Gray Television (GTN) 10-Q 6 May 21 2021 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2021	Apr. 29, 2021
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	2021
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
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		7,171,019
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		88,632,523

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Assets:
Cash	$ 819	$ 773
Accounts receivable, less allowance for credit losses of $10 and $10, respectively	413	425
Current portion of program broadcast rights, net	16	24
Income tax refunds receivable	21	21
Prepaid and other current assets	29	61
Total current assets	1,298	1,304
Property and equipment, net	730	737
Operating leases right of use asset	56	57
Broadcast licenses	3,584	3,579
Goodwill	1,466	1,460
Other intangible assets, net	376	395
Investment in broadcasting and technology companies	95	72
Other	55	39
Total assets	7,660	7,643
Liabilities and stockholders’ equity:
Accounts payable	19	10
Employee compensation and benefits	56	53
Accrued interest	50	37
Accrued network programming fees	31	39
Other accrued expenses	19	29
Federal and state income taxes	26	20
Current portion of program broadcast obligations	17	25
Deferred revenue	10	22
Dividends payable	13	13
Current portion of operating lease liabilities	8	7
Total current liabilities	249	255
Long-term debt, less current portion and deferred financing costs	3,976	3,974
Program broadcast obligations, less current portion	4	5
Deferred income taxes	894	885
Accrued pension costs	43	43
Operating lease liabilities, less current portion	51	51
Other	19	27
Total liabilities	5,236	5,240
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	1,119	1,110
Retained earnings	880	862
Accumulated other comprehensive loss, net of income tax benefit	(39)	(39)
Stockholders' equity before treasury stock	1,995	1,967
Treasury stock at cost	(193)	(188)
Total stockholders’ equity	1,774	1,753
Total liabilities and stockholders’ equity	7,660	7,643
Common Class A [Member]
Stockholders’ equity:
Common stock	35	34
Treasury stock at cost	$ (28)	$ (26)

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ / shares in Thousands, $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Accounts receivable, allowance for credit losses	$ 10	$ 10
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)	103,847,337	103,100,856
Common stock, shares outstanding (in shares)	88,628,868	88,140,259
Treasury stock (in shares)	15,218,469	14,960,597
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)	9,169,198	8,935,773
Common stock, shares outstanding (in shares)	7,171,019	7,048,006
Treasury stock (in shares)	1,998,179	1,887,767

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenue (less agency commissions):
Revenue (less agency commissions)	$ 544	$ 534
Operating expenses before depreciation, amortization and gain on disposal of assets, net:
Corporate and administrative	18	15
Depreciation	25	21
Amortization of intangible assets	26	26
Gain on disposal of assets, net	(4)	(6)
Operating expenses	443	410
Operating income	101	124
Other income (expense):
Miscellaneous income, net	1	(1)
Interest expense	(48)	(52)
Income before income taxes	54	71
Income tax expense	15	18
Net income	39	53
Preferred stock dividends	13	13
Net income attributable to common stockholders	$ 26	$ 40
Basic per common share information:
Net income (in dollars per share)	$ 0.28	$ 0.41
Weighted average common shares outstanding (in shares)	94	98
Diluted per common share information:
Net income (in dollars per share)	$ 0.27	$ 0.40
Weighted average common shares outstanding (in shares)	95	99
Dividends declared per common share (in dollars per share)	$ 0.08	$ 0
Broadcasting, Segment [Member]
Revenue (less agency commissions):
Revenue (less agency commissions)	$ 530	$ 515
Operating expenses before depreciation, amortization and gain on disposal of assets, net:
Cost of goods and services sold	361	335
Operating expenses	404	372
Operating income	126	143
Other income (expense):
Interest expense	0	0
Production Companies, Segment [Member]
Revenue (less agency commissions):
Revenue (less agency commissions)	14	19
Operating expenses before depreciation, amortization and gain on disposal of assets, net:
Cost of goods and services sold	17	19
Operating expenses	20	22
Operating income	(6)	(3)
Other income (expense):
Interest expense	$ 0	$ 0

Condensed Consolidated Statem_2

Condensed Consolidated Statement of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Restricted Stock [Member]Common Stock [Member]Common Class A [Member]	Restricted Stock [Member]Common Stock [Member]	Restricted Stock [Member]Retained Earnings [Member]	Restricted Stock [Member]Treasury Stock [Member]Common Class A [Member]	Restricted Stock [Member]Treasury Stock [Member]	Restricted Stock [Member]AOCI Attributable to Parent [Member]	Restricted Stock [Member]	Restricted Stock Units (RSUs) [Member]Common Stock [Member]Common Class A [Member]	Restricted Stock Units (RSUs) [Member]Common Stock [Member]	Restricted Stock Units (RSUs) [Member]Retained Earnings [Member]	Restricted Stock Units (RSUs) [Member]Treasury Stock [Member]Common Class A [Member]	Restricted Stock Units (RSUs) [Member]Treasury Stock [Member]	Restricted Stock Units (RSUs) [Member]AOCI Attributable to Parent [Member]	Restricted Stock Units (RSUs) [Member]	Common Stock [Member]Common Class A [Member]	Common Stock [Member]	Retained Earnings [Member]	Treasury Stock [Member]Common Class A [Member]	Treasury Stock [Member]	AOCI Attributable to Parent [Member]	Common Class A [Member]	Total
Balance (in shares) at Dec. 31, 2019															8,768,959	101,746,860		(1,887,767)	(9,088,498)
Balance at Dec. 31, 2019															$ 31,000	$ 1,093,000	$ 504,000	$ (26,000)	$ (107,000)	$ (31,000)		$ 1,464,000
Net income															0	0	53,000	0	0	0		53,000
Preferred stock dividends															$ 0	$ 0	(13,000)	$ 0	$ 0	0		(13,000)
401(k) Plan (in shares)															0	430,899		0	0
401(k) Plan															$ 0	$ 4,000	0	$ 0	$ 0	0		4,000
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	$ (2,000)	0		(2,000)
Restricted stock awards (in shares)	166,814	248,543		0	(118,550)
Restricted stock awards	$ 0	$ 0	$ 0	$ 0	$ (2,000)	$ 0	$ (2,000)
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	$ (6,000)	0		(6,000)
Share-based compensation															$ 0	$ 4,000	0	$ 0	$ 0	0		4,000
Balance (in shares) at Mar. 31, 2020															8,935,773	102,615,418		(1,887,767)	(9,862,906)
Balance at Mar. 31, 2020															$ 31,000	$ 1,101,000	544,000	$ (26,000)	$ (117,000)	(31,000)		1,502,000
Common stock dividends																					$ 0	(8,000)
Balance (in shares) at Dec. 31, 2020															8,935,773	103,100,856		(1,887,767)	(14,960,597)
Balance at Dec. 31, 2020															$ 34,000	$ 1,110,000	862,000	$ (26,000)	$ (188,000)	(39,000)		1,753,000
Net income															0	0	39,000	0	0	0		39,000
Preferred stock dividends															$ 0	$ 0	(13,000)	$ 0	$ 0	0		(13,000)
401(k) Plan (in shares)															0	390,389		0	0
401(k) Plan															$ 0	$ 7,000	0	$ 0	$ 0	0		7,000
Restricted stock awards (in shares)								0	60,050		0	(18,275)			233,425	296,042		(110,412)	(239,597)
Restricted stock awards								$ 0	$ 0	$ 0	$ 0	$ (1,000)	$ 0	$ (1,000)	$ 0	$ 0	0	$ (2,000)	$ (4,000)	0		(6,000)
Repurchase of common stock																						0
Share-based compensation															$ 1,000	$ 2,000	0	$ 0	$ 0	0		3,000
Balance (in shares) at Mar. 31, 2021															9,169,198	103,847,337		(1,998,179)	(15,218,469)
Balance at Mar. 31, 2021															$ 35,000	$ 1,119,000	880,000	$ (28,000)	$ (193,000)	(39,000)		1,774,000
Common stock dividends															$ 0	$ 0	$ (8,000)	$ 0	$ 0	$ 0		$ (8,000)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Operating activities
Net income	$ 39	$ 53
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	25	21
Amortization of intangible assets	26	26
Amortization of deferred loan costs	3	3
Amortization of restricted stock awards	4	4
Amortization of program broadcast rights	9	9
Payments on program broadcast obligations	(9)	(10)
Common stock contributed to 401(k) plan	1	0
Deferred income taxes	9	9
Gain on disposal of assets, net	(4)	(6)
Other	(5)	0
Changes in operating assets and liabilities:
Accounts receivable	12	26
Other current assets	31	(12)
Accounts payable	10	12
Employee compensation, benefits and pension cost	10	(20)
Accrued network fees and other expenses	(19)	(3)
Accrued interest	12	9
Income taxes payable	5	9
Deferred revenue	(12)	1
Net cash provided by operating activities	147	131
Investing activities
Acquisitions of television businesses and licenses, net of cash acquired	(40)	(1)
Purchases of property and equipment	(13)	(27)
Proceeds from asset sales	0	1
Proceeds from Repack reimbursement (Note 1)	4	6
Investments in broadcast, production and technology companies	(24)	0
Other	0	(3)
Net cash used in investing activities	(73)	(24)
Financing activities
Payments for the repurchase of common stock	0	(6)
Payment of common stock dividends	(8)	0
Payment of preferred stock dividends	(13)	(13)
Deferred and other loan costs	(1)	0
Payment for taxes related to net share settlement of equity awards	(6)	(4)
Net cash used in financing activities	(28)	(23)
Net increase in cash	46	84
Cash and restricted cash at beginning of period	773	212
Cash at end of period	$ 819	$ 296

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation	3 Months Ended
	Mar. 31, 2021
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, 2020, December 31, 2020, March 31, 2021 three March 31, 2021 2020, 10 10 X. not not 10 December 31, 2020 ( “2020 10 three March 31, 2021, not may December 31, 2021. Overview. 94 24% 2020, first 70 first second 86 Investments in Broadcasting, Production and Technology Companies. may Investments in non-public businesses that do not not not Use of Estimates. 19” 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, 2021 2020, Three Months Ended March 31, 2021 2020 Weighted-average common shares outstanding-basic 94 98 Common stock equivalents for stock options and restricted stock 1 1 Weighted-average common shares outstanding-diluted 95 99 Accumulated Other Comprehensive Loss. March 31, 2021 December 31, 2020, three March 31, 2021 2020 March 31, 2021 December 31, 2020 March 31, December 31, 2021 2020 Accumulated balances of items included in accumulated other comprehensive loss: Increase in pension liability $ (52 ) $ (52 ) Income tax benefit (13 ) (13 ) Accumulated other comprehensive loss $ (39 ) $ (39 ) Property and Equipment. Estimated March 31, December 31, Useful Lives 2021 2020 (in years) Property and equipment: Land $ 124 $ 123 Buildings and improvements 306 305 7 to 40 Equipment 850 834 3 to 20 1,280 1,262 Accumulated depreciation (550 ) (525 ) Total property and equipment, net $ 730 $ 737 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 gain or loss is reflected in income or expense for the period. In April 2017, $1.7 March 2018 $1.0 $750 may 48 37 2017 2021. 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, 2021 2020 Gain on disposal of fixed assets, net: Proceeds from sale of assets $ - $ (1 ) Proceeds from Repack (4 ) (6 ) Net book value of assets disposed 1 1 Other (1 ) - Total $ (4 ) $ (6 ) Purchase of property and equipment: Recurring purchases - operations $ 12 $ 21 Repack 1 6 Total $ 13 $ 27 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 of the COVID- 19 not March 31, 2021. 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, 2021 March 31, 2020 Beginning balance $ 10 $ 11 Provision for credit losses - 1 Amounts written off - - Amounts recovered from previous write-offs - - Ending balance $ 10 $ 12 In January 2021, 2021 01, Reference Rate Reform (Topic 848 848. may March 12, 2020, In addition to the accounting standards described above, certain amounts in the condensed consolidated balance sheets and statements of cash flows have also been reclassified to conform to the current presentation.

Note 2 - Revenue

Note 2 - Revenue	3 Months Ended
	Mar. 31, 2021
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 $21 million of revenue in the three March 31, 2021 December 31, 2020. March 31, 2021 December 31, 2020, Disaggregation of Revenue. Three Months Ended March 31, 2021 2020 Market and service type: Broadcast advertising: Local $ 203 $ 199 National 57 51 Political 9 36 Total advertising 269 286 Retransmission consent 247 213 Production companies 14 19 Other 14 16 Total revenue $ 544 $ 534 Sales Channel: Direct $ 357 $ 327 Advertising agency intermediary 187 207 Total revenue $ 544 $ 534

Note 3 - Acquisitions

Note 3 - Acquisitions	3 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Mergers, Acquisitions and Dispositions Disclosures [Text Block]	3. Acquisitions Lubbock Transactions December 31, 2020, 142 two Due to the proximity of the acquisition date to the date of the filing of our annual report on Form 10 first 2021. Property and equipment $ 6 Operating lease right of use asset 1 Goodwill 6 Broadcast licenses 5 Other intangible assets 7 Other liabilities (1 ) Total $ 24 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 Pending Acquisitions. January 31, 2021, 2019 The completion of the Quincy Transaction is subject to the satisfaction or waiver of certain customary conditions, including, among others: (i) the receipt of approval from the FCC and the expiration or early termination of the waiting period applicable to the transaction under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, may not January 31, 2022, May 1, 2022 On April 29, 2021, seven third 2021.

Note 4 - Long-term Debt

Note 4 - Long-term Debt	3 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Debt Disclosure [Text Block]	4. Long-term Debt As of March 31, 2021 December 31, 2020, 2019 2026 “2026 2027 “2027 2030 “2030 March 31, December 31, 2021 2020 Long-term debt: 2019 Senior Credit Facility: 2017 Term Loan $ 595 $ 595 2019 Term Loan 1,190 1,190 2026 Notes 700 700 2027 Notes 750 750 2030 Notes 800 800 Total outstanding principal, including current portion 4,035 4,035 Unamortized deferred loan costs - 2019 Senior Credit Facility (33 ) (34 ) Unamortized deferred loan costs - 2026 Notes (6 ) (6 ) Unamortized deferred loan costs - 2027 Notes (10 ) (10 ) Unamortized deferred loan costs - 2030 Notes (13 ) (14 ) Unamortized premium - 2026 Notes 3 3 Long-term debt, less current portion and deferred financing costs $ 3,976 $ 3,974 Borrowing availability under 2019 Revolving Credit Facility $ 299 $ 200 On February 19, 2021, first “2019 January 2, 2026 March 31, 2021, 2019 “2017 “2019 As of March 31, 2021, 2019 2019 January 2, 2026. March 31, 2021, 2017 2.4%. 2017 February 7, 2024. 2019 As of March 31, 2021, 2021 five Minimum Principal Maturities Year 2019 Senior Credit Facility 2026 Notes 2027 Notes 2030 Notes Total Remainder of 2021 $ - $ - $ - $ - $ - 2022 - - - - - 2023 - - - - - 2024 595 - - - 595 2025 - - - - - 2026 1,190 700 - - 1,890 Thereafter - - 750 800 1,550 Total $ 1,785 $ 700 $ 750 $ 800 $ 4,035 As of March 31, 2021, no 2019 2026 2027 2030 March 31, 2021 December 31, 2020, For all of our interest bearing obligations, we made interest payments of approximately $32 million and $39 million during the three March 31, 2021 2020, not three March 31, 2021 2020.

Note 5 - Fair Value Measurement

Note 5 - Fair Value Measurement	3 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Fair Value Disclosures [Text Block]	5. Fair Value Measurement We measure certain assets and liabilities at fair value, which are classified by the FASB Codification within the fair value hierarchy as level 1, 2, 3, ● Level 1: ● Level 2: not ● Level 3: one Fair value is defined as the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date. The use of different market assumptions or methodologies could have a material effect on the fair value measurement. The carrying amounts of accounts receivable, prepaid and other current assets, accounts payable, employee compensation and benefits, accrued interest, other accrued expenses, and deferred revenue approximate fair value at both March 31, 2021 December 31, 2020. At each of March 31, 2021 December 31, 2020 third 2

Note 6 - Stockholders' Equity

Note 6 - Stockholders' Equity	3 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	6. 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. On February 24, 2021, March 15, 2021, March 31, 2021. three March 31, 2020, not Under our various employee benefit plans, we may, March 31, 2021, December 31, 2020, During the three March 31, 2021, not March 31, 2021,

Note 7 - Retirement Plans

Note 7 - Retirement Plans	3 Months Ended
	Mar. 31, 2021
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 three March 31, 2021, not not 2021, During the three March 31, 2021, 2020 401 2020 December 31, 2020. 2021,

Note 8 - Stock-based Compensati

Note 8 - Stock-based Compensation	3 Months Ended
	Mar. 31, 2021
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 plan, is the 2017 “2017 three March 31, 2021 2020, Three Months Ended March 31, 2021 2020 Stock-based compensation expense, gross $ 4 $ 4 Income tax benefit at our statutory rate associated with stock-based compensation (1 ) (1 ) Stock-based compensation expense, net $ 3 $ 3 All shares of common stock and Class A common stock underlying Restricted stock, restricted stock units and performance awards are counted as issued at target levels under the 2017 During the three March 31, 2021, 2017 ● 96,355 shares of restricted Class A common stock with a grant date fair value per share of $17.20 to an employee, of which 32,118 shares will vest on each of January 31, 2022 2023 January 31, 2024; ● 96,355 shares of restricted Class A common stock with a grant date fair value per share of $17.20 to an employee, subject to the achievement of certain performance measures, which will vest on February 29, 2024; ● 247,497 shares of restricted common stock with a grant date fair value per share of $18.21 to certain employees, of which 82,499 shares will vest on each of January 31, 2022, 2023 2024; ● 48,545 shares of restricted common stock with a grant date fair value per share of $18.21 to an employee, subject to the achievement of certain performance measures, which will vest on February 29, 2024; ● restricted stock units representing 95,115 shares of our common stock, to certain employees, which will vest on March 1, 2022; ● 40,715 vested shares of our Class A common stock with a grant date fair value per share of $19.87 to an employee, upon the achievement of certain performance measures. 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 vested on January 31, 2021, January 31, 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 vested on January 31, 2021, January 31, 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 vested on March 1, 2021, March 1, 2022 2023. A summary of restricted common stock and Class A common stock activities for the three March 31, 2021 2020, Three Months Ended March 31, 2021 2020 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 917,533 $ 16.84 977,547 $ 15.45 Granted (1) 296,042 18.21 248,543 21.69 Forfeited - - (85,630 ) 15.53 Vested (502,241 ) 16.10 (260,004 ) 14.20 Outstanding - end of period 711,334 $ 17.94 880,456 $ 17.57 Restricted Class A common stock: Outstanding - beginning of period 480,042 $ 16.10 449,284 $ 13.55 Granted (1) 233,425 17.67 166,814 19.87 Vested (248,539 ) 15.00 (136,056 ) 12.32 Outstanding - end of period 464,928 $ 17.47 480,042 $ 16.10 Restricted stock units - common stock: Outstanding - beginning of period 90,184 $ 18.92 398,000 $ 18.21 Granted 95,115 19.05 90,184 18.92 Vested (60,052 ) 18.92 - - Outstanding - end of period 125,247 $ 19.02 488,184 $ 18.34 ( 1

Note 9 - Leases

Note 9 - Leases	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021, 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, 2021. As of March 31, 2021, three March 31, 2021 2020 Three Months Ended March 31, 2021 2020 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, 2021, 2021 five Year ending December 31, Operating Leases Remainder of 2021 $ 8 2022 10 2023 8 2024 8 2025 7 Thereafter 42 Total lease payments $ 83 Less: Imputed interest (24 ) Present value of lease liabilities $ 59

Note 10 - Commitments and Conti

Note 10 - Commitments and Contingencies	3 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	10. Legal Proceedings and Claims. not Pending Acquisitions. 3. 14.

Note 11 - Goodwill and Intangib

Note 11 - Goodwill and Intangible Assets	3 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Goodwill and Intangible Assets Disclosure [Text Block]	11. Goodwill and Intangible Assets A summary of changes in our goodwill and other intangible assets, on a net basis, for the three March 31, 2021 Net Balance at Net Balance at December 31, March 31, 2020 Net Additions Impairments Amortization 2021 Goodwill $ 1,460 $ 6 $ - $ - $ 1,466 Broadcast licenses 3,579 5 - - 3,584 Finite-lived intangible assets 395 7 - (26 ) 376 Total intangible assets net of accumulated amortization $ 5,434 $ 18 $ - $ (26 ) $ 5,426 A summary of the changes in our goodwill, on a gross basis, for the three March 31, 2021, As of As of December 31, March 31, 2020 Net Additions Impairments 2021 Goodwill, gross $ 1,559 $ 6 $ - $ 1,565 Accumulated goodwill impairment (99 ) - - (99 ) Goodwill, net $ 1,460 $ 6 $ - $ 1,466 As of March 31, 2021 December 31, 2020, As of March 31, 2021 As of December 31, 2020 Accumulated Accumulated Gross Amortization Net Gross Amortization Net Intangible assets not currently subject to amortization: Broadcast licenses $ 3,638 $ (54 ) $ 3,584 $ 3,633 $ (54 ) $ 3,579 Goodwill 1,466 - 1,466 1,460 - 1,460 $ 5,104 $ (54 ) $ 5,050 $ 5,093 $ (54 ) $ 5,039 Intangible assets subject to amortization: Network affiliation agreements $ 67 $ (31 ) $ 36 $ 67 $ (28 ) $ 39 Other finite-lived intangible assets 651 (311 ) 340 644 (288 ) 356 $ 718 $ (342 ) $ 376 $ 711 $ (316 ) $ 395 Total intangible assets $ 5,822 $ (396 ) $ 5,426 $ 5,804 $ (370 ) $ 5,434 Amortization expense for each of the three March 31, 2021 2020 2021 $77 five 2022, 2023, 2024, 2025, 2026, $17 may

Note 12 - Income Taxes

Note 12 - Income Taxes	3 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Income Tax Disclosure [Text Block]	12. For the three March 31, 2021 2020, Three Months Ended March 31, 2021 2020 Income tax expense $ 15 $ 18 Effective income tax rate 28 % 25 % 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, 2021, 5%; three March 31, 2020, 5%; 1%; During the first 2021, no 2021, March 31, 2021, 2023 2037. On March 27, 2020, 19 2019 2020, 100% 2021. 2018, 2019, 2020 five 2020,

Note 13 - Segment Information

Note 13 - Segment Information	3 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	13. The Company operates in two 94 Production As of and for the three months ended March 31, 2021: Broadcast Companies Other Consolidated Revenue (less agency commissions) $ 530 $ 14 $ - $ 544 Operating expenses before depreciation, amortization and gain on disposal of assets, net: 361 17 18 396 Depreciation and amortization 47 3 1 51 Gain on disposal of assets, net (4 ) - - (4 ) Operating expenses 404 20 19 443 Operating income (loss) $ 126 $ (6 ) $ (19 ) $ 101 Interest expense $ - $ - $ 48 $ 48 Capital expenditures (excluding business combinations) $ 13 $ - $ - $ 13 Goodwill $ 1,425 $ 41 $ - $ 1,466 Total Assets $ 6,613 $ 123 $ 924 $ 7,660 For the three months ended March 31, 2020: 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 As of December 31, 2020: Goodwill $ 1,419 $ 41 $ - $ 1,460 Total Assets $ 6,631 $ 141 $ 871 $ 7,643

Note 14 - Subsequent Event

Note 14 - Subsequent Event	3 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Subsequent Events [Text Block]	14. Acquisition of Doraville Land. April 7, 2021 Acquisition of Meredith May 3, 2021, fourth 2021. 17 12 11 one The merger agreement contains certain termination rights for both parties. Upon termination under specific circumstances, Meredith would be required to pay us a termination fee of $36 million, including in the event that Meredith enters into a definitive agreement with respect to a superior proposal or an adverse recommendation is issued by Meredith’s board of directors with respect to the transaction. If the required Meredith shareholder vote is not not Also on May 3, 2021, “2021 “2021 2021 2019 2021 2021 second 2021 2019 The transaction is subject to customary closing conditions and regulatory approvals, including certain consents necessary to effectuate the spinoff of Meredith’s National Media Group immediately prior to the closing of our acquisition of Meredith.

Significant Accounting Policies

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Investment, Policy [Policy Text Block]	Investments in Broadcasting, Production and Technology Companies. may Investments in non-public businesses that do not not not
Use of Estimates, Policy [Policy Text Block]	Use of Estimates. 19”
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, 2021 2020, Three Months Ended March 31, 2021 2020 Weighted-average common shares outstanding-basic 94 98 Common stock equivalents for stock options and restricted stock 1 1 Weighted-average common shares outstanding-diluted 95 99
Comprehensive Income, Policy [Policy Text Block]	Accumulated Other Comprehensive Loss. March 31, 2021 December 31, 2020, three March 31, 2021 2020 March 31, 2021 December 31, 2020 March 31, December 31, 2021 2020 Accumulated balances of items included in accumulated other comprehensive loss: Increase in pension liability $ (52 ) $ (52 ) Income tax benefit (13 ) (13 ) Accumulated other comprehensive loss $ (39 ) $ (39 )
Property, Plant and Equipment, Policy [Policy Text Block]	Property and Equipment. Estimated March 31, December 31, Useful Lives 2021 2020 (in years) Property and equipment: Land $ 124 $ 123 Buildings and improvements 306 305 7 to 40 Equipment 850 834 3 to 20 1,280 1,262 Accumulated depreciation (550 ) (525 ) Total property and equipment, net $ 730 $ 737 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 gain or loss is reflected in income or expense for the period. In April 2017, $1.7 March 2018 $1.0 $750 may 48 37 2017 2021. 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, 2021 2020 Gain on disposal of fixed assets, net: Proceeds from sale of assets $ - $ (1 ) Proceeds from Repack (4 ) (6 ) Net book value of assets disposed 1 1 Other (1 ) - Total $ (4 ) $ (6 ) Purchase of property and equipment: Recurring purchases - operations $ 12 $ 21 Repack 1 6 Total $ 13 $ 27
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 of the COVID- 19 not March 31, 2021. 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, 2021 March 31, 2020 Beginning balance $ 10 $ 11 Provision for credit losses - 1 Amounts written off - - Amounts recovered from previous write-offs - - Ending balance $ 10 $ 12
New Accounting Pronouncements, Policy [Policy Text Block]	In January 2021, 2021 01, Reference Rate Reform (Topic 848 848. may March 12, 2020, In addition to the accounting standards described above, certain amounts in the condensed consolidated balance sheets and 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)	3 Months Ended
	Mar. 31, 2021
Notes Tables
Schedule of Weighted Average Number of Shares [Table Text Block]	Three Months Ended March 31, 2021 2020 Weighted-average common shares outstanding-basic 94 98 Common stock equivalents for stock options and restricted stock 1 1 Weighted-average common shares outstanding-diluted 95 99
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	March 31, December 31, 2021 2020 Accumulated balances of items included in accumulated other comprehensive loss: Increase in pension liability $ (52 ) $ (52 ) Income tax benefit (13 ) (13 ) Accumulated other comprehensive loss $ (39 ) $ (39 )
Property, Plant and Equipment [Table Text Block]	Estimated March 31, December 31, Useful Lives 2021 2020 (in years) Property and equipment: Land $ 124 $ 123 Buildings and improvements 306 305 7 to 40 Equipment 850 834 3 to 20 1,280 1,262 Accumulated depreciation (550 ) (525 ) Total property and equipment, net $ 730 $ 737
Schedule of Disposal of Assets and Purchase of Property and Equipment [Table Text Block]	Three Months Ended March 31, 2021 2020 Gain on disposal of fixed assets, net: Proceeds from sale of assets $ - $ (1 ) Proceeds from Repack (4 ) (6 ) Net book value of assets disposed 1 1 Other (1 ) - Total $ (4 ) $ (6 ) Purchase of property and equipment: Recurring purchases - operations $ 12 $ 21 Repack 1 6 Total $ 13 $ 27
Accounts Receivable, Allowance for Credit Loss [Table Text Block]	Three Months Ended March 31, 2021 March 31, 2020 Beginning balance $ 10 $ 11 Provision for credit losses - 1 Amounts written off - - Amounts recovered from previous write-offs - - Ending balance $ 10 $ 12

Note 2 - Revenue (Tables)

Note 2 - Revenue (Tables)	3 Months Ended
	Mar. 31, 2021
Notes Tables
Disaggregation of Revenue [Table Text Block]	Three Months Ended March 31, 2021 2020 Market and service type: Broadcast advertising: Local $ 203 $ 199 National 57 51 Political 9 36 Total advertising 269 286 Retransmission consent 247 213 Production companies 14 19 Other 14 16 Total revenue $ 544 $ 534 Sales Channel: Direct $ 357 $ 327 Advertising agency intermediary 187 207 Total revenue $ 544 $ 534

Note 3 - Acquisitions (Tables)

Note 3 - Acquisitions (Tables)	3 Months Ended
	Mar. 31, 2021
Notes Tables
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]	Property and equipment $ 6 Operating lease right of use asset 1 Goodwill 6 Broadcast licenses 5 Other intangible assets 7 Other liabilities (1 ) Total $ 24

Note 4 - Long-term Debt (Tables

Note 4 - Long-term Debt (Tables)	3 Months Ended
	Mar. 31, 2021
Notes Tables
Schedule of Long-term Debt Instruments [Table Text Block]	March 31, December 31, 2021 2020 Long-term debt: 2019 Senior Credit Facility: 2017 Term Loan $ 595 $ 595 2019 Term Loan 1,190 1,190 2026 Notes 700 700 2027 Notes 750 750 2030 Notes 800 800 Total outstanding principal, including current portion 4,035 4,035 Unamortized deferred loan costs - 2019 Senior Credit Facility (33 ) (34 ) Unamortized deferred loan costs - 2026 Notes (6 ) (6 ) Unamortized deferred loan costs - 2027 Notes (10 ) (10 ) Unamortized deferred loan costs - 2030 Notes (13 ) (14 ) Unamortized premium - 2026 Notes 3 3 Long-term debt, less current portion and deferred financing costs $ 3,976 $ 3,974 Borrowing availability under 2019 Revolving Credit Facility $ 299 $ 200
Schedule of Maturities of Long-term Debt [Table Text Block]	Minimum Principal Maturities Year 2019 Senior Credit Facility 2026 Notes 2027 Notes 2030 Notes Total Remainder of 2021 $ - $ - $ - $ - $ - 2022 - - - - - 2023 - - - - - 2024 595 - - - 595 2025 - - - - - 2026 1,190 700 - - 1,890 Thereafter - - 750 800 1,550 Total $ 1,785 $ 700 $ 750 $ 800 $ 4,035

Note 8 - Stock-based Compensa_2

Note 8 - Stock-based Compensation (Tables)	3 Months Ended
	Mar. 31, 2021
Notes Tables
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block]	Three Months Ended March 31, 2021 2020 Stock-based compensation expense, gross $ 4 $ 4 Income tax benefit at our statutory rate associated with stock-based compensation (1 ) (1 ) Stock-based compensation expense, net $ 3 $ 3
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block]	Three Months Ended March 31, 2021 2020 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 917,533 $ 16.84 977,547 $ 15.45 Granted (1) 296,042 18.21 248,543 21.69 Forfeited - - (85,630 ) 15.53 Vested (502,241 ) 16.10 (260,004 ) 14.20 Outstanding - end of period 711,334 $ 17.94 880,456 $ 17.57 Restricted Class A common stock: Outstanding - beginning of period 480,042 $ 16.10 449,284 $ 13.55 Granted (1) 233,425 17.67 166,814 19.87 Vested (248,539 ) 15.00 (136,056 ) 12.32 Outstanding - end of period 464,928 $ 17.47 480,042 $ 16.10 Restricted stock units - common stock: Outstanding - beginning of period 90,184 $ 18.92 398,000 $ 18.21 Granted 95,115 19.05 90,184 18.92 Vested (60,052 ) 18.92 - - Outstanding - end of period 125,247 $ 19.02 488,184 $ 18.34

Note 9 - Leases (Tables)

Note 9 - Leases (Tables)	3 Months Ended
	Mar. 31, 2021
Notes Tables
Lease, Cost [Table Text Block]	Three Months Ended March 31, 2021 2020 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 2021 $ 8 2022 10 2023 8 2024 8 2025 7 Thereafter 42 Total lease payments $ 83 Less: Imputed interest (24 ) Present value of lease liabilities $ 59

Note 11 - Goodwill and Intang_2

Note 11 - Goodwill and Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2021
Notes Tables
Schedule of Changes in Goodwill and Other Intangible Assets [Table Text Block]	Net Balance at Net Balance at December 31, March 31, 2020 Net Additions Impairments Amortization 2021 Goodwill $ 1,460 $ 6 $ - $ - $ 1,466 Broadcast licenses 3,579 5 - - 3,584 Finite-lived intangible assets 395 7 - (26 ) 376 Total intangible assets net of accumulated amortization $ 5,434 $ 18 $ - $ (26 ) $ 5,426 As of As of December 31, March 31, 2020 Net Additions Impairments 2021 Goodwill, gross $ 1,559 $ 6 $ - $ 1,565 Accumulated goodwill impairment (99 ) - - (99 ) Goodwill, net $ 1,460 $ 6 $ - $ 1,466
Schedule of Intangible Assets and Goodwill [Table Text Block]	As of March 31, 2021 As of December 31, 2020 Accumulated Accumulated Gross Amortization Net Gross Amortization Net Intangible assets not currently subject to amortization: Broadcast licenses $ 3,638 $ (54 ) $ 3,584 $ 3,633 $ (54 ) $ 3,579 Goodwill 1,466 - 1,466 1,460 - 1,460 $ 5,104 $ (54 ) $ 5,050 $ 5,093 $ (54 ) $ 5,039 Intangible assets subject to amortization: Network affiliation agreements $ 67 $ (31 ) $ 36 $ 67 $ (28 ) $ 39 Other finite-lived intangible assets 651 (311 ) 340 644 (288 ) 356 $ 718 $ (342 ) $ 376 $ 711 $ (316 ) $ 395 Total intangible assets $ 5,822 $ (396 ) $ 5,426 $ 5,804 $ (370 ) $ 5,434

Note 12 - Income Taxes (Tables)

Note 12 - Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2021
Notes Tables
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]	Three Months Ended March 31, 2021 2020 Income tax expense $ 15 $ 18 Effective income tax rate 28 % 25 %

Note 13 - Segment Information (

Note 13 - Segment Information (Tables)	3 Months Ended
	Mar. 31, 2021
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Production As of and for the three months ended March 31, 2021: Broadcast Companies Other Consolidated Revenue (less agency commissions) $ 530 $ 14 $ - $ 544 Operating expenses before depreciation, amortization and gain on disposal of assets, net: 361 17 18 396 Depreciation and amortization 47 3 1 51 Gain on disposal of assets, net (4 ) - - (4 ) Operating expenses 404 20 19 443 Operating income (loss) $ 126 $ (6 ) $ (19 ) $ 101 Interest expense $ - $ - $ 48 $ 48 Capital expenditures (excluding business combinations) $ 13 $ - $ - $ 13 Goodwill $ 1,425 $ 41 $ - $ 1,466 Total Assets $ 6,613 $ 123 $ 924 $ 7,660 For the three months ended March 31, 2020: 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 As of December 31, 2020: Goodwill $ 1,419 $ 41 $ - $ 1,460 Total Assets $ 6,631 $ 141 $ 871 $ 7,643

Note 1 - Basis of Presentatio_2

Note 1 - Basis of Presentation (Details Textual)	3 Months Ended
	Mar. 31, 2021
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
	Mar. 31, 2021	Mar. 31, 2020
Weighted-average common shares outstanding-basic (in shares)	94	98
Common stock equivalents for stock options and restricted stock (in shares)	1	1
Weighted-average common shares outstanding-diluted (in shares)	95	99

Note 1 - Basis of Presentatio_4

Note 1 - Basis of Presentation - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Increase in pension liability	$ (52)	$ (52)
Income tax benefit	(13)	(13)
Accumulated other comprehensive loss	$ (39)	$ (39)

Note 1 - Basis of Presentatio_5

Note 1 - Basis of Presentation - Property and Equipment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Mar. 31, 2021
Property and equipment, gross	$ 1,262	$ 1,280
Accumulated depreciation	(525)	(550)
Total property and equipment, net	737	730
Land [Member]
Property and equipment, gross	123	124
Building and Building Improvements [Member]
Property and equipment, gross	$ 305	306
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	$ 834	$ 850
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
	Mar. 31, 2021	Mar. 31, 2020
Proceeds from sale of assets	$ 0	$ (1)
Proceeds from Repack	(4)	(6)
Net book value of assets disposed	1	1
Other	(1)	0
Gain on disposal of assets, net	(4)	(6)
Recurring purchases - operations	12	21
Repack	1	6
Total	$ 13	$ 27

Note 1 - Basis of Presentatio_7

Note 1 - Basis of Presentation - Allowance for Credit Losses (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Beginning balance	$ 10	$ 11
Provision for credit losses	0	1
Amounts written off	0	0
Amounts recovered from previous write-offs	0	0
Ending balance	$ 10	$ 12

Note 2 - Revenue (Details Textu

Note 2 - Revenue (Details Textual) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Contract with Customer, Liability, Revenue Recognized	$ 21
Deferred Revenue [Member]
Deposit Liability, Current	$ 8	$ 21

Note 2 - Revenue - Disaggregati

Note 2 - Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenue	$ 544	$ 534
Sales Channel, Directly to Consumer [Member]
Revenue	357	327
Sales Channel, Through Intermediary [Member]
Revenue	187	207
Local Advertising [Member]
Revenue	203	199
National Advertising [Member]
Revenue	57	51
Political Advertising [Member]
Revenue	9	36
Advertising [Member]
Revenue	269	286
Retransmission Consent [Member]
Revenue	247	213
Production Companies [Member]
Revenue	14	19
Service, Other [Member]
Revenue	$ 14	$ 16

Note 3 - Acquisitions (Details

Note 3 - Acquisitions (Details Textual) - USD ($) $ in Millions	Jan. 31, 2021	Mar. 31, 2021	Dec. 31, 2020	Apr. 29, 2021
Quincy Television Stations in Seven Markets [Member] | Subsequent Event [Member]
Disposal Group, Including Discontinued Operation, Consideration				$ 380
The 2020 Acquisitions [Member]
Payments to Acquire Businesses, Gross			$ 24
The 2020 Acquisitions [Member] | Minimum [Member]
Property, Plant and Equipment, Useful Life (Year)		3 years
Finite-Lived Intangible Asset, Useful Life (Year)		1 year
The 2020 Acquisitions [Member] | Maximum [Member]
Property, Plant and Equipment, Useful Life (Year)		40 years
Finite-Lived Intangible Asset, Useful Life (Year)		4 years
Quincy [Member]
Payments to Acquire Businesses, Gross	$ 925
Business Combination, Consideration Transferred, Total	925
Business Acquisition, Termination Option, Fee	$ 25

Note 3 - Acquisitions - Acquisi

Note 3 - Acquisitions - Acquisitions (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Operating lease right of use asset	$ 1
Goodwill	1,466	$ 1,460
Other liabilities	(1)
Alaska Transactions [Member]
Property and equipment	6
Goodwill	6
Broadcast licenses	5
Other intangible assets	7
Total	$ 24

Note 4 - Long-term Debt (Detail

Note 4 - Long-term Debt (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Feb. 19, 2021	Jan. 02, 2019
Interest Paid, Excluding Capitalized Interest, Operating Activities	$ 32,000	$ 39,000
Interest Costs Capitalized	$ 0	$ 0
2026 Notes [Member]
Debt Instrument, Interest Rate, Stated Percentage	5.875%
2027 Notes [Member]
Debt Instrument, Interest Rate, Stated Percentage	7.00%
2030 Notes [Member]
Debt Instrument, Interest Rate, Stated Percentage	4.75%
The Amended 2019 Senior Credit Facility [Member]
Debt Instrument, Commitments	$ 2,100,000
The Amended 2019 Senior Credit Facility [Member] | The 2017 Term Loan [Member]
Debt Instrument, Commitments	595,000
The Amended 2019 Senior Credit Facility [Member] | The 2019 Term Loan [Member]
Debt Instrument, Commitments	1,200,000
The Amended 2019 Senior Credit Facility [Member] | Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity			$ 300,000	$ 200,000
Debt Instrument, Commitments	$ 299,000
The 2019 Senior Credit Facility [Member] | The 2019 Term Loan [Member]
Debt Instrument, Interest Rate, Effective Percentage	2.60%
The 2017 Senior Credit Facility [Member] | The 2017 Term Loan [Member]
Debt Instrument, Interest Rate, Effective Percentage	2.40%

Note 4 - Long-term Debt - Long-

Note 4 - Long-term Debt - Long-term Debt Summary (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Long-term debt, gross	$ 4,035	$ 4,035
Unamortized premium	3	3
Long-term debt, less current portion and deferred financing costs	3,976	3,974
Borrowing availability under 2019 Revolving Credit Facility	299	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
2026 Notes [Member]
Long-term debt, gross	700	700
Unamortized deferred loan costs	(6)	(6)
2027 Notes [Member]
Long-term debt, gross	750	750
Unamortized deferred loan costs	(10)	(10)
2030 Notes [Member]
Long-term debt, gross	800	800
Unamortized deferred loan costs	(13)	(14)
The 2019 Senior Credit Facility [Member]
Long-term debt, gross	1,785
Unamortized deferred loan costs	$ (33)	$ (34)

Note 4 - Long-term Debt - Aggre

Note 4 - Long-term Debt - Aggregate Minimum Principal Maturities on Long-term Debt (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Remainder of 2021	$ 0
2022	0
2023	0
2024	595
2025	0
2026	1,890
Thereafter	1,550
Total Debt	4,035	$ 4,035
The 2019 Senior Credit Facility [Member]
Remainder of 2021	0
2022	0
2023	0
2024	595
2025	0
2026	1,190
Thereafter	0
Total Debt	1,785
2026 Notes [Member]
Remainder of 2021	0
2022	0
2023	0
2024	0
2025	0
2026	700
Thereafter	0
Total Debt	700	700
2027 Notes [Member]
Remainder of 2021	0
2022	0
2023	0
2024	0
2025	0
2026	0
Thereafter	750
Total Debt	750	750
2030 Notes [Member]
Remainder of 2021	0
2022	0
2023	0
2024	0
2025	0
2026	0
Thereafter	800
Total Debt	$ 800	$ 800

Note 5 - Fair Value Measureme_2

Note 5 - Fair Value Measurement (Details Textual) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Long-term Debt, Total	$ 3,976	$ 3,974
Long-term Debt, Fair Value	$ 4,100

Note 6 - Stockholders' Equity (

Note 6 - Stockholders' Equity (Details Textual) $ / shares in Units, $ in Thousands	Feb. 24, 2021$ / shares	Mar. 31, 2021USD ($)$ / sharesshares	Mar. 31, 2020USD ($)$ / shares	Dec. 31, 2020shares
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
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ / shares		$ 0.08	$ 0
Dividends, Common Stock, Total | $		$ 8,000	$ 8,000
Common Stock, Capital Shares Reserved for Future Issuance (in shares)		3,260,467		4,006,948
Treasury Stock, Value, Acquired, Cost Method | $		$ 0	6,000
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $		$ 204,000
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, Dividends, Per Share, Declared (in dollars per share) | $ / shares	$ 0.08
Dividends, Common Stock, Total | $			$ 0
Common Stock, Capital Shares Reserved for Future Issuance (in shares)		1,103,015		1,336,440

Note 7 - Retirement Plans (Deta

Note 7 - Retirement Plans (Details Textual) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Profit Sharing Contribution [Member]
Defined Contribution Plan, Employer Discretionary Contribution Amount	$ 5	$ 7
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year	$ 8
Pension Plan [Member] | Gray Pension Plan [Member]
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year		$ 4

Note 8 - Stock-based Compensa_3

Note 8 - Stock-based Compensation (Details Textual) - $ / shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
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 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] | 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] | Common Class A [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)	96,355	83,407
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)	$ 17.20	$ 19.87
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
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
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
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)	95,115	90,184
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)	$ 19.05	$ 18.92
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)	48,545
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)	$ 18.21
Restricted Stock Units (RSUs) [Member] | Nonemployee Directors [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)	32,118
Restricted Stock Units (RSUs) [Member] | Nonemployee Directors [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)	32,119
Restricted Stock Units (RSUs) [Member] | Certain Employees [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] | Certain Employees [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)	82,499	60,052
Restricted Stock Units (RSUs) [Member] | Certain Employees [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)	95,115
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
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
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)	96,355	83,407
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)	$ 17.20	$ 19.87
Performance Based Restricted Stock [Member] | Certain Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)	247,497
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)	$ 18.21
Employee [Member] | Performance Based Restricted Stock [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)	40,715
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

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
	Mar. 31, 2021	Mar. 31, 2020
Stock-based compensation expense, gross	$ 4	$ 4
Income tax benefit at our statutory rate associated with stock-based compensation	(1)	(1)
Stock-based compensation expense, net	$ 3	$ 3

Note 8 - Stock-based Compensa_5

Note 8 - Stock-based Compensation - Summary of Restricted Common Stock Activity (Details) - $ / shares		3 Months Ended
		Mar. 31, 2021	Mar. 31, 2020
Restricted Stock [Member]
Outstanding, Shares (in shares)		917,533	977,547
Outstanding, Weighted average grant date fair value (in dollars per share)		$ 16.84	$ 15.45
Granted, Shares (in shares)		296,042	248,543
Granted, Weighted average grant date fair value (in dollars per share)		$ 18.21	$ 21.69
Forfeited, Shares (in shares)		0	(85,630)
Forfeited, Weighted average grant date fair value (in dollars per share)		$ 0	$ 15.53
Vested, Shares (in shares)		(502,241)	(260,004)
Vested, Weighted average grant date fair value (in dollars per share)		$ 16.10	$ 14.20
Outstanding, Shares (in shares)		711,334	880,456
Outstanding, Weighted average grant date fair value (in dollars per share)		$ 17.94	$ 17.57
Restricted Stock [Member] | Common Class A [Member]
Outstanding, Shares (in shares)		480,042	449,284
Outstanding, Weighted average grant date fair value (in dollars per share)		$ 16.10	$ 13.55
Granted, Shares (in shares)	[1]	233,425	166,814
Granted, Weighted average grant date fair value (in dollars per share)		$ 17.67	$ 19.87
Vested, Shares (in shares)		(248,539)	(136,056)
Vested, Weighted average grant date fair value (in dollars per share)		$ 15	$ 12.32
Outstanding, Shares (in shares)		464,928	480,042
Outstanding, Weighted average grant date fair value (in dollars per share)		$ 17.47	$ 16.10
Restricted Stock Units (RSUs) [Member]
Outstanding, Shares (in shares)		90,184	398,000
Outstanding, Weighted average grant date fair value (in dollars per share)		$ 18.92	$ 18.21
Granted, Shares (in shares)		95,115	90,184
Granted, Weighted average grant date fair value (in dollars per share)		$ 19.05	$ 18.92
Vested, Shares (in shares)		(60,052)	0
Vested, Weighted average grant date fair value (in dollars per share)		$ 18.92	$ 0
Outstanding, Shares (in shares)		125,247	488,184
Outstanding, Weighted average grant date fair value (in dollars per share)		$ 19.02	$ 18.34
[1]	For awards subject to future performance conditions, amounts assume target performance.

Note 9 - Leases (Details Textua

Note 9 - Leases (Details Textual)	Mar. 31, 2021
Operating Lease, Weighted Average Remaining Lease Term (Year)	11 years
Operating Lease, Weighted Average Discount Rate, Percent	6.73%
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
	Mar. 31, 2021	Mar. 31, 2020
Operating lease expense	$ 3	$ 3
Short-term lease expense	1	1
Total lease expense	$ 4	$ 4

Note 9 - Leases - Maturities of

Note 9 - Leases - Maturities of Operating Lease Liabilities (Details) $ in Millions	Mar. 31, 2021USD ($)
Remainder of 2021	$ 8
2022	10
2023	8
2024	8
2025	7
Thereafter	42
Total lease payments	83
Less: Imputed interest	(24)
Present value of lease liabilities	$ 59

Note 11 - Goodwill and Intang_3

Note 11 - Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Amortization of Intangible Assets, Total	$ 26	$ 26
Finite-Lived Intangible Asset, Expected Amortization, Remainder of Fiscal Year	77
Finite-Lived Intangible Asset, Expected Amortization, Year One	99
Finite-Lived Intangible Asset, Expected Amortization, Year Two	93
Finite-Lived Intangible Asset, Expected Amortization, Year Three	27
Finite-Lived Intangible Asset, Expected Amortization, Year Four	18
Finite-Lived Intangible Asset, Expected Amortization, Year Five	$ 17

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
	Mar. 31, 2021	Mar. 31, 2020
Goodwill	$ 1,460
Goodwill, Net additions	6
Goodwill	1,466
Broadcast licenses	3,579
Broadcast licenses	3,584
Finite-lived intangible assets	395
Finite-lived intangible assets, Net additions	7
Amortization of Intangible Assets	(26)	$ (26)
Finite-lived intangible assets	376
Total intangible assets net of accumulated amortization	5,434
Total intangible assets net of accumulated amortization, Net additions	18
Total intangible assets net of accumulated amortization	5,426
Goodwill, gross	1,559
Goodwill, impairments	0
Goodwill, gross	1,565
Accumulated goodwill impairment	(99)
Accumulated goodwill impairment	(99)
Broadcast Licenses [Member]
Broadcast licenses	3,579
Broadcast licenses, Net additions	5
Broadcast licenses	$ 3,584

Note 11 - Goodwill and Intang_5

Note 11 - Goodwill and Intangible Assets - Intangible Assets and Related Accumulated Amortization (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Goodwill, Gross	$ 1,565	$ 1,559
Goodwill	1,466	1,460
Other intangible assets, net	376	395
Total intangible assets	5,822	5,804
Total intangible assets	(396)	(370)
Total intangible assets	5,426	5,434
Network Affiliate [Member]
Finite-Lived Intangible Assets, Gross	67	67
Finite-Lived Intangible Assets, Accumulated Amortization	(31)	(28)
Other intangible assets, net	36	39
Other Intangible Assets [Member]
Finite-Lived Intangible Assets, Gross	651	644
Finite-Lived Intangible Assets, Accumulated Amortization	(311)	(288)
Other intangible assets, net	340	356
Intangible Assets Subject to Amortization [Member]
Finite-Lived Intangible Assets, Gross	718	711
Finite-Lived Intangible Assets, Accumulated Amortization	(342)	(316)
Other intangible assets, net	376	395
Broadcast Licenses [Member]
Indefinite-lived Intangible Assets (Excluding Goodwill), Gross	3,638	3,633
Indefinite-Lived Intangible Assets (Excluding Goodwill), Accumulated Amortization	(54)	(54)
Indefinite-Lived Intangible Assets (Excluding Goodwill)	3,584	3,579
Goodwill Not Amortizable [Member]
Goodwill, Gross	1,466	1,460
Goodwill, Accumulated Amortization	0	0
Goodwill	1,466	1,460
Intangible Assets Not Subject to Amortization [Member]
Goodwill and Indefinite-Lived Intangible Assets, Gross	5,104	5,093
Goodwill and Indefinite-lived Intangible Assets, Accumulated Amortization	(54)	(54)
Goodwill and Indefinite-Lived Assets, Net	$ 5,050	$ 5,039

Note 12 - Income Taxes (Details

Note 12 - Income Taxes (Details Textual) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%
Effective Income Tax Rate Reconciliation, Percent, Total	28.00%	25.00%
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent	5.00%	5.00%
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Percent, Total	2.00%
Income Taxes Paid, Net, Total	$ 28
Proceeds from Income Tax Refunds			$ 21
Domestic Tax Authority [Member]
Operating Loss Carryforwards, Total	204
State and Local Jurisdiction [Member]
Operating Loss Carryforwards, Total	$ 567
Share-based Payment Arrangement, Option [Member]
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Share-based Payment Arrangement, Percent		1.00%
Restricted Stock [Member]
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Share-based Payment Arrangement, Percent		(2.00%)

Note 12 - Income Taxes - Reconc

Note 12 - Income Taxes - Reconciliation of Income Tax Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income tax expense	$ 15	$ 18
Effective income tax rate	28.00%	25.00%

Note 13 - Segment Information_2

Note 13 - Segment Information (Details Textual)	3 Months Ended
	Mar. 31, 2021
Number of Operating Segments	2

Note 13 - Segment Information -

Note 13 - Segment Information - Segment Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Revenue (less agency commissions)	$ 544	$ 534
Operating expenses before depreciation, amortization and gain on disposal of assets, net:	396	369
Depreciation and amortization	51	47
Gain on disposal of assets, net	(4)	(6)
Operating expenses	443	410
Operating income (loss)	101	124
Interest expense	48	52
Capital expenditures (excluding business combinations)	13	27
Goodwill	1,466		$ 1,460
Total Assets	7,660		7,643
Corporate, Non-Segment [Member]
Revenue (less agency commissions)	0	0
Operating expenses before depreciation, amortization and gain on disposal of assets, net:	18	15
Depreciation and amortization	1	1
Gain on disposal of assets, net	0	0
Operating expenses	19	16
Operating income (loss)	(19)	(16)
Interest expense	48	52
Capital expenditures (excluding business combinations)	0	0
Goodwill	0		0
Total Assets	924		871
Broadcasting, Segment [Member]
Revenue (less agency commissions)	530	515
Operating expenses before depreciation, amortization and gain on disposal of assets, net:	361	335
Depreciation and amortization	47	43
Gain on disposal of assets, net	(4)	(6)
Operating expenses	404	372
Operating income (loss)	126	143
Interest expense	0	0
Capital expenditures (excluding business combinations)	13	27
Goodwill	1,425		1,419
Total Assets	6,613		6,631
Production Companies, Segment [Member]
Revenue (less agency commissions)	14	19
Operating expenses before depreciation, amortization and gain on disposal of assets, net:	17	19
Depreciation and amortization	3	3
Gain on disposal of assets, net	0	0
Operating expenses	20	22
Operating income (loss)	(6)	(3)
Interest expense	0	0
Capital expenditures (excluding business combinations)	0	$ 0
Goodwill	41		41
Total Assets	$ 123		$ 141

Note 14 - Subsequent Event (Det

Note 14 - Subsequent Event (Details Textual) - USD ($) $ / shares in Units, $ in Millions	May 03, 2021	Apr. 07, 2021	Mar. 31, 2021	Mar. 31, 2020
Payments to Acquire Property, Plant, and Equipment, Total			$ 13	$ 27
Subsequent Event [Member] | The 2021 Term Loan [Member]
Debt Instrument, Face Amount	$ 1,450
Subsequent Event [Member] | The 2021 Bridge Facility [Member]
Debt Instrument, Face Amount	$ 1,350
Subsequent Event [Member] | Meredith Corporation [Member]
Business Acquisition, Share Price (in dollars per share)	$ 14.50
Business Combination, Consideration Transferred, Total	$ 2,700
Business Combination, Termination Fee Receivable	36
Business Combination, Termination Fee	$ 125
Subsequent Event [Member] | GEORGIA | Land [Member]
Payments to Acquire Property, Plant, and Equipment, Total		$ 83