Gray Television (GTN) 10-Q 5 May 23 2023 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2023	Apr. 28, 2023
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	2023
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
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		8,191,073
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		87,051,141

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Assets:
Cash	$ 56	$ 61
Accounts receivable, less allowance for credit losses of $31 and $16, respectively	333	650
Current portion of program broadcast rights, net	17	27
Income tax refunds receivable	21	22
Prepaid income taxes	64	43
Prepaid and other current assets	46	54
Total current assets	537	857
Property and equipment, net	1,521	1,466
Operating lease right of use assets	80	75
Broadcast licenses	5,331	5,331
Goodwill	2,663	2,663
Other intangible assets, net	586	636
Investment in broadcasting and technology companies	107	105
Deferred pension assets	5	5
Other	15	14
Total assets	10,845	11,152
Liabilities and stockholders’ equity:
Accounts payable	40	55
Employee compensation and benefits	64	98
Accrued interest	87	60
Accrued network programming fees	40	39
Other accrued expenses	74	50
Federal and state income taxes	18	15
Current portion of program broadcast obligations	18	29
Deferred revenue	43	24
Dividends payable	14	14
Current portion of operating lease liabilities	11	10
Current portion of long-term debt	15	15
Total current liabilities	424	409
Long-term debt, less current portion and deferred financing costs	6,147	6,440
Program broadcast obligations, less current portion	1	1
Deferred income taxes	1,458	1,454
Operating lease liabilities, less current portion	72	68
Other	32	14
Total liabilities	8,134	8,386
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	1,191	1,242
Accumulated other comprehensive loss, net of income tax benefit	(23)	(12)
Stockholders' equity before treasury stock	2,374	2,425
Total stockholders’ equity	2,061	2,116
Total liabilities and stockholders’ equity	10,845	11,152
Common Stock (No Par Value) [Member]
Stockholders’ equity:
Common stock	1,161	1,150
Treasury stock at cost, common stock	(281)	(278)
Class A Common Stock (No Par Value) [Member]
Stockholders’ equity:
Common stock	45	45
Treasury stock at cost, common stock	$ (32)	$ (31)

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ / shares in Thousands, $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Accounts receivable, allowance for credit losses	$ 31	$ 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)	106,184,135	105,104,057
Common stock, shares outstanding (in shares)	86,337,091	85,467,271
Treasury stock (in shares)	19,847,044	19,636,786
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)	9,700,161	9,675,139
Common stock, shares outstanding (in shares)	7,477,241	7,544,415
Treasury stock (in shares)	2,222,920	2,130,724

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenue (less agency commissions)	$ 801	$ 827
Operating expenses before depreciation, amortization and gain on disposal of assets, net:
Depreciation	35	32
Amortization of intangible assets	49	52
Loss (gain) on disposal of assets, net	10	(5)
Operating expenses	734	663
Operating income	67	164
Other expense:
Miscellaneous, net	(2)	(2)
Interest expense	(104)	(79)
Loss from early extinguishment of debt	(3)	0
(Loss) income before income taxes	(42)	83
Income tax (benefit) expense	(11)	21
Net (loss) income	(31)	62
Preferred stock dividends	13	13
Net (loss) income attributable to common stockholders	$ (44)	$ 49
Basic per common share information:
Net (loss) income attributable to common stockholders (in dollars per share)	$ (0.48)	$ 0.53
Weighted average common shares outstanding (in shares)	92	93
Diluted per common share information:
Net (loss) income attributable to common stockholders (in dollars per share)	$ (0.48)	$ 0.52
Weighted average common shares outstanding (in shares)	92	94
Dividends declared per common share (in dollars per share)	$ 0.08	$ 0.08
Broadcasting, Segment [Member]
Revenue (less agency commissions)	$ 779	$ 804
Operating expenses before depreciation, amortization and gain on disposal of assets, net:
Cost of goods and services sold	555	530
Production Companies, Segment [Member]
Revenue (less agency commissions)	22	23
Operating expenses before depreciation, amortization and gain on disposal of assets, net:
Cost of goods and services sold	59	26
Other Segments [Member]
Operating expenses before depreciation, amortization and gain on disposal of assets, net:
Corporate and administrative	26	28
Depreciation	35	32
Amortization of intangible assets	$ 49	$ 52

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive (Loss) Income (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Net (loss) income	$ (31)	$ 62
Other comprehensive loss:
Adjustment - fair value of interest rate caps	(15)	0
Income tax benefit	(4)	0
Other comprehensive loss, net	(11)	0
Comprehensive (loss) income	$ (42)	$ 62

Condensed Consolidated Statem_3

Condensed Consolidated Statement 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, Common [Member] Common Class A [Member]	Restricted Stock [Member] Treasury Stock, Common [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, Common [Member] Common Class A [Member]	Restricted Stock Units (RSUs) [Member] Treasury Stock, Common [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, Common [Member] Common Class A [Member]	Treasury Stock, Common [Member]	AOCI Attributable to Parent [Member]	Total
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 (loss) 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
Balance (in shares) at Dec. 31, 2022															9,675,139	105,104,057		(2,130,724)	(19,636,786)
Balance at Dec. 31, 2022															$ 45	$ 1,150	1,242	$ (31)	$ (278)	(12)	2,116
Net (loss) income															0	0	(31)	0	0	0	(31)
Preferred stock dividends															0	0	(13)	0	0	0	(13)
Common stock dividends															$ 0	$ 0	(7)	$ 0	$ 0	0	(7)
401(k) Plan (in shares)															0	819,898		0	0
401(k) Plan															$ 0	$ 9	0	$ 0	$ 0	0	9
Restricted stock awards (in shares)	25,022	12,227		(92,196)	(129,636)			0	247,953		0	(80,622)
Restricted stock awards	$ 0	$ 0	$ 0	$ (1)	$ (2)	$ 0	$ (3)	$ 0	$ 0	$ 0	$ 0	$ (1)	$ 0	$ (1)
Stock-based compensation															0	2	0	0	0	0	2
Adjustment to fair value of interest rate cap															$ 0	$ 0	0	$ 0	$ 0	(11)	(11)
Balance (in shares) at Mar. 31, 2023															9,700,161	106,184,135		(2,222,920)	(19,847,044)
Balance at Mar. 31, 2023															$ 45	$ 1,161	$ 1,191	$ (32)	$ (281)	$ (23)	$ 2,061

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating activities
Net (loss) income	$ (31)	$ 62
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation	35	32
Amortization of intangible assets	49	52
Amortization of deferred loan costs	4	4
Amortization of restricted stock awards	2	5
Amortization of program broadcast rights	10	13
Payments on program broadcast obligations	(11)	(13)
Deferred income taxes	8	0
Loss (gain) on disposal of assets, net	10	(5)
Loss from early extinguishment of debt	3	0
Other	5	2
Changes in operating assets and liabilities:
Accounts receivable	317	(20)
Income tax receivable or prepaid	(21)	18
Other current assets	9	(6)
Accounts payable	(15)	(36)
Employee compensation, benefits and pension cost	(34)	(14)
Accrued network fees and other expenses	32	7
Accrued interest	27	30
Income taxes payable	3	4
Increase (Decrease) in Contract with Customer, Liability	10	6
Net cash provided by operating activities	412	141
Investing activities
Acquisitions of television businesses and licenses, net of cash acquired	0	(7)
Purchases of property and equipment	(110)	(47)
Proceeds from asset sales	8	0
Reimbursement of development costs	11	0
Proceeds from Repack reimbursement (Note 1)	0	5
Investments in broadcast, production and technology companies	(4)	(4)
Net cash used in investing activities	(95)	(53)
Financing activities
Proceeds from borrowings on long-term debt	50	0
Repayments of borrowings on long-term debt	(349)	(4)
Payment of common stock dividends	(7)	(8)
Payment of preferred stock dividends	(13)	(13)
Payment for taxes related to net share settlement of equity awards	(3)	(5)
Net cash used in financing activities	(322)	(30)
Net increase (decrease) in cash	(5)	58
Cash at beginning of period	61	189
Cash at end of period	$ 56	$ 247

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation	3 Months Ended
	Mar. 31, 2023
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, 2022, December 31, 2022, March 31, 2023 three March 31, 2023 2022, 10 10 X. not not 10 December 31, 2022 ( “2022 10 three March 31, 2023, not may December 31, 2023. Overview. 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, 2023 2022, Three Months Ended March 31, 2023 2022 Weighted-average common shares outstanding-basic 92 93 Common stock equivalents for stock options and restricted stock - 1 Weighted-average common shares outstanding-diluted 92 94 Accumulated Other Comprehensive Loss. March 31, 2023 December 31, 2022, three March 31, 2023 2022 March 31, 2023 December 31, 2022 March 31, December 31, 2023 2022 Items included in accumulated other comprehensive loss: Adjustment to pension liability $ (16 ) $ (16 ) Adjustment to fair value of interest rate caps (15 ) - Income tax benefit (8 ) (4 ) Accumulated other comprehensive loss $ (23 ) $ (12 ) Property and Equipment. Estimated March 31, December 31, Useful Lives 2023 2022 (in years) Property and equipment: Land $ 289 $ 290 Buildings and improvements 480 477 7 to 40 Equipment 1,035 1,027 3 to 20 Construction in progress 431 362 2,235 2,156 Accumulated depreciation (714 ) (690 ) Total property and equipment, net $ 1,521 $ 1,466 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. We incurred costs to build public infrastructure within the Assembly Atlanta project. Pursuant to the Purchase and Sale Agreement between us and the Doraville Community Improvement District (the “CID”), we receive cash reimbursements for the transfer of specific infrastructure projects to the CID and for other construction costs previously incurred. During the first 2023, no 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, 2023 2022 Loss (gain) on disposal of assets, net: Proceeds from sale of fixed assets $ (8 ) $ - Proceeds from Repack - (5 ) Net book value of fixed assets disposed 9 - Discount - Securitization Facility 9 - Total $ 10 $ (5 ) Purchase of property and equipment: Recurring purchases - operations $ 19 $ 17 Assembly Atlanta development 91 30 Total $ 110 $ 47 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 As of March 31, 2023, March 14, 2023, 11 On February 23, 2023, three third $300 February 23, 2026, 860. Under the Securitization Facility, the SPV sells to the Purchasers certain receivables, including all rights, title, and interest in the related receivables (“Sold Receivables”). The parties intend that the conveyance of accounts receivables to the Purchasers, for the ratable benefit of the Purchasers will constitute a purchase and sale of receivables and not not The Securitization Facility is subject to interest charges, at the one 100 March 31, 2023 not The SPV is a separate legal entity with its own separate creditors who will be entitled to access the SPV’s assets before the assets become available to us. As a result, the SPV’s assets are not may The proceeds of the Securitization Facility are classified as operating activities in our Consolidated Statement of Cash Flows. Cash received from collections of Sold Receivables is used by the SPV to fund additional purchases of receivables on a revolving basis or to return all or any portion of outstanding capital of the Purchasers. Subsequent collections on the pledged receivables, which have not The amount sold to the Purchasers was $300 million at March 31, 2023, March 31, 2023. March 31, 2023. 2023 three 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, 2023 2022 Beginning balance $ 16 $ 16 Provision for credit losses 15 (1 ) Ending balance $ 31 $ 15 Implementation of ASC 848, March 17, 2023, 2019 1 1 848, 1 1 March 31, 2023. not

Note 2 - Revenue

Note 2 - Revenue	3 Months Ended
	Mar. 31, 2023
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 $12 million of revenue in the three March 31, 2023 December 31, 2022. March 31, 2023 December 31, 2022, Disaggregation of Revenue. Three Months Ended March 31, 2023 2022 Market and service type: Broadcast advertising: Core advertising $ 357 $ 365 Political 8 26 Total advertising 365 391 Retransmission consent 395 393 Production companies 22 23 Other 19 20 Total revenue $ 801 $ 827 Sales Channel: Direct $ 558 $ 551 Advertising agency intermediary 243 276 Total revenue $ 801 $ 827

Note 3 - Long-term Debt

Note 3 - Long-term Debt	3 Months Ended
	Mar. 31, 2023
Notes to Financial Statements
Debt Disclosure [Text Block]	3. Long-term Debt As of March 31, 2023 December 31, 2022, 2019 2026 “2026 2027 “2027 2030 “2030 2031 “2031 March 31, December 31, 2023 2022 Long-term debt: 2019 Senior Credit Facility: 2017 Term Loan (pre-paid on March 1, 2023) $ - $ 295 2019 Term Loan (matures January 2, 2026) 1,190 1,190 2021 Term Loan (matures December 1, 2028) 1,481 1,485 2026 Notes (matures July 15, 2026) 700 700 2027 Notes (matures May 15, 2027) 750 750 2030 Notes (matures October 15, 2030) 800 800 2031 Notes (matures November 15, 2031) 1,300 1,300 Total outstanding principal, including current portion 6,221 6,520 Unamortized deferred loan costs - 2017 Term Loan - (4 ) Unamortized deferred loan costs - 2019 Term Loan (19 ) (21 ) Unamortized deferred loan costs - 2021 Term Loan (4 ) (4 ) Unamortized deferred loan costs - 2026 Notes (4 ) (4 ) Unamortized deferred loan costs - 2027 Notes (7 ) (7 ) Unamortized deferred loan costs - 2030 Notes (11 ) (11 ) Unamortized deferred loan costs - 2031 Notes (16 ) (16 ) Unamortized premium - 2026 Notes 2 2 Less current portion (15 ) (15 ) Long-term debt, less deferred financing costs $ 6,147 $ 6,440 Borrowing availability under Revolving Credit Facility $ 494 $ 496 Borrowings under the Revolving Credit Facility bear interest, at our option, at either the SOFR rate or the Base Rate, in each case, plus an applicable margin. Because of their relationship to the interest rate caps, described below, borrowings under the 2021 2019 1 March 31, 2023, 2021 2019 January 2, 2026, December 1, 2026. Interest Rate Cap. February 23, 2023, two two March 31, 2023, December 31, 2025. 1 815. March 29, 2023 1 1 848, not The interest rate caps, as amended, effectively limit the annual interest charged on our Term Loan D and Term Loan E to a maximum of 1 4.97% 5.015%. December 31, 2025. $34 March 31, 2023. March 31, 2023, The ISDA Master Agreement, together with its related schedules, contain customary representations, warranties and covenants. The interest rate caps were not three March 31, 2023, 5%. 4.97% 5.015% March 31, 2023; not not For all of our interest bearing obligations, we made interest payments of approximately $78 million and $44 million during the three March 31, 2023 2022, three March 31, 2023, not three March 31, 2022. As of March 31, 2023, 2023 five Minimum Principal Maturities Year 2019 Senior Credit Facility 2026 Notes 2027 Notes 2030 Notes 2031 Notes Total Remainder of 2023 $ 11 $ - $ - $ - $ - $ 11 2024 15 - - - - 15 2025 15 - - - - 15 2026 1,205 700 - - - 1,905 2027 15 - 750 - - 765 2028 1,410 - - - - 1,410 Thereafter - - - 800 1,300 2,100 Total $ 2,671 $ 700 $ 750 $ 800 $ 1,300 $ 6,221 As of March 31, 2023, no 2019 2026 2027 2030 2031 March 31, 2023 December 31, 2022,

Note 4 - Fair Value Measurement

Note 4 - Fair Value Measurement	3 Months Ended
	Mar. 31, 2023
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, 2023 December 31, 2022. At March 31, 2023 December 31, 2022 March 31, 2023 December 31, 2022 third 2 The fair value of our interest rate caps are based on observable estimates provided by the counterparties and, as such, are classified within Level 2 March 31, 2023,

Note 5 - Stockholders' Equity

Note 5 - Stockholders' Equity	3 Months Ended
	Mar. 31, 2023
Notes to Financial Statements
Equity [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, 2023 2022, March 31, 2023 2022. three March 31, 2023 2022, Under our various employee benefit plans, we may, March 31, 2023, December 31, 2022, During the three March 31, 2023, not March 31, 2023,

Note 6 - Retirement Plans

Note 6 - Retirement Plans	3 Months Ended
	Mar. 31, 2023
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, 2023, not not 2023, During the three March 31, 2023, 2022 401 2022 December 31, 2022. 2023,

Note 7 - Stock-based Compensati

Note 7 - Stock-based Compensation	3 Months Ended
	Mar. 31, 2023
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 2022 “2022 three March 31, 2023 2022, Three Months Ended March 31, 2023 2022 Stock-based compensation expense, gross $ 2 $ 5 Income tax benefit at our statutory rate associated with stock-based compensation (1 ) (1 ) Stock-based compensation expense, net $ 1 $ 4 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 2022 A summary of restricted common stock and Class A common stock activities for the three March 31, 2023 2022, Three Months Ended March 31, 2023 2022 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 997,745 $ 20.62 1,035,728 $ 19.69 Granted (1) 12,227 12.04 333,382 22.16 Vested (257,355 ) 20.21 (294,558 ) 18.56 Outstanding - end of period 752,617 $ 20.62 1,074,552 $ 20.76 Restricted Class A common stock: Outstanding - beginning of period 677,238 $ 19.36 720,421 $ 18.22 Granted (1) 25,022 13.30 250,448 20.52 Vested (203,986 ) 18.76 (229,758 ) 16.99 Outstanding - end of period 498,274 $ 19.30 741,111 $ 19.38 Restricted stock units - common stock: Outstanding - beginning of period 274,145 $ 23.60 125,247 $ 19.02 Granted 587,168 11.50 259,079 23.87 Vested (247,953 ) 23.64 (108,921 ) 19.03 Forfeited (26,192 ) 23.15 (1,260 ) 19.05 Outstanding - end of period 587,168 $ 11.50 274,145 $ 23.60 ( 1

Note 8 - Leases

Note 8 - Leases	3 Months Ended
	Mar. 31, 2023
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 land, facilities and equipment. As of March 31, 2023, 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, 2023. As of March 31, 2023, 9 6.54%. three March 31, 2023 2022 Three Months Ended March 31, 2023 2022 Lease expense Operating lease expense $ 4 $ 4 Short-term lease expense 1 1 Total lease expense $ 5 $ 5 The maturities of operating lease liabilities as of March 31, 2023, 2023 five Year ending December 31, Operating Leases Remainder of 2023 $ 12 2024 15 2025 13 2026 12 2027 11 Thereafter 50 Total lease payments $ 113 Less: Imputed interest (30 ) Present value of lease liabilities $ 83

Note 9 - Commitments and Contin

Note 9 - Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
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 As of March 31, 2023,

Note 10 - Goodwill and Intangib

Note 10 - Goodwill and Intangible Assets	3 Months Ended
	Mar. 31, 2023
Notes to Financial Statements
Goodwill and Intangible Assets Disclosure [Text Block]	10. Goodwill and Intangible Assets As of March 31, 2023 December 31, 2022, As of March 31, 2023 As of December 31, 2022 Accumulated Accumulated Gross Amortization Net Gross Amortization Net Intangible assets not currently subject to amortization: Broadcast licenses $ 5,385 $ (54 ) $ 5,331 $ 5,385 $ (54 ) $ 5,331 Goodwill 2,663 - 2,663 2,663 - 2,663 $ 8,048 $ (54 ) $ 7,994 $ 8,048 $ (54 ) $ 7,994 Intangible assets subject to amortization: Network affiliation agreements $ 218 $ (98 ) $ 120 $ 218 $ (88 ) $ 130 Other finite-lived intangible assets 1,055 (589 ) 466 1,055 (549 ) 506 $ 1,273 $ (687 ) $ 586 $ 1,273 $ (637 ) $ 636 Total intangible assets $ 9,321 $ (741 ) $ 8,580 $ 9,321 $ (691 ) $ 8,630 Amortization expense for the three March 31, 2023 2022 2023 five 2024, 2025, 2026, 2027, 2028, may

Note 11 - Income Taxes

Note 11 - Income Taxes	3 Months Ended
	Mar. 31, 2023
Notes to Financial Statements
Income Tax Disclosure [Text Block]	11. Income Taxes For the three March 31, 2023 2022, Three Months Ended March 31, 2023 2022 Income tax (benefit) expense $ (11 ) $ 21 Effective income tax rate 26 % 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, 2023, 5%. three March 31, 2022, During the first 2023, no 2023, March 31, 2023, one third not 382 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, 2023
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, 2023: Broadcast Companies Other Consolidated Revenue (less agency commissions) $ 779 $ 22 $ - $ 801 Operating expenses before depreciation, amortization and gain on disposal of assets, net 555 59 26 640 Depreciation and amortization 80 3 1 84 Loss on disposal of assets, net 9 1 - 10 Operating expenses 644 63 27 734 Operating income (loss) $ 135 $ (41 ) $ (27 ) $ 67 Interest expense $ - $ - $ 104 $ 104 Capital expenditures (excluding business combinations) $ 19 $ 91 $ - $ 110 Goodwill $ 2,618 $ 45 $ - $ 2,663 Total Assets $ 10,016 $ 626 $ 203 $ 10,845 For the three months ended March 31, 2022: 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 As of December 31, 2022: Goodwill $ 2,618 $ 45 $ - $ 2,663 Total Assets $ 10,444 $ 535 $ 173 $ 11,152

Note 13 - Subsequent Events

Note 13 - Subsequent Events	3 Months Ended
	Mar. 31, 2023
Notes to Financial Statements
Subsequent Events [Text Block]	13. Subsequent Events On May 1, 2023, 102 126 first second

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation (Tables)	3 Months Ended
	Mar. 31, 2023
Notes Tables
Schedule of Weighted Average Number of Shares [Table Text Block]	Three Months Ended March 31, 2023 2022 Weighted-average common shares outstanding-basic 92 93 Common stock equivalents for stock options and restricted stock - 1 Weighted-average common shares outstanding-diluted 92 94
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	March 31, December 31, 2023 2022 Items included in accumulated other comprehensive loss: Adjustment to pension liability $ (16 ) $ (16 ) Adjustment to fair value of interest rate caps (15 ) - Income tax benefit (8 ) (4 ) Accumulated other comprehensive loss $ (23 ) $ (12 )
Property, Plant and Equipment [Table Text Block]	Estimated March 31, December 31, Useful Lives 2023 2022 (in years) Property and equipment: Land $ 289 $ 290 Buildings and improvements 480 477 7 to 40 Equipment 1,035 1,027 3 to 20 Construction in progress 431 362 2,235 2,156 Accumulated depreciation (714 ) (690 ) Total property and equipment, net $ 1,521 $ 1,466
Schedule of Disposal of Assets and Purchase of Property and Equipment [Table Text Block]	Three Months Ended March 31, 2023 2022 Loss (gain) on disposal of assets, net: Proceeds from sale of fixed assets $ (8 ) $ - Proceeds from Repack - (5 ) Net book value of fixed assets disposed 9 - Discount - Securitization Facility 9 - Total $ 10 $ (5 ) Purchase of property and equipment: Recurring purchases - operations $ 19 $ 17 Assembly Atlanta development 91 30 Total $ 110 $ 47
Accounts Receivable, Allowance for Credit Loss [Table Text Block]	Three Months Ended March 31, 2023 2022 Beginning balance $ 16 $ 16 Provision for credit losses 15 (1 ) Ending balance $ 31 $ 15

Note 2 - Revenue (Tables)

Note 2 - Revenue (Tables)	3 Months Ended
	Mar. 31, 2023
Notes Tables
Disaggregation of Revenue [Table Text Block]	Three Months Ended March 31, 2023 2022 Market and service type: Broadcast advertising: Core advertising $ 357 $ 365 Political 8 26 Total advertising 365 391 Retransmission consent 395 393 Production companies 22 23 Other 19 20 Total revenue $ 801 $ 827 Sales Channel: Direct $ 558 $ 551 Advertising agency intermediary 243 276 Total revenue $ 801 $ 827

Note 3 - Long-term Debt (Tables

Note 3 - Long-term Debt (Tables)	3 Months Ended
	Mar. 31, 2023
Notes Tables
Schedule of Long-Term Debt Instruments [Table Text Block]	March 31, December 31, 2023 2022 Long-term debt: 2019 Senior Credit Facility: 2017 Term Loan (pre-paid on March 1, 2023) $ - $ 295 2019 Term Loan (matures January 2, 2026) 1,190 1,190 2021 Term Loan (matures December 1, 2028) 1,481 1,485 2026 Notes (matures July 15, 2026) 700 700 2027 Notes (matures May 15, 2027) 750 750 2030 Notes (matures October 15, 2030) 800 800 2031 Notes (matures November 15, 2031) 1,300 1,300 Total outstanding principal, including current portion 6,221 6,520 Unamortized deferred loan costs - 2017 Term Loan - (4 ) Unamortized deferred loan costs - 2019 Term Loan (19 ) (21 ) Unamortized deferred loan costs - 2021 Term Loan (4 ) (4 ) Unamortized deferred loan costs - 2026 Notes (4 ) (4 ) Unamortized deferred loan costs - 2027 Notes (7 ) (7 ) Unamortized deferred loan costs - 2030 Notes (11 ) (11 ) Unamortized deferred loan costs - 2031 Notes (16 ) (16 ) Unamortized premium - 2026 Notes 2 2 Less current portion (15 ) (15 ) Long-term debt, less deferred financing costs $ 6,147 $ 6,440 Borrowing availability under Revolving Credit Facility $ 494 $ 496
Schedule of Maturities of Long-Term Debt [Table Text Block]	Minimum Principal Maturities Year 2019 Senior Credit Facility 2026 Notes 2027 Notes 2030 Notes 2031 Notes Total Remainder of 2023 $ 11 $ - $ - $ - $ - $ 11 2024 15 - - - - 15 2025 15 - - - - 15 2026 1,205 700 - - - 1,905 2027 15 - 750 - - 765 2028 1,410 - - - - 1,410 Thereafter - - - 800 1,300 2,100 Total $ 2,671 $ 700 $ 750 $ 800 $ 1,300 $ 6,221

Note 7 - Stock-based Compensa_2

Note 7 - Stock-based Compensation (Tables)	3 Months Ended
	Mar. 31, 2023
Notes Tables
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block]	Three Months Ended March 31, 2023 2022 Stock-based compensation expense, gross $ 2 $ 5 Income tax benefit at our statutory rate associated with stock-based compensation (1 ) (1 ) Stock-based compensation expense, net $ 1 $ 4
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block]	Three Months Ended March 31, 2023 2022 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 997,745 $ 20.62 1,035,728 $ 19.69 Granted (1) 12,227 12.04 333,382 22.16 Vested (257,355 ) 20.21 (294,558 ) 18.56 Outstanding - end of period 752,617 $ 20.62 1,074,552 $ 20.76 Restricted Class A common stock: Outstanding - beginning of period 677,238 $ 19.36 720,421 $ 18.22 Granted (1) 25,022 13.30 250,448 20.52 Vested (203,986 ) 18.76 (229,758 ) 16.99 Outstanding - end of period 498,274 $ 19.30 741,111 $ 19.38 Restricted stock units - common stock: Outstanding - beginning of period 274,145 $ 23.60 125,247 $ 19.02 Granted 587,168 11.50 259,079 23.87 Vested (247,953 ) 23.64 (108,921 ) 19.03 Forfeited (26,192 ) 23.15 (1,260 ) 19.05 Outstanding - end of period 587,168 $ 11.50 274,145 $ 23.60

Note 8 - Leases (Tables)

Note 8 - Leases (Tables)	3 Months Ended
	Mar. 31, 2023
Notes Tables
Lease, Cost [Table Text Block]	Three Months Ended March 31, 2023 2022 Lease expense Operating lease expense $ 4 $ 4 Short-term lease expense 1 1 Total lease expense $ 5 $ 5
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block]	Year ending December 31, Operating Leases Remainder of 2023 $ 12 2024 15 2025 13 2026 12 2027 11 Thereafter 50 Total lease payments $ 113 Less: Imputed interest (30 ) Present value of lease liabilities $ 83

Note 10 - Goodwill and Intang_2

Note 10 - Goodwill and Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2023
Notes Tables
Schedule of Intangible Assets and Goodwill [Table Text Block]	As of March 31, 2023 As of December 31, 2022 Accumulated Accumulated Gross Amortization Net Gross Amortization Net Intangible assets not currently subject to amortization: Broadcast licenses $ 5,385 $ (54 ) $ 5,331 $ 5,385 $ (54 ) $ 5,331 Goodwill 2,663 - 2,663 2,663 - 2,663 $ 8,048 $ (54 ) $ 7,994 $ 8,048 $ (54 ) $ 7,994 Intangible assets subject to amortization: Network affiliation agreements $ 218 $ (98 ) $ 120 $ 218 $ (88 ) $ 130 Other finite-lived intangible assets 1,055 (589 ) 466 1,055 (549 ) 506 $ 1,273 $ (687 ) $ 586 $ 1,273 $ (637 ) $ 636 Total intangible assets $ 9,321 $ (741 ) $ 8,580 $ 9,321 $ (691 ) $ 8,630

Note 11 - Income Taxes (Tables)

Note 11 - Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2023
Notes Tables
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]	Three Months Ended March 31, 2023 2022 Income tax (benefit) expense $ (11 ) $ 21 Effective income tax rate 26 % 25 %

Note 12 - Segment Information (

Note 12 - Segment Information (Tables)	3 Months Ended
	Mar. 31, 2023
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Production As of and for the three months ended March 31, 2023: Broadcast Companies Other Consolidated Revenue (less agency commissions) $ 779 $ 22 $ - $ 801 Operating expenses before depreciation, amortization and gain on disposal of assets, net 555 59 26 640 Depreciation and amortization 80 3 1 84 Loss on disposal of assets, net 9 1 - 10 Operating expenses 644 63 27 734 Operating income (loss) $ 135 $ (41 ) $ (27 ) $ 67 Interest expense $ - $ - $ 104 $ 104 Capital expenditures (excluding business combinations) $ 19 $ 91 $ - $ 110 Goodwill $ 2,618 $ 45 $ - $ 2,663 Total Assets $ 10,016 $ 626 $ 203 $ 10,845 For the three months ended March 31, 2022: 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 As of December 31, 2022: Goodwill $ 2,618 $ 45 $ - $ 2,663 Total Assets $ 10,444 $ 535 $ 173 $ 11,152

Note 1 - Basis of Presentatio_2

Note 1 - Basis of Presentation (Details Textual) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)	Feb. 23, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Number of Operating Segments	2
Number of Television Markets	113
Percent of US Television Households Reached	36%
Number of Television Markets with Top-Rated Stations	80
Number of Television Markets with First and/or Second Rated Stations	102
Increase (Decrease) in Contract with Customer, Liability	$ 10	$ 6
Proceeds from Sale of Machinery and Equipment	8	0
Reimbursement from Development Costs, Ownership Transferred	11	0
Accounts Receivable, Allowance for Credit Loss	31	$ 15		$ 16	$ 16
Wells Fargo Bank, N.A. [Member]
Accounts Receivable Securitization Program Maximum Capacity			$ 300
Proceeds from Accounts Receivable Securitization	300
Accounts Receivable Securitization, Unsold Receivables	297
Accounts Receivable Securitization, Total Receivables	597
Accounts Receivable Securitization, Charge for Discount	9
Diamond Sports Group, LLC [Member]
Accounts Receivable, Allowance for Credit Loss	17
Atlanta Assembly Project [Member]
Total Reimbursement from Development Costs for Which Ownership is Transferred and Retained	26
Proceeds From Infrastructure Asset Project	15
Reimbursement from Development Costs, Ownership Retained	11
Increase (Decrease) in Contract with Customer, Liability	9
Proceeds from Sale of Machinery and Equipment	6
Reimbursement from Development Costs, Ownership Transferred	$ 11

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, 2023	Mar. 31, 2022
Weighted-average common shares outstanding-basic (in shares)	92	93
Common stock equivalents for stock options and restricted stock (in shares)	0	1
Weighted-average common shares outstanding-diluted (in shares)	92	94

Note 1 - Basis of Presentatio_4

Note 1 - Basis of Presentation - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Items included in accumulated other comprehensive loss:
Adjustment to pension liability	$ (16)	$ (16)
Adjustment to fair value of interest rate caps	(15)	0
Income tax benefit	(8)	(4)
Accumulated other comprehensive loss	$ (23)	$ (12)

Note 1 - Basis of Presentatio_5

Note 1 - Basis of Presentation - Property and Equipment (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Property and equipment, gross	$ 2,235	$ 2,156
Accumulated depreciation	(714)	(690)
Total property and equipment, net	1,521	1,466
Land [Member]
Property and equipment, gross	289	290
Building and Building Improvements [Member]
Property and equipment, gross	$ 480	477
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	$ 1,035	1,027
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	$ 431	$ 362

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, 2023	Mar. 31, 2022
Proceeds from sale of fixed assets	$ (8)	$ 0
Proceeds from Repack	0	(5)
Net book value of fixed assets disposed	9	0
Discount - Securitization Facility	9	0
Loss (gain) on disposal of assets, net	10	(5)
Recurring purchases - operations	19	17
Assembly Atlanta development	91	30
Purchases of property and equipment	$ 110	$ 47

Note 1 - Basis of Presentatio_7

Note 1 - Basis of Presentation - Allowance for Credit Losses (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Beginning balance	$ 16	$ 16
Provision for credit losses	15	(1)
Ending balance	$ 31	$ 15

Note 2 - Revenue (Details Textu

Note 2 - Revenue (Details Textual) - USD ($)	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Contract with Customer, Liability, Revenue Recognized	$ 12
Deferred Revenue [Member]
Deposit Liability, Current	$ 14,000,000	$ 12,000,000

Note 2 - Revenue - Disaggregati

Note 2 - Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenue	$ 801	$ 827
Sales Channel, Directly to Consumer [Member]
Revenue	558	551
Sales Channel, Through Intermediary [Member]
Revenue	243	276
Core Advertising [Member]
Revenue	357	365
Political Advertising [Member]
Revenue	8	26
Advertising [Member]
Revenue	365	391
Retransmission Consent [Member]
Revenue	395	393
Production Companies [Member]
Revenue	22	23
Service, Other [Member]
Revenue	$ 19	$ 20

Note 3 - Long-term Debt (Detail

Note 3 - Long-term Debt (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2025	Mar. 29, 2023	Feb. 23, 2023	Dec. 31, 2022
Interest Paid, Excluding Capitalized Interest, Operating Activities	$ 78,000	$ 44,000
Interest Costs Capitalized	6,000	$ 0
Interest Rate Cap [Member]
Derivative, Notional Amount	2,600
Derivative Asset	33,000
Derivative Liabilities, Net of Tax	11,000
Amortization	$ 1,000
Interest Rate Cap [Member] | Forecast [Member]
Derivative Fees Payable			$ 34,000
Interest Rate Cap [Member] | Maximum [Member]
Derivative, Variable Interest Rate				4.97%	5%
Second Interest Rate Cap [Member] | Maximum [Member]
Derivative, Variable Interest Rate				5.015%
2026 Notes [Member]
Debt Instrument, Interest Rate, Stated Percentage	5.875%					5.875%
2027 Notes [Member]
Debt Instrument, Interest Rate, Stated Percentage	7%					7%
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 2021 Senior Credit Facility [Member] | The 2021 Term Loan [Member]
Debt Instrument, Interest Rate, Effective Percentage	7.70%
The 2019 Senior Credit Facility [Member] | The 2019 Term Loan [Member]
Debt Instrument, Interest Rate, Effective Percentage	7.20%

Note 3 - Long-term Debt - Long-

Note 3 - Long-term Debt - Long-term Debt Summary (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Long-term debt, gross	$ 6,221	$ 6,520
Less current portion	(15)	(15)
Long-term debt, less deferred financing costs	6,147	6,440
Borrowing availability under Revolving Credit Facility	494	496
The 2017 Term Loan [Member]
Long-term debt, gross	0	295
Unamortized deferred loan costs	0	(4)
The 2019 Term Loan [Member]
Long-term debt, gross	1,190	1,190
Unamortized deferred loan costs	(19)	(21)
The 2021 Term Loan [Member]
Long-term debt, gross	1,481	1,485
Unamortized deferred loan costs	(4)	(4)
2026 Notes [Member]
Long-term debt, gross	700	700
Unamortized deferred loan costs	(4)	(4)
Unamortized premium	2	2
2027 Notes [Member]
Long-term debt, gross	750	750
Unamortized deferred loan costs	(7)	(7)
2030 Notes [Member]
Long-term debt, gross	800	800
Unamortized deferred loan costs	(11)	(11)
Notes 2031 [Member]
Long-term debt, gross	1,300	1,300
Unamortized deferred loan costs	$ (16)	$ (16)

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, 2023	Dec. 31, 2022
Remainder of 2023	$ 11
2024	15
2025	15
2026	1,905
2027	765
2028	1,410
Thereafter	2,100
Total Debt	6,221	$ 6,520
The 2019 Senior Credit Facility [Member]
Remainder of 2023	11
2024	15
2025	15
2026	1,205
2027	15
2028	1,410
Thereafter	0
Total Debt	2,671
2026 Notes [Member]
Remainder of 2023	0
2024	0
2025	0
2026	700
2027	0
2028	0
Thereafter	0
Total Debt	700	700
2027 Notes [Member]
Remainder of 2023	0
2024	0
2025	0
2026	0
2027	750
2028	0
Thereafter	0
Total Debt	750	750
2030 Notes [Member]
Remainder of 2023	0
2024	0
2025	0
2026	0
2027	0
2028	0
Thereafter	800
Total Debt	800	800
Notes 2031 [Member]
Remainder of 2023	0
2024	0
2025	0
2026	0
2027	0
2028	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 Millions	Mar. 31, 2023	Dec. 31, 2022
Long-Term Debt	$ 6,200	$ 6,500
Long-Term Debt, Fair Value	5,200	$ 5,700
Interest Rate Cap [Member] | Fair Value, Inputs, Level 2 [Member]
Derivative Liability	$ 15

Note 5 - Stockholders' Equity (

Note 5 - Stockholders' Equity (Details Textual) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($) $ / shares shares	Mar. 31, 2022 USD ($) $ / shares	Dec. 31, 2022 shares
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 | $	$ 7	$ 8
Common Stock, Capital Shares Reserved for Future Issuance (in shares)	8,900,000		10,000,000
Treasury Stock, Shares, Acquired (in shares)	0
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)	2,800,000		2,800,000
Common Stock and Class A Common Stock [Member]
Stock Repurchase Program, Authorized Amount | $	$ 124

Note 6 - Retirement Plans (Deta

Note 6 - Retirement Plans (Details Textual) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Defined Contribution Plan, Expected Contributions, Remainder of Fiscal Year	$ 20
Profit Sharing Contribution [Member]
Defined Contribution Plan, Employer Discretionary Contribution Amount	8	$ 9
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, 2023	Mar. 31, 2022
Stock-based compensation expense, gross	$ 2	$ 5
Income tax benefit at our statutory rate associated with stock-based compensation	(1)	(1)
Stock-based compensation expense, net	$ 1	$ 4

Note 7 - Stock-based Compensa_4

Note 7 - Stock-based Compensation - Summary of Restricted Common Stock Activity (Details) - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Restricted Stock [Member]
Outstanding, Shares (in shares)	997,745	1,035,728
Outstanding, Weighted average grant date fair value (in dollars per share)	$ 20.62	$ 19.69
Granted, Shares (in shares)	12,227	333,382
Granted, Weighted average grant date fair value (in dollars per share)	$ 12.04	$ 22.16
Vested, Shares (in shares)	(257,355)	(294,558)
Vested, Weighted average grant date fair value (in dollars per share)	$ 20.21	$ 18.56
Forfeited, Shares (in shares)	(26,192)	(1,260)
Forfeited, Weighted average grant date fair value (in dollars per share)	$ 23.15	$ 19.05
Outstanding, Shares (in shares)	752,617	1,074,552
Outstanding, Weighted average grant date fair value (in dollars per share)	$ 20.62	$ 20.76
Restricted Stock [Member] | Common Class A [Member]
Outstanding, Shares (in shares)	677,238	720,421
Outstanding, Weighted average grant date fair value (in dollars per share)	$ 19.36	$ 18.22
Granted, Shares (in shares)	25,022	250,448
Granted, Weighted average grant date fair value (in dollars per share)	$ 13.30	$ 20.52
Vested, Shares (in shares)	(203,986)	(229,758)
Vested, Weighted average grant date fair value (in dollars per share)	$ 18.76	$ 16.99
Outstanding, Shares (in shares)	498,274	741,111
Outstanding, Weighted average grant date fair value (in dollars per share)	$ 19.30	$ 19.38
Restricted Stock Units (RSUs) [Member]
Outstanding, Shares (in shares)	274,145	125,247
Outstanding, Weighted average grant date fair value (in dollars per share)	$ 23.60	$ 19.02
Granted, Shares (in shares)	587,168	259,079
Granted, Weighted average grant date fair value (in dollars per share)	$ 11.50	$ 23.87
Vested, Shares (in shares)	(247,953)	(108,921)
Vested, Weighted average grant date fair value (in dollars per share)	$ 23.64	$ 19.03
Outstanding, Shares (in shares)	587,168	274,145
Outstanding, Weighted average grant date fair value (in dollars per share)	$ 11.50	$ 23.60

Note 8 - Leases (Details Textua

Note 8 - Leases (Details Textual)	Mar. 31, 2023
Operating Lease, Weighted Average Remaining Lease Term (Year)	9 years
Operating Lease, Weighted Average Discount Rate, Percent	6.54%
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, 2023	Mar. 31, 2022
Operating lease expense	$ 4	$ 4
Short-term lease expense	1	1
Total lease expense	$ 5	$ 5

Note 8 - Leases - Maturities of

Note 8 - Leases - Maturities of Operating Lease Liabilities (Details) $ in Millions	Mar. 31, 2023 USD ($)
Remainder of 2023	$ 12
2024	15
2025	13
2026	12
2027	11
Thereafter	50
Total lease payments	113
Less: Imputed interest	(30)
Present value of lease liabilities	$ 83

Note 9 - Commitments and Cont_2

Note 9 - Commitments and Contingencies (Details Textual) $ in Millions	Mar. 31, 2023 USD ($)
Atlanta Assembly Project [Member]
Loss Contingency Accrual	$ 18

Note 10 - Goodwill and Intang_3

Note 10 - Goodwill and Intangible Assets (Details Textual) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Amortization of Intangible Assets	$ 49,000,000	$ 52,000,000
Finite-Lived Intangible Asset, Expected Amortization, Remainder of Fiscal Year	147,000,000
Finite-Lived Intangible Asset, Expected Amortization, Year One	132,000,000
Finite-Lived Intangible Asset, Expected Amortization, Year Two	121,000,000
Finite-Lived Intangible Asset, Expected Amortization, Year Three	91,000,000
Finite-Lived Intangible Asset, Expected Amortization, Year Four	49,000,000
Finite-Lived Intangible Asset, Expected Amortization, Year Five	$ 13

Note 10 - Goodwill and Intang_4

Note 10 - Goodwill and Intangible Assets - Intangible Assets and Related Accumulated Amortization (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Goodwill	$ 2,663	$ 2,663
Other intangible assets, net	586	636
Total intangible assets, gross	9,321	9,321
Total intangible assets, accumulated amortization	(741)	(691)
Total intangible assets, net	8,580	8,630
Network Affiliate [Member]
Finite-Lived Intangible Assets, Gross	218	218
Finite-Lived Intangible Assets, Accumulated Amortization	(98)	(88)
Other intangible assets, net	120	130
Other Intangible Assets [Member]
Finite-Lived Intangible Assets, Gross	1,055	1,055
Finite-Lived Intangible Assets, Accumulated Amortization	(589)	(549)
Other intangible assets, net	466	506
Intangible Assets Subject to Amortization [Member]
Finite-Lived Intangible Assets, Gross	1,273	1,273
Finite-Lived Intangible Assets, Accumulated Amortization	(687)	(637)
Other intangible assets, net	586	636
Broadcast Licenses [Member]
Indefinite-lived Intangible Assets (Excluding Goodwill), Gross	5,385	5,385
Indefinite-Lived Intangible Assets (Excluding Goodwill), Accumulated Amortization	(54)	(54)
Indefinite-Lived Intangible Assets (Excluding Goodwill)	5,331	5,331
Goodwill Not Amortizable [Member]
Goodwill, Gross	2,663	2,663
Goodwill, Accumulated Amortization	0	0
Goodwill	2,663	2,663
Intangible Assets Not Subject to Amortization [Member]
Goodwill and Indefinite-Lived Intangible Assets, Gross	8,048	8,048
Goodwill and Indefinite-lived Intangible Assets, Accumulated Amortization	(54)	(54)
Goodwill and Indefinite-Lived Assets, Net	$ 7,994	$ 7,994

Note 11 - Income Taxes (Details

Note 11 - Income Taxes (Details Textual) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2020	Dec. 31, 2023
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21%
Effective Income Tax Rate Reconciliation, Percent	26%	25%
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent	5%	4%
Proceeds from Income Tax Refunds			$ 21
State and Local Jurisdiction [Member]
Operating Loss Carryforwards				$ 344
Operating Loss Carryforwards That Will Not Be Realized				$ 217
Minimum [Member]
Income Taxes Paid, Net	$ 35
Maximum [Member]
Income Taxes Paid, Net	$ 45

Note 11 - Income Taxes - Reconc

Note 11 - Income Taxes - Reconciliation of Income Tax Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income tax (benefit) expense	$ (11)	$ 21
Effective income tax rate	26%	25%

Note 12 - Segment Information_2

Note 12 - Segment Information (Details Textual)	3 Months Ended
	Mar. 31, 2023
Number of Operating Segments	2

Note 12 - Segment Information -

Note 12 - Segment Information - Segment Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Revenue (less agency commissions)	$ 801	$ 827
Operating expenses before depreciation, amortization and gain on disposal of assets, net	640	584
Depreciation and amortization	84	84
Loss on disposal of assets, net	10	(5)
Operating expenses	734	663
Operating income (loss)	67	164
Interest expense	104	79
Capital expenditures (excluding business combinations)	110	47
Goodwill	2,663		$ 2,663
Total Assets	10,845		11,152
Gain on disposal of assets, net	10	(5)
Operating expenses	734	663
Broadcasting, Segment [Member]
Revenue (less agency commissions)	779	804
Production Companies, Segment [Member]
Revenue (less agency commissions)	22	23
Operating Segments [Member] | Broadcasting, Segment [Member]
Revenue (less agency commissions)	779	804
Operating expenses before depreciation, amortization and gain on disposal of assets, net	555	530
Depreciation and amortization	80	80
Loss on disposal of assets, net	9	(5)
Operating expenses	644	605
Operating income (loss)	135	199
Interest expense	0	0
Capital expenditures (excluding business combinations)	19	17
Goodwill	2,618		2,618
Total Assets	10,016		10,444
Gain on disposal of assets, net	9	(5)
Operating expenses	644	605
Operating Segments [Member] | Production Companies, Segment [Member]
Revenue (less agency commissions)	22	23
Operating expenses before depreciation, amortization and gain on disposal of assets, net	59	26
Depreciation and amortization	3	3
Loss on disposal of assets, net	1	0
Operating expenses	63	29
Operating income (loss)	(41)	(6)
Interest expense	0	0
Capital expenditures (excluding business combinations)	91	30
Goodwill	45		45
Total Assets	626		535
Gain on disposal of assets, net	1	0
Operating expenses	63	29
Segment Reconciling Items [Member]
Revenue (less agency commissions)	0	0
Operating expenses before depreciation, amortization and gain on disposal of assets, net	26	28
Depreciation and amortization	1	1
Loss on disposal of assets, net	0	0
Operating expenses	27	29
Operating income (loss)	(27)	(29)
Interest expense	104	79
Capital expenditures (excluding business combinations)	0	0
Goodwill	0		0
Total Assets	203		$ 173
Gain on disposal of assets, net	0	0
Operating expenses	$ 27	$ 29

Note 13 - Subsequent Events (De

Note 13 - Subsequent Events (Details Textual) $ in Millions	May 01, 2023 USD ($)	Apr. 30, 2023	Mar. 31, 2023
Number of Television Markets with First and/or Second Rated Stations			102
Subsequent Event [Member]
Number of Television Markets with First and/or Second Rated Stations	102	101
Subsequent Event [Member] | WPGA With Marquee Broadcasting Transaction [Member]
Business Combination, Consideration Transferred, Total	$ 6
KNIN With Marquee Broadcasting Transaction [Member] | Subsequent Event [Member]
Disposal Group, Including Discontinued Operation, Consideration	$ 6