Gray Television (GTN) 10-Q 5 Nov 20 2020 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2020	Oct. 31, 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	Q3
Document Fiscal Year Focus	2020
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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 [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		89,112,965

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Assets:
Cash	$ 467	$ 212
Accounts receivable, less allowance for credit losses of $11 and $11, respectively	384	411
Current portion of program broadcast rights, net	33	25
Prepaid income taxes	13	0
Prepaid and other current assets	21	24
Total current assets	918	672
Property and equipment, net	726	725
Operating leases right of use asset	58	50
Broadcast licenses	3,577	3,573
Goodwill	1,448	1,446
Other intangible assets, net	391	460
Investments in broadcasting, production and technology companies	65	31
Other	41	15
Total assets	7,224	6,972
Liabilities and stockholders’ equity:
Accounts payable	79	11
Employee compensation and benefits	59	67
Accrued interest	45	37
Accrued network programming fees	38	30
Other accrued expenses	22	32
Federal and state income taxes	2	13
Current portion of program broadcast obligations	34	28
Deferred revenue	45	9
Dividends payable	13	13
Current portion of operating lease liabilities	7	6
Total current liabilities	344	246
Long-term debt, less current portion and deferred financing costs	3,706	3,697
Program broadcast obligations, less current portion	5	7
Deferred income taxes	852	810
Accrued pension costs	34	38
Operating lease liabilities, less current portion	54	45
Other	17	15
Total liabilities	5,012	4,858
Commitments and contingencies (Note 10)
Series A Perpetual Preferred Stock, no par value; cumulative; redeemable; designated 1,500,000 shares, issued and outstanding 650,000 shares, at each date and $650 aggregate liquidation value, at each date	650	650
Stockholders’ equity:
Common stock	1,109	1,093
Retained earnings	651	504
Accumulated other comprehensive loss, net of income tax benefit	(31)	(31)
Stockholders' equity before treasury stock	1,760	1,597
Treasury stock at cost	(172)	(107)
Total stockholders’ equity	1,562	1,464
Total liabilities and stockholders’ equity	7,224	6,972
Common Class A [Member]
Stockholders’ equity:
Common stock	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	Sep. 30, 2020	Dec. 31, 2019
Accounts receivable, allowance for credit losses	$ 11	$ 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)	103,100,856	101,746,860
Common stock, shares outstanding (in shares)	89,112,965	92,658,362
Treasury stock (in shares)	13,987,891	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 (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenues (less agency commissions)
Revenue (less agency commissions)	$ 604	$ 517	$ 1,589	$ 1,543
Operating expenses before depreciation, amortization and gain on disposal of fixed assets, net:
Corporate and administrative	15	14	47	83
Depreciation	27	20	69	60
Amortization of intangible assets	26	29	78	86
Gain on disposal of fixed assets, net	(10)	(14)	(23)	(27)
Operating expenses	392	378	1,188	1,245
Operating income	212	139	401	298
Other income (expense):
Miscellaneous (expense) income, net	(2)	0	(5)	4
Interest expense	(45)	(57)	(143)	(173)
Income before income taxes	165	82	253	129
Income tax expense	43	23	67	44
Net income	122	59	186	85
Preferred stock dividends	13	13	39	39
Net income attributable to common stockholders	$ 109	$ 46	$ 147	$ 46
Basic per share information:
Net income attributable to common stockholders (in dollars per share)	$ 1.15	$ 0.46	$ 1.52	$ 0.46
Weighted-average shares outstanding (in shares)	95	100	97	100
Diluted per share information:
Net income attributable to common stockholders (in dollars per share)	$ 1.14	$ 0.46	$ 1.52	$ 0.46
Weighted-average shares outstanding (in shares)	96	101	97	100
Dividends declared per common share (in dollars per share)	$ 0	$ 0	$ 0	$ 0
Broadcasting, Segment [Member]
Revenues (less agency commissions)
Revenue (less agency commissions)	$ 593	$ 501	$ 1,557	$ 1,481
Operating expenses before depreciation, amortization and gain on disposal of fixed assets, net:
Cost of goods and services sold	326	316	985	986
Operating expenses			1,100	1,094
Operating income			457	387
Other income (expense):
Interest expense			0	0
Production Companies, Segment [Member]
Revenues (less agency commissions)
Revenue (less agency commissions)	11	16	32	62
Operating expenses before depreciation, amortization and gain on disposal of fixed assets, net:
Cost of goods and services sold	$ 8	$ 13	32	57
Operating expenses			39	66
Operating income			(7)	(4)
Other income (expense):
Interest expense			$ 0	$ 0

Condensed Consolidated Statem_2

Condensed Consolidated Statements 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	0	0	(18)	0	0	0	(18)
Preferred stock dividends	$ 0	$ 0	(13)	$ 0	$ 0	0	(13)
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)
Stock-based compensation	$ 0	$ 2	0	$ 0	$ 0	0	2
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
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, 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							85
Balance (in shares) at Sep. 30, 2019	8,768,959	101,714,180		(1,887,767)	(8,080,407)
Balance at Sep. 30, 2019	$ 29	$ 1,089	423	$ (26)	$ (86)	(26)	1,403
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
Net income	0	0	44	0	0	0	44
Preferred stock dividends	$ 0	$ 0	(13)	$ 0	$ 0	0	(13)
Restricted stock awards (in shares)	0	41,181		0	(29,204)
Restricted stock awards	$ 0	$ 0	0	$ 0	$ 0	0	0
Stock-based compensation	0	3	0	0	0	0	3
Adoption of ASU 2018-02	$ 0	$ 0	3	$ 0	$ 0	(3)	0
Balance (in shares) at Jun. 30, 2019	8,768,959	101,714,180		(1,887,767)	(7,428,814)
Balance at Jun. 30, 2019	$ 27	$ 1,086	377	$ (26)	$ (75)	(26)	1,363
Net income	0	0	59	0	0	0	59
Preferred stock dividends	$ 0	$ 0	(13)	$ 0	$ 0	0	(13)
Repurchase of common stock (in shares)	0	0		0	(651,593)
Repurchase of common stock	$ 0	$ 0	0	$ 0	$ (11)	0	(11)
Stock-based compensation	$ 2	$ 3	0	$ 0	$ 0	0	5
Balance (in shares) at Sep. 30, 2019	8,768,959	101,714,180		(1,887,767)	(8,080,407)
Balance at Sep. 30, 2019	$ 29	$ 1,089	423	$ (26)	$ (86)	(26)	1,403
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	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
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)
Restricted stock awards (in shares)	166,814	248,543		0	(118,550)
Restricted stock awards	$ 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)
Stock-based compensation	$ 0	$ 4	0	$ 0	$ 0	0	4
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
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							186
Balance (in shares) at Sep. 30, 2020	8,935,773	103,100,856		(1,887,767)	(13,987,891)
Balance at Sep. 30, 2020	$ 31	$ 1,109	651	$ (26)	$ (172)	(31)	1,562
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
Net income	0	0	11	0	0	0	11
Preferred stock dividends	$ 0	$ 0	(13)	$ 0	$ 0	0	(13)
Restricted stock awards (in shares)	0	78,722		0	(17,296)
Restricted stock awards	$ 0	$ 0	0	$ 0	$ 0	0	0
Repurchase of common stock (in shares)	0	0		0	(3,335,255)
Repurchase of common stock	$ 0	$ 0	0	$ 0	$ (43)	0	(43)
Stock-based compensation	$ 0	$ 3	0	$ 0	$ 0	0	3
Vesting of restricted stock units (in shares)	0	374,500		0	(112,564)
Vesting of restricted stock units	$ 0	$ 0	0	$ 0	$ (2)	0	(2)
Balance (in shares) at Jun. 30, 2020	8,935,773	103,068,640		(1,887,767)	(13,328,021)
Balance at Jun. 30, 2020	$ 31	$ 1,104	542	$ (26)	$ (162)	(31)	1,458
Net income	0	0	122	0	0	0	122
Preferred stock dividends	$ 0	$ 0	(13)	$ 0	$ 0	0	(13)
Restricted stock awards (in shares)	0	32,216		0	(10,870)
Restricted stock awards	$ 0	$ 0	0	$ 0	$ 0	0	0
Repurchase of common stock (in shares)	0	0		0	(649,000)
Repurchase of common stock	$ 0	$ 0	0	$ 0	$ (10)	0	(10)
Stock-based compensation	$ 0	$ 5	0	$ 0	$ 0	0	5
Balance (in shares) at Sep. 30, 2020	8,935,773	103,100,856		(1,887,767)	(13,987,891)
Balance at Sep. 30, 2020	$ 31	$ 1,109	$ 651	$ (26)	$ (172)	$ (31)	$ 1,562

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Operating activities
Net income	$ 186	$ 85
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	69	60
Amortization of intangible assets	78	86
Amortization of deferred loan costs	9	9
Amortization of restricted stock awards	12	10
Amortization of program broadcast rights	28	30
Payments on program broadcast obligations	(29)	(33)
Common stock contributed to 401(k)	5	4
Deferred income taxes	41	34
Gain on disposals of fixed assets, net	(23)	(27)
Other	6	(6)
Changes in operating assets and liabilities:
Accounts receivable	28	29
Prepaid income taxes	(13)	0
Other current assets	2	(7)
Accounts payable	68	2
Employee compensation, benefits and pension cost	(9)	(6)
Accrued network fees and other expenses	(1)	(42)
Accrued interest	7	30
Income taxes payable	(11)	(9)
Deferred revenue	35	6
Net cash provided by operating activities	488	255
Investing activities
Acquisitions of television businesses and licenses, net of cash acquired	(21)	(2,823)
Proceeds from sale of television station	0	231
Purchases of property and equipment	(70)	(73)
Proceeds from FCC Repack (Note 1)	19	32
Proceeds from asset sales	8	3
Acquisition prepayments	(26)	(12)
Investments in broadcast, production and technology companies	(38)	(2)
Other	(1)	(2)
Net cash used in investing activities	(129)	(2,646)
Financing activities
Proceeds from borrowings on long-term debt	0	1,400
Repayments of borrowings on long-term debt	0	(11)
Payments for the repurchase of common stock	(59)	(11)
Payment of preferred stock dividends	(39)	(26)
Deferred and other loan costs	0	(50)
Payments for taxes related to net share settlement of equity awards	(6)	(4)
Net cash provided by (used in) financing activities	(104)	1,298
Net increase (decrease) in cash	255	(1,093)
Cash and restricted cash at beginning of period	212	1,419
Cash at end of period	$ 467	$ 326

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation	9 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block]	1. Basis of Presentation The accompanying condensed consolidated balance sheet of Gray Television, Inc. (and its consolidated subsidiaries, except as the context otherwise provides, “Gray,” the “Company,” “we,” “us,” and “our”) as of December 31, 2019, December 31, 2019, September 30, 2020 September 30, 2020 2019, 10 10 X. not not 10 December 31, 2019 ( “2019 10 three nine September 30, 2020, not may December 31, 2020. Overview. 94 24% 2019, first 69 first second 87 Use of Estimates. 19” Investments in Broadcasting, Production and Technology Companies. None 825 10, Earnings Per Share. not not The following table reconciles basic weighted-average shares outstanding to diluted weighted-average shares outstanding for the three nine September 30, 2020 2019, Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Weighted-average shares outstanding-basic 95 100 97 100 Common stock equivalents for stock options and restricted stock 1 1 - - Weighted-average shares outstanding-diluted 96 101 97 100 Accumulated Other Comprehensive Loss . September 30, 2020 December 31, 2019, September 30, 2020 December 31, 2019 September 30, 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 and Equipment Estimated September 30, December 31, Useful Lives 2020 2019 (in years) Property and equipment: Land $ 119 $ 119 Buildings and improvements 305 291 7 to 40 Equipment 814 776 3 to 20 1,238 1,186 Accumulated depreciation (512 ) (461 ) Total property and equipment, net $ 726 $ 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 2020. 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 Nine Months Ended September 30 September 30 2020 2019 2020 2019 Gain (loss) on disposal of fixed assets, net: Proceeds from sale of assets $ 7 $ - $ 8 $ 3 Proceeds from FCC - Repack 5 15 19 32 Net book value of assets disposed (2 ) (1 ) (4 ) (5 ) Other - - - (3 ) Total $ 10 $ 14 $ 23 $ 27 Purchase of property and equipment: Recurring purchases - operations $ 51 $ 38 Repack 19 34 Repack related - 1 Total $ 70 $ 73 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 COVID- 19 19 not September 30, 2020. 19 Impact of COVID- 19 1A. 10 The following table provides a rollforward 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): Nine Months Ended September 30, 2020 Beginning balance $ 11 Provision for credit losses 2 Amounts written off (2 ) Amounts recovered from previous write-offs - Ending balance $ 11 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, Financial Instruments-Credit Losses 326 Measurement of Credit Losses 120 120 2016 13 not In addition to the accounting standards described above, certain amounts in the condensed consolidated balance sheets and condensed consolidated statements of cash flows have also been reclassified to conform to the current presentation.

Note 2 - Revenue

Note 2 - Revenue	9 Months Ended
	Sep. 30, 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 in the manner stated above. 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 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 nine September 30, 2020 December 31, 2019. September 30, 2020 December 31, 2019, Disaggregation of Revenue . Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Market and service type: Advertising: Local $ 188 $ 218 $ 549 $ 655 National 49 56 136 162 Political 128 22 185 30 Total advertising 365 296 870 847 Retransmission consent 217 196 650 601 Production companies 11 16 32 62 Other 11 9 37 33 Total revenue $ 604 $ 517 $ 1,589 $ 1,543 Sales channel: Direct $ 316 $ 306 $ 948 $ 946 Advertising agency intermediary 288 211 641 597 Total revenue $ 604 $ 517 $ 1,589 $ 1,543

Note 3 - Acquisitions

Note 3 - Acquisitions	9 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
Mergers, Acquisitions and Dispositions Disclosures [Text Block]	3. Acquisitions On July 31, 2020, 151 207, The following table summarizes the preliminary values of the assets acquired and resulting goodwill of the Alaska Transactions (in millions): Amount Accounts receivable and other current assets $ 1 Property and equipment 5 Goodwill 2 Broadcast licenses 2 Other intangible assets 9 Total $ 19 These amounts are based upon management’s preliminary estimate of the fair values using valuation techniques including income, cost and market approaches. In determining the preliminary 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. Property and equipment are recorded at their fair value and are being depreciated over their estimated useful lives ranging from three Amounts related to other intangible assets are being amortized over their estimated useful lives of approximately 1 to 4 years. 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 The Company’s consolidated results of operations for three nine September 30, 2020 August 1, 2020, not “Transaction Related Expenses” incurred in connection with the Alaska Transactions, during the three nine September 30, 2020, Columbus Acquisition On September 1, 2020, 129 September 30, 2020 September 30, 2020,

Note 4 - Long-term Debt

Note 4 - Long-term Debt	9 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
Debt Disclosure [Text Block]	4 . Long-term Debt As of September 30, 2020 December 31, 2019, “2019 2024 “2024 2026 “2026 2027 “2027 September 30, December 31, 2020 2019 Long-term debt including current portion: 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 3,760 3,760 Unamortized deferred loan costs - 2019 Term Loan (37 ) (44 ) Unamortized deferred loan costs - 2024 Notes (4 ) (5 ) Unamortized deferred loan costs - 2026 Notes (6 ) (7 ) Unamortized deferred loan costs - 2027 Notes (10 ) (11 ) Unamortized premium - 2026 Notes 3 4 Long-term debt, less deferred financing costs 3,706 3,697 Less current portion - - Net carrying value $ 3,706 $ 3,697 Borrowing availability under Revolving Credit Facility $ 200 $ 200 Borrowings under the 2019 2017 September 30, 2020, 2019 2017 2.4%, 2019 2017 January 2, 2026 February 7, 2024, As of September 30, 2020, 2020 5 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 September 30, 2020, no 2019 2024 2026 2027 September 30, 2020 December 31, 2019, For all our interest bearing obligations, we made interest payments of approximately $127 million and $134 million during the nine September 30, 2020 2019, not nine September 30, 2020 2019. On October 19, 2020, 2030 "2030 2024 2024 14

Note 5 - Fair Value Measurement

Note 5 - Fair Value Measurement	9 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
Fair Value Disclosures [Text Block]	5 . Fair Value Measurement For purposes of determining a fair value measurement, we utilize market data or assumptions that market participants would use in pricing an asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated or generally unobservable. We utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. These inputs are prioritized into a hierarchy that gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (“Level 1” 3” 2 1 2” Fair Value of Other Financial Instrument . 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 and the fair value of our long-term debt was approximately $4 billion, as of September 30, 2020 December 31, 2019. third September 30, 2020 December 31, 2019 2

Note 6 - Stockholders' Equity

Note 6 - Stockholders' Equity	9 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	6 . Stockholders’ Equity We were 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 Class A common stock and our 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 nine September 30, 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 2020, 2019 2019 second 2020. Subsequent to the termination of the 2019 September 30, 2020, 2019 Under our various employee benefit plans, we may, September 30, 2020,

Note 7 - Retirement Plans

Note 7 - Retirement Plans	9 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
Retirement Benefits [Text Block]	7 . Retirement Plans The components of our net periodic pension benefit are included in miscellaneous income in our income statement. During the nine September 30, 2020, not nine September 30, 2020, During the three nine September 30, 2020, 401 2020,

Note 8 - Stock-based Compensati

Note 8 - Stock-based Compensation	9 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
Share-based Payment Arrangement [Text Block]	8. 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 three nine September 30, 2020 2019 Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Stock-based compensation expense, gross $ 5 $ 5 $ 12 $ 10 Forfeitures - - - - Income tax benefit at our statutory rate associated with share-based compensation (1 ) (1 ) (3 ) (3 ) Stock-based compensation expense, net $ 4 $ 4 $ 9 $ 7 All shares of class A common stock and common stock underlying outstanding options, restricted stock units and performance awards are counted as issued at target levels under the 2017 During the nine September 30, 2020, 2017 ● 78,722 shares of restricted common stock with a grant date fair value of $11.56 to our non-employee directors that will vest on April 30, 2021; ● 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 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; ● Restricted stock units representing 3,000 shares of our common stock to an employee, which vested on June 1, 2020; ● 32,216 shares of restricted common stock with a grant date fair value per share of $15.52 to an employee that will vest on September 1, 2021. During the nine September 30, 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 each of 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. ● 41,181 shares of restricted common stock with a grant date fair value of $22.10 to our non-employee directors that vested on April 30, 2020. ● Restricted stock units representing 398,000 shares of our common stock with a grant date fair value of $18.21 that vested on June 1, 2020. A summary of restricted class A common stock, common stock and restricted stock units activity for the nine September 30, 2020 2019 Nine Months Ended September 30, 2020 September 30, 2019 Weighted- Weighted- average average Grant Date Grant Date Number of Fair Value Number of Fair Value Shares Per Share Shares Per Share Restricted stock - class A common: Outstanding - beginning of period 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 Forfeited - $ - - $ - Outstanding - end of period 480,042 $ 16.10 449,284 $ 13.55 Restricted stock - common: Outstanding - beginning of period 977,547 $ 15.45 578,894 $ 13.14 Granted 359,481 $ 18.92 718,783 $ 16.08 Vested (333,865 ) $ 15.35 - $ - Forfeited (85,630 ) $ 15.53 (352,810 ) $ 12.98 Outstanding - end of period 917,533 $ 16.84 944,867 $ 15.44 Restricted stock units - common stock: Outstanding - beginning of period 398,000 $ 18.21 - $ - Granted 93,184 $ 18.77 398,000 $ 18.21 Vested (374,500 ) $ 18.18 - $ - Forfeited (26,500 ) $ 18.21 - $ - Outstanding - end of period 90,184 $ 18.92 398,000 $ 18.21 ( 1 At December 31, 2019, first 2020, September 30, 2020, not

Note 9 - Leases

Note 9 - Leases	9 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
Leases, Lessee Disclosure [Text Block]	9. 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 September 30, 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 nine September 30, 2020. As of September 30, 2020, three nine September 30, 2020 2019, Three Months Ended Nine Months Ended September 30, 2020 September 30, 2020 Lease expense: Operating lease expense $ 3 $ 9 Short-term lease expense - 1 Total lease expense $ 3 $ 10 The maturities of operating lease liabilities as of September 30, 2020, 2020 Year ending December 31, Amount 2020 $ 3 2021 10 2022 9 2023 8 2024 7 Thereafter 48 Total lease payments 85 Less: Imputed interest (24 ) Present value of lease liabilties $ 61

Note 10 - Commitments and Conti

Note 10 - Commitments and Contingencies	9 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	1 0 . 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 Our strategy includes the pursuit of accretive acquisition and/or investment opportunities. Currently we have commitments to acquire television stations and to make investments in broadcasting, production, technology companies and other assets that total approximately $80 fourth 2020 2021.

Note 11 - Goodwill and Intangib

Note 11 - Goodwill and Intangible Assets	9 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
Goodwill and Intangible Assets Disclosure [Text Block]	1 1 . Goodwill and Intangible Assets During the nine September 30, 2020, 3 nine September 30, 2020, not nine September 30, 2020 Net Balance at Acquisitions Net Balance at December 31, And September 30, 2019 Adjustments, Net Impairments Amortization 2020 Goodwill $ 1,446 $ 2 $ - $ - $ 1,448 Broadcast licenses 3,573 4 - - 3,577 Definite lived intangible assets 460 9 - (78 ) 391 Total intangible assets net of accumulated amortization $ 5,479 $ 15 $ - $ (78 ) $ 5,416 A summary of the changes in our goodwill, on a gross basis, for the nine September 30, 2020, As of As of December 31, Net September 30, 2019 Additions Impairments 2020 Goodwill, gross $ 1,545 $ 2 $ - $ 1,547 Accumulated goodwill impairmant (99 ) - - (99 ) Goodwill, net $ 1,446 $ 2 $ - $ 1,448 As of September 30, 2020 December 31, 2019, As of September 30, 2020 As of December 31, 2019 Accumulated Accumulated Gross Amortization Net Gross Amortization Net Intangible assets not currently subject to amortization: Broadcast licenses $ 3,631 $ (54 ) $ 3,577 $ 3,627 $ (54 ) $ 3,573 Goodwill 1,448 - 1,448 1,446 - 1,446 $ 5,079 $ (54 ) $ 5,025 $ 5,073 $ (54 ) $ 5,019 Intangible assets subject to amortization: Network affiliation agreements $ 62 $ (25 ) $ 37 $ 56 $ (17 ) $ 39 Other definite lived intangible assets 618 (264 ) 354 615 (194 ) 421 $ 680 $ (289 ) $ 391 $ 671 $ (211 ) $ 460 Total intangibles $ 5,759 $ (343 ) $ 5,416 $ 5,744 $ (265 ) $ 5,479 Amortization expense for the nine September 30, 2020 2019 September 30, 2020, 2020 five 2021, 2022, 2023, 2024, 2025, may

Note 12 - Income Taxes

Note 12 - Income Taxes	9 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
Income Tax Disclosure [Text Block]	1 2 . Income Taxes For the three nine September 30, 2020 2019, Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Income tax expense $ 43 $ 23 $ 67 $ 44 Effective income tax rate 26 % 28 % 26 % 34 % 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 nine September 30, 2020, nine September 30, 2019, 2 We made income tax payments (net of refunds) of approximately $50 million and $12 million during the nine September 30, 2020 2019, We have approximately $438 million of federal operating loss carryforwards, that expire during the years 2023 2037. $677 On March 27, 2020, 19 2019 2020, 100% 2021. 2018, 2019, 2020 five may not

Note 13 - Segment Information

Note 13 - Segment Information	9 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	1 3 . Segment information The Company operates in two business segments: broadcasting and production companies. The broadcasting segment operates television stations located across 94 Production As of and for the Nine months ended September 30, 2020: Broadcast Companies Other Consolidated Revenue (less agency commissions) $ 1,557 $ 32 $ - $ 1,589 Operating expenses before depreciation, amortization and (gain) loss on disposal of assets, net: 985 32 47 1,064 Depreciation and amortization 136 9 2 147 (Gain) loss on disposal of assets, net (21 ) (2 ) - (23 ) Operating expenses 1,100 39 49 1,188 Operating income $ 457 $ (7 ) $ (49 ) $ 401 Interest expense $ - $ - $ 143 $ 143 Capital expenditures (excluding business combinations) $ 69 $ 1 $ - $ 70 Goodwill $ 1,408 $ 40 $ - $ 1,448 Total Assets $ 6,508 $ 139 $ 577 $ 7,224 For the Nine months ended September 30, 2019: Revenue (less agency commissions) $ 1,481 $ 62 $ - $ 1,543 Operating expenses before depreciation, amortization and (gain) loss on disposal of assets, net: 986 57 83 1,126 Depreciation and amortization 135 9 2 146 (Gain) loss on disposal of assets, net (27 ) - - (27 ) Operating expenses 1,094 66 85 1,245 Operating income $ 387 $ (4 ) $ (85 ) $ 298 Interest expense $ - $ - $ 173 $ 173 Capital expenditures (excluding business combinations) $ 69 $ - $ 4 $ 73 As of December 31, 2019: Goodwill $ 1,405 $ 41 $ - $ 1,446 Total Assets $ 6,530 $ 153 $ 289 $ 6,972

Note 14 - Subsequent Events

Note 14 - Subsequent Events	9 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
Subsequent Events [Text Block]	14. Stock Repurchase Authorization. November 4, 2020, December 31, 2023. not 10b5 1. not may Issuance of and Redemption of Notes October 19, 2020, 2030 2024 2024 The interest rate and yield on the 2030 2030 2027 2026 2030 October 15, 2030. April 15 October 15 Lubbock Transactions. October 18, 2020, two 142 two $20 Sioux Falls Transactions November 2, 2020, one 115

Significant Accounting Policies

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Use of Estimates, Policy [Policy Text Block]	Use of Estimates. 19”
Investment, Policy [Policy Text Block]	Investments in Broadcasting, Production and Technology Companies. None 825 10,
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 nine September 30, 2020 2019, Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Weighted-average shares outstanding-basic 95 100 97 100 Common stock equivalents for stock options and restricted stock 1 1 - - Weighted-average shares outstanding-diluted 96 101 97 100
Comprehensive Income, Policy [Policy Text Block]	Accumulated Other Comprehensive Loss . September 30, 2020 December 31, 2019, September 30, 2020 December 31, 2019 September 30, 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]	Property and Equipment Estimated September 30, December 31, Useful Lives 2020 2019 (in years) Property and equipment: Land $ 119 $ 119 Buildings and improvements 305 291 7 to 40 Equipment 814 776 3 to 20 1,238 1,186 Accumulated depreciation (512 ) (461 ) Total property and equipment, net $ 726 $ 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 2020. 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 Nine Months Ended September 30 September 30 2020 2019 2020 2019 Gain (loss) on disposal of fixed assets, net: Proceeds from sale of assets $ 7 $ - $ 8 $ 3 Proceeds from FCC - Repack 5 15 19 32 Net book value of assets disposed (2 ) (1 ) (4 ) (5 ) Other - - - (3 ) Total $ 10 $ 14 $ 23 $ 27 Purchase of property and equipment: Recurring purchases - operations $ 51 $ 38 Repack 19 34 Repack related - 1 Total $ 70 $ 73
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 COVID- 19 19 not September 30, 2020. 19 Impact of COVID- 19 1A. 10 The following table provides a rollforward 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): Nine Months Ended September 30, 2020 Beginning balance $ 11 Provision for credit losses 2 Amounts written off (2 ) Amounts recovered from previous write-offs - Ending balance $ 11
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, Financial Instruments-Credit Losses 326 Measurement of Credit Losses 120 120 2016 13 not In addition to the accounting standards described above, certain amounts in the condensed consolidated balance sheets and condensed consolidated statements of cash flows have also been reclassified to conform to the current presentation.

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation (Tables)	9 Months Ended
	Sep. 30, 2020
Notes Tables
Schedule of Weighted Average Number of Shares [Table Text Block]	Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Weighted-average shares outstanding-basic 95 100 97 100 Common stock equivalents for stock options and restricted stock 1 1 - - Weighted-average shares outstanding-diluted 96 101 97 100
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	September 30, 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 September 30, December 31, Useful Lives 2020 2019 (in years) Property and equipment: Land $ 119 $ 119 Buildings and improvements 305 291 7 to 40 Equipment 814 776 3 to 20 1,238 1,186 Accumulated depreciation (512 ) (461 ) Total property and equipment, net $ 726 $ 725
Schedule of Disposal of Assets and Purchase of Property and Equipment [Table Text Block]	Three Months Ended Nine Months Ended September 30 September 30 2020 2019 2020 2019 Gain (loss) on disposal of fixed assets, net: Proceeds from sale of assets $ 7 $ - $ 8 $ 3 Proceeds from FCC - Repack 5 15 19 32 Net book value of assets disposed (2 ) (1 ) (4 ) (5 ) Other - - - (3 ) Total $ 10 $ 14 $ 23 $ 27 Purchase of property and equipment: Recurring purchases - operations $ 51 $ 38 Repack 19 34 Repack related - 1 Total $ 70 $ 73
Accounts Receivable, Allowance for Credit Loss [Table Text Block]	Nine Months Ended September 30, 2020 Beginning balance $ 11 Provision for credit losses 2 Amounts written off (2 ) Amounts recovered from previous write-offs - Ending balance $ 11

Note 2 - Revenue (Tables)

Note 2 - Revenue (Tables)	9 Months Ended
	Sep. 30, 2020
Notes Tables
Disaggregation of Revenue [Table Text Block]	Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Market and service type: Advertising: Local $ 188 $ 218 $ 549 $ 655 National 49 56 136 162 Political 128 22 185 30 Total advertising 365 296 870 847 Retransmission consent 217 196 650 601 Production companies 11 16 32 62 Other 11 9 37 33 Total revenue $ 604 $ 517 $ 1,589 $ 1,543 Sales channel: Direct $ 316 $ 306 $ 948 $ 946 Advertising agency intermediary 288 211 641 597 Total revenue $ 604 $ 517 $ 1,589 $ 1,543

Note 3 - Acquisitions (Tables)

Note 3 - Acquisitions (Tables)	9 Months Ended
	Sep. 30, 2020
Notes Tables
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]	Amount Accounts receivable and other current assets $ 1 Property and equipment 5 Goodwill 2 Broadcast licenses 2 Other intangible assets 9 Total $ 19

Note 4 - Long-term Debt (Tables

Note 4 - Long-term Debt (Tables)	9 Months Ended
	Sep. 30, 2020
Notes Tables
Schedule of Long-term Debt Instruments [Table Text Block]	September 30, December 31, 2020 2019 Long-term debt including current portion: 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 3,760 3,760 Unamortized deferred loan costs - 2019 Term Loan (37 ) (44 ) Unamortized deferred loan costs - 2024 Notes (4 ) (5 ) Unamortized deferred loan costs - 2026 Notes (6 ) (7 ) Unamortized deferred loan costs - 2027 Notes (10 ) (11 ) Unamortized premium - 2026 Notes 3 4 Long-term debt, less deferred financing costs 3,706 3,697 Less current portion - - Net carrying value $ 3,706 $ 3,697 Borrowing availability under 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 8 - Stock-based Compensa_2

Note 8 - Stock-based Compensation (Tables)	9 Months Ended
	Sep. 30, 2020
Notes Tables
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block]	Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Stock-based compensation expense, gross $ 5 $ 5 $ 12 $ 10 Forfeitures - - - - Income tax benefit at our statutory rate associated with share-based compensation (1 ) (1 ) (3 ) (3 ) Stock-based compensation expense, net $ 4 $ 4 $ 9 $ 7
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block]	Nine Months Ended September 30, 2020 September 30, 2019 Weighted- Weighted- average average Grant Date Grant Date Number of Fair Value Number of Fair Value Shares Per Share Shares Per Share Restricted stock - class A common: Outstanding - beginning of period 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 Forfeited - $ - - $ - Outstanding - end of period 480,042 $ 16.10 449,284 $ 13.55 Restricted stock - common: Outstanding - beginning of period 977,547 $ 15.45 578,894 $ 13.14 Granted 359,481 $ 18.92 718,783 $ 16.08 Vested (333,865 ) $ 15.35 - $ - Forfeited (85,630 ) $ 15.53 (352,810 ) $ 12.98 Outstanding - end of period 917,533 $ 16.84 944,867 $ 15.44 Restricted stock units - common stock: Outstanding - beginning of period 398,000 $ 18.21 - $ - Granted 93,184 $ 18.77 398,000 $ 18.21 Vested (374,500 ) $ 18.18 - $ - Forfeited (26,500 ) $ 18.21 - $ - Outstanding - end of period 90,184 $ 18.92 398,000 $ 18.21

Note 9 - Leases (Tables)

Note 9 - Leases (Tables)	9 Months Ended
	Sep. 30, 2020
Notes Tables
Lease, Cost [Table Text Block]	Three Months Ended Nine Months Ended September 30, 2020 September 30, 2020 Lease expense: Operating lease expense $ 3 $ 9 Short-term lease expense - 1 Total lease expense $ 3 $ 10
Lessee, Operating Lease, Liability, Maturity [Table Text Block]	Year ending December 31, Amount 2020 $ 3 2021 10 2022 9 2023 8 2024 7 Thereafter 48 Total lease payments 85 Less: Imputed interest (24 ) Present value of lease liabilties $ 61

Note 11 - Goodwill and Intang_2

Note 11 - Goodwill and Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2020
Notes Tables
Schedule of Changes in Goodwill and Other Intangible Assets [Table Text Block]	Net Balance at Acquisitions Net Balance at December 31, And September 30, 2019 Adjustments, Net Impairments Amortization 2020 Goodwill $ 1,446 $ 2 $ - $ - $ 1,448 Broadcast licenses 3,573 4 - - 3,577 Definite lived intangible assets 460 9 - (78 ) 391 Total intangible assets net of accumulated amortization $ 5,479 $ 15 $ - $ (78 ) $ 5,416
Schedule of Goodwill [Table Text Block]	As of As of December 31, Net September 30, 2019 Additions Impairments 2020 Goodwill, gross $ 1,545 $ 2 $ - $ 1,547 Accumulated goodwill impairmant (99 ) - - (99 ) Goodwill, net $ 1,446 $ 2 $ - $ 1,448
Schedule of Intangible Assets and Goodwill [Table Text Block]	As of September 30, 2020 As of December 31, 2019 Accumulated Accumulated Gross Amortization Net Gross Amortization Net Intangible assets not currently subject to amortization: Broadcast licenses $ 3,631 $ (54 ) $ 3,577 $ 3,627 $ (54 ) $ 3,573 Goodwill 1,448 - 1,448 1,446 - 1,446 $ 5,079 $ (54 ) $ 5,025 $ 5,073 $ (54 ) $ 5,019 Intangible assets subject to amortization: Network affiliation agreements $ 62 $ (25 ) $ 37 $ 56 $ (17 ) $ 39 Other definite lived intangible assets 618 (264 ) 354 615 (194 ) 421 $ 680 $ (289 ) $ 391 $ 671 $ (211 ) $ 460 Total intangibles $ 5,759 $ (343 ) $ 5,416 $ 5,744 $ (265 ) $ 5,479

Note 12 - Income Taxes (Tables)

Note 12 - Income Taxes (Tables)	9 Months Ended
	Sep. 30, 2020
Notes Tables
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]	Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Income tax expense $ 43 $ 23 $ 67 $ 44 Effective income tax rate 26 % 28 % 26 % 34 %

Note 13 - Segment Information (

Note 13 - Segment Information (Tables)	9 Months Ended
	Sep. 30, 2020
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Production As of and for the Nine months ended September 30, 2020: Broadcast Companies Other Consolidated Revenue (less agency commissions) $ 1,557 $ 32 $ - $ 1,589 Operating expenses before depreciation, amortization and (gain) loss on disposal of assets, net: 985 32 47 1,064 Depreciation and amortization 136 9 2 147 (Gain) loss on disposal of assets, net (21 ) (2 ) - (23 ) Operating expenses 1,100 39 49 1,188 Operating income $ 457 $ (7 ) $ (49 ) $ 401 Interest expense $ - $ - $ 143 $ 143 Capital expenditures (excluding business combinations) $ 69 $ 1 $ - $ 70 Goodwill $ 1,408 $ 40 $ - $ 1,448 Total Assets $ 6,508 $ 139 $ 577 $ 7,224 For the Nine months ended September 30, 2019: Revenue (less agency commissions) $ 1,481 $ 62 $ - $ 1,543 Operating expenses before depreciation, amortization and (gain) loss on disposal of assets, net: 986 57 83 1,126 Depreciation and amortization 135 9 2 146 (Gain) loss on disposal of assets, net (27 ) - - (27 ) Operating expenses 1,094 66 85 1,245 Operating income $ 387 $ (4 ) $ (85 ) $ 298 Interest expense $ - $ - $ 173 $ 173 Capital expenditures (excluding business combinations) $ 69 $ - $ 4 $ 73 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 (Details Textual)	9 Months Ended
	Sep. 30, 2020
Number of Operating Segments	2

Note 1 - Basis of Presentatio_3

Note 1 - Basis of Presentation - Reconciliation of Basic to Diluted Weighted-average Shares Outstanding (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Weighted-average shares outstanding-basic (in shares)	95	100	97	100
Common stock equivalents for stock options and restricted stock (in shares)	1	1	0	0
Weighted-average shares outstanding-diluted (in shares)	96	101	97	100

Note 1 - Basis of Presentatio_4

Note 1 - Basis of Presentation - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	Sep. 30, 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_5

Note 1 - Basis of Presentation - Property and Equipment (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Property and equipment, gross	$ 1,238	$ 1,186
Accumulated depreciation	(512)	(461)
Total property and equipment, net	726	725
Land [Member]
Property and equipment, gross	119	119
Building and Building Improvements [Member]
Property and equipment, gross	$ 305	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	$ 814	$ 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_6

Note 1 - Basis of Presentation - Disposal of Assets and Purchase of Property and Equipment (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Proceeds from sale of assets	$ 7	$ 0	$ 8	$ 3
Proceeds from FCC - Repack	5	15	19	32
Net book value of assets disposed	(2)	(1)	(4)	(5)
Other	0	0	0	(3)
Total	10	14	23	27
Recurring purchases - operations			51	38
Repack			19	34
Repack related			0	1
Total			$ 70	$ 73

Note 1 - Basis of Presentatio_7

Note 1 - Basis of Presentation - Allowance for Credit Losses (Details) $ in Millions	9 Months Ended
	Sep. 30, 2020USD ($)
Beginning balance	$ 11
Provision for credit losses	2
Amounts written off	(2)
Amounts recovered from previous write-offs	0
Ending balance	$ 11

Note 2 - Revenue (Details Textu

Note 2 - Revenue (Details Textual) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Contract with Customer, Liability, Revenue Recognized	$ 9
Deferred Revenue [Member]
Deposit Liability, Current	$ 43	$ 9

Note 2 - Revenue - Disaggregati

Note 2 - Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenue	$ 604	$ 517	$ 1,589	$ 1,543
Sales Channel, Directly to Consumer [Member]
Revenue	316	306	948	946
Sales Channel, Through Intermediary [Member]
Revenue	288	211	641	597
Local Advertising [Member]
Revenue	188	218	549	655
National Advertising [Member]
Revenue	49	56	136	162
Political Advertising [Member]
Revenue	128	22	185	30
Advertising [Member]
Revenue	365	296	870	847
Retransmission Consent [Member]
Revenue	217	196	650	601
Production Companies [Member]
Revenue	11	16	32	62
Service, Other [Member]
Revenue	$ 11	$ 9	$ 37	$ 33

Note 3 - Acquisitions (Details

Note 3 - Acquisitions (Details Textual) - USD ($) $ in Millions	Sep. 01, 2020	Jul. 31, 2020	Sep. 30, 2020	Sep. 30, 2020
Alaska Transactions [Member]
Payments to Acquire Businesses, Gross		$ 19
Business Combination, Acquisition Related Costs			$ 1	$ 1
Alaska Transactions [Member] | Retransmission Agreements [Member]
Finite-Lived Intangible Asset, Useful Life (Year)		1 year
Alaska Transactions [Member] | Network Affiliation Agreements [Member]
Finite-Lived Intangible Asset, Useful Life (Year)		4 years
Alaska Transactions [Member] | Minimum [Member]
Property, Plant and Equipment, Useful Life (Year)		3 years
Alaska Transactions [Member] | Maximum [Member]
Property, Plant and Equipment, Useful Life (Year)		40 years
Columbus Acquisition [Member]
Payments to Acquire Businesses, Gross	$ 22

Note 3 - Acquisitions - Acquisi

Note 3 - Acquisitions - Acquisitions (Details) - USD ($) $ in Millions	Sep. 30, 2020	Jul. 31, 2020	Dec. 31, 2019
Goodwill	$ 1,448		$ 1,446
Alaska Transactions [Member]
Accounts receivable and other current assets		$ 1
Property and equipment		5
Goodwill		2
Broadcast licenses		2
Other intangible assets		9
Total		$ 19

Note 4 - Long-term Debt (Detail

Note 4 - Long-term Debt (Details Textual) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Oct. 19, 2020	Dec. 31, 2019
Interest Paid, Excluding Capitalized Interest, Operating Activities	$ 127,000	$ 134,000
Interest Costs Capitalized	$ 0	$ 0
2024 Notes [Member]
Debt Instrument, Interest Rate, Stated Percentage	5.125%			5.125%
2026 Notes [Member]
Debt Instrument, Interest Rate, Stated Percentage	5.875%			5.875%
2027 Notes [Member]
Debt Instrument, Interest Rate, Stated Percentage	7.00%			7.00%
The 2019 Senior Credit Facility [Member] | The 2019 Term Loan [Member]
Debt Instrument, Interest Rate, Effective Percentage	2.70%
The 2017 Senior Credit Facility [Member] | The 2017 Term Loan [Member]
Debt Instrument, Interest Rate, Effective Percentage	2.40%
The 2030 Notes [Member] | Subsequent Event [Member]
Debt Instrument, Interest Rate, Stated Percentage			4.75%
Debt Instrument, Face Amount			$ 800,000

Note 4 - Long-term Debt - Long-

Note 4 - Long-term Debt - Long-term Debt Summary (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Long-term debt, gross	$ 3,760	$ 3,760
Long-term debt, less deferred financing costs	3,706	3,697
Less current portion	0	0
Net carrying value	3,706	3,697
Borrowing availability under 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	(4)	(5)
2026 Notes [Member]
Long-term debt, gross	700	700
Unamortized deferred loan costs	(6)	(7)
Unamortized premium	3	4
2027 Notes [Member]
Long-term debt, gross	750	750
Unamortized deferred loan costs	(10)	(11)
The 2019 Senior Credit Facility [Member]
Long-term debt, gross	1,785
Unamortized deferred loan costs	$ (37)	$ (44)

Note 4 - Long-term Debt - Aggre

Note 4 - Long-term Debt - Aggregate Minimum Principal Maturities on Long-term Debt (Details) - USD ($) $ in Millions	Sep. 30, 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 5 - Fair Value Measureme_2

Note 5 - Fair Value Measurement (Details Textual) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Long-term Debt, Total	$ 3,706	$ 3,697
Long-term Debt, Fair Value	$ 4,000	$ 4,000

Note 6 - Stockholders' Equity (

Note 6 - Stockholders' Equity (Details Textual) $ / shares in Units, $ in Thousands	Jan. 02, 2019USD ($)$ / sharesshares	Sep. 30, 2020USD ($)shares	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)$ / sharesshares	Sep. 30, 2019USD ($)	Dec. 31, 2019shares	Nov. 05, 2019USD ($)
Capital Units, Authorized (in shares)		245,000,000				245,000,000
Common Stock, Shares Authorized (in shares)		200,000,000				200,000,000		200,000,000
Preferred Stock, Shares Authorized (in shares)		20,000,000				20,000,000
Common Stock, Voting Rights, Votes Per Share		1				1
Dividends, Common Stock, Total | $						$ 0	$ 0
Treasury Stock, Value, Acquired, Cost Method | $		$ 10,000	$ 43,000	$ 6,000	$ 11,000
Common Stock, Capital Shares Reserved for Future Issuance (in shares)		4,776,948				4,776,948
Repurchase Authorization 2019 [Member]
Stock Repurchase Program, Authorized Amount | $									$ 150,000
Treasury Stock, Shares, Acquired (in shares)						3,579,342
Treasury Stock Acquired, Average Cost Per Share (in dollars per share) | $ / shares						$ 13.75
Treasury Stock, Value, Acquired, Cost Method | $						$ 49,000
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $		$ 70,000				$ 70,000
Issuers Repurchase Program 2019 [Member]
Treasury Stock, Shares, Acquired (in shares)						905,836
Treasury Stock Acquired, Average Cost Per Share (in dollars per share) | $ / shares						$ 11.02
Treasury Stock, Value, Acquired, Cost Method | $						$ 10,000
Raycom [Member]
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs | $	$ 100
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		25,000,000
Common Stock, Voting Rights, Votes Per Share		10				10
Common Stock, Capital Shares Reserved for Future Issuance (in shares)		1,336,440				1,336,440

Note 7 - Retirement Plans (Deta

Note 7 - Retirement Plans (Details Textual) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2020USD ($)	Sep. 30, 2020USD ($)
Pension Plan [Member] | Gray Pension Plan [Member]
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year	$ 3	$ 3
Profit Sharing Contribution [Member]
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year	3	3
Defined Contribution Plan, Employer Discretionary Contribution Amount	$ 3	$ 10

Note 8 - Stock-based Compensa_3

Note 8 - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Millions		9 Months Ended
		Sep. 30, 2020	Sep. 30, 2019	Jun. 30, 2020	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
Common Class A [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance (in shares)					0
Restricted Stock [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] | Common Class A [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)	[1]	359,481	718,783
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]	$ 18.92	$ 16.08
Restricted Stock [Member] | Nonemployee Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)		78,722	41,181
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)		$ 11.56	$ 22.10
Restricted Stock [Member] | Employee [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)		32,216
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)		$ 15.52
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
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 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)		93,184	398,000
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)		$ 18.77	$ 18.21
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 Units (RSUs) [Member] | Certain Employees One [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)		3,000
[1]	For awards subject to future performance conditions, amounts assume target performance.

Note 8 - Stock-based Compensa_4

Note 8 - Stock-based Compensation - Stock-based Compensation Expense and Related Income Tax Benefit (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Stock-based compensation expense, gross	$ 5	$ 5	$ 12	$ 10
Forfeitures	0	0	0	0
Income tax benefit at our statutory rate associated with share-based compensation	(1)	(1)	(3)	(3)
Stock-based compensation expense, net	$ 4	$ 4	$ 9	$ 7

Note 8 - Stock-based Compensa_5

Note 8 - Stock-based Compensation - Summary of Restricted Common Stock Activity (Details) - $ / shares		9 Months Ended
		Sep. 30, 2020	Sep. 30, 2019
Restricted Stock [Member]
Outstanding, Shares (in shares)	[1]	449,284	407,786
Granted, Shares (in shares)	[1]	166,814	199,810
Vested, Shares (in shares)		(136,056)	(158,312)
Forfeited, Shares (in shares)		0	0
Outstanding, Shares (in shares)	[1]	480,042	449,284
Outstanding, Weighted average grant date fair value (in dollars per share)	[1]	$ 13.55	$ 11.82
Granted, Weighted average grant date fair value (in dollars per share)	[1]	19.87	15.36
Vested, Weighted average grant date fair value (in dollars per share)		12.32	11.38
Forfeited, Weighted average grant date fair value (in dollars per share)		0	0
Outstanding, Weighted average grant date fair value (in dollars per share)	[1]	$ 16.10	$ 13.55
Restricted Stock [Member] | Common Class A [Member]
Outstanding, Shares (in shares)	[1]	977,547	578,894
Granted, Shares (in shares)	[1]	359,481	718,783
Vested, Shares (in shares)		(333,865)	0
Forfeited, Shares (in shares)		(85,630)	(352,810)
Outstanding, Shares (in shares)	[1]	917,533	944,867
Outstanding, Weighted average grant date fair value (in dollars per share)	[1]	$ 15.45	$ 13.14
Granted, Weighted average grant date fair value (in dollars per share)	[1]	18.92	16.08
Vested, Weighted average grant date fair value (in dollars per share)		15.35	0
Forfeited, Weighted average grant date fair value (in dollars per share)		15.53	12.98
Outstanding, Weighted average grant date fair value (in dollars per share)	[1]	$ 16.84	$ 15.44
Restricted Stock Units (RSUs) [Member]
Outstanding, Shares (in shares)		398,000	0
Granted, Shares (in shares)		93,184	398,000
Vested, Shares (in shares)		(374,500)	0
Forfeited, Shares (in shares)		(26,500)	0
Outstanding, Shares (in shares)		90,184	398,000
Outstanding, Weighted average grant date fair value (in dollars per share)		$ 18.21	$ 0
Granted, Weighted average grant date fair value (in dollars per share)		18.77	18.21
Vested, Weighted average grant date fair value (in dollars per share)		18.18	0
Forfeited, Weighted average grant date fair value (in dollars per share)		18.21	0
Outstanding, Weighted average grant date fair value (in dollars per share)		$ 18.92	$ 18.21
[1]	For awards subject to future performance conditions, amounts assume target performance.

Note 9 - Leases (Details Textua

Note 9 - Leases (Details Textual)	Sep. 30, 2020
Operating Lease, Weighted Average Remaining Lease Term (Year)	10 years 6 months
Operating Lease, Weighted Average Discount Rate, Percent	6.76%
Minimum [Member]
Lessee, Operating Lease, Remaining Lease Term (Year)	1 year
Maximum [Member]
Lessee, Operating Lease, Remaining Lease Term (Year)	99 years

Note 9 - Leases - Lease Expense

Note 9 - Leases - Lease Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Operating lease expense	$ 3	$ 9
Short-term lease expense	0	1
Total lease expense	$ 3	$ 10

Note 9 - Leases - Maturities of

Note 9 - Leases - Maturities of Operating Lease Liabilities (Details) $ in Millions	Sep. 30, 2020USD ($)
2020	$ 3
2021	10
2022	9
2023	8
2024	7
Thereafter	48
Total lease payments	85
Less: Imputed interest	(24)
Present value of lease liabilties	$ 61

Note 10 - Commitments and Con_2

Note 10 - Commitments and Contingencies (Details Textual) $ in Millions	Sep. 30, 2020USD ($)
Acquisition and Investments Commitments	$ 80

Note 11 - Goodwill and Intang_3

Note 11 - Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Amortization of Intangible Assets, Total	$ 26	$ 29	$ 78	$ 86
Finite-Lived Intangible Asset, Expected Amortization, Year One	26		26
Finite-Lived Intangible Asset, Expected Amortization, Year Two	100		100
Finite-Lived Intangible Asset, Expected Amortization, Year Three	96		96
Finite-Lived Intangible Asset, Expected Amortization, Year Four	90		90
Finite-Lived Intangible Asset, Expected Amortization, Year Five	25		25
Finite-Lived Intangible Assets, Amortization Expense, Year Six	$ 15		$ 15

Note 11 - Goodwill and Intang_4

Note 11 - Goodwill and Intangible Assets - Changes in Goodwill and Other Intangible Assets (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Goodwill			$ 1,446
Goodwill, Net additions			2
Goodwill	$ 1,448		1,448
Broadcast licenses			3,573
Broadcast licenses	3,577		3,577
Definite lived intangible assets			460
Definite lived intangible assets			9
Amortization of Intangible Assets	(26)	$ (29)	(78)	$ (86)
Definite lived intangible assets	391		391
Total intangible assets net of accumulated amortization			5,479
Total intangible assets net of accumulated amortization, Net additions			15
Total intangible assets net of accumulated amortization	5,416		5,416
Broadcast Licenses [Member]
Broadcast licenses			3,573
Broadcast licenses, Net additions			4
Broadcast licenses	$ 3,577		$ 3,577

Note 11 - Goodwill and Intang_5

Note 11 - Goodwill and Intangible Assets - Summary of Changes in Goodwill (Details) $ in Millions	9 Months Ended
	Sep. 30, 2020USD ($)
Goodwill, gross	$ 1,545
Goodwill, Net additions	2
Goodwill	0
Goodwill, gross	1,547
Accumulated goodwill impairmant	(99)
Accumulated goodwill impairmant	(99)
Goodwill	1,446
Goodwill	$ 1,448

Note 11 - Goodwill and Intang_6

Note 11 - Goodwill and Intangible Assets - Intangible Assets and Related Accumulated Amortization (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Goodwill, Gross	$ 1,547	$ 1,545
Goodwill	1,448	1,446
Other intangible assets, net	391	460
Intangible Assets Gross (Including Goodwill)	5,759	5,744
Accumulated Amortization Intangible Assets	(343)	(265)
Intangible Assets, Net (Including Goodwill)	5,416	5,479
Network Affiliate [Member]
Finite-Lived Intangible Assets, Gross	62	56
Finite-Lived Intangible Assets, Accumulated Amortization	(25)	(17)
Other intangible assets, net	37	39
Other Intangible Assets [Member]
Finite-Lived Intangible Assets, Gross	618	615
Finite-Lived Intangible Assets, Accumulated Amortization	(264)	(194)
Other intangible assets, net	354	421
Intangible Assets Subject to Amortization [Member]
Finite-Lived Intangible Assets, Gross	680	671
Finite-Lived Intangible Assets, Accumulated Amortization	(289)	(211)
Other intangible assets, net	391	460
Broadcast Licenses [Member]
Indefinite-lived Intangible Assets (Excluding Goodwill), Gross	3,631	3,627
Indefinite-Lived Intangible Assets (Excluding Goodwill), Accumulated Amortization	(54)	(54)
Indefinite-Lived Intangible Assets (Excluding Goodwill)	3,577	3,573
Goodwill Not Amortizable [Member]
Goodwill, Gross	1,448	1,446
Goodwill, Accumulated Amortization	0	0
Goodwill	1,448	1,446
Intangible Assets Not Subject to Amortization [Member]
Goodwill and Indefinite-Lived Intangible Assets, Gross	5,079	5,073
Goodwill and Indefinite-lived Intangible Assets, Accumulated Amortization	(54)	(54)
Goodwill and Indefinite-Lived Assets, Net	$ 5,025	$ 5,019

Note 12 - Income Taxes (Details

Note 12 - Income Taxes (Details Textual) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent			21.00%
Effective Income Tax Rate Reconciliation, Percent, Total	26.00%	28.00%	26.00%	34.00%
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent			4.00%	5.00%
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Percent, Total			1.00%
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Share-based Payment Arrangement, Percent				2.00%
Effective Income Tax Rate Reconciliation, Disposition of Asset, Percent				6.00%
Income Taxes Paid, Net, Total			$ 50	$ 12
Domestic Tax Authority [Member]
Operating Loss Carryforwards, Total	$ 438		$ 438

Note 12 - Income Taxes - Reconc

Note 12 - Income Taxes - Reconciliation of Income Tax Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income tax expense	$ 43	$ 23	$ 67	$ 44
Effective income tax rate	26.00%	28.00%	26.00%	34.00%

Note 13 - Segment Information_2

Note 13 - Segment Information (Details Textual)	9 Months Ended
	Sep. 30, 2020
Number of Operating Segments	2

Note 13 - Segment Information -

Note 13 - Segment Information - Segment Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Revenue (less agency commissions)	$ 604	$ 517	$ 1,589	$ 1,543
Operating expenses before depreciation, amortization and (gain) loss on disposal of assets, net:			1,064	1,126
Depreciation and amortization			147	146
(Gain) loss on disposal of assets, net	(10)	(14)	(23)	(27)
Operating expenses	392	378	1,188	1,245
Operating income	212	139	401	298
Interest expense	45	57	143	173
Capital expenditures (excluding business combinations)			70	73
Goodwill	1,448		1,448		$ 1,446
Total Assets	7,224		7,224		6,972
Corporate, Non-Segment [Member]
Revenue (less agency commissions)			0	0
Operating expenses before depreciation, amortization and (gain) loss on disposal of assets, net:			47	83
Depreciation and amortization			2	2
(Gain) loss on disposal of assets, net			0	0
Operating expenses			49	85
Operating income			(49)	(85)
Interest expense			143	173
Capital expenditures (excluding business combinations)			0	4
Goodwill	0		0		0
Total Assets	577		577		289
Broadcasting, Segment [Member]
Revenue (less agency commissions)	593	501	1,557	1,481
Operating expenses before depreciation, amortization and (gain) loss on disposal of assets, net:			985	986
Depreciation and amortization			136	135
(Gain) loss on disposal of assets, net			(21)	(27)
Operating expenses			1,100	1,094
Operating income			457	387
Interest expense			0	0
Capital expenditures (excluding business combinations)			69	69
Goodwill	1,408		1,408		1,405
Total Assets	6,508		6,508		6,530
Production Companies, Segment [Member]
Revenue (less agency commissions)	11	$ 16	32	62
Operating expenses before depreciation, amortization and (gain) loss on disposal of assets, net:			32	57
Depreciation and amortization			9	9
(Gain) loss on disposal of assets, net			(2)	0
Operating expenses			39	66
Operating income			(7)	(4)
Interest expense			0	0
Capital expenditures (excluding business combinations)			1	$ 0
Goodwill	40		40		41
Total Assets	$ 139		$ 139		$ 153

Note 14 - Subsequent Events (De

Note 14 - Subsequent Events (Details Textual) - Subsequent Event [Member] - USD ($) $ in Millions	Nov. 04, 2020	Nov. 03, 2020	Oct. 19, 2020
The 2030 Notes [Member]
Debt Instrument, Face Amount			$ 800
Debt Instrument, Interest Rate, Stated Percentage			4.75%
Gray's Share Repurchase Program [Member]
Stock Repurchase Program, Additional Authorized Amount	$ 150
Stock Repurchase Program, Authorized Amount	$ 220
Stock Repurchase Program, Remaining Authorized Repurchase Amount		$ 70