,000	$ 41,000
Interest Costs Capitalized	$ 0	$ 0
2024 Notes [Member]
Debt Instrument, Interest Rate, Stated Percentage	5.125%
2026 Notes [Member]
Debt Instrument, Interest Rate, Stated Percentage	5.875%
2027 Notes [Member]
Debt Instrument, Interest Rate, Stated Percentage	7.00%
The 2019 Senior Credit Facility [Member] | The 2019 Term Loan [Member]
Debt Instrument, Interest Rate, Effective Percentage	4.00%
The 2017 Senior Credit Facility [Member] | The 2017 Term Loan [Member]
Debt Instrument, Interest Rate, Effective Percentage	3.80%

Note 3 - Long-term Debt - Long-

Note 3 - Long-term Debt - Long-term Debt Summary (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Long-term debt, gross	$ 3,760	$ 3,760
Long-term debt, less deferred financing costs	3,700	3,697
Less current portion	0	0
Long-term debt, less current portion and deferred financing costs	3,700	3,697
Borrowing availability under 2019 Revolving Credit Facility	200	200
The 2017 Term Loan [Member]
Long-term debt, gross	595	595
The 2019 Term Loan [Member]
Long-term debt, gross	1,190	1,190
2024 Notes [Member]
Long-term debt, gross	525	525
Unamortized deferred loan costs	(5)	(5)
Unamortized deferred loan costs	(5)	(5)
2026 Notes [Member]
Long-term debt, gross	700	700
Unamortized deferred loan costs	(7)	(7)
Unamortized deferred loan costs	(7)	(7)
Unamortized premium	4	4
2027 Notes [Member]
Long-term debt, gross	750	750
Unamortized deferred loan costs	(11)	(11)
Unamortized deferred loan costs	(11)	(11)
The 2019 Senior Credit Facility [Member]
Long-term debt, gross	1,785
Unamortized deferred loan costs	(41)	(44)
Unamortized deferred loan costs	$ (41)	$ (44)

Note 3 - Long-term Debt - Aggre

Note 3 - Long-term Debt - Aggregate Minimum Principal Maturities on Long-term Debt (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Remainder of 2020	$ 0
2021	0
2022	0
2023	0
2024	1,120
2025	0
Thereafter	2,640
Total Debt	3,760	$ 3,760
The 2019 Senior Credit Facility [Member]
Remainder of 2020	0
2021	0
2022	0
2023	0
2024	595
2025	0
Thereafter	1,190
Total Debt	1,785
2024 Notes [Member]
Remainder of 2020	0
2021	0
2022	0
2023	0
2024	525
2025	0
Thereafter	0
Total Debt	525	525
2026 Notes [Member]
Remainder of 2020	0
2021	0
2022	0
2023	0
2024	0
2025	0
Thereafter	700
Total Debt	700	700
2027 Notes [Member]
Remainder of 2020	0
2021	0
2022	0
2023	0
2024	0
2025	0
Thereafter	750
Total Debt	$ 750	$ 750

Note 4 - Fair Value Measureme_2

Note 4 - Fair Value Measurement (Details Textual) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Long-term Debt, Total	$ 3,700	$ 3,697
Long-term Debt, Fair Value	$ 3,600	$ 3,900

Note 5 - Stockholders' Equity (

Note 5 - Stockholders' Equity (Details Textual) $ / shares in Units, $ in Thousands	Jan. 02, 2019$ / sharesshares	Mar. 31, 2020USD ($)$ / sharesshares	Mar. 31, 2019USD ($)	Dec. 31, 2019shares	Nov. 05, 2019USD ($)
Capital Units, Authorized (in shares)		245,000,000
Common Stock, Shares Authorized (in shares)		200,000,000		200,000,000
Preferred Stock, Shares Authorized (in shares)		20,000,000
Common Stock, Voting Rights, Votes Per Share		1
Dividends, Common Stock, Total | $		$ 0	$ 0
Treasury Stock, Value, Acquired, Cost Method | $		$ 6,000
Common Stock, Capital Shares Reserved for Future Issuance (in shares)		5,262,386		6,130,944
Repurchase Authorization 2019 [Member]
Stock Repurchase Program, Authorized Amount | $					$ 150,000
Treasury Stock, Shares, Acquired (in shares)		500,923
Treasury Stock Acquired, Average Cost Per Share (in dollars per share) | $ / shares		$ 11.39
Treasury Stock, Value, Acquired, Cost Method | $		$ 6,000
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $		$ 123,000
Raycom [Member] | Common Stock [Member]
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares)	11,500,000
Shares Issued, Price Per Share (in dollars per share) | $ / shares	$ 14.74
Common Class A [Member]
Common Stock, Shares Authorized (in shares)		25,000,000		25,000,000
Common Stock, Voting Rights, Votes Per Share		10
Common Stock, Capital Shares Reserved for Future Issuance (in shares)		1,336,440		1,503,254

Note 6 - Retirement Plans (Deta

Note 6 - Retirement Plans (Details Textual) $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)
Pension Plan [Member] | Gray Pension Plan [Member]
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year	$ 3
Profit Sharing Contribution [Member]
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year	13
Defined Contribution Plan, Employer Discretionary Contribution Amount	4
Defined Contribution Plan, Employer Discretionary Contribution Amount, Common Stock	$ 4

Note 7 - Stock-based Compensa_3

Note 7 - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended
		Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
2007 Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance (in shares)		0		274,746
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance (in dollars per share)				$ 1.99
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value		$ 3
Service Based Restricted Stock [Member] | Employee [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)		207,787
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share)		$ 21.69
Service Based Restricted Stock [Member] | Employee [Member] | Share-based Payment Arrangement, Tranche One [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)		69,262
Service Based Restricted Stock [Member] | Employee [Member] | Share-based Payment Arrangement, Tranche Three [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)		69,263
Service Based Restricted Stock [Member] | Employee [Member] | Share-based Payment Arrangement, Tranche Two [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)		69,262
Service Based Restricted Stock [Member] | Employee [Member] | Common Class A [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)		83,407	99,905
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share)		$ 19.87	$ 15.36
Service Based Restricted Stock [Member] | Employee [Member] | Common Class A [Member] | Share-based Payment Arrangement, Tranche One [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)		27,802	33,302
Service Based Restricted Stock [Member] | Employee [Member] | Common Class A [Member] | Share-based Payment Arrangement, Tranche Three [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)		27,803	33,301
Service Based Restricted Stock [Member] | Employee [Member] | Common Class A [Member] | Share-based Payment Arrangement, Tranche Two [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)		27,802	33,302
Performance Based Restricted Stock [Member] | Employee [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)		40,756	48,338
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share)		$ 21.69	$ 16.55
Performance Based Restricted Stock [Member] | Employee [Member] | Common Class A [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)		83,407	99,905
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share)		$ 19.87	$ 15.36
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)		90,184	0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share)		$ 18.92	$ 0
Restricted Stock Units (RSUs) [Member] | Employee [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)		90,184
Restricted Stock Units (RSUs) [Member] | Employee [Member] | Share-based Payment Arrangement, Tranche One [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)		60,052
Restricted Stock Units (RSUs) [Member] | Employee [Member] | Share-based Payment Arrangement, Tranche Three [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)		15,066
Restricted Stock Units (RSUs) [Member] | Employee [Member] | Share-based Payment Arrangement, Tranche Two [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)		15,066
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)	[1]	248,543	677,602
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share)	[1]	$ 21.69	$ 15.72
Restricted Stock [Member] | Common Class A [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)	[1]	166,814	199,810
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share)	[1]	$ 19.87	$ 15.36
Restricted Stock [Member] | Employee [Member] | Share-based Payment Arrangement, Tranche One [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)			11,223
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share)			$ 17.83
Restricted Stock [Member] | Certain Employees One [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)			340,993
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share)			$ 14.85
Restricted Stock [Member] | Certain Employees Two [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)			277,048
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share)			$ 16.55
Restricted Stock [Member] | Certain Employees Two [Member] | Share-based Payment Arrangement, Tranche One [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)			92,349
Restricted Stock [Member] | Certain Employees Two [Member] | Share-based Payment Arrangement, Tranche Three [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)			92,350
Restricted Stock [Member] | Certain Employees Two [Member] | Share-based Payment Arrangement, Tranche Two [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)			92,349
[1]	For awards subject to future performance conditions, amounts assume target performance.

Note 7 - Stock-based Compensa_4

Note 7 - Stock-based Compensation - Stock-based Compensation Expense and Related Income Tax Benefit (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Stock-based compensation expense, gross	$ 4	$ 2
Income tax benefit at our statutory rate associated with stock-based compensation	(1)	(1)
Stock-based compensation expense, net	$ 3	$ 1

Note 7 - Stock-based Compensa_5

Note 7 - Stock-based Compensation - Summary of Restricted Common Stock Activity (Details) - $ / shares		3 Months Ended
		Mar. 31, 2020	Mar. 31, 2019
Restricted Stock [Member]
Outstanding, Shares (in shares)		977,547	578,894
Outstanding, Weighted average grant date fair value (in dollars per share)		$ 15.45	$ 13.14
Granted, Shares (in shares)	[1]	248,543	677,602
Granted, Weighted average grant date fair value (in dollars per share)	[1]	$ 21.69	$ 15.72
Forfeited, Shares (in shares)		(85,630)	0
Forfeited, Weighted average grant date fair value (in dollars per share)		$ 15.53	$ 0
Vested, Shares (in shares)		(260,004)	(279,170)
Vested, Weighted average grant date fair value (in dollars per share)		$ 14.20	$ 13.25
Outstanding, Shares (in shares)		880,456	977,326
Outstanding, Weighted average grant date fair value (in dollars per share)		$ 17.57	$ 14.89
Restricted Stock [Member] | Common Class A [Member]
Outstanding, Shares (in shares)		449,284	407,786
Outstanding, Weighted average grant date fair value (in dollars per share)		$ 13.55	$ 11.82
Granted, Shares (in shares)	[1]	166,814	199,810
Granted, Weighted average grant date fair value (in dollars per share)	[1]	$ 19.87	$ 15.36
Vested, Shares (in shares)		(136,056)	(158,312)
Vested, Weighted average grant date fair value (in dollars per share)		$ 12.32	$ 11.38
Outstanding, Shares (in shares)		480,042	449,284
Outstanding, Weighted average grant date fair value (in dollars per share)		$ 16.10	$ 13.55
Restricted Stock Units (RSUs) [Member]
Outstanding, Shares (in shares)		398,000	0
Outstanding, Weighted average grant date fair value (in dollars per share)		$ 18.21	$ 0
Granted, Shares (in shares)		90,184	0
Granted, Weighted average grant date fair value (in dollars per share)		$ 18.92	$ 0
Vested, Shares (in shares)		0	0
Vested, Weighted average grant date fair value (in dollars per share)		$ 0	$ 0
Outstanding, Shares (in shares)		488,184	0
Outstanding, Weighted average grant date fair value (in dollars per share)		$ 18.34	$ 0
[1]	For awards subject to future performance conditions, amounts assume target performance.

Note 8 - Leases (Details Textua

Note 8 - Leases (Details Textual)	Mar. 31, 2020
Operating Lease, Weighted Average Remaining Lease Term (Year)	11 years
Operating Lease, Weighted Average Discount Rate, Percent	6.75%
Minimum [Member]
Lessee, Operating Lease, Remaining Lease Term (Year)	1 year
Maximum [Member]
Lessee, Operating Lease, Remaining Lease Term (Year)	99 years

Note 8 - Leases - Lease Expense

Note 8 - Leases - Lease Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Operating lease expense	$ 3	$ 3
Short-term lease expense	1	1
Total lease expense	$ 4	$ 4

Note 8 - Leases - Maturities of

Note 8 - Leases - Maturities of Operating Lease Liabilities (Details) $ in Millions	Mar. 31, 2020USD ($)
Remainder of 2020	$ 8
2021	10
2022	10
2023	8
2024	8
Thereafter	47
Total lease payments	91
Less: Imputed interest	(28)
Present value of lease liabilities	$ 63

Note 10 - Goodwill and Intang_3

Note 10 - Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Millions	Mar. 31, 2020	Mar. 31, 2020	Mar. 31, 2019
Amortization of Intangible Assets, Total	$ 26	$ 26	$ 29
Finite-Lived Intangible Asset, Expected Amortization, Year One	77	77
Finite-Lived Intangible Assets, Amortization Expense, Year Two	98	98
Finite-Lived Intangible Assets, Amortization Expense, Year Three	94	94
Finite-Lived Intangible Assets, Amortization Expense, Year Four	88	88
Finite-Lived Intangible Assets, Amortization Expense, Year Five	24	24
Finite-Lived Intangible Assets, Amortization Expense, Year Six	$ 15	$ 15

Note 10 - Goodwill and Intang_4

Note 10 - Goodwill and Intangible Assets - Intangible Assets and Related Accumulated Amortization (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Goodwill	$ 1,446	$ 1,446
Other intangible assets, net	434	460
Intangible Assets Gross (Including Goodwill)	5,744	5,744
Accumulated Amortization Intangible Assets	(291)	(265)
Intangible Assets, Net (Including Goodwill)	5,453	5,479
Network Affiliate [Member]
Finite-Lived Intangible Assets, Gross	56	56
Finite-Lived Intangible Assets, Accumulated Amortization	(20)	(17)
Other intangible assets, net	36	39
Other Intangible Assets [Member]
Finite-Lived Intangible Assets, Gross	615	615
Finite-Lived Intangible Assets, Accumulated Amortization	(217)	(194)
Other intangible assets, net	398	421
Intangible Assets Subject to Amortization [Member]
Finite-Lived Intangible Assets, Gross	671	671
Finite-Lived Intangible Assets, Accumulated Amortization	(237)	(211)
Other intangible assets, net	434	460
Broadcast Licenses [Member]
Indefinite-lived Intangible Assets (Excluding Goodwill), Gross	3,627	3,627
Indefinite-Lived Intangible Assets (Excluding Goodwill), Accumulated Amortization	(54)	(54)
Indefinite-Lived Intangible Assets (Excluding Goodwill)	3,573	3,573
Goodwill Not Amortizable [Member]
Goodwill, Gross	1,446	1,446
Goodwill, Accumulated Amortization	0	0
Goodwill	1,446	1,446
Intangible Assets Not Subject to Amortization [Member]
Goodwill and Indefinite-Lived Intangible Assets, Gross	5,073	5,073
Goodwill and Indefinite-lived Intangible Assets, Accumulated Amortization	(54)	(54)
Goodwill and Indefinite-Lived Assets, Net	$ 5,019	$ 5,019

Note 11 - Income Taxes (Details

Note 11 - Income Taxes (Details Textual)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%
Effective Income Tax Rate Reconciliation, Percent, Total	25.00%	(20.00%)
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent	5.00%	6.00%
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Percent, Total	1.00%	6.00%
Effective Income Tax Rate Reconciliation, Tax Expense (Benefit), Share-based Payment Arrangement, Percent	(2.00%)
Effective Income Tax Rate Reconciliation, Disposition of Asset, Percent		(53.00%)

Note 11 - Income Taxes - Reconc

Note 11 - Income Taxes - Reconciliation of Income Tax Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income tax expense	$ 18	$ 3
Effective income tax rate	25.00%	(20.00%)

Note 12 - Segment Information_2

Note 12 - Segment Information (Details Textual)	3 Months Ended
	Mar. 31, 2020
Number of Operating Segments	2

Note 12 - Segment Information -

Note 12 - Segment Information - Segment Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Revenue (less agency commissions)	$ 534	$ 518
Operating expenses before depreciation, amortization and gain on disposal of assets, net:	369	439
Depreciation and amortization	47	49
Gain on disposal of assets, net	6	10
Operating expenses	410	478
Operating income (loss)	124	40
Interest expense	52	58
Capital expenditures (excluding business combinations)	27	18
Goodwill	1,446		$ 1,446
Total Assets	7,028		6,972
Corporate, Non-Segment [Member]
Revenue (less agency commissions)	0	0
Operating expenses before depreciation, amortization and gain on disposal of assets, net:	15	48
Depreciation and amortization	1	1
Gain on disposal of assets, net	0	1
Operating expenses	16	48
Operating income (loss)	(16)	(48)
Interest expense	52	58
Capital expenditures (excluding business combinations)	0	3
Goodwill	0		0
Total Assets	438		289
Broadcasting, Segment [Member]
Revenue (less agency commissions)	515	481
Operating expenses before depreciation, amortization and gain on disposal of assets, net:	335	356
Depreciation and amortization	43	45
Gain on disposal of assets, net	6	9
Operating expenses	372	392
Operating income (loss)	143	89
Interest expense	0	0
Capital expenditures (excluding business combinations)	27	15
Goodwill	1,405		1,405
Total Assets	6,457		6,530
Production Companies, Segment [Member]
Revenue (less agency commissions)	19	37
Operating expenses before depreciation, amortization and gain on disposal of assets, net:	19	35
Depreciation and amortization	3	3
Gain on disposal of assets, net	0	0
Operating expenses	22	38
Operating income (loss)	(3)	(1)
Interest expense	0	0
Capital expenditures (excluding business combinations)	0	$ 0
Goodwill	41		41
Total Assets	$ 133		$ 153

Note 13 - Subsequent Event (Det

Note 13 - Subsequent Event (Details Textual) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended
	Apr. 30, 2020	Mar. 31, 2020
Treasury Stock, Value, Acquired, Cost Method		$ 6
Repurchase Authorization 2019 [Member]
Treasury Stock, Shares, Acquired (in shares)		500,923
Treasury Stock Acquired, Average Cost Per Share (in dollars per share)		$ 11.39
Treasury Stock, Value, Acquired, Cost Method		$ 6
Stock Repurchase Program, Remaining Authorized Repurchase Amount		$ 123
Repurchase Authorization 2019 [Member] | Subsequent Event [Member]
Treasury Stock, Shares, Acquired (in shares)	404,913
Treasury Stock Acquired, Average Cost Per Share (in dollars per share)	$ 10.57
Treasury Stock, Value, Acquired, Cost Method	$ 4
Stock Repurchase Program, Remaining Authorized Repurchase Amount	$ 119