Gray Television (GTN) 10-Q 4 Aug 23 2023 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2023	Jul. 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	Q2
Document Fiscal Year Focus	2023
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 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		87,263,755

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Assets:
Cash	$ 36	$ 61
Accounts receivable, less allowance for credit losses of $32 and $16, respectively	329	650
Current portion of program broadcast rights, net	7	27
Income tax refunds receivable	21	22
Prepaid income taxes	67	43
Prepaid and other current assets	52	54
Total current assets	512	857
Property and equipment, net	1,574	1,466
Operating leases right of use asset	79	75
Broadcast licenses	5,320	5,331
Goodwill	2,660	2,663
Other intangible assets, net	537	636
Investments in broadcasting and technology companies	108	105
Deferred pension assets	5	5
Other	15	14
Total assets	10,810	11,152
Liabilities and stockholders’ equity:
Accounts payable	33	55
Employee compensation and benefits	71	98
Accrued interest	62	60
Accrued network programming fees	40	39
Other accrued expenses	51	50
Federal and state income taxes	12	15
Current portion of program broadcast obligations	8	29
Deferred revenue	40	24
Dividends payable	14	14
Current portion of operating lease liabilities	11	10
Current portion of long-term debt	15	15
Total current liabilities	357	409
Long-term debt, less current portion and deferred financing costs	6,197	6,440
Program broadcast obligations, less current portion	1	1
Deferred income taxes	1,448	1,454
Operating lease liabilities, less current portion	71	68
Other	26	14
Total liabilities	8,100	8,386
Commitments and contingencies (Note 10)
Series A Perpetual Preferred Stock, no par value; cumulative; redeemable; designated 1,500,000 shares, issued and outstanding 650,000 shares at each date and $650 aggregate liquidation value at each date	650	650
Stockholders’ equity:
Retained earnings	1,175	1,242
Accumulated other comprehensive loss, net of income tax benefit	(15)	(12)
Stockholders' equity before treasury stock	2,373	2,425
Total stockholders’ equity	2,060	2,116
Total liabilities and stockholders’ equity	10,810	11,152
Common Stock (No Par Value) [Member]
Stockholders’ equity:
Common stock	1,168	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	Jun. 30, 2023	Dec. 31, 2022
Accounts receivable, allowance for credit losses	$ 32	$ 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, 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)	107,179,827	105,104,057
Common stock, shares outstanding (in shares)	87,263,755	85,467,271
Treasury stock (in shares)	19,916,072	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)	10,413,993	9,675,139
Common stock, shares outstanding (in shares)	8,191,073	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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenue (less agency commissions)	$ 813	$ 868	$ 1,614	$ 1,695
Operating expenses before depreciation, amortization and gain on disposal of assets, net:
Depreciation			70	63
Amortization of intangible assets			99	104
Loss (gain) on disposal of assets, net	16	0	26	(5)
Operating expenses	694	650	1,428	1,313
Operating income	119	218	186	382
Other expense:
Miscellaneous expense, net	(1)	0	(3)	(2)
Interest expense	(109)	(81)	(213)	(160)
Loss from early extinguishment of debt	0	0	(3)	0
Income (loss) before income taxes	9	137	(33)	220
Income tax expense (benefit)	5	38	(6)	59
Net income (loss)	4	99	(27)	161
Preferred stock dividends	13	13	26	26
Net (loss) income attributable to common stockholders	$ (9)	$ 86	$ (53)	$ 135
Basic per share information:
Net (loss) income attributable to common stockholders (in dollars per share)	$ (0.10)	$ 0.92	$ (0.58)	$ 1.45
Weighted-average shares outstanding, basic (in shares)	93	93	92	93
Diluted per share information:
Net (loss) income attributable to common stockholders (in dollars per share)	$ (0.10)	$ 0.91	$ (0.58)	$ 1.44
Weighted-average shares outstanding, diluted (in shares)	93	94	92	94
Dividends declared per common share (in dollars per share)	$ 0.08	$ 0.08	$ 0.16	$ 0.16
Broadcasting, Segment [Member]
Revenue (less agency commissions)	$ 801	$ 855	$ 1,580	$ 1,659
Operating expenses before depreciation, amortization and gain on disposal of assets, net:
Cost of goods and services sold	552	528	1,107	1,058
Production Companies, Segment [Member]
Revenue (less agency commissions)	12	13	34	36
Operating expenses before depreciation, amortization and gain on disposal of assets, net:
Cost of goods and services sold	11	14	70	40
Other Segments [Member]
Operating expenses before depreciation, amortization and gain on disposal of assets, net:
Corporate and administrative	30	25	56	53
Depreciation	35	31	70	63
Amortization of intangible assets	$ 50	$ 52	$ 99	$ 104

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Net (loss) income	$ 4	$ 99	$ (27)	$ 161
Other comprehensive income (loss):
Adjustment - fair value of interest rate caps	11	0	(4)	0
Income tax expense (benefit)	3	0	(1)	0
Other comprehensive income (loss), net	8	0	(3)	0
Comprehensive income (loss)	$ 12	$ 99	$ (30)	$ 161

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
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, 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																					161
Common stock dividends																					(16)
Balance (in shares) at Jun. 30, 2022															9,675,139	105,104,057		(2,101,917)	(19,582,841)
Balance at Jun. 30, 2022															$ 43	$ 1,141	988	$ (30)	$ (277)	(27)	1,838
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
Net (loss) income															0	0	99	0	0	0	99
Preferred stock dividends															0	0	(13)	0	0	0	(13)
Common stock dividends															0	0	(8)	0	0	0	(8)
Restricted stock awards (in shares)	0	67,545		0	(17,463)
Restricted stock awards	$ 0	$ 0	0	$ 0	$ 0	0	0
Stock-based compensation															$ 2	$ 4	0	$ 0	$ 0	0	6
Restricted stock awards	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0
Repurchase of common stock (in shares)																			(2,646,193)
Repurchase of common stock																			$ (50)		(50)
Stock-based compensation															$ 2	$ 4	0	$ 0	$ 0	0	6
Balance (in shares) at Jun. 30, 2022															9,675,139	105,104,057		(2,101,917)	(19,582,841)
Balance at Jun. 30, 2022															$ 43	$ 1,141	988	$ (30)	$ (277)	(27)	1,838
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)								0	247,953		0	(80,622)			25,022	12,227		(92,196)	(129,636)
Restricted stock awards								$ 0	$ 0	0	$ 0	$ (1)	0	(1)	$ 0	$ 0	0	$ (1)	$ (2)	0	(3)
Stock-based compensation															0	2	0	0	0	0	2
Restricted stock awards								$ 0	$ 0	$ 0	$ 0	$ 1	$ 0	$ 1	0	0	0	1	2	0	3
Adjustment to fair value of interest rate cap, net of tax															0	0	0	0	0	(11)	(11)
Stock-based compensation															$ 0	$ 2	0	$ 0	$ 0	0	2
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
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																					(27)
Common stock dividends																					(14)
Balance (in shares) at Jun. 30, 2023															10,413,993	107,179,827		(2,222,920)	(19,916,072)
Balance at Jun. 30, 2023															$ 45	$ 1,168	1,175	$ (32)	$ (281)	(15)	2,060
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
Net (loss) income															0	0	4	0	0	0	4
Preferred stock dividends															0	0	(13)	0	0	0	(13)
Common stock dividends															0	0	(7)	0	0	0	(7)
401(k) Plan															$ 0	$ 0	0	$ 0	$ 0	0	0
Restricted stock awards (in shares)															713,832	995,692		0	(69,028)
Restricted stock awards															$ 0	$ 0	0	$ 0	$ 0	0	0
Stock-based compensation															0	7	0	0	0	0	7
Restricted stock awards															0	0	0	0	0	0	0
Adjustment to fair value of interest rate cap, net of tax															0	0	0	0	0	8	8
Stock-based compensation															$ 0	$ 7	0	$ 0	$ 0	0	7
Balance (in shares) at Jun. 30, 2023															10,413,993	107,179,827		(2,222,920)	(19,916,072)
Balance at Jun. 30, 2023															$ 45	$ 1,168	$ 1,175	$ (32)	$ (281)	$ (15)	$ 2,060

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Operating activities:
Net (loss) income	$ (27)	$ 161
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation	70	63
Amortization of intangible assets	99	104
Amortization of deferred loan costs	7	8
Amortization of restricted stock awards	9	11
Amortization of program broadcast rights	20	25
Payments on program broadcast obligations	(21)	(26)
Deferred income taxes	(6)	0
Loss (gain) on disposal of assets, net	26	(5)
Loss from early extinguishment of debt	3	0
Other	11	6
Changes in operating assets and liabilities:
Accounts receivable	321	10
Income taxes receivable or prepaid	(24)	(67)
Other current assets	4	18
Accounts payable	(21)	7
Employee compensation, benefits and pension cost	(27)	(8)
Accrued network fees and other expenses	9	7
Accrued interest	2	1
Income taxes payable	(3)	7
Increase (Decrease) in Contract with Customer, Liability	7	8
Net cash provided by operating activities	459	330
Investing activities:
Acquisitions of television businesses and licenses, net of cash acquired	(6)	(40)
Proceeds from sale of television station	6	0
Purchases of property and equipment	(213)	(159)
Proceeds from asset sales	22	2
Reimbursement of development costs	11	0
Proceeds from Repack reimbursement (Note 1)	0	5
Investment in broadcast, production and technology companies	(7)	(9)
Net cash used in investing activities	(187)	(201)
Financing activities:
Proceeds from borrowings on long-term debt	150	0
Repayments of borrowings on long-term debt	(403)	(58)
Repurchase of common stock	0	(50)
Payment of common stock dividends	(14)	(16)
Payment of preferred stock dividends	(26)	(26)
Payment of taxes related to net share settlement of equity awards	(4)	(6)
Net cash used in financing activities	(297)	(156)
Net decrease in cash	(25)	(27)
Cash at beginning of period	61	189
Cash at end of period	$ 36	$ 162

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation	6 Months Ended
	Jun. 30, 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, June 30, 2023 three six June 30, 2023 2022, 10 10 X. not not 10 December 31, 2022 ( “2022 10 three six June 30, 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 shares outstanding to diluted weighted-average shares outstanding for the three six June 30, 2023 2022, Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Weighted-average shares outstanding-basic 93 93 92 93 Common stock equivalents for restricted shares - 1 - 1 Weighted-average shares outstanding-diluted 93 94 92 94 Accumulated Other Comprehensive Loss. June 30, 2023 December 31, 2022, six June 30, 2023 2022 June 30, 2023 December 31, 2022 June 30, 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 (4 ) - Income tax benefit (5 ) (4 ) Accumulated other comprehensive loss $ (15 ) $ (12 ) Property and Equipment. Estimated June 30, December 31, Useful Lives 2023 2022 (in years) Property and equipment: Land $ 289 $ 290 Buildings and improvements 486 477 7 to 40 Equipment 1,046 1,027 3 to 20 Construction in progress 494 362 2,315 2,156 Accumulated depreciation (741 ) (690 ) Total property and equipment, net $ 1,574 $ 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 loss (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 Six Months Ended June 30, June 30, 2023 2022 2023 2022 Loss (gain) on disposal of assets, net: Proceeds from sale of fixed assets $ (14 ) $ (2 ) $ (22 ) $ (2 ) Proceeds from FCC - Repack - - - (5 ) Net book value of assets disposed 16 2 25 2 Non-cash loss on divestiture 14 - 14 - Securitization Facility (1 ) - 8 - Other 1 - 1 - Total $ 16 $ - $ 26 $ (5 ) Purchase of property and equipment: Recurring purchases - operations $ 45 $ 67 Assembly Atlanta development 168 92 Total $ 213 $ 159 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 June 30, 2023, 11 March 14, 2023. 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 six June 30, 2023, not not may The proceeds of the Securitization Facility are classified as operating activities in our Condensed 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 June 30, 2023, June 30, 2023. June 30, 2023. 2023 six 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): Six Months Ended June 30, 2023 2022 Beginning balance $ 16 $ 16 Provision for credit losses 17 (1 ) Amounts written off (1 ) - Ending balance $ 32 $ 15 Implementation of ASC 848, March 17, 2023, 2019 2019 1 1 848, 2021 1 1 March 31, 2023. 2019 2021 not

Note 2 - Revenue

Note 2 - Revenue	6 Months Ended
	Jun. 30, 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 sheets. 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 sheets. 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 six June 30, 2023 December 31, 2022. June 30, 2023 December 31, 2022, Disaggregation of Revenue. Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Market and service type: Broadcast Advertising: Core advertising $ 379 $ 366 $ 736 $ 731 Political 12 90 20 116 Total advertising 391 456 756 847 Retransmission consent 394 382 789 775 Production companies 12 13 34 36 Other 16 17 35 37 Total revenue $ 813 $ 868 $ 1,614 $ 1,695 Sales channel: Direct $ 559 $ 536 $ 1,117 $ 1,087 Advertising agency intermediary 254 332 497 608 Total revenue $ 813 $ 868 $ 1,614 $ 1,695

Note 3 - Acquisition and Divest

Note 3 - Acquisition and Divestiture	6 Months Ended
	Jun. 30, 2023
Notes to Financial Statements
Mergers, Acquisitions and Dispositions Disclosures [Text Block]	3. Acquisition and Divestiture On May 1, 2023, 102 126 The following table summarizes the preliminary values of the assets acquired of WPGA (in millions): Property and equipment and other assets $ 2 Broadcast licenses 4 Total $ 6 These amounts are based upon management’s preliminary estimate of the fair values using valuation techniques including income, cost and market approaches. In determining the preliminary fair value of the acquired assets, the fair values were determined based on, among other factors, expected future revenue and cash flows, expected future growth rates, and estimated discount rates. Property and equipment are recorded at their fair value and are being depreciated over their estimated useful lives ranging from 3 to 40 years. In this transaction an immaterial amount of goodwill was acquired. The sale of television station KNIN resulted in a loss on disposal of $14 million.

Note 4 - Long-term Debt

Note 4 - Long-term Debt	6 Months Ended
	Jun. 30, 2023
Notes to Financial Statements
Debt Disclosure [Text Block]	4. Long-term Debt As of June 30, 2023 December 31, 2022, 2019 2026 “2026 2027 “2027 2030 “2030 2031 “2031 June 30, 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) 1,478 1,485 Revolving Credit Facility 50 - 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 6,268 6,520 Unamortized deferred loan costs - 2017 Term Loan - (4 ) Unamortized deferred loan costs - 2019 Term Loan (18 ) (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 (10 ) (11 ) Unamortized deferred loan costs - 2031 Notes (15 ) (16 ) Unamortized premium - 2026 Notes 2 2 Less current portion (15 ) (15 ) Long-term debt, less current portion and deferred financing costs $ 6,197 $ 6,440 Borrowing availability under Revolving Credit Facility $ 444 $ 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. As of June 30, 2023, 2021 2019 1 June 30, 2023, 2021 2019 January 2, 2026, December 1, 2026. Interest Rate Cap February 23, 2023, two two June 30, 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 2021 2019 1 4.97% 5.015%. December 31, 2025. $34 June 30, 2023. June 30, 2023, The ISDA Master Agreement, together with its related schedules, contain customary representations, warranties and covenants. The interest rate caps were not six June 30, 2023, 5%. 4.97% 5.015% June 30, 2023; For all of our interest bearing obligations, we made interest payments of approximately $208 million and $153 million during the six June 30, 2023 2022, six June 30, 2023 2022, As of June 30, 2023, 2023 5 Minimum Principal Maturities Year 2019 Senior 2026 Notes 2027 Notes 2030 Notes 2031 Notes Total Remainder of 2023 $ 8 $ - $ - $ - $ - $ 8 2024 15 - - - - 15 2025 15 - - - - 15 2026 1,255 700 - - - 1,955 2027 15 - 750 - - 765 2028 1,410 - - - - 1,410 Thereafter - - - 800 1,300 2,100 Total $ 2,718 $ 700 $ 750 $ 800 $ 1,300 $ 6,268 As of June 30, 2023, no 2019 2026 2027 2030 2031 June 30, 2023 December 31, 2022, In the six June 30, 2023, 2021 2017

Note 5 - Fair Value Measurement

Note 5 - Fair Value Measurement	6 Months Ended
	Jun. 30, 2023
Notes to Financial Statements
Fair Value Disclosures [Text Block]	5. Fair Value Measurement We measure certain assets and liabilities at fair value, which are classified by the FASB Codification within the fair value hierarchy as level 1, 2, 3, ● Level 1: ● Level 2: not ● Level 3: one Fair value is defined as the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date. The use of different market assumptions or methodologies could have a material effect on the fair value measurement. The carrying amounts of accounts receivable, prepaid and other current assets, accounts payable, employee compensation and benefits, accrued interest, other accrued expenses, and deferred revenue approximate fair value at both June 30, 2023 December 31, 2022. At June 30, 2023 December 31, 2022, third 2

Note 6 - Stockholders' Equity

Note 6 - Stockholders' Equity	6 Months Ended
	Jun. 30, 2023
Notes to Financial Statements
Equity [Text Block]	6. Stockholders Equity We are authorized to issue 245 million shares in total of all classes of stock consisting of 25 million shares of Class A common stock, 200 million shares of common stock, and 20 million shares of “blank check” preferred stock for which our Board of Directors has the authority to determine the rights, powers, limitations and restrictions. The rights of our common stock and Class A common stock are identical, except that our Class A common stock has 10 votes per share and our common stock has one 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 June 15, 2023 2022, March 31 June 30, 2023 2022. six June 30, 2023 2022 Under our various employee benefit plans, we may, June 30, 2023,

Note 7 - Retirement Plans

Note 7 - Retirement Plans	6 Months Ended
	Jun. 30, 2023
Notes to Financial Statements
Retirement Benefits [Text Block]	7. Retirement Plans The components of our net periodic pension benefit are included in miscellaneous expense, net in our condensed consolidated statements of operations. During the six June 30, 2023, not not 2023, During the six June 30, 2023, 2022 401 2022 December 31, 2022. June 30, 2023, 2023,

Note 8 - Stock-based Compensati

Note 8 - Stock-based Compensation	6 Months Ended
	Jun. 30, 2023
Notes to Financial Statements
Share-Based Payment Arrangement [Text Block]	8. Stock-based Compensation We recognize compensation expense for stock-based payment awards made to our employees, consultants and directors. The following table provides our stock-based compensation expense and related income tax benefit for the three six June 30, 2023 2022 Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Stock-based compensation expense, gross $ 7 $ 6 $ 9 $ 11 Income tax benefit at our statutory rate associated with stock-based compensation (2 ) (2 ) (2 ) (3 ) Stock-based compensation expense, net $ 5 $ 4 $ 7 $ 8 All shares of common stock and Class A common stock underlying outstanding 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 activity for the six June 30, 2023 2022, Six Months Ended June 30, 2023 June 30, 2022 Weighted- Weighted- average average Grant Date Grant Date Number of Fair Value Number of Fair Value Shares Per Share Shares Per Share Restricted stock - common: Outstanding - beginning of period (1) 997,745 $ 20.62 1,035,728 $ 19.69 Granted (1) 1,007,921 $ 8.15 400,927 $ 21.68 Vested (461,953 ) $ 20.27 (341,918 ) $ 19.03 Outstanding - end of period (1) 1,543,713 $ 12.58 1,094,737 $ 20.62 Restricted stock - Class A common: Outstanding - beginning of period (1) 677,238 $ 19.36 720,421 $ 18.22 Granted (1) 738,854 $ 8.34 250,448 $ 20.52 Vested (203,986 ) $ 18.76 (229,758 ) $ 16.99 Outstanding - end of period (1) 1,212,106 $ 12.74 741,111 $ 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 For awards subject to future performance conditions, amounts assume target performance.

Note 9 - Leases

Note 9 - Leases	6 Months Ended
	Jun. 30, 2023
Notes to Financial Statements
Leases, Lessee Disclosure [Text Block]	9. 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 June 30, 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 six June 30, 2023. As of June 30, 2023, 9 three six June 30, 2023 2022, Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Lease expense Operating lease expense $ 5 $ 4 $ 9 $ 8 Short-term lease expense 1 - 2 1 Total lease expense $ 6 $ 4 $ 11 $ 9 The maturities of operating lease liabilities as of June 30, 2023, 2023 five Year ending December 31, Operating Leases Remainder of 2023 $ 8 2024 15 2025 14 2026 12 2027 11 Thereafter 51 Total lease payments 111 Less: Imputed interest (29 ) Present value of lease liabilities $ 82

Note 10 - Commitments and Conti

Note 10 - Commitments and Contingencies	6 Months Ended
	Jun. 30, 2023
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	10. 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 11 - Goodwill and Intangib

Note 11 - Goodwill and Intangible Assets	6 Months Ended
	Jun. 30, 2023
Notes to Financial Statements
Goodwill and Intangible Assets Disclosure [Text Block]	11. Goodwill and Intangible Assets A summary of changes in our goodwill and other intangible assets, on a net basis, for the six June 30, 2023 Net Balance at Net Balance at December 31, Acquisitions June 30, 2022 and Adjustments Impairments Amortization 2023 Goodwill $ 2,663 $ (3 ) $ - $ - $ 2,660 Broadcast licenses 5,331 (11 ) - - 5,320 Finite-lived intangible assets 636 - - (99 ) 537 Total intangible assets net of accumulated amortization $ 8,630 $ (14 ) $ - $ (99 ) $ 8,517 A summary of the changes in our goodwill, on a gross basis, for the six June 30, 2023, As of As of December 31, Acquisitions June 30, 2022 and Adjustments Impairments 2023 Goodwill, gross $ 2,762 $ (3 ) $ - $ 2,759 Accumulated goodwill impairment (99 ) - - (99 ) Goodwill, net $ 2,663 $ (3 ) $ - $ 2,660 As of June 30, 2023 December 31, 2022, As of June 30, 2023 As of December 31, 2022 Accumulated Accumulated Gross Amortization Net Gross Amortization Net Intangible assets not currently subject to amortization: Broadcast licenses $ 5,374 $ (54 ) $ 5,320 $ 5,385 $ (54 ) $ 5,331 Goodwill 2,660 - 2,660 2,663 - 2,663 $ 8,034 $ (54 ) $ 7,980 $ 8,048 $ (54 ) $ 7,994 Intangible assets subject to amortization: Network affiliation agreements $ 216 $ (106 ) $ 110 $ 218 $ (88 ) $ 130 Other finite lived intangible assets 1,052 (625 ) 427 1,055 (549 ) 506 $ 1,268 $ (731 ) $ 537 $ 1,273 $ (637 ) $ 636 Total intangibles $ 9,302 $ (785 ) $ 8,517 $ 9,321 $ (691 ) $ 8,630 Amortization expense for the six June 30, 2023 2022 2023 five 2024, 2025, 2026, 2027, 2028, may 14. third 2023.

Note 12 - Income Taxes

Note 12 - Income Taxes	6 Months Ended
	Jun. 30, 2023
Notes to Financial Statements
Income Tax Disclosure [Text Block]	12. Income Taxes For the three six June 30, 2023 2022, Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Income tax expense (benefit) $ 5 $ 38 $ (6 ) $ 59 Effective income tax rate 56 % 28 % 18 % 27 % 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 2023 six six June 30, 2022, During the six June 30, 2023, 2023, June 30, 2023, $344 one third not 382 On March 27, 2020, 19 2019 2020, 100% 2021. 2018, 2019, 2020 five 2020,

Note 13 - Segment Information

Note 13 - Segment Information	6 Months Ended
	Jun. 30, 2023
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	13. Segment Information We operate 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 and our productions facilities, primarily Assembly Atlanta. Costs identified as other are primarily corporate and administrative expenses. The following tables present certain financial information concerning our operating segments (in millions): Production As of and for the six months ended June 30, 2023: Broadcasting Companies Other Consolidated Revenue (less agency commissions) $ 1,580 $ 34 $ - $ 1,614 Operating expenses before depreciation, amortization and gain on disposal of assets, net: 1,107 70 56 1,233 Depreciation and amortization 160 7 2 169 Loss on disposal of assets, net 24 2 - 26 Operating expenses 1,291 79 58 1,428 Operating income (loss) $ 289 $ (45 ) $ (58 ) $ 186 Interest expense $ - $ - $ 213 $ 213 Capital expenditures (excluding business combinations) $ 41 $ 168 $ 4 $ 213 Goodwill $ 2,615 $ 45 $ - $ 2,660 Total assets $ 9,995 $ 644 $ 171 $ 10,810 For the six months ended June 30, 2022: Revenue (less agency commissions) $ 1,659 $ 36 $ - $ 1,695 Operating expenses before depreciation, amortization and gain on disposal of assets, net: 1,058 40 53 1,151 Depreciation and amortization 159 6 2 167 Gain on disposal of assets, net (5 ) - - (5 ) Operating expenses 1,212 46 55 1,313 Operating income (loss) $ 447 $ (10 ) $ (55 ) $ 382 Interest expense $ - $ - $ 160 $ 160 Capital expenditures (excluding business combinations) $ 66 $ 93 $ - $ 159 As of December 31, 2022: Goodwill $ 2,618 $ 45 $ - $ 2,663 Total assets $ 10,444 $ 535 $ 173 $ 11,152

Note 14- Subsequent Event

Note 14- Subsequent Event	6 Months Ended
	Jun. 30, 2023
Notes to Financial Statements
Subsequent Events [Text Block]	14. Subsequent Event Several years ago, our Raycom Sports subsidiary sublicensed certain Atlantic Coast Conference (“ACC”) football and basketball games from ESPN to Fox Sports that were assumed by Diamond Sports Group, LLC (“Diamond”) upon its acquisition of Fox Sports. In March 2023, July 7, 2023, July 13, 2023, July 2023 third 2023.

Item 5. Other Information

Item 5. Other Information	6 Months Ended
	Jun. 30, 2023
Notes to Financial Statements
Issuer Rule 10b5-1, Material Terms [Text Block]	Item 5. None of the Company's directors or officers adopted, modified, or terminated a Rule 10b5 1 10b5 1 June 30, 2023.

Significant Accounting Policies

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2023
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 shares outstanding to diluted weighted-average shares outstanding for the three six June 30, 2023 2022, Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Weighted-average shares outstanding-basic 93 93 92 93 Common stock equivalents for restricted shares - 1 - 1 Weighted-average shares outstanding-diluted 93 94 92 94
Comprehensive Income, Policy [Policy Text Block]	Accumulated Other Comprehensive Loss. June 30, 2023 December 31, 2022, six June 30, 2023 2022 June 30, 2023 December 31, 2022 June 30, 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 (4 ) - Income tax benefit (5 ) (4 ) Accumulated other comprehensive loss $ (15 ) $ (12 )
Property, Plant and Equipment, Policy [Policy Text Block]	Property and Equipment. Estimated June 30, December 31, Useful Lives 2023 2022 (in years) Property and equipment: Land $ 289 $ 290 Buildings and improvements 486 477 7 to 40 Equipment 1,046 1,027 3 to 20 Construction in progress 494 362 2,315 2,156 Accumulated depreciation (741 ) (690 ) Total property and equipment, net $ 1,574 $ 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 loss (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 Six Months Ended June 30, June 30, 2023 2022 2023 2022 Loss (gain) on disposal of assets, net: Proceeds from sale of fixed assets $ (14 ) $ (2 ) $ (22 ) $ (2 ) Proceeds from FCC - Repack - - - (5 ) Net book value of assets disposed 16 2 25 2 Non-cash loss on divestiture 14 - 14 - Securitization Facility (1 ) - 8 - Other 1 - 1 - Total $ 16 $ - $ 26 $ (5 ) Purchase of property and equipment: Recurring purchases - operations $ 45 $ 67 Assembly Atlanta development 168 92 Total $ 213 $ 159
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 As of June 30, 2023, 11 March 14, 2023. 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 six June 30, 2023, not not may The proceeds of the Securitization Facility are classified as operating activities in our Condensed 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 June 30, 2023, June 30, 2023. June 30, 2023. 2023 six 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): Six Months Ended June 30, 2023 2022 Beginning balance $ 16 $ 16 Provision for credit losses 17 (1 ) Amounts written off (1 ) - Ending balance $ 32 $ 15 Implementation of ASC 848, March 17, 2023, 2019 2019 1 1 848, 2021 1 1 March 31, 2023. 2019 2021 not

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation (Tables)	6 Months Ended
	Jun. 30, 2023
Notes Tables
Schedule of Weighted Average Number of Shares [Table Text Block]	Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Weighted-average shares outstanding-basic 93 93 92 93 Common stock equivalents for restricted shares - 1 - 1 Weighted-average shares outstanding-diluted 93 94 92 94
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	June 30, 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 (4 ) - Income tax benefit (5 ) (4 ) Accumulated other comprehensive loss $ (15 ) $ (12 )
Property, Plant and Equipment [Table Text Block]	Estimated June 30, December 31, Useful Lives 2023 2022 (in years) Property and equipment: Land $ 289 $ 290 Buildings and improvements 486 477 7 to 40 Equipment 1,046 1,027 3 to 20 Construction in progress 494 362 2,315 2,156 Accumulated depreciation (741 ) (690 ) Total property and equipment, net $ 1,574 $ 1,466
Schedule of Disposal of Assets and Purchase of Property and Equipment [Table Text Block]	Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Loss (gain) on disposal of assets, net: Proceeds from sale of fixed assets $ (14 ) $ (2 ) $ (22 ) $ (2 ) Proceeds from FCC - Repack - - - (5 ) Net book value of assets disposed 16 2 25 2 Non-cash loss on divestiture 14 - 14 - Securitization Facility (1 ) - 8 - Other 1 - 1 - Total $ 16 $ - $ 26 $ (5 ) Purchase of property and equipment: Recurring purchases - operations $ 45 $ 67 Assembly Atlanta development 168 92 Total $ 213 $ 159
Accounts Receivable, Allowance for Credit Loss [Table Text Block]	Six Months Ended June 30, 2023 2022 Beginning balance $ 16 $ 16 Provision for credit losses 17 (1 ) Amounts written off (1 ) - Ending balance $ 32 $ 15

Note 2 - Revenue (Tables)

Note 2 - Revenue (Tables)	6 Months Ended
	Jun. 30, 2023
Notes Tables
Disaggregation of Revenue [Table Text Block]	Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Market and service type: Broadcast Advertising: Core advertising $ 379 $ 366 $ 736 $ 731 Political 12 90 20 116 Total advertising 391 456 756 847 Retransmission consent 394 382 789 775 Production companies 12 13 34 36 Other 16 17 35 37 Total revenue $ 813 $ 868 $ 1,614 $ 1,695 Sales channel: Direct $ 559 $ 536 $ 1,117 $ 1,087 Advertising agency intermediary 254 332 497 608 Total revenue $ 813 $ 868 $ 1,614 $ 1,695

Note 3 - Acquisition and Dive_2

Note 3 - Acquisition and Divestiture (Tables)	6 Months Ended
	Jun. 30, 2023
Notes Tables
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]	Property and equipment and other assets $ 2 Broadcast licenses 4 Total $ 6

Note 4 - Long-term Debt (Tables

Note 4 - Long-term Debt (Tables)	6 Months Ended
	Jun. 30, 2023
Notes Tables
Schedule of Long-Term Debt Instruments [Table Text Block]	June 30, 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) 1,478 1,485 Revolving Credit Facility 50 - 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 6,268 6,520 Unamortized deferred loan costs - 2017 Term Loan - (4 ) Unamortized deferred loan costs - 2019 Term Loan (18 ) (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 (10 ) (11 ) Unamortized deferred loan costs - 2031 Notes (15 ) (16 ) Unamortized premium - 2026 Notes 2 2 Less current portion (15 ) (15 ) Long-term debt, less current portion and deferred financing costs $ 6,197 $ 6,440 Borrowing availability under Revolving Credit Facility $ 444 $ 496
Schedule of Maturities of Long-Term Debt [Table Text Block]	Minimum Principal Maturities Year 2019 Senior 2026 Notes 2027 Notes 2030 Notes 2031 Notes Total Remainder of 2023 $ 8 $ - $ - $ - $ - $ 8 2024 15 - - - - 15 2025 15 - - - - 15 2026 1,255 700 - - - 1,955 2027 15 - 750 - - 765 2028 1,410 - - - - 1,410 Thereafter - - - 800 1,300 2,100 Total $ 2,718 $ 700 $ 750 $ 800 $ 1,300 $ 6,268

Note 8 - Stock-based Compensa_2

Note 8 - Stock-based Compensation (Tables)	6 Months Ended
	Jun. 30, 2023
Notes Tables
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block]	Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Stock-based compensation expense, gross $ 7 $ 6 $ 9 $ 11 Income tax benefit at our statutory rate associated with stock-based compensation (2 ) (2 ) (2 ) (3 ) Stock-based compensation expense, net $ 5 $ 4 $ 7 $ 8
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block]	Six Months Ended June 30, 2023 June 30, 2022 Weighted- Weighted- average average Grant Date Grant Date Number of Fair Value Number of Fair Value Shares Per Share Shares Per Share Restricted stock - common: Outstanding - beginning of period (1) 997,745 $ 20.62 1,035,728 $ 19.69 Granted (1) 1,007,921 $ 8.15 400,927 $ 21.68 Vested (461,953 ) $ 20.27 (341,918 ) $ 19.03 Outstanding - end of period (1) 1,543,713 $ 12.58 1,094,737 $ 20.62 Restricted stock - Class A common: Outstanding - beginning of period (1) 677,238 $ 19.36 720,421 $ 18.22 Granted (1) 738,854 $ 8.34 250,448 $ 20.52 Vested (203,986 ) $ 18.76 (229,758 ) $ 16.99 Outstanding - end of period (1) 1,212,106 $ 12.74 741,111 $ 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 9 - Leases (Tables)

Note 9 - Leases (Tables)	6 Months Ended
	Jun. 30, 2023
Notes Tables
Lease, Cost [Table Text Block]	Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Lease expense Operating lease expense $ 5 $ 4 $ 9 $ 8 Short-term lease expense 1 - 2 1 Total lease expense $ 6 $ 4 $ 11 $ 9
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block]	Year ending December 31, Operating Leases Remainder of 2023 $ 8 2024 15 2025 14 2026 12 2027 11 Thereafter 51 Total lease payments 111 Less: Imputed interest (29 ) Present value of lease liabilities $ 82

Note 11 - Goodwill and Intang_2

Note 11 - Goodwill and Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2023
Notes Tables
Schedule of Acquired Indefinite-Lived Intangible Assets by Major Class [Table Text Block]	Net Balance at Net Balance at December 31, Acquisitions June 30, 2022 and Adjustments Impairments Amortization 2023 Goodwill $ 2,663 $ (3 ) $ - $ - $ 2,660 Broadcast licenses 5,331 (11 ) - - 5,320 Finite-lived intangible assets 636 - - (99 ) 537 Total intangible assets net of accumulated amortization $ 8,630 $ (14 ) $ - $ (99 ) $ 8,517
Schedule of Goodwill [Table Text Block]	As of As of December 31, Acquisitions June 30, 2022 and Adjustments Impairments 2023 Goodwill, gross $ 2,762 $ (3 ) $ - $ 2,759 Accumulated goodwill impairment (99 ) - - (99 ) Goodwill, net $ 2,663 $ (3 ) $ - $ 2,660
Schedule of Intangible Assets and Goodwill [Table Text Block]	As of June 30, 2023 As of December 31, 2022 Accumulated Accumulated Gross Amortization Net Gross Amortization Net Intangible assets not currently subject to amortization: Broadcast licenses $ 5,374 $ (54 ) $ 5,320 $ 5,385 $ (54 ) $ 5,331 Goodwill 2,660 - 2,660 2,663 - 2,663 $ 8,034 $ (54 ) $ 7,980 $ 8,048 $ (54 ) $ 7,994 Intangible assets subject to amortization: Network affiliation agreements $ 216 $ (106 ) $ 110 $ 218 $ (88 ) $ 130 Other finite lived intangible assets 1,052 (625 ) 427 1,055 (549 ) 506 $ 1,268 $ (731 ) $ 537 $ 1,273 $ (637 ) $ 636 Total intangibles $ 9,302 $ (785 ) $ 8,517 $ 9,321 $ (691 ) $ 8,630

Note 12 - Income Taxes (Tables)

Note 12 - Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2023
Notes Tables
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]	Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Income tax expense (benefit) $ 5 $ 38 $ (6 ) $ 59 Effective income tax rate 56 % 28 % 18 % 27 %

Note 13 - Segment Information (

Note 13 - Segment Information (Tables)	6 Months Ended
	Jun. 30, 2023
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Production As of and for the six months ended June 30, 2023: Broadcasting Companies Other Consolidated Revenue (less agency commissions) $ 1,580 $ 34 $ - $ 1,614 Operating expenses before depreciation, amortization and gain on disposal of assets, net: 1,107 70 56 1,233 Depreciation and amortization 160 7 2 169 Loss on disposal of assets, net 24 2 - 26 Operating expenses 1,291 79 58 1,428 Operating income (loss) $ 289 $ (45 ) $ (58 ) $ 186 Interest expense $ - $ - $ 213 $ 213 Capital expenditures (excluding business combinations) $ 41 $ 168 $ 4 $ 213 Goodwill $ 2,615 $ 45 $ - $ 2,660 Total assets $ 9,995 $ 644 $ 171 $ 10,810 For the six months ended June 30, 2022: Revenue (less agency commissions) $ 1,659 $ 36 $ - $ 1,695 Operating expenses before depreciation, amortization and gain on disposal of assets, net: 1,058 40 53 1,151 Depreciation and amortization 159 6 2 167 Gain on disposal of assets, net (5 ) - - (5 ) Operating expenses 1,212 46 55 1,313 Operating income (loss) $ 447 $ (10 ) $ (55 ) $ 382 Interest expense $ - $ - $ 160 $ 160 Capital expenditures (excluding business combinations) $ 66 $ 93 $ - $ 159 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	6 Months Ended
	Mar. 31, 2023 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 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		$ 7	$ 8
Proceeds from Sale of Machinery and Equipment		22	2
Reimbursement from Development Costs, Ownership Transferred		11	0
Accounts Receivable, Allowance for Credit Loss		32	$ 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		277
Accounts Receivable Securitization, Total Receivables		577
Accounts Receivable Securitization, Charge for Discount		$ 9
Wells Fargo Bank, N.A. [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Debt Instrument, Basis Spread on Variable Rate		100%
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		38
Proceeds From Infrastructure Asset Project		27
Reimbursement from Development Costs, Ownership Retained		11
Increase (Decrease) in Contract with Customer, Liability		9
Proceeds from Sale of Machinery and Equipment		$ 18
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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Weighted-average shares outstanding-basic (in shares)	93	93	92	93
Common stock equivalents for restricted shares (in shares)	0	1	0	1
Weighted-average shares outstanding-diluted (in shares)	93	94	92	94

Note 1 - Basis of Presentatio_4

Note 1 - Basis of Presentation - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	Jun. 30, 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	(4)	0
Income tax benefit	(5)	(4)
Accumulated other comprehensive loss	$ (15)	$ (12)

Note 1 - Basis of Presentatio_5

Note 1 - Basis of Presentation - Property and Equipment (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Property and equipment, gross	$ 2,315	$ 2,156
Accumulated depreciation	(741)	(690)
Total property and equipment, net	1,574	1,466
Land [Member]
Property and equipment, gross	289	290
Building and Building Improvements [Member]
Property and equipment, gross	$ 486	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	$ 1,046	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	$ 494	$ 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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Proceeds from sale of fixed assets	$ (14)	$ (2)	$ (22)	$ (2)
Proceeds from FCC - Repack	0	0	0	(5)
Net book value of assets disposed	16	2	25	2
Non-cash loss on divestiture	14	0	14	0
Securitization Facility	(1)	0	8	0
Other	1	0	1	0
Loss (gain) on disposal of assets, net	$ 16	$ 0	26	(5)
Recurring purchases - operations			45	67
Assembly Atlanta development			168	92
Purchases of property and equipment			$ 213	$ 159

Note 1 - Basis of Presentatio_7

Note 1 - Basis of Presentation - Allowance for Credit Losses (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Beginning balance	$ 16	$ 16
Provision for credit losses	17	(1)
Amounts written off	(1)	0
Ending balance	$ 32	$ 15

Note 2 - Revenue (Details Textu

Note 2 - Revenue (Details Textual) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Contract with Customer, Liability, Revenue Recognized	$ 12
Deferred Revenue [Member]
Deposit Liability, Current	$ 11	$ 12

Note 2 - Revenue - Disaggregati

Note 2 - Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenue	$ 813	$ 868	$ 1,614	$ 1,695
Sales Channel, Directly to Consumer [Member]
Revenue	559	536	1,117	1,087
Sales Channel, Through Intermediary [Member]
Revenue	254	332	497	608
Core Advertising [Member]
Revenue	379	366	736	731
Political Advertising [Member]
Revenue	12	90	20	116
Advertising [Member]
Revenue	391	456	756	847
Retransmission Consent [Member]
Revenue	394	382	789	775
Production Companies [Member]
Revenue	12	13	34	36
Service, Other [Member]
Revenue	$ 16	$ 17	$ 35	$ 37

Note 3 - Acquisition and Dive_3

Note 3 - Acquisition and Divestiture (Details Textual) - USD ($) $ in Millions		6 Months Ended
	May 01, 2023	Jun. 30, 2023
KNIN With Marquee Broadcasting Transaction [Member]
Gain (Loss) on Disposition of Business		$ 14
WPGA With Marquee Broadcasting Transaction [Member]
Business Combination, Consideration Transferred	$ 6
WPGA With Marquee Broadcasting Transaction [Member] | Minimum [Member]
Property, Plant and Equipment, Useful Life (Year)		3 years
WPGA With Marquee Broadcasting Transaction [Member] | Maximum [Member]
Property, Plant and Equipment, Useful Life (Year)		40 years
KNIN With Marquee Broadcasting Transaction [Member]
Disposal Group, Including Discontinued Operation, Consideration	$ 6

Note 3 - Acquisition and Dive_4

Note 3 - Acquisition and Divestiture - Acquisition (Details) - WPGA With Marquee Broadcasting Transaction [Member] $ in Millions	May 01, 2023 USD ($)
Property and equipment and other assets	$ 2
Total	6
Broadcast Licenses [Member]
Intangible assets	$ 4

Note 4 - Long-term Debt (Detail

Note 4 - Long-term Debt (Details Textual) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2025	Mar. 29, 2023	Feb. 23, 2023	Dec. 31, 2022
Derivative, Cash Received on Hedge	$ 0.3
Interest Paid, Excluding Capitalized Interest, Operating Activities	208	$ 153
Interest Costs Capitalized	13	2
Repayments of Long-Term Debt	403	$ 58
Interest Rate Cap [Member]
Derivative, Notional Amount	2,600
Derivative Asset	30
Derivative Liabilities, Net of Tax	4
Amortization	$ 4
Interest Rate Cap [Member] | Forecast [Member]
Derivative Fees Payable			$ 34
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%
Revolving Credit Facility [Member]
Debt Instrument, Interest Rate, Effective Percentage	7.20%
2026 Notes [Member]
Debt Instrument, Interest Rate, Stated Percentage	5.875%					5.875%
2027 Notes [Member]
Debt Instrument, Interest Rate, Stated Percentage						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%
The 2021 Senior Credit Facility [Member] | The 2021 Term Loan [Member]
Debt Instrument, Interest Rate, Effective Percentage	8.30%
The 2019 Senior Credit Facility [Member] | The 2019 Term Loan [Member]
Debt Instrument, Interest Rate, Effective Percentage	7.80%
The 2021 Term Loan [Member]
Repayments of Long-Term Debt	$ 8
The 2017 Term Loan [Member]
Repayments of Long-Term Debt	$ 295

Note 4 - Long-term Debt - Long-

Note 4 - Long-term Debt - Long-term Debt Summary (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Long-term debt, gross	$ 6,268	$ 6,520
Less current portion	(15)	(15)
Long-term debt, less current portion and deferred financing costs	6,197	6,440
Borrowing availability under Revolving Credit Facility	444	496
Revolving Credit Facility [Member]
Long-term debt, gross	50	0
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	(18)	(21)
The 2021 Term Loan [Member]
Long-term debt, gross	1,478	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	(10)	(11)
Notes 2031 [Member]
Long-term debt, gross	1,300	1,300
Unamortized deferred loan costs	$ (15)	$ (16)

Note 4 - Long-term Debt - Aggre

Note 4 - Long-term Debt - Aggregate Minimum Principal Maturities on Long-term Debt (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Remainder of 2023	$ 8
2024	15
2025	15
2026	1,955
2027	765
2028	1,410
Thereafter	2,100
Total Debt	6,268	$ 6,520
The 2019 Senior Credit Facility [Member]
Remainder of 2023	8
2024	15
2025	15
2026	1,255
2027	15
2028	1,410
Thereafter	0
Total Debt	2,718
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 5 - Fair Value Measureme_2

Note 5 - Fair Value Measurement (Details Textual) - USD ($) $ in Billions	Jun. 30, 2023	Dec. 31, 2022
Long-Term Debt	$ 6.2	$ 6.5
Long-Term Debt, Fair Value	$ 5.3	$ 5.7

Note 6 - Stockholders' Equity (

Note 6 - Stockholders' Equity (Details Textual) $ / shares in Units, $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2023 USD ($) $ / shares shares	Mar. 31, 2023 USD ($)	Jun. 30, 2022 USD ($) $ / shares	Mar. 31, 2022 USD ($)	Jun. 30, 2023 USD ($) $ / shares shares	Jun. 30, 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		$ 0.16	$ 0.16
Dividends, Common Stock | $	$ 7	$ 7	$ 8	$ 8	$ 14	$ 16
Common Stock, Capital Shares Reserved for Future Issuance (in shares)	7,900,000				7,900,000
Class A Common Stock (No Par Value) [Member]
Common Stock, Shares Authorized (in shares)	25,000,000				25,000,000		25,000,000
Common Stock, Voting Rights, Votes Per Share							10
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ / shares	$ 0.08
Common Stock, Capital Shares Reserved for Future Issuance (in shares)	2,100,000				2,100,000

Note 7 - Retirement Plans (Deta

Note 7 - Retirement Plans (Details Textual) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Defined Contribution Plan, Expected Contributions, Remainder of Fiscal Year	$ 14
Profit Sharing Contribution [Member]
Defined Contribution Plan, Employer Discretionary Contribution Amount	14	$ 9
Pension Plan [Member] | Gray Pension Plan [Member]
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year	$ 4

Note 8 - Stock-based Compensa_3

Note 8 - Stock-based Compensation - Stock-based Compensation Expense and Related Income Tax Benefit (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Stock-based compensation expense, gross	$ 7	$ 6	$ 9	$ 11
Income tax benefit at our statutory rate associated with stock-based compensation	(2)	(2)	(2)	(3)
Stock-based compensation expense, net	$ 5	$ 4	$ 7	$ 8

Note 8 - Stock-based Compensa_4

Note 8 - Stock-based Compensation - Summary of Restricted Common Stock Activity (Details) - $ / shares		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022
Restricted Stock [Member]
Outstanding, Shares (in shares)	[1]	997,745	1,035,728
Outstanding, Weighted average grant date fair value (in dollars per share)		$ 20.62	$ 19.69
Granted, Shares (in shares)		1,007,921	400,927
Granted, Weighted average grant date fair value (in dollars per share)		$ 8.15	$ 21.68
Vested, Shares (in shares)		(461,953)	(341,918)
Vested, Weighted average grant date fair value (in dollars per share)		$ 20.27	$ 19.03
Outstanding, Shares (in shares)		1,543,713	1,094,737
Outstanding, Weighted average grant date fair value (in dollars per share)		$ 12.58	$ 20.62
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)		738,854	250,448
Granted, Weighted average grant date fair value (in dollars per share)		$ 8.34	$ 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)		1,212,106	741,111
Outstanding, Weighted average grant date fair value (in dollars per share)		$ 12.74	$ 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
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)		587,168	274,145
Outstanding, Weighted average grant date fair value (in dollars per share)		$ 11.50	$ 23.60
[1]For awards subject to future performance conditions, amounts assume target performance.

Note 9 - Leases (Details Textua

Note 9 - Leases (Details Textual)	Jun. 30, 2023
Operating Lease, Weighted Average Remaining Lease Term (Year)	9 years
Operating Lease, Weighted Average Discount Rate, Percent	6.50%
Minimum [Member]
Lessee, Operating Lease, Remaining Lease Term (Year)	1 year
Maximum [Member]
Lessee, Operating Lease, Remaining Lease Term (Year)	99 years

Note 9 - Leases - Lease Expense

Note 9 - Leases - Lease Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Operating lease expense	$ 5	$ 4	$ 9	$ 8
Short-term lease expense	1	0	2	1
Total lease expense	$ 6	$ 4	$ 11	$ 9

Note 9 - Leases - Maturities of

Note 9 - Leases - Maturities of Operating Lease Liabilities (Details) $ in Millions	Jun. 30, 2023 USD ($)
Remainder of 2023	$ 8
2024	15
2025	14
2026	12
2027	11
Thereafter	51
Total lease payments	111
Less: Imputed interest	(29)
Present value of lease liabilities	$ 82

Note 11 - Goodwill and Intang_3

Note 11 - Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Amortization of Intangible Assets	$ 99	$ 104
Finite-Lived Intangible Asset, Expected Amortization, Remainder of Fiscal Year	98
Finite-Lived Intangible Asset, Expected Amortization, Year One	132
Finite-Lived Intangible Asset, Expected Amortization, Year Two	121
Finite-Lived Intangible Asset, Expected Amortization, Year Three	91
Finite-Lived Intangible Asset, Expected Amortization, Year Four	49
Finite-Lived Intangible Asset, Expected Amortization, Year Five	$ 13

Note 11 - Goodwill and Intang_4

Note 11 - Goodwill and Intangible Assets - Changes in Goodwill and Other Intangible Assets, Net (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Goodwill	$ 2,660		$ 2,663
Goodwill, acquisitions and adjustments	3
Broadcast licenses	5,320		5,331
Finite-lived intangible assets	537		636
Amortization	(99)	$ (104)
Total intangible assets net of accumulated amortization	8,517		8,630
Total intangible assets net of accumulated amortization	(14)
Finite-Lived Intangible Assets [Member]
Acquisition and adjustments	0
Acquisition and adjustments	0
Amortization	(99)
Broadcast Licenses [Member]
Broadcast licenses	5,320		$ 5,331
Acquisition and adjustments	(11)
Acquisition and adjustments	$ 11

Note 11 - Goodwill and Intang_5

Note 11 - Goodwill and Intangible Assets - Summary of Changes in Goodwill (Details) $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($)
Goodwill, gross	$ 2,762
Goodwill, acquired	(3)
Goodwill, dispositions	0
Goodwill, gross	2,759
Accumulated goodwill impairment	(99)
Accumulated goodwill impairment	(99)
Goodwill, net	2,663
Goodwill, net	$ 2,660

Note 11 - Goodwill and Intang_6

Note 11 - Goodwill and Intangible Assets - Intangible Assets and Related Accumulated Amortization (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Goodwill, Gross	$ 2,759	$ 2,762
Goodwill	2,660	2,663
Other intangible assets, net	537	636
Total intangible assets, gross	9,302	9,321
Total intangible assets, accumulated amortization	(785)	(691)
Total intangible assets, net	8,517	8,630
Network Affiliate [Member]
Finite-Lived Intangible Assets, Gross	216	218
Finite-Lived Intangible Assets, Accumulated Amortization	(106)	(88)
Other intangible assets, net	110	130
Other Definite Lived Intangible Assets [Member]
Finite-Lived Intangible Assets, Gross	1,052	1,055
Finite-Lived Intangible Assets, Accumulated Amortization	(625)	(549)
Other intangible assets, net	427	506
Intangible Assets Subject to Amortization [Member]
Finite-Lived Intangible Assets, Gross	1,268	1,273
Finite-Lived Intangible Assets, Accumulated Amortization	(731)	(637)
Other intangible assets, net	537	636
Broadcast Licenses [Member]
Indefinite-lived Intangible Assets (Excluding Goodwill), Gross	5,374	5,385
Indefinite-Lived Intangible Assets (Excluding Goodwill), Accumulated Amortization	(54)	(54)
Indefinite-Lived Intangible Assets (Excluding Goodwill)	5,320	5,331
Goodwill Not Amortizable [Member]
Goodwill, Gross	2,660	2,663
Goodwill, Accumulated Amortization	0	0
Goodwill	2,660	2,663
Intangible Assets Not Subject to Amortization [Member]
Goodwill and Indefinite-Lived Intangible Assets, Gross	8,034	8,048
Goodwill and Indefinite-lived Intangible Assets, Accumulated Amortization	(54)	(54)
Goodwill and Indefinite-Lived Assets, Net	$ 7,980	$ 7,994

Note 12 - Income Taxes (Details

Note 12 - Income Taxes (Details Textual) - USD ($) $ in Millions		3 Months Ended		6 Months Ended		12 Months Ended
	Jul. 01, 2023	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2020
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent				21%
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent				4%	5%
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Percent				1%	1%
Effective Income Tax Rate Reconciliation, Deduction, Other, Percent				6%
Effective Income Tax Rate Reconciliation, Percent		56%	28%	18%	27%
Income Taxes Paid, Net				$ 24
Proceeds from Income Tax Refunds						$ 21
State and Local Jurisdiction [Member]
Operating Loss Carryforwards		$ 344		344
Operating Loss Carryforwards That Will Not Be Realized		$ 217		$ 217
Minimum [Member] | Forecast [Member]
Income Taxes Paid, Net	$ 14
Maximum [Member] | Forecast [Member]
Income Taxes Paid, Net	$ 22

Note 12 - Income Taxes - Reconc

Note 12 - Income Taxes - Reconciliation of Income Tax Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income tax expense (benefit)	$ 5	$ 38	$ (6)	$ 59
Effective income tax rate	56%	28%	18%	27%

Note 13 - Segment Information_2

Note 13 - Segment Information (Details Textual)	6 Months Ended
	Jun. 30, 2023
Number of Operating Segments	2

Note 13 - Segment Information -

Note 13 - Segment Information - Segment Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Revenue (less agency commissions)	$ 813	$ 868	$ 1,614	$ 1,695
Operating expenses before depreciation, amortization and gain on disposal of assets, net:			1,233	1,151
Depreciation and amortization			169	167
Loss on disposal of assets, net			26	(5)
Operating expenses	694	650	1,428	1,313
Operating income (loss)	119	218	186	382
Interest expense	109	81	213	160
Capital expenditures (excluding business combinations)			213	159
Goodwill	2,660		2,660		$ 2,663
Total assets	10,810		10,810		11,152
Gain on disposal of assets, net			26	(5)
Operating expenses	694	650	1,428	1,313
Broadcasting, Segment [Member]
Revenue (less agency commissions)	801	855	1,580	1,659
Production Companies, Segment [Member]
Revenue (less agency commissions)	12	$ 13	34	36
Operating Segments [Member] | Broadcasting, Segment [Member]
Revenue (less agency commissions)			1,580	1,659
Operating expenses before depreciation, amortization and gain on disposal of assets, net:			1,107	1,058
Depreciation and amortization			160	159
Loss on disposal of assets, net			24	(5)
Operating expenses			1,291	1,212
Operating income (loss)			289	447
Interest expense			0	0
Capital expenditures (excluding business combinations)			41	66
Goodwill	2,615		2,615		2,618
Total assets	9,995		9,995		10,444
Gain on disposal of assets, net			24	(5)
Operating expenses			1,291	1,212
Operating Segments [Member] | Production Companies, Segment [Member]
Revenue (less agency commissions)			34	36
Operating expenses before depreciation, amortization and gain on disposal of assets, net:			70	40
Depreciation and amortization			7	6
Loss on disposal of assets, net			2	0
Operating expenses			79	46
Operating income (loss)			(45)	(10)
Interest expense			0	0
Capital expenditures (excluding business combinations)			168	93
Goodwill	45		45		45
Total assets	644		644		535
Gain on disposal of assets, net			2	0
Operating expenses			79	46
Segment Reconciling Items [Member]
Revenue (less agency commissions)			0	0
Operating expenses before depreciation, amortization and gain on disposal of assets, net:			56	53
Depreciation and amortization			2	2
Loss on disposal of assets, net			0	0
Operating expenses			58	55
Operating income (loss)			(58)	(55)
Interest expense			213	160
Capital expenditures (excluding business combinations)			4	0
Goodwill	0		0		0
Total assets	$ 171		171		$ 173
Gain on disposal of assets, net			0	0
Operating expenses			$ 58	$ 55

Note 14- Subsequent Event (Deta

Note 14- Subsequent Event (Details Textual) - Forecast [Member] $ in Millions	3 Months Ended
	Sep. 30, 2023 USD ($)
Minimum [Member]
Goodwill and Intangible Asset Impairment	$ 33
Maximum [Member]
Goodwill and Intangible Asset Impairment	$ 43

Item 5. Other Information (Deta

Item 5. Other Information (Details Textual) Pure in Thousands	3 Months Ended
	Jun. 30, 2023
Issuer Rule 10b5-1, Number of Trading Agreements Adopted or Terminated by Directors or Executive Officers	0