Gray Television (GTN) 10-Q 6 May 22 2022 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2022	Apr. 29, 2022
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	2022
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
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		7,573,222
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		88,117,327

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Assets:
Cash	$ 247	$ 189
Accounts receivable, less allowance for credit losses of $15 and $16, respectively	644	624
Current portion of program broadcast rights, net	24	35
Income tax refunds receivable	21	21
Prepaid income taxes	22	40
Prepaid and other current assets	60	54
Total current assets	1,018	963
Property and equipment, net	1,181	1,165
Operating leases right of use asset	72	70
Broadcast licenses	5,309	5,303
Goodwill	2,649	2,649
Other intangible assets, net	773	825
Investment in broadcasting and technology companies	117	117
Other	15	16
Total assets	11,134	11,108
Liabilities and stockholders’ equity:
Accounts payable	23	59
Employee compensation and benefits	82	97
Accrued interest	82	52
Accrued network programming fees	41	34
Other accrued expenses	39	44
Federal and state income taxes	14	10
Current portion of program broadcast obligations	25	37
Deferred revenue	20	14
Dividends payable	13	13
Current portion of operating lease liabilities	9	9
Current portion of long-term debt	15	15
Total current liabilities	363	384
Long-term debt, less current portion and deferred financing costs	6,740	6,740
Program broadcast obligations, less current portion	4	5
Deferred income taxes	1,471	1,471
Accrued pension costs	23	24
Operating lease liabilities, less current portion	64	63
Other	15	14
Total liabilities	8,680	8,701
Commitments and contingencies (Note 9)
Series A Perpetual Preferred Stock, no par value; cumulative; redeemable; designated 1,500,000 shares, issued and outstanding 650,000 shares at each date and $650 aggregate liquidation value at each date	650	650
Stockholders’ equity:
Retained earnings	910	869
Accumulated other comprehensive loss, net of income tax benefit	(27)	(27)
Stockholders' equity before treasury stock	2,061	2,008
Total stockholders’ equity	1,804	1,757
Total liabilities and stockholders’ equity	11,134	11,108
Common Stock (No Par Value) [Member]
Stockholders’ equity:
Common stock	1,137	1,127
Treasury stock at cost	(227)	(223)
Class A Common Stock (No Par Value) [Member]
Stockholders’ equity:
Common stock	41	39
Treasury stock at cost	$ (30)	$ (28)

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ / shares in Thousands, $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Accounts receivable, allowance for credit losses	$ 15	$ 16
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, shares authorized (in shares)	200,000,000
Common Stock (No Par Value) [Member]
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)	105,036,512	104,286,324
Common stock, shares outstanding (in shares)	88,117,327	87,539,056
Treasury stock (in shares)	16,919,185	16,747,268
Class A Common Stock (No Par Value) [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)	9,675,139	9,424,691
Common stock, shares outstanding (in shares)	7,573,222	7,426,512
Treasury stock (in shares)	2,101,917	1,998,179

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenue (less agency commissions)	$ 827	$ 544
Operating expenses before depreciation, amortization and gain on disposal of assets, net:
Depreciation	32	25
Amortization of intangible assets	52	26
Operating expenses	663	443
Operating income	164	101
Other income (expense):
Miscellaneous (expense) income, net	(2)	1
Interest expense	(79)	(48)
Income before income taxes	83	54
Income tax expense	21	15
Net income	62	39
Preferred stock dividends	13	13
Net income attributable to common stockholders	$ 49	$ 26
Basic per common share information:
Net income (in dollars per share)	$ 0.53	$ 0.28
Weighted average common shares outstanding (in shares)	93	94
Diluted per common share information:
Net income (in dollars per share)	$ 0.52	$ 0.27
Weighted average common shares outstanding (in shares)	94	95
Dividends declared per common share (in dollars per share)	$ 0.08	$ 0.08
Broadcasting, Segment [Member]
Revenue (less agency commissions)	$ 804	$ 530
Operating expenses before depreciation, amortization and gain on disposal of assets, net:
Cost of goods and services sold	530	361
Operating expenses	605	404
Operating income	199	126
Other income (expense):
Interest expense	0	0
Production Companies, Segment [Member]
Revenue (less agency commissions)	23	14
Operating expenses before depreciation, amortization and gain on disposal of assets, net:
Cost of goods and services sold	26	17
Operating expenses	29	20
Operating income	(6)	(6)
Other income (expense):
Interest expense	0	0
Other Segments [Member]
Revenue (less agency commissions)	0	0
Operating expenses before depreciation, amortization and gain on disposal of assets, net:
Corporate and administrative	28	18
Depreciation	32	25
Amortization of intangible assets	52	26
Gain on disposal of assets, net	(5)	(4)
Operating expenses	29	19
Operating income	(29)	(19)
Other income (expense):
Interest expense	$ (79)	$ (48)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Millions	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]	Total
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	$ 1,110	$ 862	$ (26)	$ (188)	$ (39)	$ 1,753
Net income															0	0	39	0	0	0	39
Preferred stock dividends															0	0	(13)	0	0	0	(13)
Common stock dividends															$ 0	$ 0	(8)	$ 0	$ 0	0	(8)
401(k) Plan (in shares)															0	390,389		0	0
401(k) Plan															$ 0	$ 6	0	$ 0	$ 0	0	6
Restricted stock awards (in shares)	233,425	296,042		(110,412)	(239,597)			0	60,050		0	(18,275)
Restricted stock awards	$ 0	$ 0	$ 0	$ (2)	$ (4)	$ 0	$ (6)	$ 0	$ 0	$ 0	$ 0	$ (1)	$ 0	$ (1)
Stock-based compensation															$ 1	$ 3	0	$ 0	$ 0	0	4
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	$ 1,119	880	$ (28)	$ (193)	(39)	1,774
Balance (in shares) at Dec. 31, 2021															9,424,691	104,286,324		(1,998,179)	(16,747,268)
Balance at Dec. 31, 2021															$ 39	$ 1,127	869	$ (28)	$ (223)	(27)	1,757
Net income															0	0	62	0	0	0	62
Preferred stock dividends															0	0	(13)	0	0	0	(13)
Common stock dividends															$ 0	$ 0	(8)	$ 0	$ 0	0	(8)
401(k) Plan (in shares)															0	307,885		0	0
401(k) Plan															$ 0	$ 7	0	$ 0	$ 0	0	7
Restricted stock awards (in shares)	250,448	333,382		(103,738)	(138,959)										0	108,921		0	(32,958)
Restricted stock awards	$ 0	$ 0	$ 0	$ (2)	$ (3)	$ 0	$ (5)								$ 0	$ 0	0	$ 0	$ (1)	0	(1)
Stock-based compensation															$ 2	$ 3	0	$ 0	$ 0	0	5
Balance (in shares) at Mar. 31, 2022															9,675,139	105,036,512		(2,101,917)	(16,919,185)
Balance at Mar. 31, 2022															$ 41	$ 1,137	$ 910	$ (30)	$ (227)	$ (27)	$ 1,804

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating activities
Net income	$ 62	$ 39
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	32	25
Amortization of intangible assets	52	26
Amortization of deferred loan costs	4	3
Amortization of restricted stock awards	5	4
Amortization of program broadcast rights	13	9
Payments on program broadcast obligations	(13)	(9)
Common stock contributed to 401(k) plan	0	1
Deferred income taxes	0	9
Gain on disposal of assets, net	(5)	(4)
Other	2	(5)
Changes in operating assets and liabilities:
Accounts receivable	(20)	12
Income tax receivable or prepaid	18	0
Other current assets	(6)	31
Accounts payable	(36)	10
Employee compensation, benefits and pension cost	(14)	10
Accrued network fees and other expenses	7	(19)
Accrued interest	30	12
Income taxes payable	4	5
Deferred revenue	6	(12)
Net cash provided by operating activities	141	147
Investing activities
Acquisitions of television businesses and licenses, net of cash acquired	(7)	(40)
Purchases of property and equipment	(47)	(13)
Proceeds from Repack reimbursement (Note 1)	5	4
Investments in broadcast, production and technology companies	(4)	(24)
Net cash used in investing activities	(53)	(73)
Financing activities
Repayments of borrowings on long-term debt	(4)	0
Payment of common stock dividends	(8)	(8)
Payment of preferred stock dividends	(13)	(13)
Deferred and other loan costs	0	(1)
Payment for taxes related to net share settlement of equity awards	(5)	(6)
Net cash used in financing activities	(30)	(28)
Net increase in cash	58	46
Cash at beginning of period	189	773
Cash at end of period	$ 247	$ 819

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation	3 Months Ended
	Mar. 31, 2022
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, 2021, December 31, 2021, March 31, 2022 three March 31, 2022 2021, 10 10 X. not two not 10 December 31, 2021 ( “2021 10 three March 31, 2022, not may December 31, 2022. Overview. 113 36 first second Investments in Broadcasting, Production and Technology Companies. may Investments in non-public businesses that do not not not Use of Estimates. Earnings Per Share. not not The following table reconciles basic weighted-average common shares outstanding to diluted weighted-average common shares outstanding for the three March 31, 2022 2021, Three Months Ended March 31, 2022 2021 Weighted-average common shares outstanding-basic 93 94 Common stock equivalents for stock options and restricted stock 1 1 Weighted-average common shares outstanding-diluted 94 95 Accumulated Other Comprehensive Loss. March 31, 2022 December 31, 2021, three March 31, 2022 2021 March 31, 2022 December 31, 2021 March 31, December 31, 2022 2021 Accumulated balances of items included in accumulated other comprehensive loss: Increase in pension liability $ (36 ) $ (36 ) Income tax benefit (9 ) (9 ) Accumulated other comprehensive loss $ (27 ) $ (27 ) Property and Equipment. Estimated March 31, December 31, Useful Lives 2022 2021 (in years) Property and equipment: Land $ 277 $ 277 Buildings and improvements 454 453 7 to 40 Equipment 970 961 3 to 20 Construction in progress 100 63 1,801 1,754 Accumulated depreciation (620 ) (589 ) Total property and equipment, net $ 1,181 $ 1,165 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, 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, 2022 2021 Gain/(loss) on disposal of fixed assets, net: Proceeds from Repack $ (5 ) $ (4 ) Net book value of assets disposed - 1 Other - (1 ) Total $ (5 ) $ (4 ) Purchase of property and equipment: Recurring purchases - operations $ 17 $ 12 Assembly Atlanta development 30 1 Total $ 47 $ 13 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 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, 2022 2021 Beginning balance $ 16 $ 10 Provision for credit losses (1 ) - Ending balance $ 15 $ 10 Recent Accounting Pronouncements. March 2020, 2020 04, Reference Rate Reform (Topic 848 January 2021, 2020 04, 2021 01, Reference Rate Reform (Topic 848 848. may March 12, 2020, In addition to the accounting standard described above, once implemented, certain amounts in our disclosures of revenues have been reclassified to conform to the current presentation. Beginning in 2022,

Note 2 - Revenue

Note 2 - Revenue	3 Months Ended
	Mar. 31, 2022
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 $13 million of revenue in the three March 31, 2022 December 31, 2021. March 31, 2022 December 31, 2021, Disaggregation of Revenue. Three Months Ended March 31, 2022 2021 Market and service type: Broadcast advertising: Core advertising $ 365 $ 260 Political 26 9 Total advertising 391 269 Retransmission consent 393 247 Production companies 23 14 Other 20 14 Total revenue $ 827 $ 544 Sales Channel: Direct $ 551 $ 357 Advertising agency intermediary 276 187 Total revenue $ 827 $ 544

Note 3 - Long-term Debt

Note 3 - Long-term Debt	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Debt Disclosure [Text Block]	3. Long-term Debt As of March 31, 2022 December 31, 2021, 2019 2026 “2026 2027 “2027 2030 “2030 2031 “2031 March 31, December 31, 2022 2021 Long-term debt: 2019 Senior Credit Facility: 2017 Term Loan $ 595 $ 595 2019 Term Loan 1,190 1,190 2021 Term Loan 1,496 1,500 2026 Notes 700 700 2027 Notes 750 750 2030 Notes 800 800 2031 Notes 1,300 1,300 Total outstanding principal, including current portion 6,831 6,835 Unamortized deferred loan costs - 2017 Term Loan (7 ) (7 ) Unamortized deferred loan costs - 2019 Term Loan (25 ) (27 ) Unamortized deferred loan costs - 2021 Term Loan (5 ) (5 ) Unamortized deferred loan costs - 2026 Notes (5 ) (5 ) Unamortized deferred loan costs - 2027 Notes (8 ) (8 ) Unamortized deferred loan costs - 2030 Notes (12 ) (13 ) Unamortized deferred loan costs - 2031 Notes (17 ) (18 ) Unamortized premium - 2026 Notes 3 3 Less current portion (15 ) (15 ) Long-term debt, less deferred financing costs $ 6,740 $ 6,740 Borrowing availability under Revolving Credit Facility $ 496 $ 497 As of March 31, 2022, 2017 2019 2021 2019 2019 2017 2019 2021 February 7, 2024, January 2, 2026 December 1, 2028, As of March 31, 2022, 2022 five Minimum Principal Maturities Year 2019 Senior 2026 2027 2030 2031 Total Remainder of 2022 $ 11 $ - $ - $ - $ - $ 11 2023 15 - - - - 15 2024 610 - - - - 610 2025 15 - - - - 15 2026 1,205 700 - - - 1,905 2027 15 - 750 - - 765 Thereafter 1,410 - - 800 1,300 3,510 Total $ 3,281 $ 700 $ 750 $ 800 $ 1,300 $ 6,831 As of March 31, 2022, no 2019 2026 2027 2030 2031 March 31, 2022 December 31, 2021, For all of our interest bearing obligations, we made interest payments of approximately $44 million and $32 million during the three March 31, 2022 2021, not three March 31, 2022 2021.

Note 4 - Fair Value Measurement

Note 4 - Fair Value Measurement	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Fair Value Disclosures [Text Block]	4. 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, 2022 December 31, 2021. At each of March 31, 2022 December 31, 2021 March 31, 2022 December 31, 2021 third 2

Note 5 - Stockholders' Equity

Note 5 - Stockholders' Equity	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	5. Stockholders Equity We are authorized to issue 245 million shares in total of all classes of stock consisting of 25 million shares of Class A common stock, 200 million shares of common stock, and 20 million shares of “blank check” preferred stock for which our Board of Directors has the authority to determine the rights, powers, limitations and restrictions. The rights of our common stock and Class A common stock are identical, except that our Class A common stock has 10 votes per share and our common stock has one Our common stock and Class A common stock are entitled to receive cash dividends if declared, on an equal per-share basis. The Board of Directors declared a quarterly cash dividend of $0.08 per share on our common stock and Class A common stock to shareholders of record on each of March 15, 2022 2021, March 31, 2022 2021. three March 31, 2022 2021. Under our various employee benefit plans, we may, March 31, 2022, December 31, 2021, During the three March 31, 2022, not March 31, 2022,

Note 6 - Retirement Plans

Note 6 - Retirement Plans	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Retirement Benefits [Text Block]	6. Retirement Plans The components of our net periodic pension benefit are included in miscellaneous income in our statement of operations. During the three March 31, 2022, not not 2022, During the three March 31, 2022, 2021 401 2021 December 31, 2021. 2022, $11

Note 7 - Stock-based Compensati

Note 7 - Stock-based Compensation	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Share-Based Payment Arrangement [Text Block]	7. Stock-based Compensation We recognize compensation expense for stock-based payment awards made to our employees, consultants and directors. Our current stock-based compensation plan, is the 2017 “2017 three March 31, 2022 2021, Three Months Ended March 31, 2022 2021 Stock-based compensation expense, gross $ 5 $ 4 Income tax benefit at our statutory rate associated with stock-based compensation (1 ) (1 ) Stock-based compensation expense, net $ 4 $ 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 A summary of restricted common stock and Class A common stock activities for the three March 31, 2022 2021, Three Months Ended March 31, 2022 2021 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 1,035,728 $ 19.69 917,533 $ 16.84 Granted (1) 333,382 22.16 296,042 18.21 Vested (294,558 ) 18.56 (502,241 ) 16.10 Outstanding - end of period 1,074,552 $ 20.76 711,334 $ 17.94 Restricted Class A common stock: Outstanding - beginning of period 720,421 $ 18.22 480,042 $ 16.10 Granted (1) 250,448 20.52 233,425 17.67 Vested (229,758 ) 16.99 (248,539 ) 15.00 Outstanding - end of period 741,111 $ 19.38 464,928 $ 17.47 Restricted stock units - common stock: Outstanding - beginning of period 125,247 $ 19.02 90,184 $ 18.92 Granted 259,079 23.87 95,115 19.05 Vested (108,921 ) 19.03 (60,052 ) 18.92 Forfeited (1,260 ) 19.05 - - Outstanding - end of period 274,145 $ 23.60 125,247 $ 19.02 ( 1 For awards subject to future performance conditions, amounts assume target performance.

Note 8 - Leases

Note 8 - Leases	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Leases, Lessee Disclosure [Text Block]	8. Leases We determine if an arrangement is a lease at its inception. Operating lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. We generally use our incremental borrowing rate based on the information available at the lease commencement date in determining the present value of future payments, because the implicit rate of the lease is generally not may We have operating leases that primarily relate to certain of our facilities, data centers and vehicles. As of March 31, 2022, 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, 2022. As of March 31, 2022, three March 31, 2022 2021 Three Months Ended March 31, 2022 2021 Lease expense Operating lease expense $ 4 $ 3 Short-term lease expense 1 1 Total lease expense $ 5 $ 4 The maturities of operating lease liabilities as of March 31, 2022, 2022 five Year ending Operating Leases Remainder of 2022 $ 11 2023 12 2024 12 2025 11 2026 9 Thereafter 47 Total lease payments $ 102 Less: Imputed interest (29 ) Present value of lease liabilities $ 73

Note 9 - Commitments and Contin

Note 9 - Commitments and Contingencies	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	9. Commitments and Contingencies We are and expect to continue to be subject to legal actions, proceedings and claims that arise in the normal course of our business. In the opinion of management, the amount of ultimate liability, if any, with respect to these actions, proceedings and claims will not

Note 10 - Goodwill and Intangib

Note 10 - Goodwill and Intangible Assets	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Goodwill and Intangible Assets Disclosure [Text Block]	10. Goodwill and Intangible Assets As of March 31, 2022 December 31, 2021, As of March 31, 2022 As of December 31, 2021 Accumulated Accumulated Gross Amortization Net Gross Amortization Net Intangible assets not currently subject to amortization: Broadcast licenses $ 5,362 $ (53 ) $ 5,309 $ 5,356 $ (53 ) $ 5,303 Goodwill 2,649 - 2,649 2,649 - 2,649 $ 8,011 $ (53 ) $ 7,958 $ 8,005 $ (53 ) $ 7,952 Intangible assets subject to amortization: Network affiliation agreements $ 204 $ (55 ) $ 149 $ 204 $ (44 ) $ 160 Other finite-lived intangible assets 1,051 (427 ) 624 1,051 (386 ) 665 $ 1,255 $ (482 ) $ 773 $ 1,255 $ (430 ) $ 825 Total intangible assets $ 9,266 $ (535 ) $ 8,731 $ 9,260 $ (483 ) $ 8,777 Amortization expense for the three March 31, 2022 2021 2022 five 2023, 2024, 2025, 2026, 2027, may

Note 11 - Income Taxes

Note 11 - Income Taxes	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Income Tax Disclosure [Text Block]	11. Income Taxes For the three March 31, 2022 2021, Three Months Ended March 31, 2022 2021 Income tax expense $ 21 $ 15 Effective income tax rate 25 % 28 % 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, 2022, three March 31, 2021, 5%; During the first 2022, no 2022, March 31, 2022, On March 27, 2020, 19 2019 2020, 100% 2021. 2018, 2019, 2020 five 2020,

Note 12 - Segment Information

Note 12 - Segment Information	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	12. Segment information The Company operates in two business segments: broadcasting and production companies. The broadcasting segment operates television stations in local markets in the U.S. The production companies segment includes the production of television content. Costs identified as other are primarily corporate and administrative expenses. The following tables present certain financial information concerning the Company’s operating segments (in millions): Production As of and for the three months ended March 31, 2022: Broadcast Companies Other Consolidated Revenue (less agency commissions) $ 804 $ 23 $ - $ 827 Operating expenses before depreciation, amortization and gain on disposal of assets, net 530 26 28 584 Depreciation and amortization 80 3 1 84 Gain on disposal of assets, net (5 ) - - (5 ) Operating expenses 605 29 29 663 Operating income (loss) $ 199 $ (6 ) $ (29 ) $ 164 Interest expense $ - $ - $ 79 $ 79 Capital expenditures (excluding business combinations) $ 17 $ 30 $ - $ 47 Goodwill $ 2,604 $ 45 $ - $ 2,649 Total Assets $ 10,548 $ 281 $ 305 $ 11,134 For the three months ended March 31, 2021: 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 As of December 31, 2021: Goodwill $ 2,604 $ 45 $ - $ 2,649 Total Assets $ 10,592 $ 269 $ 247 $ 11,108

Note 13 - Subsequent Events

Note 13 - Subsequent Events	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Subsequent Events [Text Block]	13. Subsequent Events On April 1, 2022, 10 March 31, 2022,

Significant Accounting Policies

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
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.
Earnings Per Share, Policy [Policy Text Block]	Earnings Per Share. not not The following table reconciles basic weighted-average common shares outstanding to diluted weighted-average common shares outstanding for the three March 31, 2022 2021, Three Months Ended March 31, 2022 2021 Weighted-average common shares outstanding-basic 93 94 Common stock equivalents for stock options and restricted stock 1 1 Weighted-average common shares outstanding-diluted 94 95
Comprehensive Income, Policy [Policy Text Block]	Accumulated Other Comprehensive Loss. March 31, 2022 December 31, 2021, three March 31, 2022 2021 March 31, 2022 December 31, 2021 March 31, December 31, 2022 2021 Accumulated balances of items included in accumulated other comprehensive loss: Increase in pension liability $ (36 ) $ (36 ) Income tax benefit (9 ) (9 ) Accumulated other comprehensive loss $ (27 ) $ (27 )
Property, Plant and Equipment, Policy [Policy Text Block]	Property and Equipment. Estimated March 31, December 31, Useful Lives 2022 2021 (in years) Property and equipment: Land $ 277 $ 277 Buildings and improvements 454 453 7 to 40 Equipment 970 961 3 to 20 Construction in progress 100 63 1,801 1,754 Accumulated depreciation (620 ) (589 ) Total property and equipment, net $ 1,181 $ 1,165 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, 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, 2022 2021 Gain/(loss) on disposal of fixed assets, net: Proceeds from Repack $ (5 ) $ (4 ) Net book value of assets disposed - 1 Other - (1 ) Total $ (5 ) $ (4 ) Purchase of property and equipment: Recurring purchases - operations $ 17 $ 12 Assembly Atlanta development 30 1 Total $ 47 $ 13
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 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, 2022 2021 Beginning balance $ 16 $ 10 Provision for credit losses (1 ) - Ending balance $ 15 $ 10
New Accounting Pronouncements, Policy [Policy Text Block]	Recent Accounting Pronouncements. March 2020, 2020 04, Reference Rate Reform (Topic 848 January 2021, 2020 04, 2021 01, Reference Rate Reform (Topic 848 848. may March 12, 2020, In addition to the accounting standard described above, once implemented, certain amounts in our disclosures of revenues have been reclassified to conform to the current presentation. Beginning in 2022,

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation (Tables)	3 Months Ended
	Mar. 31, 2022
Notes Tables
Schedule of Weighted Average Number of Shares [Table Text Block]	Three Months Ended March 31, 2022 2021 Weighted-average common shares outstanding-basic 93 94 Common stock equivalents for stock options and restricted stock 1 1 Weighted-average common shares outstanding-diluted 94 95
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	March 31, December 31, 2022 2021 Accumulated balances of items included in accumulated other comprehensive loss: Increase in pension liability $ (36 ) $ (36 ) Income tax benefit (9 ) (9 ) Accumulated other comprehensive loss $ (27 ) $ (27 )
Property, Plant and Equipment [Table Text Block]	Estimated March 31, December 31, Useful Lives 2022 2021 (in years) Property and equipment: Land $ 277 $ 277 Buildings and improvements 454 453 7 to 40 Equipment 970 961 3 to 20 Construction in progress 100 63 1,801 1,754 Accumulated depreciation (620 ) (589 ) Total property and equipment, net $ 1,181 $ 1,165
Schedule of Disposal of Assets and Purchase of Property and Equipment [Table Text Block]	Three Months Ended March 31, 2022 2021 Gain/(loss) on disposal of fixed assets, net: Proceeds from Repack $ (5 ) $ (4 ) Net book value of assets disposed - 1 Other - (1 ) Total $ (5 ) $ (4 ) Purchase of property and equipment: Recurring purchases - operations $ 17 $ 12 Assembly Atlanta development 30 1 Total $ 47 $ 13
Accounts Receivable, Allowance for Credit Loss [Table Text Block]	Three Months Ended March 31, 2022 2021 Beginning balance $ 16 $ 10 Provision for credit losses (1 ) - Ending balance $ 15 $ 10

Note 2 - Revenue (Tables)

Note 2 - Revenue (Tables)	3 Months Ended
	Mar. 31, 2022
Notes Tables
Disaggregation of Revenue [Table Text Block]	Three Months Ended March 31, 2022 2021 Market and service type: Broadcast advertising: Core advertising $ 365 $ 260 Political 26 9 Total advertising 391 269 Retransmission consent 393 247 Production companies 23 14 Other 20 14 Total revenue $ 827 $ 544 Sales Channel: Direct $ 551 $ 357 Advertising agency intermediary 276 187 Total revenue $ 827 $ 544

Note 3 - Long-term Debt (Tables

Note 3 - Long-term Debt (Tables)	3 Months Ended
	Mar. 31, 2022
Notes Tables
Schedule of Long-Term Debt Instruments [Table Text Block]	March 31, December 31, 2022 2021 Long-term debt: 2019 Senior Credit Facility: 2017 Term Loan $ 595 $ 595 2019 Term Loan 1,190 1,190 2021 Term Loan 1,496 1,500 2026 Notes 700 700 2027 Notes 750 750 2030 Notes 800 800 2031 Notes 1,300 1,300 Total outstanding principal, including current portion 6,831 6,835 Unamortized deferred loan costs - 2017 Term Loan (7 ) (7 ) Unamortized deferred loan costs - 2019 Term Loan (25 ) (27 ) Unamortized deferred loan costs - 2021 Term Loan (5 ) (5 ) Unamortized deferred loan costs - 2026 Notes (5 ) (5 ) Unamortized deferred loan costs - 2027 Notes (8 ) (8 ) Unamortized deferred loan costs - 2030 Notes (12 ) (13 ) Unamortized deferred loan costs - 2031 Notes (17 ) (18 ) Unamortized premium - 2026 Notes 3 3 Less current portion (15 ) (15 ) Long-term debt, less deferred financing costs $ 6,740 $ 6,740 Borrowing availability under Revolving Credit Facility $ 496 $ 497
Schedule of Maturities of Long-Term Debt [Table Text Block]	Minimum Principal Maturities Year 2019 Senior 2026 2027 2030 2031 Total Remainder of 2022 $ 11 $ - $ - $ - $ - $ 11 2023 15 - - - - 15 2024 610 - - - - 610 2025 15 - - - - 15 2026 1,205 700 - - - 1,905 2027 15 - 750 - - 765 Thereafter 1,410 - - 800 1,300 3,510 Total $ 3,281 $ 700 $ 750 $ 800 $ 1,300 $ 6,831

Note 7 - Stock-based Compensa_2

Note 7 - Stock-based Compensation (Tables)	3 Months Ended
	Mar. 31, 2022
Notes Tables
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block]	Three Months Ended March 31, 2022 2021 Stock-based compensation expense, gross $ 5 $ 4 Income tax benefit at our statutory rate associated with stock-based compensation (1 ) (1 ) Stock-based compensation expense, net $ 4 $ 3
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block]	Three Months Ended March 31, 2022 2021 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 1,035,728 $ 19.69 917,533 $ 16.84 Granted (1) 333,382 22.16 296,042 18.21 Vested (294,558 ) 18.56 (502,241 ) 16.10 Outstanding - end of period 1,074,552 $ 20.76 711,334 $ 17.94 Restricted Class A common stock: Outstanding - beginning of period 720,421 $ 18.22 480,042 $ 16.10 Granted (1) 250,448 20.52 233,425 17.67 Vested (229,758 ) 16.99 (248,539 ) 15.00 Outstanding - end of period 741,111 $ 19.38 464,928 $ 17.47 Restricted stock units - common stock: Outstanding - beginning of period 125,247 $ 19.02 90,184 $ 18.92 Granted 259,079 23.87 95,115 19.05 Vested (108,921 ) 19.03 (60,052 ) 18.92 Forfeited (1,260 ) 19.05 - - Outstanding - end of period 274,145 $ 23.60 125,247 $ 19.02

Note 8 - Leases (Tables)

Note 8 - Leases (Tables)	3 Months Ended
	Mar. 31, 2022
Notes Tables
Lease, Cost [Table Text Block]	Three Months Ended March 31, 2022 2021 Lease expense Operating lease expense $ 4 $ 3 Short-term lease expense 1 1 Total lease expense $ 5 $ 4
Lessee, Operating Lease, Liability, Maturity [Table Text Block]	Year ending Operating Leases Remainder of 2022 $ 11 2023 12 2024 12 2025 11 2026 9 Thereafter 47 Total lease payments $ 102 Less: Imputed interest (29 ) Present value of lease liabilities $ 73

Note 10 - Goodwill and Intang_2

Note 10 - Goodwill and Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2022
Notes Tables
Schedule of Intangible Assets and Goodwill [Table Text Block]	As of March 31, 2022 As of December 31, 2021 Accumulated Accumulated Gross Amortization Net Gross Amortization Net Intangible assets not currently subject to amortization: Broadcast licenses $ 5,362 $ (53 ) $ 5,309 $ 5,356 $ (53 ) $ 5,303 Goodwill 2,649 - 2,649 2,649 - 2,649 $ 8,011 $ (53 ) $ 7,958 $ 8,005 $ (53 ) $ 7,952 Intangible assets subject to amortization: Network affiliation agreements $ 204 $ (55 ) $ 149 $ 204 $ (44 ) $ 160 Other finite-lived intangible assets 1,051 (427 ) 624 1,051 (386 ) 665 $ 1,255 $ (482 ) $ 773 $ 1,255 $ (430 ) $ 825 Total intangible assets $ 9,266 $ (535 ) $ 8,731 $ 9,260 $ (483 ) $ 8,777

Note 11 - Income Taxes (Tables)

Note 11 - Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2022
Notes Tables
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]	Three Months Ended March 31, 2022 2021 Income tax expense $ 21 $ 15 Effective income tax rate 25 % 28 %

Note 12 - Segment Information (

Note 12 - Segment Information (Tables)	3 Months Ended
	Mar. 31, 2022
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Production As of and for the three months ended March 31, 2022: Broadcast Companies Other Consolidated Revenue (less agency commissions) $ 804 $ 23 $ - $ 827 Operating expenses before depreciation, amortization and gain on disposal of assets, net 530 26 28 584 Depreciation and amortization 80 3 1 84 Gain on disposal of assets, net (5 ) - - (5 ) Operating expenses 605 29 29 663 Operating income (loss) $ 199 $ (6 ) $ (29 ) $ 164 Interest expense $ - $ - $ 79 $ 79 Capital expenditures (excluding business combinations) $ 17 $ 30 $ - $ 47 Goodwill $ 2,604 $ 45 $ - $ 2,649 Total Assets $ 10,548 $ 281 $ 305 $ 11,134 For the three months ended March 31, 2021: 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 As of December 31, 2021: Goodwill $ 2,604 $ 45 $ - $ 2,649 Total Assets $ 10,592 $ 269 $ 247 $ 11,108

Note 1 - Basis of Presentatio_2

Note 1 - Basis of Presentation (Details Textual)	3 Months Ended
	Mar. 31, 2022
Number of Operating Segments	2
Number of Television Markets with Top-Rated Stations	80
Number of Television Markets with First and/or Second Rated Stations	100

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, 2022	Mar. 31, 2021
Weighted-average common shares outstanding-basic (in shares)	93	94
Common stock equivalents for stock options and restricted stock (in shares)	1	1
Weighted-average common shares outstanding-diluted (in shares)	94	95

Note 1 - Basis of Presentatio_4

Note 1 - Basis of Presentation - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Accumulated balances of items included in accumulated other comprehensive loss:
Increase in pension liability	$ (36)	$ (36)
Income tax benefit	(9)	(9)
Accumulated other comprehensive loss	$ (27)	$ (27)

Note 1 - Basis of Presentatio_5

Note 1 - Basis of Presentation - Property and Equipment (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Property and equipment, gross	$ 1,801	$ 1,754
Accumulated depreciation	(620)	(589)
Total property and equipment, net	1,181	1,165
Land [Member]
Property and equipment, gross	277	277
Building and Building Improvements [Member]
Property and equipment, gross	$ 454	453
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	$ 970	961
Equipment [Member] | Minimum [Member]
Estimated Useful Lives (Year)	3 years
Equipment [Member] | Maximum [Member]
Estimated Useful Lives (Year)	20 years
Construction in Progress [Member]
Property and equipment, gross	$ 100	$ 63

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, 2022	Mar. 31, 2021
Proceeds from Repack	$ (5)	$ (4)
Net book value of assets disposed	0	1
Other	0	(1)
Gain on disposal of assets, net	(5)	(4)
Recurring purchases - operations	17	12
Assembly Atlanta development	30	1
Total	$ 47	$ 13

Note 1 - Basis of Presentatio_7

Note 1 - Basis of Presentation - Allowance for Credit Losses (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Beginning balance	$ 16	$ 10
Provision for credit losses	(1)	0
Ending balance	$ 15	$ 10

Note 2 - Revenue (Details Textu

Note 2 - Revenue (Details Textual) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Contract with Customer, Liability, Revenue Recognized	$ 13
Deferred Revenue [Member]
Deposit Liability, Current	$ 16	$ 13

Note 2 - Revenue - Disaggregati

Note 2 - Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenue (less agency commissions)	$ 827	$ 544
Revenue	827	544
Sales Channel, Directly to Consumer [Member]
Revenue (less agency commissions)	551	357
Revenue	551	357
Sales Channel, Through Intermediary [Member]
Revenue (less agency commissions)	276	187
Revenue	276	187
Core Advertising [Member]
Revenue (less agency commissions)	365	260
Revenue	365	260
Political Advertising [Member]
Revenue (less agency commissions)	26	9
Revenue	26	9
Advertising [Member]
Revenue (less agency commissions)	391	269
Revenue	391	269
Retransmission Consent [Member]
Revenue (less agency commissions)	393	247
Revenue	393	247
Production Companies [Member]
Revenue (less agency commissions)	23	14
Revenue	23	14
Service, Other [Member]
Revenue (less agency commissions)	20	14
Revenue	$ 20	$ 14

Note 3 - Long-term Debt (Detail

Note 3 - Long-term Debt (Details Textual) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Interest Paid, Excluding Capitalized Interest, Operating Activities	$ 44	$ 32
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%
2030 Notes [Member]
Debt Instrument, Interest Rate, Stated Percentage	4.75%		4.75%
Notes 2031 [Member]
Debt Instrument, Interest Rate, Stated Percentage	5.375%		5.375%
The 2017 Senior Credit Facility [Member] | The 2017 Term Loan [Member]
Debt Instrument, Interest Rate, Effective Percentage	2.70%
The 2019 Senior Credit Facility [Member] | The 2019 Term Loan [Member]
Debt Instrument, Interest Rate, Effective Percentage	2.70%
The 2021 Senior Credit Facility [Member] | The 2021 Term Loan [Member]
Debt Instrument, Interest Rate, Effective Percentage	3.20%

Note 3 - Long-term Debt - Long-

Note 3 - Long-term Debt - Long-term Debt Summary (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Long-term debt, gross	$ 6,831	$ 6,835
Less current portion	(15)	(15)
Long-term debt, less deferred financing costs	6,740	6,740
Borrowing availability under Revolving Credit Facility	496	497
The 2017 Term Loan [Member]
Long-term debt, gross	595	595
Unamortized deferred loan costs	(7)	(7)
The 2019 Term Loan [Member]
Long-term debt, gross	1,190	1,190
Unamortized deferred loan costs	(25)	(27)
The 2021 Term Loan [Member]
Long-term debt, gross	1,496	1,500
Unamortized deferred loan costs	(5)	(5)
2026 Notes [Member]
Long-term debt, gross	700	700
Unamortized deferred loan costs	(5)	(5)
Unamortized premium	3	3
2027 Notes [Member]
Long-term debt, gross	750	750
Unamortized deferred loan costs	(8)	(8)
2030 Notes [Member]
Long-term debt, gross	800	800
Unamortized deferred loan costs	(12)	(13)
Notes 2031 [Member]
Long-term debt, gross	1,300	1,300
Unamortized deferred loan costs	$ (17)	$ (18)

Note 3 - Long-term Debt - Aggre

Note 3 - Long-term Debt - Aggregate Minimum Principal Maturities on Long-term Debt (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Remainder of 2022	$ 11
2023	15
2024	610
2025	15
2026	1,905
2027	765
Thereafter	3,510
Total Debt	6,831	$ 6,835
The 2019 Senior Credit Facility [Member]
Remainder of 2022	11
2023	15
2024	610
2025	15
2026	1,205
2027	15
Thereafter	1,410
Total Debt	3,281
2026 Notes [Member]
Remainder of 2022	0
2023	0
2024	0
2025	0
2026	700
2027	0
Thereafter	0
Total Debt	700	700
2027 Notes [Member]
Remainder of 2022	0
2023	0
2024	0
2025	0
2026	0
2027	750
Thereafter	0
Total Debt	750	750
2030 Notes [Member]
Remainder of 2022	0
2023	0
2024	0
2025	0
2026	0
2027	0
Thereafter	800
Total Debt	800	800
Notes 2031 [Member]
Remainder of 2022	0
2023	0
2024	0
2025	0
2026	0
2027	0
Thereafter	1,300
Total Debt	$ 1,300	$ 1,300

Note 4 - Fair Value Measureme_2

Note 4 - Fair Value Measurement (Details Textual) - USD ($) $ in Billions	Mar. 31, 2022	Dec. 31, 2021
Long-Term Debt, Total	$ 6.8	$ 6.8
Long-Term Debt, Fair Value	$ 6.7	$ 6.9

Note 5 - Stockholders' Equity (

Note 5 - Stockholders' Equity (Details Textual) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)$ / sharesshares	Mar. 31, 2021USD ($)$ / shares	Dec. 31, 2021shares
Capital Units, Authorized (in shares)	245,000,000
Common Stock, Shares Authorized (in shares)	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	$ 0.08
Dividends, Common Stock, Total | $	$ 8,000	$ 8,000
Common Stock, Capital Shares Reserved for Future Issuance (in shares)	2,071,292		2,821,480
Class A Common Stock (No Par Value) [Member]
Common Stock, Shares Authorized (in shares)	25,000,000		25,000,000
Common Stock, Voting Rights, Votes Per Share	10
Common Stock, Capital Shares Reserved for Future Issuance (in shares)	597,074		847,522
Common Stock and Class A Common Stock [Member]
Treasury Stock, Value, Acquired, Cost Method | $	$ 0
Stock Repurchase Program, Authorized Amount | $	$ 174,000

Note 6 - Retirement Plans (Deta

Note 6 - Retirement Plans (Details Textual) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Defined Contribution Plan, Expected Contributions, Remainder of Fiscal Year	$ 11
Profit Sharing Contribution [Member]
Defined Contribution Plan, Employer Discretionary Contribution Amount	5	$ 7
Pension Plan [Member] | Gray Pension Plan [Member]
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year	$ 4

Note 7 - Stock-based Compensa_3

Note 7 - Stock-based Compensation - Stock-based Compensation Expense and Related Income Tax Benefit (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Stock-based compensation expense, gross	$ 5	$ 4
Income tax benefit at our statutory rate associated with stock-based compensation	(1)	(1)
Stock-based compensation expense, net	$ 4	$ 3

Note 7 - Stock-based Compensa_4

Note 7 - Stock-based Compensation - Summary of Restricted Common Stock Activity (Details) - $ / shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Restricted Stock [Member]
Outstanding, Shares (in shares)	1,035,728	917,533
Outstanding, Weighted average grant date fair value (in dollars per share)	$ 19.69	$ 16.84
Granted, Shares (in shares)	333,382	296,042
Granted, Weighted average grant date fair value (in dollars per share)	$ 22.16	$ 18.21
Vested, Shares (in shares)	(294,558)	(502,241)
Vested, Weighted average grant date fair value (in dollars per share)	$ 18.56	$ 16.10
Outstanding, Shares (in shares)	1,074,552	711,334
Outstanding, Weighted average grant date fair value (in dollars per share)	$ 20.76	$ 17.94
Restricted Stock [Member] | Common Class A [Member]
Outstanding, Shares (in shares)	720,421	480,042
Outstanding, Weighted average grant date fair value (in dollars per share)	$ 18.22	$ 16.10
Granted, Shares (in shares)	250,448	233,425
Granted, Weighted average grant date fair value (in dollars per share)	$ 20.52	$ 17.67
Vested, Shares (in shares)	(229,758)	(248,539)
Vested, Weighted average grant date fair value (in dollars per share)	$ 16.99	$ 15
Outstanding, Shares (in shares)	741,111	464,928
Outstanding, Weighted average grant date fair value (in dollars per share)	$ 19.38	$ 17.47
Restricted Stock Units (RSUs) [Member]
Outstanding, Shares (in shares)	125,247	90,184
Outstanding, Weighted average grant date fair value (in dollars per share)	$ 19.02	$ 18.92
Granted, Shares (in shares)	259,079	95,115
Granted, Weighted average grant date fair value (in dollars per share)	$ 23.87	$ 19.05
Vested, Shares (in shares)	(108,921)	(60,052)
Vested, Weighted average grant date fair value (in dollars per share)	$ 19.03	$ 18.92
Forfeited, Shares (in shares)	(1,260)	0
Forfeited, Weighted average grant date fair value (in dollars per share)	$ 19.05	$ 0
Outstanding, Shares (in shares)	274,145	125,247
Outstanding, Weighted average grant date fair value (in dollars per share)	$ 23.60	$ 19.02

Note 8 - Leases (Details Textua

Note 8 - Leases (Details Textual)	Mar. 31, 2022
Operating Lease, Weighted Average Remaining Lease Term (Year)	10 years
Operating Lease, Weighted Average Discount Rate, Percent	6.67%
Minimum [Member]
Lessee, Operating Lease, Remaining Lease Term (Year)	1 year
Maximum [Member]
Lessee, Operating Lease, Remaining Lease Term (Year)	99 years

Note 8 - Leases - Lease Expense

Note 8 - Leases - Lease Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating lease expense	$ 4	$ 3
Short-term lease expense	1	1
Total lease expense	$ 5	$ 4

Note 8 - Leases - Maturities of

Note 8 - Leases - Maturities of Operating Lease Liabilities (Details) $ in Millions	Mar. 31, 2022USD ($)
Remainder of 2022	$ 11
2023	12
2024	12
2025	11
2026	9
Thereafter	47
Total lease payments	102
Less: Imputed interest	(29)
Present value of lease liabilities	$ 73

Note 10 - Goodwill and Intang_3

Note 10 - Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Amortization of Intangible Assets	$ 52	$ 26
Finite-Lived Intangible Asset, Expected Amortization, Remainder of Fiscal Year	153
Finite-Lived Intangible Asset, Expected Amortization, Year One	194
Finite-Lived Intangible Asset, Expected Amortization, Year Two	129
Finite-Lived Intangible Asset, Expected Amortization, Year Three	118
Finite-Lived Intangible Asset, Expected Amortization, Year Four	88
Finite-Lived Intangible Asset, Expected Amortization, Year Five	$ 46

Note 10 - Goodwill and Intang_4

Note 10 - Goodwill and Intangible Assets - Intangible Assets and Related Accumulated Amortization (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Goodwill	$ 2,649	$ 2,649
Other intangible assets, net	773	825
Total intangible assets, gross	9,266	9,260
Total intangible assets, accumulated amortization	(535)	(483)
Total intangible assets, net	8,731	8,777
Network Affiliate [Member]
Finite-Lived Intangible Assets, Gross	204	204
Finite-Lived Intangible Assets, Accumulated Amortization	(55)	(44)
Other intangible assets, net	149	160
Other Intangible Assets [Member]
Finite-Lived Intangible Assets, Gross	1,051	1,051
Finite-Lived Intangible Assets, Accumulated Amortization	(427)	(386)
Other intangible assets, net	624	665
Intangible Assets Subject to Amortization [Member]
Finite-Lived Intangible Assets, Gross	1,255	1,255
Finite-Lived Intangible Assets, Accumulated Amortization	(482)	(430)
Other intangible assets, net	773	825
Broadcast Licenses [Member]
Indefinite-lived Intangible Assets (Excluding Goodwill), Gross	5,362	5,356
Indefinite-Lived Intangible Assets (Excluding Goodwill), Accumulated Amortization	(53)	(53)
Indefinite-Lived Intangible Assets (Excluding Goodwill)	5,309	5,303
Goodwill Not Amortizable [Member]
Goodwill, Gross	2,649	2,649
Goodwill, Accumulated Amortization	0	0
Goodwill	2,649	2,649
Intangible Assets Not Subject to Amortization [Member]
Goodwill and Indefinite-Lived Intangible Assets, Gross	8,011	8,005
Goodwill and Indefinite-lived Intangible Assets, Accumulated Amortization	(53)	(53)
Goodwill and Indefinite-Lived Assets, Net	$ 7,958	$ 7,952

Note 11 - Income Taxes (Details

Note 11 - Income Taxes (Details Textual) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2020
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%
Effective Income Tax Rate Reconciliation, Percent, Total	25.00%	28.00%
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent	4.00%	5.00%
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Percent, Total		2.00%
Proceeds from Income Tax Refunds			$ 21
State and Local Jurisdiction [Member]
Operating Loss Carryforwards	$ 324
Minimum [Member]
Income Taxes Paid, Net, Total	170
Maximum [Member]
Income Taxes Paid, Net, Total	$ 190

Note 11 - Income Taxes - Reconc

Note 11 - Income Taxes - Reconciliation of Income Tax Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income tax expense	$ 21	$ 15
Effective income tax rate	25.00%	28.00%

Note 12 - Segment Information_2

Note 12 - Segment Information (Details Textual)	3 Months Ended
	Mar. 31, 2022
Number of Operating Segments	2

Note 12 - Segment Information -

Note 12 - Segment Information - Segment Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Revenue (less agency commissions)	$ 827	$ 544
Operating expenses before depreciation, amortization and gain on disposal of assets, net	584	396
Depreciation and amortization	84	51
Gain on disposal of assets, net	(5)	(4)
Operating expenses	663	443
Operating income (loss)	164	101
Interest expense	79	48
Capital expenditures (excluding business combinations)	47	13
Goodwill	2,649		$ 2,649
Total Assets	11,134		11,108
Broadcasting, Segment [Member]
Revenue (less agency commissions)	804	530
Operating expenses before depreciation, amortization and gain on disposal of assets, net	530	361
Depreciation and amortization	80	47
Gain on disposal of assets, net	(5)	(4)
Operating expenses	605	404
Operating income (loss)	199	126
Interest expense	0	0
Capital expenditures (excluding business combinations)	17	13
Goodwill	2,604		2,604
Total Assets	10,548		10,592
Production Companies, Segment [Member]
Revenue (less agency commissions)	23	14
Operating expenses before depreciation, amortization and gain on disposal of assets, net	26	17
Depreciation and amortization	3	3
Gain on disposal of assets, net	0	0
Operating expenses	29	20
Operating income (loss)	(6)	(6)
Interest expense	0	0
Capital expenditures (excluding business combinations)	30	0
Goodwill	45		45
Total Assets	281		269
Other Segments [Member]
Revenue (less agency commissions)	0	0
Operating expenses before depreciation, amortization and gain on disposal of assets, net	28	18
Depreciation and amortization	1	1
Gain on disposal of assets, net	0	0
Operating expenses	29	19
Operating income (loss)	(29)	(19)
Interest expense	79	48
Capital expenditures (excluding business combinations)	0	$ 0
Goodwill	0		0
Total Assets	$ 305		$ 247

Note 13 - Subsequent Events (De

Note 13 - Subsequent Events (Details Textual) - Atlanta Telemundo Transaction [Member] - USD ($) $ in Millions	Apr. 01, 2022	Mar. 31, 2022
Escrow Deposit		$ 1
Subsequent Event [Member]
Payments to Acquire Businesses, Gross	$ 30