Gray Television (GTN) 10-K 23 Feb 24 2023 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2023	Feb. 16, 2024	Jun. 30, 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	FY
Document Fiscal Year Focus	2023
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 676,786,595
Auditor Name	RSM US LLP
Auditor Location	Atlanta, Georgia
Auditor Firm ID	49
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		8,919,401
Common Stock [Member]
Document Information [Line Items]
Title of 12(b) Security	common stock (no par value)
Trading Symbol	GTN
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		88,284,758

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Assets:
Cash	$ 21	$ 61
Accounts receivable, less allowance for credit losses of $17 and $16, respectively	342	650
Current portion of program broadcast rights, net	18	27
Income tax refunds receivable	21	22
Prepaid income taxes	18	43
Prepaid and other current assets	48	54
Total current assets	468	857
Property and equipment, net	1,601	1,466
Operating lease right of use asset	75	75
Broadcast licenses	5,320	5,331
Goodwill	2,643	2,663
Other intangible assets, net	415	636
Investments in broadcasting and technology companies	85	105
Deferred pension assets	17	5
Other	16	14
Total assets	10,640	11,152
Liabilities and stockholders’ equity:
Accounts payable	23	55
Employee compensation and benefits	110	98
Accrued interest	63	60
Accrued network programming fees	37	39
Other accrued expenses	41	50
Federal and state income taxes	22	15
Current portion of program broadcast obligations	20	29
Deferred revenue	39	24
Dividends payable	14	14
Current portion of operating lease liabilities	11	10
Current portion of long-term debt	15	15
Total current liabilities	395	409
Long-term debt, less current portion and less deferred financing costs	6,145	6,440
Program broadcast obligations, less current portion	1	1
Deferred income taxes	1,359	1,454
Operating lease liabilities, less current portion	69	68
Other	50	14
Total liabilities	8,019	8,386
Commitments and contingencies (Note 12)
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	1,084	1,242
Accumulated other comprehensive loss	(23)	(12)
Stockholders' equity before treasury stock	2,285	2,425
Total stockholders’ equity	1,971	2,116
Total liabilities and stockholders’ equity	10,640	11,152
Common Stock (No Par Value) [Member]
Stockholders’ equity:
Common stock	1,174	1,150
Treasury stock at cost	(282)	(278)
Class A Common Stock (No Par Value) [Member]
Stockholders’ equity:
Common stock	50	45
Treasury stock at cost	$ (32)	$ (31)

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - USD ($) $ / shares in Thousands, $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Accounts receivable, allowance for credit losses	$ 17	$ 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)	107,179,827	105,104,057
Common stock, shares outstanding (in shares)	87,227,481	85,467,271
Treasury Stock, Common, Shares	19,952,346	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)	8,162,266	7,544,415
Treasury Stock, Common, Shares	2,251,727	2,130,724

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands, shares in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenue (less agency commissions)	$ 3,281,000	$ 3,676,000	$ 2,413,000
Operating expenses before depreciation, amortization, impairment and (gain) loss on disposals of assets, net:
Depreciation	145,000	129,000	104,000
Amortization of intangible assets	194,000	207,000	117,000
Impairment of goodwill and other intangible assets	43,000	0	0
Loss (gain) on disposal of assets, net	21,000	(2,000)	42,000
Operating expenses, net	2,898,000	2,686,000	2,032,000
Operating income	383,000	990,000	381,000
Other income (expense):
Miscellaneous income (expense), net	7,000	(4,000)	(8,000)
Impairment of investments	(29,000)	(18,000)	0
Interest expense	(440,000)	(354,000)	(205,000)
Loss on early extinguishment of debt	(3,000)	0	0
Income (loss) before income taxes	(82,000)	614,000	168,000
Income tax (benefit) expense	(6,000)	159,000	78,000
Net (loss) income	(76,000)	455,000	90,000
Preferred stock dividends	52,000	52,000	52,000
Net (loss) income attributable to common stockholders	$ (128,000)	$ 403,000	$ 38,000
Basic per share information:
Net (loss) income attributable to common stockholders (in dollars per share)	$ (1.39)	$ 4.38	$ 0.4
Weighted average shares outstanding (in shares)	92	92	95
Diluted per share information:
Net (loss) income attributable to common stockholders (in dollars per share)	$ (1.39)	$ 4.33	$ 0.4
Weighted average shares outstanding (in shares)	92	93	95
Dividends declared per common share (in dollars per share)	$ 0.32	$ 0.32	$ 0.32
Broadcasting, Segment [Member]
Revenue (less agency commissions)	$ 3,195,000	$ 3,583,000	$ 2,340,000
Operating expenses before depreciation, amortization, impairment and (gain) loss on disposals of assets, net:
Cost of goods and services sold	2,268,000	2,165,000	1,548,000
Production Companies, Segment [Member]
Revenue (less agency commissions)	86,000	93,000	73,000
Operating expenses before depreciation, amortization, impairment and (gain) loss on disposals of assets, net:
Cost of goods and services sold	115,000	83,000	62,000
Other Segments [Member]
Operating expenses before depreciation, amortization, impairment and (gain) loss on disposals of assets, net:
Corporate and administrative	112,000	104,000	159,000
Depreciation	145,000	129,000	104,000
Amortization of intangible assets	$ 194,000	$ 207,000	$ 117,000

Consolidated Statements of Comp

Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Net (loss) income	$ (76)	$ 455	$ 90
Other comprehensive (loss) income:
Adjustment to pension liability	7	20	16
Adjustment to fair value of interest rate caps	(23)	0	0
Income tax (benefit) expense of adjustments	(5)	5	4
Other comprehensive (loss) income	(11)	15	12
Comprehensive (loss) income	$ (87)	$ 470	$ 102

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - 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, 2020															8,935,773	103,100,856		(1,887,767)	(14,960,597)
Balance at Dec. 31, 2020															$ 34	$ 1,110	$ 862	$ (26)	$ (188)	$ (39)	$ 1,753
Net (loss) income															0	0	90	0	0	0	90
Preferred stock dividends															0	0	(52)	0	0	0	(52)
Common stock dividends															0	0	(31)	0	0	0	(31)
Adjustment to pension liability, net of income tax															$ 0	$ 0	0	$ 0	$ 0	12	12
401(k) Plan (in shares)															0	394,044		0	0
401(k) Plan															$ 0	$ 8	0	$ 0	$ 0	0	8
Restricted stock awards (in shares)	488,918	731,374		(110,412)	(267,308)			0	60,050		0	(18,275)
Restricted stock awards	$ 0	$ 0	$ 0	$ (2)	$ (5)	$ 0	$ (7)	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0
Repurchase of common stock (in shares)															0	0		0	(1,501,088)
Repurchase of common stock															$ 0	$ 0	0	$ 0	$ (30)	0	(30)
Stock-based compensation															$ 5	$ 9	0	$ 0	$ 0	0	14
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	455	0	0	0	455
Preferred stock dividends															0	0	(52)	0	0	0	(52)
Common stock dividends															0	0	(30)	0	0	0	(30)
Adjustment to pension liability, net of income tax															$ 0	$ 0	0	$ 0	$ 0	15	15
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	400,927		(132,545)	(210,367)			0	108,921		0	(32,958)
Restricted stock awards	$ 0	$ 0	0	$ (3)	$ (4)	0	(7)	$ 0	$ 0	0	$ 0	$ (1)	0	(1)
Repurchase of common stock (in shares)															0	0		0	(2,646,193)
Repurchase of common stock															$ 0	$ 0	0	$ 0	$ (50)	0	(50)
Stock-based compensation															$ 6	$ 16	0	$ 0	$ 0	0	22
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	(76)	0	0	0	(76)
Preferred stock dividends															0	0	(52)	0	0	0	(52)
Common stock dividends															0	0	(30)	0	0	0	(30)
Adjustment to pension liability, net of income tax															$ 0	$ 0	0	$ 0	$ 0	6	6
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)	738,854	1,007,919		(121,003)	(234,938)			0	247,953		0	(80,622)
Restricted stock awards	$ 0	$ 0	$ 0	$ (1)	$ (3)	$ 0	$ (4)	$ 0		$ 0	$ 0	$ (1)	$ 0	$ (1)
Repurchase of common stock (in shares)															0	0		0	0
Repurchase of common stock															$ 0	$ 0	0	$ 0	$ 0	0	0
Stock-based compensation															5	15	0	0	0	0	20
Adjustment to fair value of interest rate cap, net of income tax															$ 0	$ 0	0	$ 0	$ 0	(17)	(17)
Balance (in shares) at Dec. 31, 2023															10,413,993	107,179,827		(2,251,727)	(19,952,346)
Balance at Dec. 31, 2023															$ 50	$ 1,174	$ 1,084	$ (32)	$ (282)	$ (23)	$ 1,971

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net (loss) income	$ (76,000)	$ 455,000	$ 90,000
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation	145,000	129,000	104,000
Amortization of intangible assets	194,000	207,000	117,000
Amortization of deferred loan costs	13,000	16,000	12,000
Accretion of original issue discount and premium related to long-term debt, net	(1,000)	(1,000)	(1,000)
Amortization of restricted stock awards	20,000	22,000	14,000
Amortization of program broadcast rights	37,000	48,000	38,000
Payments on program broadcast obligations	(38,000)	(49,000)	(38,000)
Common stock contributed to 401(k) plan	10,000	9,000	8,000
Deferred income taxes	(91,000)	(20,000)	(22,000)
Loss (gain) on disposal of assets, net	21,000	(2,000)	42,000
Loss on early extinguishment of debt	3,000	0	0
Impairment of investments	29,000	18,000	0
Goodwill and Intangible Asset Impairment	43,000	0	0
Other	14,000	0	(14,000)
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable, net	308,000	(26,000)	(30,000)
Income tax receivable or prepaid	26,000	(4,000)	(40,000)
Other current assets	7,000	0	10,000
Accounts payable	(32,000)	(5,000)	22,000
Employee compensation, benefits and pension costs	12,000	3,000	21,000
Accrued network fees and other expenses	(13,000)	6,000	(27,000)
Accrued interest	3,000	8,000	14,000
Income taxes payable	7,000	5,000	(8,000)
Deferred revenue	7,000	10,000	(12,000)
Net cash provided by operating activities	648,000	829,000	300,000
Cash flows from investing activities:
Acquisitions of businesses and broadcast licenses, net of cash acquired	(6,000)	(58,000)	(3,765,000)
Proceeds from sale of television stations	6,000	0	473,000
Purchases of property and equipment	(348,000)	(436,000)	(207,000)
Proceeds from Repack reimbursement (Note 1)	0	7,000	11,000
Proceeds from asset sales	54,000	4,000	5,000
Reimbursement of development costs	18,000	0	0
Investments in broadcast, production and technology companies	(14,000)	(16,000)	(49,000)
Other	(1,000)	(4,000)	(2,000)
Net cash used in investing activities	(291,000)	(503,000)	(3,534,000)
Cash flows from financing activities:
Proceeds from borrowings on long-term debt	300,000	0	3,050,000
Repayments of borrowings on long-term debt	(610,000)	(315,000)	(250,000)
Repurchases of common stock	0	(50,000)	(30,000)
Payments of common stock dividends	(30,000)	(30,000)	(31,000)
Payments of preferred stock dividends	(52,000)	(52,000)	(52,000)
Deferred and other loan costs	0	0	(30,000)
Payments for taxes related to net share settlement of equity awards	(5,000)	(7,000)	(7,000)
Net cash (used in) provided by financing activities	(397,000)	(454,000)	2,650,000
Net decrease in cash	(40,000)	(128,000)	(584,000)
Cash at beginning of year	61,000	189,000	773,000
Cash at end of year	$ 21,000	$ 61,000	$ 189,000

Note 1 - Description of Busines

Note 1 - Description of Business and Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block]	1. Description of Business and Summary of Significant Accounting Policies Overview. first second Investments in Broadcasting, Production and Technology Companies. may Investments in non-public businesses that do not not not December 31, 2023 2022, December 31, 2021. Use of Estimates. Allowance for Credit Losses. December 31, 2023, 2022 2021, 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 During 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 adjusted one 2023, not 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 December 31,2023, December 31, 2023. December 31, 2023. 2023 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 consolidated balance sheets (in millions): Year Ended December 31, 2023 2022 Beginning balance $ 16 $ 16 Provision for credit losses 21 1 Amounts written off (20 ) (1 ) Ending balance $ 17 $ 16 Program Broadcast Rights. two first Wheel of Fortune The Big Bang Theory not first first not The total license fee payable under a program license agreement allowing us to broadcast programs is recorded at the beginning of the license period and is charged to operating expense over the period that the programs are broadcast. The portion of the unamortized balance expected to be charged to operating expense in the succeeding year is classified as a current asset, with the remainder classified as a non-current asset. The liability for license fees payable under program license agreements is classified as current or long-term, in accordance with the payment terms of the various license agreements. Property and Equipment. Estimated December 31, Useful Lives 2023 2022 (in years) Property and equipment, net: Land $ 368 $ 290 Buildings and improvements 868 477 7 to 40 Equipment 1,082 1,027 3 to 20 Construction in progress 81 362 2,399 2,156 Accumulated depreciation (798 ) (690 ) Total $ 1,601 $ 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 2023, no The following tables provide additional information related to gain on disposal of assets, net included in our consolidated statements of operations and purchases of property and equipment included in our consolidated statements of cash flows (in millions): Year ended December 31, 2023 2022 2021 (Loss) Gain on disposal of assets, net: Proceeds from sale of television stations and other assets $ 60 $ 4 $ 478 Proceeds from FCC Repack - 7 11 Net book value of assets disposed (73 ) (9 ) (531 ) Non-cash loss on divestitures 1 - - Securitization Facility (9 ) - - Total $ (21 ) $ 2 $ (42 ) Purchase of property and equipment: Recurring purchases - operations $ 107 $ 170 $ 90 Assembly Atlanta project 240 264 109 Repack 1 2 8 Total $ 348 $ 436 $ 207 Deferred Loan Costs. Asset Retirement Obligations. 2062. December 31, 2023 2022, December 31, 2023, 2022 2021, not Concentration of Credit Risk. not We derived a material portion of our non-political broadcast advertising revenue from advertisers in a limited number of industries, particularly the services sector, comprising financial, legal and medical advertisers, and the automotive industry. The services sector has become an increasingly important source of advertising revenue over the past few years. During the years ended December 31, 2023, 2022 2021 December 31, 2023, 2022 2021 no one 5% Earnings Per Share. not not The following table reconciles basic weighted-average shares outstanding to diluted weighted-average shares outstanding for the years ended December 31, 2023, 2022 2021 Year Ended December 31, 2023 2022 2021 Weighted average shares outstanding, basic 92 92 95 Weighted average shares underlying stock options and restricted shares - 1 - Weighted average shares outstanding, diluted 92 93 95 Valuation of Broadcast Licenses, Goodwill and Other Intangible Assets. For broadcast licenses acquired prior to January 1, 2002, For broadcast licenses acquired after December 31, 2001, December 31, 2001, When renewing broadcast licenses, we incur regulatory filing fees and legal fees. We expense these fees as they are incurred. Goodwill represents the excess of acquisition cost over the fair value of assets acquired, identifiable intangible assets, less liabilities assumed in business combination transactions. Goodwill is tested for impairment on an annual basis (at year end) or between annual tests if events or changes in circumstances indicate that the fair value of a reporting unit may Other intangible assets that we have acquired include network affiliation agreements, retransmission agreements, advertising contracts, client lists, talent contracts and leases. Although each of our stations is affiliated with at least one Impairment Testing of Indefinite-Lived Intangible Assets. December 31. For purposes of testing goodwill for impairment, our broadcast television stations as a whole, and each of our production companies, is considered a separate reporting unit. In the performance of our annual assessment of goodwill for impairment, we have the option to qualitatively assess whether it is more likely than not If we conclude that it is more likely than not not To estimate the fair value of our reporting units for a quantitative assessment, we utilize a discounted cash flow model supported by a market multiple approach. We believe that a discounted cash flow analysis is the most appropriate methodology to test the recorded value of long-term assets with a demonstrated long-lived/enduring franchise value. We believe the results of the discounted cash flow and market multiple approaches provide reasonable estimates of the fair value of our reporting units because these approaches are based on our actual results and reasonable estimates of future performance, and also take into consideration a number of other factors deemed relevant by us including, but not one In the performance of our annual assessment of broadcast licenses for impairment, we have the option to qualitatively assess whether it is more likely than not not one no not For further discussion of our goodwill, broadcast licenses and other intangible assets, see Note 13 Accumulated Other Comprehensive Loss December 31, 2023 December 31, 2023 December 31, 2022, December 31, 2023 2022, December 31, 2023 2022 Items included in accumulated other comprehensive loss: Adjustment to pension liability $ (7 ) $ (16 ) Adjustment to fair value of interest rate caps (23 ) - Income tax benefit (7 ) (4 ) Accumulated other comprehensive loss $ (23 ) $ (12 ) Recent Accounting Pronouncements. November 2023, 2023 07, Segment Reporting (Topic 280 December 15, 2023, December 15, 2024. not In December 2023, 2023 09, Income Taxes (Topic 740 December 15, 2024. not In addition to the accounting standards described above, certain amounts in the consolidated statements of operations and cash flows have also been reclassified to conform to the current presentation.

Note 2 - Revenue

Note 2 - Revenue	12 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	2. Revenue Revenue Recognition. Advertising Revenue. 30 We broadcast the customer’s advertisement either preceding or following a television station’s network programming and within local and syndicated programming. Broadcast advertising is sold in time increments and is priced primarily on the basis of a program’s popularity among the specific audience an advertiser desires to reach. In addition, broadcast advertising rates are affected by the number of advertisers competing for the available time, the size and demographic makeup of the market served by the station and the availability of alternative advertising media in the market area. Broadcast advertising rates are generally the highest during the most desirable viewing hours, with corresponding reductions during other hours. The ratings of a local station affiliated with a major network can be affected by ratings of network programming. Internet advertising is placed on our stations’ websites and mobile applications. These advertisements may We generate advertising revenue either by the efforts of our direct sales employees or through third Retransmission Consent Revenue. three 30 Subscriber data necessary to calculate the amount of retransmission consent revenue to be recognized for the current month is not not not Production Company Revenue. third Other Revenues. one Expedients. one one The nature of our contracts with advertising customers is such that our performance obligations arise and are satisfied concurrent with the broadcast or web placement of the advertisement. We did not We record a deposit liability for cash deposits received from our customers that are to be applied as payment once the performance obligation arises and is satisfied in the manner stated above. These deposits are recorded as deposit liabilities on our balance sheet. When we invoice our customers for completed performance obligations, we are unconditionally entitled to receive payment of the invoiced amounts. Therefore, we record invoiced amounts in accounts receivable on our balance sheet. We require amounts payable under advertising contracts with our political advertising customers to be paid for in advance. We record the receipt of this cash as a deposit liability. Once the advertisement has been broadcast, the revenue is earned, and we record the revenue and reduce the balance in this deposit liability account. We recorded $12 million of revenue in the year ended December 31, 2023 December 31, 2022. December 31, 2023 2022, Disaggregation of Revenue. Year Ended December 31, 2023 2022 2021 Market and service type: Advertising: Core $ 1,514 $ 1,496 $ 1,190 Political 79 515 44 Total advertising 1,593 2,011 1,234 Retransmission consent 1,532 1,496 1,049 Production companies 86 93 73 Other 70 76 57 Total revenue $ 3,281 $ 3,676 $ 2,413 Sales channel: Direct $ 2,225 $ 2,163 $ 1,579 Advertising agency intermediary 1,056 1,513 834 Total revenue $ 3,281 $ 3,676 $ 2,413

Note 3 - Acquisitions and Dives

Note 3 - Acquisitions and Divestitures	12 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
Mergers, Acquisitions and Dispositions Disclosures [Text Block]	3. Acquisitions and Divestitures During 2023, 2022 2021, third 2023 On May 1, 2023, 102 126 The following table summarizes the values of the assets acquired of WPGA (in millions): Property and equipment $ 2 Broadcast licenses 4 Total $ 6 These amounts are based upon management’s estimate of the fair values using valuation techniques including income, cost and market approaches. In determining the 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 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. 2022 On April 1, 2022, 6 The following table summarizes the values of the assets acquired and resulting goodwill of the Telemundo Atlanta Transaction (in millions): Accounts receivable, net $ 1 Property and equipment 1 Goodwill 10 Broadcast licenses 1 Network affiliation 14 Other intangible assets 4 Total $ 31 These amounts are based upon management’s estimate of the fair values using valuation techniques including income, cost and market approaches. In determining the fair value of the acquired assets and assumed liabilities, the fair values were determined based on, among other factors, expected future revenue and cash flows, expected future growth rates and estimated discount rates. Property and equipment are recorded at their fair value and are being depreciated over their estimated useful lives ranging from 3 to 40 years. Amounts related to network affiliation and other intangible assets are being amortized over their estimated useful lives of approximately 1 to 4 years. Goodwill is calculated as the excess of the consideration transferred over the fair value of the identifiable net assets acquired and liabilities assumed, and represents the future economic benefits expected to arise from other intangible assets acquired that do not In addition, we acquired broadcast licenses totaling approximately $27 million that did not 2021 Meredith Transaction. December 1, 2021, September 23, 2021, 66 The following table lists the 17 12 11 Then-Current Station Call Network DMA Rank DMA Letters Affiliations 10 Atlanta, GA WCGL/WPCH CBS/Ind. 12 Phoenix, AZ KPHO/KTVK CBS/Ind. 23 St. Louis, MO KMOV CBS 26 Portland, OR KPTV/KPDX FOX/MY 28 Nashville, TN WSMV NBC 29 Hartford - New Haven, CT WFSB CBS 32 Kansas City, MO KCTV/KSMO CBS/MY 38 Greenville - Spartanburg, SC WHNS FOX 41 Las Vegas, NV KVVU FOX 60 Mobile, AL - Pensacola, FL WALA FOX 66 Flint - Saginaw, MI WNEM CBS 113 Springfield, MA WGGB/WSHM ABC/FOX/CBS Quincy Transaction. August 2, 2021, August 2, 2021, seven December 31, 2021. The following table lists the stations acquired and retained, net of divestitures: Then-Current Station Call Network DMA Rank DMA Letters Affiliations 103 Fort Wayne, IN WPTA/WISE ABC/NBC/CW 119 Peoria, IL WEEK NBC/ABC/CW 134 Duluth, MN, Superior, WI KBJR/KDLH NBC/CBS/CW 147 Sioux City, IA KTIV NBC/CW 152 Binghamton, NY WBNG CBS/CW 153 Rochester, MN - Mason City, IA KTTC NBC/CW 161 Bluefield-Beckley, WV WVVA NBC/CW 174 Quincy, IL WGEM NBC/FOX/CW The following stations were acquired and divested in the Quincy Transaction: Then-Current Station Call Network DMA Rank DMA Letters Affiliations 76 Madison, WI WKOW ABC 80 Tucson, AZ KVOA NBC 92 Paducah, KY - Harrisburg, IL WSIL ABC 94 Cedar Rapids, IA KWWL NBC 128 La Crosse-Eau Claire, WI WXOW ABC 135 Wausau-Stevens Point, WI WAOW ABC 136 Rockford, IL WREX NBC The following table summarizes the allocation of consideration paid in the Quincy Transaction (in millions): Adjusted purchase price $ 936 Less - consideration allocated to assets acquired and liabilities assumed for the Quincy overlap markets thatwere divested on August 2, 2021 383 Purchase consideration for assets acquired and liabilities assumed, net of divestitures $ 553 Third Rail Acquisition. September 13, 2021, Purchase Price Allocations “2021 Meredith Quincy Third Rail Total Cash $ 1 $ 4 $ - $ 5 Accounts receivable, net 146 23 - 169 Other current assets 15 5 - 20 Property and equipment 235 74 24 333 Operating lease right of use asset 15 1 - 16 Goodwill 1,016 190 4 1,210 Broadcast licenses 1,516 245 - 1,761 Other intangible assets 455 85 - 540 Other non-current assets 3 - - 3 Other current liabilities (104 ) (7 ) (1 ) (112 ) Deferred income taxes (477 ) (66 ) - (543 ) Operating lease liabilities (15 ) (1 ) - (16 ) Other non-current liabilities (3 ) - - (3 ) Total $ 2,803 $ 553 $ 27 $ 3,383 These amounts are based upon management’s estimate of the fair values using valuation techniques including income, cost and market approaches. In determining the fair value of the acquired assets and assumed liabilities, the fair values were estimated based on, among other factors, expected future revenue and cash flows, expected future growth rates and estimated discount rates. Accounts receivable are recorded at their fair value representing the amount we expect to collect. Gross contractual amounts receivable were approximately $3 million more than their recorded fair value. Property and equipment are recorded at their fair value and are being depreciated over their estimated useful lives ranging from three Goodwill is calculated as the excess of the consideration transferred over the fair value of the identifiable net assets acquired and liabilities assumed, and represents the future economic benefits expected to arise from other intangible assets acquired that do not In addition, we acquired broadcast licenses totaling approximately $4 million that did not The Company’s consolidated results of operations for the year ended December 31, 2021 December 1, 2021, August 2, 2021 September 13, 2021. 2021 December 31, 2021 The following table summarizes the approximate “Transaction Related Expenses” incurred in connection with the 2021 December 31, 2021, Year Ended December 31, 2021 Transaction Related Expenses by type: Legal, consulting and other professional fees $ 80 Termination of sales representation and other agreements 1 Total Transaction Related Expenses $ 81 Transaction Related Expenses by financial statement line item: Operating expenses before depreciation, amortization and loss (gain) on disposal of assets, net: Broadcasting $ 3 Corporate and administrative 71 Miscellaneous Expense 7 Total Transaction Related Expenses $ 81 Unaudited Pro Forma Financial Information 2021 December 31, 2021, 2021 January 1, 2021 Year Ended December 31, 2021 Revenue (less agency commissions) $ 3,153 Net income $ 199 Net income attributable to common stockholders $ 147 Basic net income attributable to common stockholders, per share $ 1.55 Diluted net income attributable to common stockholders, per share $ 1.55 This pro forma financial information is based on our historical results of operations and the historical results of operations of the businesses acquired, net of divestitures, included in the 2021 not 2021 January 1, 2021, December 31, 2021

Note 4 - Long-term Debt

Note 4 - Long-term Debt	12 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
Debt Disclosure [Text Block]	4. Long-term Debt As of December 31, 2023 2022, 2019 2026 “2026 2027 “2027 2030 “2030 2031 “2031 December 31, 2023 2022 Long-term debt: 2019 Senior Credit Facility: 2017 Term Loan (matures February 7, 2024) $ - $ 295 2019 Term Loan (matures January 2, 2026) 1,190 1,190 2021 Term Loan (matures December 1, 2028) 1,470 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 6,210 6,520 Unamortized deferred loan costs - 2017 Term Loan - (4 ) Unamortized deferred loan costs - 2019 Term Loan (14 ) (21 ) Unamortized deferred loan costs - 2021 Term Loan (4 ) (4 ) Unamortized deferred loan costs - 2026 Notes (3 ) (4 ) Unamortized deferred loan costs - 2027 Notes (6 ) (7 ) Unamortized deferred loan costs - 2030 Notes (10 ) (11 ) Unamortized deferred loan costs - 2031 Notes (14 ) (16 ) Unamortized premium - 2026 Notes 1 2 Less current portion (15 ) (15 ) Long-term debt, less deferred financing costs $ 6,145 $ 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 December 31, 2023, 2021 2019 January 2, 2026, December 1, 2026. Interest Rate Cap February 23, 2023, two two December 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 2021 2019 1 4.97% 5.015%. December 31, 2025. $34 December 31, 2023. December 31, 2023, The ISDA Master Agreement, together with its related schedules, contain customary representations, warranties and covenants. The interest rate caps were not December 31, 2023, 5%. 4.97% 5.015% December 31, 2023; For all of our interest bearing obligations, we made interest payments of approximately $419 million, $339 million and $178 million during the years ended December 31, 2023, 2022 2021, December 31, 2023 2022, not December 31, 2021. As of December 31, 2023, Minimum Principal Maturities 2019 Senior 2026 2027 2030 2031 Year Credit Facility Notes Notes Notes Notes Total 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 $ 2,660 $ 700 $ 750 $ 800 $ 1,300 $ 6,210 Collateral, Covenants and Restrictions. 2019 2019 no 2026 2027 2030 2031 not 2026 2027 2030 2031 not December 31, 2023, no The 2019 2026 2027 2030 2031 December 31, 2023 2022,

Note 5 - Fair Value Measurement

Note 5 - Fair Value Measurement	12 Months Ended
	Dec. 31, 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 December 31, 2023 2022. The value of our investments in broadcasting and technology companies are classified as Level 3. As of December 31, 2023, December 31, 2022, third 2.

Note 6 - Stockholders' Equity

Note 6 - Stockholders' Equity	12 Months Ended
	Dec. 31, 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. During the years ended December 31, 2023, 2022 2021, On May 5, 2022, 2022 “2022 2022 2017 2022 may, December 31, 2023, 2022 December 31, 2023, 401 During the year ended December 31, 2023, not December 31, 2022 2021, December 31, 2023,

Note 7 - Preferred Stock

Note 7 - Preferred Stock	12 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
Preferred Stock [Text Block]	7. Preferred Stock At December 31, 2023 2022 two With respect to the payment of dividends, the Series A Preferred Stock will rank senior to all classes and series of our common stock and all other equity securities designated as ranking junior to the Series A Preferred Stock, and no All or any portion of the outstanding Series A Preferred Stock may 30 not 60 The Series A Preferred Stock is also subject to mandatory redemption upon the occurrence of certain change of control transactions or upon the sale or other disposition of all or substantially all of our assets. The holders of Series A Preferred Stock do not In general, the holders of the Series A Preferred Stock do not one The approval of the holders of the Series A Preferred Stock, voting separately as a class, is required in order to authorize, create or issue new shares of Series A Perpetual Preferred stock (other than to pay dividends), or alter the rights of any other shares that are or would be equal to or senior to the Series A Preferred Stock, or to amend, alter or repeal the Articles as amended from time to time if such amendment, alteration or repeal adversely affects the powers, preferences or special rights of the Series A Preferred Stock. The Series A Preferred Stock does not In the event that the Company voluntarily or involuntarily liquidates, dissolves or winds up its affairs, holders of Series A Preferred Stock will be entitled to receive for each share of Series A Preferred Stock, out of the Company’s assets or proceeds thereof available for distribution to shareholders, subject to the rights of any creditors, payment in full in an amount equal to the liquidation value and the per-share amount of any unpaid dividends for the current quarterly dividend period. Holders of Series A Preferred Stock would be entitled to receive this amount before any distribution of assets or proceeds to holders of our common stock and any other stock whose rights are junior to the Series A Preferred Stock. If in any distribution described above, our assets are not not

Note 8 - Stock-based Compensati

Note 8 - Stock-based Compensation	12 Months Ended
	Dec. 31, 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 under our active stock-based compensation plan, the “2022 December 31, 2023, 2022 2021 Year Ended December 31, 2023 2022 2021 Stock-based compensation expense, gross $ 20 $ 22 $ 14 Income tax benefit at our statutory rate associated with stock-based compensation (5 ) (6 ) (4 ) Stock-based compensation expense, net $ 15 $ 16 $ 10 Currently, the 2022 2022 As of December 31, 2023, A summary of activity for the years ended December 31, 2023, 2022 2021 Year Ended December 31, 2023 2022 2021 Weighted- Weighted- Weighted- Average Average Average Number Grant Date Number Grant Date Number Grant Date of Fair Value of Fair Value of Fair Value Shares Per Share Shares Per Share Shares Per Share Restricted stock - common: Outstanding - beginning of period 997,745 $ 20.62 1,035,728 $ 19.69 917,533 $ 16.84 Granted 1,007,919 8.15 400,927 21.68 731,374 19.73 Vested (537,728 ) 20.32 (438,910 ) 19.38 (613,179 ) 15.48 Outstanding - end of period 1,467,936 $ 12.17 997,745 $ 20.62 1,035,728 $ 19.69 Restricted stock - Class A common: Outstanding - beginning of period 677,238 $ 19.36 720,421 $ 18.22 480,042 $ 16.10 Granted 738,854 8.34 250,448 20.52 488,918 18.66 Vested (267,859 ) 18.95 (293,631 ) 17.55 (248,539 ) 15.00 Outstanding - end of period 1,148,233 $ 12.37 677,238 $ 19.36 720,421 $ 18.22 Restricted stock units - common: Outstanding - beginning of period 274,145 $ 23.60 125,247 $ 19.02 90,184 $ 18.92 Granted 587,168 11.50 259,079 23.87 95,115 19.05 Vested (247,953 ) 23.64 (108,921 ) 19.03 (60,052 ) 18.92 Forfeited (26,192 ) 23.15 (1,260 ) 19.05 - - Outstanding - end of period 587,168 $ 11.50 274,145 $ 23.60 125,247 $ 19.02

Note 9 - Leases

Note 9 - Leases	12 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
Leases, Lessee Disclosure [Text Block]	9. Leases Operating Leases. one one not 10 We lease land, buildings, transmission towers, right of way easements and equipment through operating leases. We generally lease land for the purpose of erecting transmission towers for our broadcast operations. Our building leases consist of office space and broadcast studios. For transmission towers we do not third We allocate consideration paid in the contract to lease and non-lease components based upon the contract or associated invoice received if applicable. Lease components include base rent, fixed rate escalators and in-substance fixed payments associated with the leased asset. Non-lease components include common area maintenance and operating expenses associated with the leased asset. We have not Variable lease payments are not We recognize leases with an initial term of 12 Our operating lease expenses, including variable leases, were $18 million and $17 million for the years ended December 31, 2023 2022, December 31, 2023 2022 not December 31, 2023 2022, December 31, 2023 2022 December 31, 2023, The maturities of operating lease liabilities were as follows (in millions): Year: 2024 $ 15 2025 14 2026 12 2027 11 2028 8 Thereafter 46 Total lease payments 106 Less: Imputed interest (26 ) Present value of lease liabilities $ 80

Note 10 - Income Taxes

Note 10 - Income Taxes	12 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
Income Tax Disclosure [Text Block]	10. Income Taxes We recognize deferred tax assets and liabilities for future tax consequences attributable to differences between our financial statement carrying amounts of existing assets and liabilities and their respective tax bases. We measure deferred tax assets and liabilities using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to reverse. We recognize the effect on deferred tax assets and liabilities resulting from a change in tax rates in income in the period that includes the date of the change. Under certain circumstances, we recognize liabilities in our financial statements for positions taken on uncertain tax issues. may not not not 50% Federal and state and local income tax expense is summarized as follows (in millions): Year Ended December 31, 2023 2022 2021 Current: Federal $ 73 $ 148 $ 74 State and local 12 31 26 Current income tax expense 85 179 100 Deferred: Federal (76 ) (21 ) (12 ) State and local (15 ) 1 (10 ) Deferred income tax benefit (91 ) (20 ) (22 ) Total income tax (benefit) expense $ (6 ) $ 159 $ 78 Significant components of our deferred tax liabilities and assets are as follows (in millions): December 31, 2023 2022 Deferred tax liabilities: Net book value of property and equipment $ 149 $ 143 Broadcast licenses, goodwill and other intangible assets 1,338 1,363 Other 3 5 Total deferred tax liabilities 1,490 1,511 Deferred tax assets: Liability for accrued bonus 13 11 State and local operating loss carryforwards 7 10 Interest expense limitation 88 17 Other 32 29 Total deferred tax assets 140 67 Valuation allowance for deferred tax assets (9 ) (10 ) Net deferred tax assets 131 57 Deferred tax liabilities, net of deferred tax assets $ 1,359 $ 1,454 As of December 31, 2023, one third not 382 A reconciliation of income tax expense at the statutory federal income tax rate and income taxes as reflected in the consolidated financial statements for the years ended December 31, 2023, 2022 2021 Year Ended December 31, 2023 2022 2021 Statutory federal rate applied to income before income tax expense $ (17 ) $ 129 $ 35 Current year permanent items 11 5 33 State and local taxes, net of federal tax benefit (4 ) 26 10 Change in valuation allowance (1 ) - - Other items, net 5 (1 ) - Income tax (benefit) expense as recorded $ (6 ) $ 159 $ 78 Effective income tax rate 7 % 26 % 46 % Each year-end, we adjust our other comprehensive income on a net of tax basis. During 2023, 2022, 2021, Beginning in 2023, 2023, We made income tax payments (net of refunds) of $50 million, $180 million and $149 million during the years ended December 31, 2023, 2022 2021, We prescribe a recognition threshold and measurement attribution for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. For benefits to be recognized, a tax position must be more likely than not As of December 31, 2023, We file a federal consolidated income tax return in the United States and state or local consolidated income tax returns in various state or local jurisdictions. Certain of our subsidiaries file separate tax returns in other various state and local jurisdictions. With few exceptions, we are no 2003. The following table summarizes the activity related to our reserve for uncertain tax positions (in millions): Year Ended December 31, 2023 2022 2021 Balance at beginning of period $ 15 $ 15 $ 14 Additions based on tax positions related to prior years - - 3 Statute expirations (1 ) - (2 ) Balance at end of period $ 14 $ 15 $ 15 If our reserve for unrecognized tax positions, as presented above, were to be recognized, there would be a favorable impact on the company’s reported income tax expenses in the period recognized. We recognize accrued interest and penalties related to uncertain tax positions in income tax expense in the accompanying Consolidated Statements of Operations and Consolidated Statements of Comprehensive (Loss) Income. During the years ended December 31, 2023, 2022 2021, not December 31, 2023, 2022 2021, not On March 27, 2020, 19 2019 2020, 100% 2021. 2018, 2019, 2020 five 2020,

Note 11 - Retirement Plans

Note 11 - Retirement Plans	12 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
Retirement Benefits [Text Block]	11. Retirement Plans We sponsor and contribute to defined benefit and defined contribution retirement plans. The Gray Television, Inc. Retirement Plan (“Gray Pension Plan”) is a defined benefit pension plan. Benefits under the Gray Pension Plan are frozen and can no no The Gray Pension Plan’s funding policy is consistent with the funding requirements of existing federal laws and regulations under the Employee Retirement Income Security Act of 1974. December 31, 2023 2022, December 31, 2023 2022, December 31, 2023 2022 Change in projected benefit obligation: Projected benefit obligation at beginning of year $ 102 $ 140 Interest cost 5 4 Actuarial loss (gain) 2 (38 ) Benefits paid (5 ) (4 ) Projected benefit obligation at end of year $ 104 $ 102 Change in plan assets: Fair value of pension plan assets at beginning of year $ 104 $ 119 Actual return (loss) on plan assets 14 (14 ) Company contributions 4 4 Benefits paid (5 ) (5 ) Fair value of pension plan assets at end of year 117 104 Funded status of pension plan $ 13 $ 2 Amounts recognized on our balance sheets consist of: Accrued benefit cost $ 26 $ 21 Accumulated other comprehensive loss (13 ) (19 ) Net asset (liability) recognized $ 13 $ 2 Because the Gray Pension Plan is a frozen plan, the projected benefit obligation and the accumulated benefit obligation are the same. The accumulated benefit obligation was $104 million and $102 million at December 31, 2023 2022, not Year Ended December 31, 2023 2022 Weighted-average assumptions used to determine net periodic benefit cost for the Gray Pension Plan: Discount rate 4.99 % 2.73 % Expected long-term rate of return on pension plan assets 6.25 % 6.25 % Estimated rate of increase in compensation levels N/A N/A As of December 31, 2023 2022 Weighted-average assumptions used to determine benefit obligations: Discount rate 4.79 % 4.99 % Pension expense is computed using the projected unit credit actuarial cost method. The net periodic pension cost for the Gray Pension Plan includes the following components (in millions): Year Ended December 31, 2023 2022 2021 Components of net periodic pension cost: Interest cost $ 5 $ 4 $ 4 Expected return on plan assets (7 ) (8 ) (7 ) Recognized net actuarial loss - 1 1 Net periodic pension benefit $ (2 ) $ (3 ) $ (2 ) For the Gray Pension Plan, the estimated future benefit payments are as follows (in millions): Years Amount 2024 $ 5 2025 $ 5 2026 $ 6 2027 $ 6 2028 $ 6 2029 - 2033 $ 32 The Gray Pension Plan’s weighted-average asset allocations by asset category were as follows: As of December 31, 2023 2022 Asset category: Insurance general account 13 % 14 % Cash management accounts 4 % 4 % Equity accounts 50 % 51 % Fixed income accounts 30 % 28 % Real estate accounts 3 % 3 % Total 100 % 100 % The investment objective is to achieve a consistent total rate of return (income, appreciation, and reinvested funds) that will equal or exceed the actuarial assumption with aversion to significant volatility. The following is the target asset allocation: Target Range Asset class: Strategic Allocation Lower Limit Upper Limit Equities: Large Cap Blend 27.0 % 0.0 % 50.0 % Mid Cap Blend 10.0 % 0.0 % 40.0 % Small Cap Blend 6.0 % 0.0 % 25.0 % Foreign Large Blend 11.0 % 0.0 % 40.0 % Emerging Markets 3.0 % 0.0 % 25.0 % Real Estate 3.0 % 0.0 % 20.0 % Fixed Income: U.S. Treasury Inflation Protected 3.5 % 0.0 % 25.0 % Intermediate Core Plus Bond 25.0 % 0.0 % 50.0 % Short-Term Bond 3.0 % 0.0 % 25.0 % Bank Loan 0.0 % 0.0 % 25.0 % High Yield Bond 4.0 % 0.0 % 25.0 % Emerging Markets Bond 3.0 % 0.0 % 20.0 % Money Market Taxable 1.5 % 0.0 % 100.0 % Our equity portfolio contains securities of companies necessary to build a diversified portfolio that we believe are financially sound. Our fixed income portfolio contains obligations generally rated A or better with no Fair Value of Gray Pension Plan Assets. 820, 5 The following table presents the fair value of the Gray Pension Plan’s assets and classifies them by level within the fair value hierarchy as of December 31, 2023 2022 As of December 31, 2023 Level 1 Level 2 Level 3 Total Assets: Insurance general account $ - $ 15 $ - $ 15 Cash management accounts 5 - - 5 Equity accounts 59 - - 59 Fixed income accounts 35 - - 35 Real estate accounts 3 - - 3 Total $ 102 $ 15 $ - $ 117 As of December 31, 2022 Level 1 Level 2 Level 3 Total Assets: Insurance general account $ - $ 15 $ - $ 15 Cash management accounts 4 - - 4 Equity accounts 53 - - 53 Fixed income account 29 - - 29 Real estate accounts 3 - - 3 Total $ 89 $ 15 $ - $ 104 Expected Pension Contributions. December 31, 2024. Capital Accumulation Plan. 401 2023, first December 31, 2023, 2022 2021, 2024 In addition, the Company, at its discretion, may December 31, 2023, 2022 2021, may December 31, 2023, 2 Meredith Plan. December 1, 2021, December 31, 2023, December 31, 2023.

Note 12 - Commitments and Conti

Note 12 - Commitments and Contingencies	12 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	12. Commitments and Contingencies From time to time we may may December 31, 2023, Accounts Service and Syndicated Network Receivable Other Assembly Television Affiliation Year Securitization Agreements Development Programming Agreements Total 2024 $ - $ 57 $ 42 $ 8 $ 980 $ 1,087 2025 - 32 - 15 648 695 2026 300 14 - - 31 345 2027 - 2 - - - 2 Total $ 300 $ 105 $ 42 $ 23 $ 1,659 $ 2,129 Legal Proceedings and Claims. not Local TV Advertising Antitrust Litigation. 2018, January 2019) December 2021) May 22, 2019. not not not not Following published reports of the DOJ investigation and settlement, various putative class action lawsuits were filed against a number of owners of television stations. The cases have been consolidated in a single multidistrict litigation in the District Court for the Northern District of Illinois under the caption In re Local TV Advertising Litigation

Note 13 - Goodwill and Intangib

Note 13 - Goodwill and Intangible Assets	12 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
Goodwill and Intangible Assets Disclosure [Text Block]	13. Goodwill and Intangible Assets During the years ended December 31, 2023 2022, 3 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 The following table presents a summary of changes in our goodwill and other intangible assets, on a net basis (in millions): Net Balance at Acquisitions Net Balance at December 31, and December 31, 2022 Adjustments, Net Impairment Amortization 2023 Goodwill $ 2,663 $ (4 ) $ (16 ) $ - $ 2,643 Broadcast licenses 5,331 (11 ) - - 5,320 Finite-lived intangible assets 636 - (27 ) (194 ) 415 Total intangible assets net of accumulated amortization $ 8,630 $ (15 ) $ (43 ) $ (194 ) $ 8,378 Net Balance at Acquisitions Net Balance at December 31, and December 31, 2021 Adjustments Impairment Amortization 2022 Goodwill $ 2,649 $ 14 $ - $ - $ 2,663 Broadcast licenses 5,303 28 - - 5,331 Finite-lived intangible assets 825 18 - (207 ) 636 Total intangible assets net of accumulated amortization $ 8,777 $ 60 $ - $ (207 ) $ 8,630 The following table presents a summary of changes in our goodwill, on a gross basis (in millions): As of Acquisitions As of December 31, and December 31, 2022 Adjustments Impairment 2023 Goodwill, gross $ 2,762 $ (4 ) $ (16 ) $ 2,742 Accumulated goodwill impairment (99 ) - - (99 ) Goodwill, net $ 2,663 $ (4 ) $ (16 ) $ 2,643 As of Acquisitions As of December 31, and December 31, 2021 Adjustments Impairment 2022 Goodwill, gross $ 2,748 $ 14 $ - $ 2,762 Accumulated goodwill impairment (99 ) - - (99 ) Goodwill, net $ 2,649 $ 14 $ - $ 2,663 The following table presents a summary of our intangible assets and related accumulated amortization (in millions): As of December 31, 2023 As of December 31, 2022 Accumulated Accumulated Gross Amortization Net Gross Amortization Net Intangible assets not currently subject to amortization: Broadcast licenses $ 5,374 $ (54 ) $ 5,320 $ 5,385 $ (54 ) $ 5,331 Goodwill 2,643 - 2,643 2,663 - 2,663 $ 8,017 $ (54 ) $ 7,963 $ 8,048 $ (54 ) $ 7,994 Intangible assets subject to amortization: Network affiliation agreements $ 216 $ (126 ) $ 90 $ 218 $ (88 ) $ 130 Other finite-lived intangible assets 992 (667 ) 325 1,055 (549 ) 506 $ 1,208 $ (793 ) $ 415 $ 1,273 $ (637 ) $ 636 Total intangible assets $ 9,225 $ (847 ) $ 8,378 $ 9,321 $ (691 ) $ 8,630 Based on our intangible assets subject to amortization as of December 31, 2023, five 2024, 2025, 2026, 2027, 2028, may Impairment of goodwill and broadcast licenses Our broadcasting operating segment is comprised of a single reporting unit. Each of the distinct businesses within our production companies operating segment represent a reporting unit. Therefore, we evaluate our goodwill for impairment for five four 350. 350. In the performance of our annual broadcast license and reporting unit impairment assessments, we have the option of performing a qualitative assessment to determine if it is more likely than not 2023, 59 three 2022, 57 three As part of this qualitative assessment we evaluate the relative impact of factors that are specific to the reporting units as well as industry, regulatory and macroeconomic factors that could affect the significant inputs used to determine the fair value of the assets. We also consider the significance of the excess fair value over the carrying value reflected in prior quantitative assessments and the changes to the reporting units’ carrying value since the last impairment test. If we conclude that it is more likely than not not For our annual broadcast licenses impairment test in 2023 2022, not not For our annual goodwill impairment test in 2023 2022, not not one not We believe we have made reasonable estimates and utilized appropriate assumptions to evaluate whether the fair values of our broadcast licenses and reporting units were less than their carrying values. If future results are not See Note 1

Note 14 - Segment Information

Note 14 - Segment Information	12 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	14. Segment Information During the years ended December 31, 2023, 2022 2021, Production As of and for the Year ended December 31, 2023: Broadcasting Companies Other Consolidated Revenue (less agency commissions) $ 3,195 $ 86 $ - $ 3,281 Operating expenses before depreciation, amortization, impairment and loss on disposal of assets, net: 2,268 115 112 2,495 Depreciation and amortization 322 13 4 339 Impairment of goodwill and other inangible assets - 43 - 43 Loss on disposal of assets, net 18 3 - 21 Total operating expenses 2,608 174 116 2,898 Operating income (loss) $ 587 $ (88 ) $ (116 ) $ 383 Interest expense $ - $ - $ 440 $ 440 Capital expenditures (excluding business combinations) $ 107 $ 240 $ 1 $ 348 Goodwill $ 2,615 $ 28 $ - $ 2,643 Total assets $ 9,897 $ 658 $ 85 $ 10,640 As of and for the Year ended December 31, 2022: Revenue (less agency commissions) $ 3,583 $ 93 $ - $ 3,676 Operating expenses before depreciation, amortization and (gain) loss on disposal of assets, net: 2,165 83 104 2,352 Depreciation and amortization 321 12 3 336 Loss on disposal of assets, net (2 ) - - (2 ) Total operating expenses 2,484 95 107 2,686 Operating income (loss) $ 1,099 $ (2 ) $ (107 ) $ 990 Interest expense $ - $ - $ 354 $ 354 Capital expenditures (excluding business combinations) $ 163 $ 267 $ 6 $ 436 Goodwill $ 2,618 $ 45 $ - $ 2,663 Total assets $ 10,444 $ 535 $ 173 $ 11,152 As of and for the Year ended December 31, 2021: Revenue (less agency commissions) $ 2,340 $ 73 $ - $ 2,413 Operating expenses before depreciation, amortization and loss on disposal of assets, net: 1,548 62 159 1,769 Depreciation and amortization 206 12 3 221 Loss on disposal of assets, net 41 - 1 42 Operating expenses 1,795 74 163 2,032 Operating income (loss) $ 545 $ (1 ) $ (163 ) $ 381 Interest expense $ - $ - $ 205 $ 205 Capital expenditures (excluding business combinations) $ 94 $ 110 $ 3 $ 207 Goodwill $ 2,604 $ 45 $ - $ 2,649 Total assets $ 10,592 $ 269 $ 247 $ 11,108

Note 15 - Subsequent Events

Note 15 - Subsequent Events	12 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
Subsequent Events [Text Block]	15. Subsequent Events Exchange of television stations. February 1, 2024, 194 198, 27 second 2024 BMI Investment Proceeds. February 8, 2024, Amendment of Revolving Credit Facility. February 16, 2024, second December 31, 2027 ( December 1, 2026 ( Executive Update. February 20, 2024, 2025. April 1, 2024, July 1, 2024. 2025.

Insider Trading Arrangements

Insider Trading Arrangements	12 Months Ended
	Dec. 31, 2023
Insider Trading Arr Line Items
Insider Trading Policies and Procedures Not Adopted [Text Block]	Item 9B. None
Rule 10b5-1 Arrangement Adopted [Flag]	false
Rule 10b5-1 Arrangement Terminated [Flag]	false
Non-Rule 10b5-1 Arrangement Terminated [Flag]	false
Non-Rule 10b5-1 Arrangement Adopted [Flag]	false

Schedule II - Valuation and Qua

Schedule II - Valuation and Qualifying Accounts	12 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block]	GRAY TELEVISION, INC. SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS (in millions) Col. A Col. B Col. C Col. D Col. E Additions (1) (2) Balance at Charged to Charged to Balance at Beginning Costs and Other End of Description of Period Expenses Accounts (a) (b) Deductions (b) Period Year Ended December 31, 2023: Allowance for doubtful accounts $ 16 $ 21 $ - $ (20 ) $ 17 Valuation allowance for deferred tax assets $ 10 $ - $ (1 ) $ - $ 9 Year Ended December 31, 2022: Allowance for doubtful accounts $ 16 $ 1 $ - $ (1 ) $ 16 Valuation allowance for deferred tax assets $ 22 $ - $ (12 ) $ - $ 10 Year Ended December 31, 2021: Allowance for doubtful accounts $ 10 $ 4 $ 3 $ (1 ) $ 16 Valuation allowance for deferred tax assets $ 15 $ 7 $ - $ - $ 22 (a) The adjustment to the valuation allowance for deferred tax assets represents changes in estimates of our future taxable income and our estimated future usage of certain net operating loss carryforwards, as well as expiration of certain net operating loss carryforwards. (b) The adjustments to our allowance for doubtful accounts include adjustments related to our business combinations and write-offs of receivable balances not

Significant Accounting Policies

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 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 December 31, 2023 2022, December 31, 2021.
Use of Estimates, Policy [Policy Text Block]	Use of Estimates.
Receivables, Trade and Other Accounts Receivable, Allowance for Doubtful Accounts, Policy [Policy Text Block]	Allowance for Credit Losses. December 31, 2023, 2022 2021, 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 During 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 adjusted one 2023, not 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 December 31,2023, December 31, 2023. December 31, 2023. 2023 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 consolidated balance sheets (in millions): Year Ended December 31, 2023 2022 Beginning balance $ 16 $ 16 Provision for credit losses 21 1 Amounts written off (20 ) (1 ) Ending balance $ 17 $ 16
Program Broadcast Rights [Policy Text Block]	Program Broadcast Rights. two first Wheel of Fortune The Big Bang Theory not first first not The total license fee payable under a program license agreement allowing us to broadcast programs is recorded at the beginning of the license period and is charged to operating expense over the period that the programs are broadcast. The portion of the unamortized balance expected to be charged to operating expense in the succeeding year is classified as a current asset, with the remainder classified as a non-current asset. The liability for license fees payable under program license agreements is classified as current or long-term, in accordance with the payment terms of the various license agreements.
Property, Plant and Equipment, Policy [Policy Text Block]	Property and Equipment. Estimated December 31, Useful Lives 2023 2022 (in years) Property and equipment, net: Land $ 368 $ 290 Buildings and improvements 868 477 7 to 40 Equipment 1,082 1,027 3 to 20 Construction in progress 81 362 2,399 2,156 Accumulated depreciation (798 ) (690 ) Total $ 1,601 $ 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 2023, no The following tables provide additional information related to gain on disposal of assets, net included in our consolidated statements of operations and purchases of property and equipment included in our consolidated statements of cash flows (in millions): Year ended December 31, 2023 2022 2021 (Loss) Gain on disposal of assets, net: Proceeds from sale of television stations and other assets $ 60 $ 4 $ 478 Proceeds from FCC Repack - 7 11 Net book value of assets disposed (73 ) (9 ) (531 ) Non-cash loss on divestitures 1 - - Securitization Facility (9 ) - - Total $ (21 ) $ 2 $ (42 ) Purchase of property and equipment: Recurring purchases - operations $ 107 $ 170 $ 90 Assembly Atlanta project 240 264 109 Repack 1 2 8 Total $ 348 $ 436 $ 207
Deferred Charges, Policy [Policy Text Block]	Deferred Loan Costs.
Asset Retirement Obligation [Policy Text Block]	Asset Retirement Obligations. 2062. December 31, 2023 2022, December 31, 2023, 2022 2021, not
Concentration Risk, Credit Risk, Policy [Policy Text Block]	Concentration of Credit Risk. not We derived a material portion of our non-political broadcast advertising revenue from advertisers in a limited number of industries, particularly the services sector, comprising financial, legal and medical advertisers, and the automotive industry. The services sector has become an increasingly important source of advertising revenue over the past few years. During the years ended December 31, 2023, 2022 2021 December 31, 2023, 2022 2021 no one 5%
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 years ended December 31, 2023, 2022 2021 Year Ended December 31, 2023 2022 2021 Weighted average shares outstanding, basic 92 92 95 Weighted average shares underlying stock options and restricted shares - 1 - Weighted average shares outstanding, diluted 92 93 95
Goodwill and Intangible Assets, Policy [Policy Text Block]	Valuation of Broadcast Licenses, Goodwill and Other Intangible Assets. For broadcast licenses acquired prior to January 1, 2002, For broadcast licenses acquired after December 31, 2001, December 31, 2001, When renewing broadcast licenses, we incur regulatory filing fees and legal fees. We expense these fees as they are incurred. Goodwill represents the excess of acquisition cost over the fair value of assets acquired, identifiable intangible assets, less liabilities assumed in business combination transactions. Goodwill is tested for impairment on an annual basis (at year end) or between annual tests if events or changes in circumstances indicate that the fair value of a reporting unit may Other intangible assets that we have acquired include network affiliation agreements, retransmission agreements, advertising contracts, client lists, talent contracts and leases. Although each of our stations is affiliated with at least one
Impairment or Disposal of Long-Lived Assets, Including Intangible Assets, Policy [Policy Text Block]	Impairment Testing of Indefinite-Lived Intangible Assets. December 31. For purposes of testing goodwill for impairment, our broadcast television stations as a whole, and each of our production companies, is considered a separate reporting unit. In the performance of our annual assessment of goodwill for impairment, we have the option to qualitatively assess whether it is more likely than not If we conclude that it is more likely than not not To estimate the fair value of our reporting units for a quantitative assessment, we utilize a discounted cash flow model supported by a market multiple approach. We believe that a discounted cash flow analysis is the most appropriate methodology to test the recorded value of long-term assets with a demonstrated long-lived/enduring franchise value. We believe the results of the discounted cash flow and market multiple approaches provide reasonable estimates of the fair value of our reporting units because these approaches are based on our actual results and reasonable estimates of future performance, and also take into consideration a number of other factors deemed relevant by us including, but not one In the performance of our annual assessment of broadcast licenses for impairment, we have the option to qualitatively assess whether it is more likely than not not one no not For further discussion of our goodwill, broadcast licenses and other intangible assets, see Note 13
Comprehensive Income, Policy [Policy Text Block]	Accumulated Other Comprehensive Loss December 31, 2023 December 31, 2023 December 31, 2022, December 31, 2023 2022, December 31, 2023 2022 Items included in accumulated other comprehensive loss: Adjustment to pension liability $ (7 ) $ (16 ) Adjustment to fair value of interest rate caps (23 ) - Income tax benefit (7 ) (4 ) Accumulated other comprehensive loss $ (23 ) $ (12 )
New Accounting Pronouncements, Policy [Policy Text Block]	Recent Accounting Pronouncements. November 2023, 2023 07, Segment Reporting (Topic 280 December 15, 2023, December 15, 2024. not In December 2023, 2023 09, Income Taxes (Topic 740 December 15, 2024. not In addition to the accounting standards described above, certain amounts in the consolidated statements of operations and cash flows have also been reclassified to conform to the current presentation.

Note 1 - Description of Busin_2

Note 1 - Description of Business and Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2023
Notes Tables
Accounts Receivable, Allowance for Credit Loss [Table Text Block]	Year Ended December 31, 2023 2022 Beginning balance $ 16 $ 16 Provision for credit losses 21 1 Amounts written off (20 ) (1 ) Ending balance $ 17 $ 16
Property, Plant and Equipment [Table Text Block]	Estimated December 31, Useful Lives 2023 2022 (in years) Property and equipment, net: Land $ 368 $ 290 Buildings and improvements 868 477 7 to 40 Equipment 1,082 1,027 3 to 20 Construction in progress 81 362 2,399 2,156 Accumulated depreciation (798 ) (690 ) Total $ 1,601 $ 1,466
Schedule of Disposal of Assets and Purchase of Property and Equipment [Table Text Block]	Year ended December 31, 2023 2022 2021 (Loss) Gain on disposal of assets, net: Proceeds from sale of television stations and other assets $ 60 $ 4 $ 478 Proceeds from FCC Repack - 7 11 Net book value of assets disposed (73 ) (9 ) (531 ) Non-cash loss on divestitures 1 - - Securitization Facility (9 ) - - Total $ (21 ) $ 2 $ (42 ) Purchase of property and equipment: Recurring purchases - operations $ 107 $ 170 $ 90 Assembly Atlanta project 240 264 109 Repack 1 2 8 Total $ 348 $ 436 $ 207
Schedule of Weighted Average Number of Shares [Table Text Block]	Year Ended December 31, 2023 2022 2021 Weighted average shares outstanding, basic 92 92 95 Weighted average shares underlying stock options and restricted shares - 1 - Weighted average shares outstanding, diluted 92 93 95
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	December 31, 2023 2022 Items included in accumulated other comprehensive loss: Adjustment to pension liability $ (7 ) $ (16 ) Adjustment to fair value of interest rate caps (23 ) - Income tax benefit (7 ) (4 ) Accumulated other comprehensive loss $ (23 ) $ (12 )

Note 2 - Revenue (Tables)

Note 2 - Revenue (Tables)	12 Months Ended
	Dec. 31, 2023
Notes Tables
Disaggregation of Revenue [Table Text Block]	Year Ended December 31, 2023 2022 2021 Market and service type: Advertising: Core $ 1,514 $ 1,496 $ 1,190 Political 79 515 44 Total advertising 1,593 2,011 1,234 Retransmission consent 1,532 1,496 1,049 Production companies 86 93 73 Other 70 76 57 Total revenue $ 3,281 $ 3,676 $ 2,413 Sales channel: Direct $ 2,225 $ 2,163 $ 1,579 Advertising agency intermediary 1,056 1,513 834 Total revenue $ 3,281 $ 3,676 $ 2,413

Note 3 - Acquisitions and Div_2

Note 3 - Acquisitions and Divestitures (Tables)	12 Months Ended
	Dec. 31, 2023
Notes Tables
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]	Property and equipment $ 2 Broadcast licenses 4 Total $ 6 Accounts receivable, net $ 1 Property and equipment 1 Goodwill 10 Broadcast licenses 1 Network affiliation 14 Other intangible assets 4 Total $ 31 Meredith Quincy Third Rail Total Cash $ 1 $ 4 $ - $ 5 Accounts receivable, net 146 23 - 169 Other current assets 15 5 - 20 Property and equipment 235 74 24 333 Operating lease right of use asset 15 1 - 16 Goodwill 1,016 190 4 1,210 Broadcast licenses 1,516 245 - 1,761 Other intangible assets 455 85 - 540 Other non-current assets 3 - - 3 Other current liabilities (104 ) (7 ) (1 ) (112 ) Deferred income taxes (477 ) (66 ) - (543 ) Operating lease liabilities (15 ) (1 ) - (16 ) Other non-current liabilities (3 ) - - (3 ) Total $ 2,803 $ 553 $ 27 $ 3,383
Schedule of Business Acquisitions, by Acquisition [Table Text Block]	Adjusted purchase price $ 936 Less - consideration allocated to assets acquired and liabilities assumed for the Quincy overlap markets thatwere divested on August 2, 2021 383 Purchase consideration for assets acquired and liabilities assumed, net of divestitures $ 553
Business Combination, Separately Recognized Transactions [Table Text Block]	Year Ended December 31, 2021 Transaction Related Expenses by type: Legal, consulting and other professional fees $ 80 Termination of sales representation and other agreements 1 Total Transaction Related Expenses $ 81 Transaction Related Expenses by financial statement line item: Operating expenses before depreciation, amortization and loss (gain) on disposal of assets, net: Broadcasting $ 3 Corporate and administrative 71 Miscellaneous Expense 7 Total Transaction Related Expenses $ 81
Business Acquisition, Pro Forma Information [Table Text Block]	Year Ended December 31, 2021 Revenue (less agency commissions) $ 3,153 Net income $ 199 Net income attributable to common stockholders $ 147 Basic net income attributable to common stockholders, per share $ 1.55 Diluted net income attributable to common stockholders, per share $ 1.55

Note 4 - Long-term Debt (Tables

Note 4 - Long-term Debt (Tables)	12 Months Ended
	Dec. 31, 2023
Notes Tables
Schedule of Long-Term Debt Instruments [Table Text Block]	December 31, 2023 2022 Long-term debt: 2019 Senior Credit Facility: 2017 Term Loan (matures February 7, 2024) $ - $ 295 2019 Term Loan (matures January 2, 2026) 1,190 1,190 2021 Term Loan (matures December 1, 2028) 1,470 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 6,210 6,520 Unamortized deferred loan costs - 2017 Term Loan - (4 ) Unamortized deferred loan costs - 2019 Term Loan (14 ) (21 ) Unamortized deferred loan costs - 2021 Term Loan (4 ) (4 ) Unamortized deferred loan costs - 2026 Notes (3 ) (4 ) Unamortized deferred loan costs - 2027 Notes (6 ) (7 ) Unamortized deferred loan costs - 2030 Notes (10 ) (11 ) Unamortized deferred loan costs - 2031 Notes (14 ) (16 ) Unamortized premium - 2026 Notes 1 2 Less current portion (15 ) (15 ) Long-term debt, less deferred financing costs $ 6,145 $ 6,440 Borrowing availability under Revolving Credit Facility $ 494 $ 496
Schedule of Maturities of Long-Term Debt [Table Text Block]	Minimum Principal Maturities 2019 Senior 2026 2027 2030 2031 Year Credit Facility Notes Notes Notes Notes Total 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 $ 2,660 $ 700 $ 750 $ 800 $ 1,300 $ 6,210

Note 8 - Stock-based Compensa_2

Note 8 - Stock-based Compensation (Tables)	12 Months Ended
	Dec. 31, 2023
Notes Tables
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block]	Year Ended December 31, 2023 2022 2021 Stock-based compensation expense, gross $ 20 $ 22 $ 14 Income tax benefit at our statutory rate associated with stock-based compensation (5 ) (6 ) (4 ) Stock-based compensation expense, net $ 15 $ 16 $ 10
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block]	Year Ended December 31, 2023 2022 2021 Weighted- Weighted- Weighted- Average Average Average Number Grant Date Number Grant Date Number Grant Date of Fair Value of Fair Value of Fair Value Shares Per Share Shares Per Share Shares Per Share Restricted stock - common: Outstanding - beginning of period 997,745 $ 20.62 1,035,728 $ 19.69 917,533 $ 16.84 Granted 1,007,919 8.15 400,927 21.68 731,374 19.73 Vested (537,728 ) 20.32 (438,910 ) 19.38 (613,179 ) 15.48 Outstanding - end of period 1,467,936 $ 12.17 997,745 $ 20.62 1,035,728 $ 19.69 Restricted stock - Class A common: Outstanding - beginning of period 677,238 $ 19.36 720,421 $ 18.22 480,042 $ 16.10 Granted 738,854 8.34 250,448 20.52 488,918 18.66 Vested (267,859 ) 18.95 (293,631 ) 17.55 (248,539 ) 15.00 Outstanding - end of period 1,148,233 $ 12.37 677,238 $ 19.36 720,421 $ 18.22 Restricted stock units - common: Outstanding - beginning of period 274,145 $ 23.60 125,247 $ 19.02 90,184 $ 18.92 Granted 587,168 11.50 259,079 23.87 95,115 19.05 Vested (247,953 ) 23.64 (108,921 ) 19.03 (60,052 ) 18.92 Forfeited (26,192 ) 23.15 (1,260 ) 19.05 - - Outstanding - end of period 587,168 $ 11.50 274,145 $ 23.60 125,247 $ 19.02

Note 9 - Leases (Tables)

Note 9 - Leases (Tables)	12 Months Ended
	Dec. 31, 2023
Notes Tables
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block]	Year: 2024 $ 15 2025 14 2026 12 2027 11 2028 8 Thereafter 46 Total lease payments 106 Less: Imputed interest (26 ) Present value of lease liabilities $ 80

Note 10 - Income Taxes (Tables)

Note 10 - Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2023
Notes Tables
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]	Year Ended December 31, 2023 2022 2021 Current: Federal $ 73 $ 148 $ 74 State and local 12 31 26 Current income tax expense 85 179 100 Deferred: Federal (76 ) (21 ) (12 ) State and local (15 ) 1 (10 ) Deferred income tax benefit (91 ) (20 ) (22 ) Total income tax (benefit) expense $ (6 ) $ 159 $ 78
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]	December 31, 2023 2022 Deferred tax liabilities: Net book value of property and equipment $ 149 $ 143 Broadcast licenses, goodwill and other intangible assets 1,338 1,363 Other 3 5 Total deferred tax liabilities 1,490 1,511 Deferred tax assets: Liability for accrued bonus 13 11 State and local operating loss carryforwards 7 10 Interest expense limitation 88 17 Other 32 29 Total deferred tax assets 140 67 Valuation allowance for deferred tax assets (9 ) (10 ) Net deferred tax assets 131 57 Deferred tax liabilities, net of deferred tax assets $ 1,359 $ 1,454
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]	Year Ended December 31, 2023 2022 2021 Statutory federal rate applied to income before income tax expense $ (17 ) $ 129 $ 35 Current year permanent items 11 5 33 State and local taxes, net of federal tax benefit (4 ) 26 10 Change in valuation allowance (1 ) - - Other items, net 5 (1 ) - Income tax (benefit) expense as recorded $ (6 ) $ 159 $ 78 Effective income tax rate 7 % 26 % 46 %
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block]	Year Ended December 31, 2023 2022 2021 Balance at beginning of period $ 15 $ 15 $ 14 Additions based on tax positions related to prior years - - 3 Statute expirations (1 ) - (2 ) Balance at end of period $ 14 $ 15 $ 15

Note 11 - Retirement Plans (Tab

Note 11 - Retirement Plans (Tables)	12 Months Ended
	Dec. 31, 2023
Notes Tables
Schedule of Net Funded Status [Table Text Block]	December 31, 2023 2022 Change in projected benefit obligation: Projected benefit obligation at beginning of year $ 102 $ 140 Interest cost 5 4 Actuarial loss (gain) 2 (38 ) Benefits paid (5 ) (4 ) Projected benefit obligation at end of year $ 104 $ 102 Change in plan assets: Fair value of pension plan assets at beginning of year $ 104 $ 119 Actual return (loss) on plan assets 14 (14 ) Company contributions 4 4 Benefits paid (5 ) (5 ) Fair value of pension plan assets at end of year 117 104 Funded status of pension plan $ 13 $ 2 Amounts recognized on our balance sheets consist of: Accrued benefit cost $ 26 $ 21 Accumulated other comprehensive loss (13 ) (19 ) Net asset (liability) recognized $ 13 $ 2
Defined Benefit Plan, Assumptions [Table Text Block]	Year Ended December 31, 2023 2022 Weighted-average assumptions used to determine net periodic benefit cost for the Gray Pension Plan: Discount rate 4.99 % 2.73 % Expected long-term rate of return on pension plan assets 6.25 % 6.25 % Estimated rate of increase in compensation levels N/A N/A As of December 31, 2023 2022 Weighted-average assumptions used to determine benefit obligations: Discount rate 4.79 % 4.99 %
Schedule of Net Benefit Costs [Table Text Block]	Year Ended December 31, 2023 2022 2021 Components of net periodic pension cost: Interest cost $ 5 $ 4 $ 4 Expected return on plan assets (7 ) (8 ) (7 ) Recognized net actuarial loss - 1 1 Net periodic pension benefit $ (2 ) $ (3 ) $ (2 )
Schedule of Expected Benefit Payments [Table Text Block]	Years Amount 2024 $ 5 2025 $ 5 2026 $ 6 2027 $ 6 2028 $ 6 2029 - 2033 $ 32
Schedule of Allocation of Plan Assets by Asset Category [Table Text Block]	As of December 31, 2023 2022 Asset category: Insurance general account 13 % 14 % Cash management accounts 4 % 4 % Equity accounts 50 % 51 % Fixed income accounts 30 % 28 % Real estate accounts 3 % 3 % Total 100 % 100 %
Schedule of Allocation of Plan Assets [Table Text Block]	Target Range Asset class: Strategic Allocation Lower Limit Upper Limit Equities: Large Cap Blend 27.0 % 0.0 % 50.0 % Mid Cap Blend 10.0 % 0.0 % 40.0 % Small Cap Blend 6.0 % 0.0 % 25.0 % Foreign Large Blend 11.0 % 0.0 % 40.0 % Emerging Markets 3.0 % 0.0 % 25.0 % Real Estate 3.0 % 0.0 % 20.0 % Fixed Income: U.S. Treasury Inflation Protected 3.5 % 0.0 % 25.0 % Intermediate Core Plus Bond 25.0 % 0.0 % 50.0 % Short-Term Bond 3.0 % 0.0 % 25.0 % Bank Loan 0.0 % 0.0 % 25.0 % High Yield Bond 4.0 % 0.0 % 25.0 % Emerging Markets Bond 3.0 % 0.0 % 20.0 % Money Market Taxable 1.5 % 0.0 % 100.0 %
Defined Benefit Plan, Fair Value of Plan Assets [Table Text Block]	As of December 31, 2023 Level 1 Level 2 Level 3 Total Assets: Insurance general account $ - $ 15 $ - $ 15 Cash management accounts 5 - - 5 Equity accounts 59 - - 59 Fixed income accounts 35 - - 35 Real estate accounts 3 - - 3 Total $ 102 $ 15 $ - $ 117 As of December 31, 2022 Level 1 Level 2 Level 3 Total Assets: Insurance general account $ - $ 15 $ - $ 15 Cash management accounts 4 - - 4 Equity accounts 53 - - 53 Fixed income account 29 - - 29 Real estate accounts 3 - - 3 Total $ 89 $ 15 $ - $ 104

Note 12 - Commitments and Con_2

Note 12 - Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2023
Notes Tables
Contractual Obligation, Fiscal Year Maturity [Table Text Block]	Accounts Service and Syndicated Network Receivable Other Assembly Television Affiliation Year Securitization Agreements Development Programming Agreements Total 2024 $ - $ 57 $ 42 $ 8 $ 980 $ 1,087 2025 - 32 - 15 648 695 2026 300 14 - - 31 345 2027 - 2 - - - 2 Total $ 300 $ 105 $ 42 $ 23 $ 1,659 $ 2,129

Note 13 - Goodwill and Intang_2

Note 13 - Goodwill and Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2023
Notes Tables
Schedule of Acquired Indefinite-Lived Intangible Assets by Major Class [Table Text Block]	Net Balance at Acquisitions Net Balance at December 31, and December 31, 2022 Adjustments, Net Impairment Amortization 2023 Goodwill $ 2,663 $ (4 ) $ (16 ) $ - $ 2,643 Broadcast licenses 5,331 (11 ) - - 5,320 Finite-lived intangible assets 636 - (27 ) (194 ) 415 Total intangible assets net of accumulated amortization $ 8,630 $ (15 ) $ (43 ) $ (194 ) $ 8,378 Net Balance at Acquisitions Net Balance at December 31, and December 31, 2021 Adjustments Impairment Amortization 2022 Goodwill $ 2,649 $ 14 $ - $ - $ 2,663 Broadcast licenses 5,303 28 - - 5,331 Finite-lived intangible assets 825 18 - (207 ) 636 Total intangible assets net of accumulated amortization $ 8,777 $ 60 $ - $ (207 ) $ 8,630
Schedule of Goodwill [Table Text Block]	As of Acquisitions As of December 31, and December 31, 2022 Adjustments Impairment 2023 Goodwill, gross $ 2,762 $ (4 ) $ (16 ) $ 2,742 Accumulated goodwill impairment (99 ) - - (99 ) Goodwill, net $ 2,663 $ (4 ) $ (16 ) $ 2,643 As of Acquisitions As of December 31, and December 31, 2021 Adjustments Impairment 2022 Goodwill, gross $ 2,748 $ 14 $ - $ 2,762 Accumulated goodwill impairment (99 ) - - (99 ) Goodwill, net $ 2,649 $ 14 $ - $ 2,663
Schedule of Intangible Assets and Goodwill [Table Text Block]	As of December 31, 2023 As of December 31, 2022 Accumulated Accumulated Gross Amortization Net Gross Amortization Net Intangible assets not currently subject to amortization: Broadcast licenses $ 5,374 $ (54 ) $ 5,320 $ 5,385 $ (54 ) $ 5,331 Goodwill 2,643 - 2,643 2,663 - 2,663 $ 8,017 $ (54 ) $ 7,963 $ 8,048 $ (54 ) $ 7,994 Intangible assets subject to amortization: Network affiliation agreements $ 216 $ (126 ) $ 90 $ 218 $ (88 ) $ 130 Other finite-lived intangible assets 992 (667 ) 325 1,055 (549 ) 506 $ 1,208 $ (793 ) $ 415 $ 1,273 $ (637 ) $ 636 Total intangible assets $ 9,225 $ (847 ) $ 8,378 $ 9,321 $ (691 ) $ 8,630

Note 14 - Segment Information (

Note 14 - Segment Information (Tables)	12 Months Ended
	Dec. 31, 2023
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Production As of and for the Year ended December 31, 2023: Broadcasting Companies Other Consolidated Revenue (less agency commissions) $ 3,195 $ 86 $ - $ 3,281 Operating expenses before depreciation, amortization, impairment and loss on disposal of assets, net: 2,268 115 112 2,495 Depreciation and amortization 322 13 4 339 Impairment of goodwill and other inangible assets - 43 - 43 Loss on disposal of assets, net 18 3 - 21 Total operating expenses 2,608 174 116 2,898 Operating income (loss) $ 587 $ (88 ) $ (116 ) $ 383 Interest expense $ - $ - $ 440 $ 440 Capital expenditures (excluding business combinations) $ 107 $ 240 $ 1 $ 348 Goodwill $ 2,615 $ 28 $ - $ 2,643 Total assets $ 9,897 $ 658 $ 85 $ 10,640 As of and for the Year ended December 31, 2022: Revenue (less agency commissions) $ 3,583 $ 93 $ - $ 3,676 Operating expenses before depreciation, amortization and (gain) loss on disposal of assets, net: 2,165 83 104 2,352 Depreciation and amortization 321 12 3 336 Loss on disposal of assets, net (2 ) - - (2 ) Total operating expenses 2,484 95 107 2,686 Operating income (loss) $ 1,099 $ (2 ) $ (107 ) $ 990 Interest expense $ - $ - $ 354 $ 354 Capital expenditures (excluding business combinations) $ 163 $ 267 $ 6 $ 436 Goodwill $ 2,618 $ 45 $ - $ 2,663 Total assets $ 10,444 $ 535 $ 173 $ 11,152 As of and for the Year ended December 31, 2021: Revenue (less agency commissions) $ 2,340 $ 73 $ - $ 2,413 Operating expenses before depreciation, amortization and loss on disposal of assets, net: 1,548 62 159 1,769 Depreciation and amortization 206 12 3 221 Loss on disposal of assets, net 41 - 1 42 Operating expenses 1,795 74 163 2,032 Operating income (loss) $ 545 $ (1 ) $ (163 ) $ 381 Interest expense $ - $ - $ 205 $ 205 Capital expenditures (excluding business combinations) $ 94 $ 110 $ 3 $ 207 Goodwill $ 2,604 $ 45 $ - $ 2,649 Total assets $ 10,592 $ 269 $ 247 $ 11,108

Schedule II - Valuation and Q_2

Schedule II - Valuation and Qualifying Accounts (Tables)	12 Months Ended
	Dec. 31, 2023
Notes Tables
Summary of Valuation Allowance [Table Text Block]	Col. A Col. B Col. C Col. D Col. E Additions (1) (2) Balance at Charged to Charged to Balance at Beginning Costs and Other End of Description of Period Expenses Accounts (a) (b) Deductions (b) Period Year Ended December 31, 2023: Allowance for doubtful accounts $ 16 $ 21 $ - $ (20 ) $ 17 Valuation allowance for deferred tax assets $ 10 $ - $ (1 ) $ - $ 9 Year Ended December 31, 2022: Allowance for doubtful accounts $ 16 $ 1 $ - $ (1 ) $ 16 Valuation allowance for deferred tax assets $ 22 $ - $ (12 ) $ - $ 10 Year Ended December 31, 2021: Allowance for doubtful accounts $ 10 $ 4 $ 3 $ (1 ) $ 16 Valuation allowance for deferred tax assets $ 15 $ 7 $ - $ - $ 22

Note 1 - Description of Busin_3

Note 1 - Description of Business and Summary of Significant Accounting Policies (Details Textual) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) Rate	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Feb. 23, 2023 USD ($)
Number of Television Markets	113
Percent of US Television Households Reached (Rate) | Rate	36%
Number of Television Markets with Top-Rated Stations	79
Number of Television Markets with First and/or Second Rated Stations	102
Equity Securities without Readily Determinable Fair Value, Impairment Loss, Annual Amount	$ 29,000	$ 18,000	$ 0
Accounts Receivable, Credit Loss Expense (Reversal)	21,000	1,000	4,000
Accounts Receivable, Allowance for Credit Loss	17,000	$ 16,000	$ 16,000
Asset Retirement Obligation	$ 4,000
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Services Sector [Member]
Concentration Risk, Percentage	27%	28%	29%
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Automotive [Member]
Concentration Risk, Percentage	20%	17%	17%
Assembly Atlanta Project [Member]
Proceeds From Project	$ 64,000
Proceeds from Project Where Ownership Will Be Transferred	46,000
Proceeds From Construction Costs Incurred	18,000
Increase (Decrease) in Deferred Revenue	8,000
Proceeds from Sale of Productive Assets	38,000
Proceeds From Reimbursement of Development Costs	18,000
Wells Fargo Bank, N.A. [Member]
Accounts Receivable Securitization Program Maximum Capacity				$ 300,000
Proceeds from Accounts Receivable Securitization	300,000
Accounts Receivable Securitization, Unsold Receivables	296,000
Accounts Receivable Securitization, Total Receivables	596,000
Accounts Receivable Securitization, Charge for Discount	$ 9,000
Wells Fargo Bank, N.A. [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Debt Instrument, Basis Spread on Variable Rate	1%
Diamond Sports Group, LLC [Member]
Accounts Receivable, Allowance for Credit Loss	$ 17,000

Note 1 - Description of Busin_4

Note 1 - Description of Business and Summary of Significant Accounting Policies - Allowance for Credit Losses (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Beginning balance	$ 16	$ 16
Provision for credit losses	21	1	$ 4
Amounts written off	(20)	(1)
Ending balance	$ 17	$ 16	$ 16

Note 1 - Description of Busin_5

Note 1 - Description of Business and Summary of Significant Accounting Policies - Property and Equipment (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Property and equipment, gross	$ 2,399	$ 2,156
Accumulated depreciation	(798)	(690)
Total property and equipment, net	1,601	1,466
Land [Member]
Property and equipment, gross	368	290
Building and Building Improvements [Member]
Property and equipment, gross	$ 868	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	$ 1,082	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	$ 81	$ 362

Note 1 - Description of Busin_6

Note 1 - Description of Business and Summary of Significant Accounting Policies - Disposal of Assets and Purchase of Property and Equipment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Proceeds from sale of television stations and other assets	$ 60	$ 4	$ 478
Proceeds from Repack reimbursement (Note 1)	0	7	11
Net book value of assets disposed	(73)	(9)	(531)
Non-cash loss on divestitures	1	0	0
Securitization Facility	(9)	0	0
Total	(21)	2	(42)
Recurring purchases - operations	107	170	90
Assembly Atlanta project	240	264	109
Repack	1	2	8
Total	$ 348	$ 436	$ 207

Note 1 - Description of Busin_7

Note 1 - Description of Business and Summary of Significant Accounting Policies - Reconciliation of Basic to Diluted Weighted-average Shares Outstanding (Details) - shares shares in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Weighted average shares outstanding, basic (in shares)	92	92	95
Weighted average shares underlying stock options and restricted shares (in shares)	0	1	0
Weighted average shares outstanding, diluted (in shares)	92	93	95

Note 1 - Description of Busin_8

Note 1 - Description of Business and Summary of Significant Accounting Policies - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Items included in accumulated other comprehensive loss:
Adjustment to pension liability	$ (7)	$ (16)
Adjustment to fair value of interest rate caps	(23)	0
Income tax benefit	(7)	(4)
Accumulated other comprehensive loss	$ (23)	$ (12)

Note 2 - Revenue (Details Textu

Note 2 - Revenue (Details Textual) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Contract with Customer, Liability, Revenue Recognized	$ 12
Deferred Revenue [Member]
Deposit Liability, Current	$ 13	$ 12

Note 2 - Revenue - Disaggregati

Note 2 - Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenue	$ 3,281	$ 3,676	$ 2,413
Sales Channel, Directly to Consumer [Member]
Revenue	2,225	2,163	1,579
Sales Channel, Through Intermediary [Member]
Revenue	1,056	1,513	834
Core Advertising [Member]
Revenue	1,514	1,496	1,190
Political Advertising [Member]
Revenue	79	515	44
Advertising [Member]
Revenue	1,593	2,011	1,234
Retransmission Consent [Member]
Revenue	1,532	1,496	1,049
Production Companies [Member]
Revenue	86	93	73
Service, Other [Member]
Revenue	$ 70	$ 76	$ 57

Note 3 - Acquisitions and Div_3

Note 3 - Acquisitions and Divestitures (Details Textual) $ in Millions						12 Months Ended
	May 01, 2023 USD ($)	Apr. 01, 2022 USD ($)	Dec. 01, 2021 USD ($)	Sep. 23, 2021 USD ($)	Aug. 02, 2021 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2021 USD ($)	Sep. 13, 2021 USD ($)
Broadcast Licenses Acquired in 2022 [Member]
Indefinite-Lived Intangible Assets Acquired						$ 27
Broadcast Licenses Acquired in 2021 [Member]
Indefinite-Lived Intangible Assets Acquired							$ 4
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]
Gain (Loss) on Disposition of Business						$ 14
Atlanta Telemundo Transaction [Member]
Payments to Acquire Businesses, Gross	6	$ 31
Atlanta Telemundo Transaction [Member] | Minimum [Member]
Property, Plant and Equipment, Useful Life (Year)		3 years
Finite-Lived Intangible Asset, Useful Life (Year)		1 year
Atlanta Telemundo Transaction [Member] | Maximum [Member]
Property, Plant and Equipment, Useful Life (Year)		40 years
Finite-Lived Intangible Asset, Useful Life (Year)		4 years
Meredith Corporation [Member]
Business Combination, Consideration Transferred			$ 2,800
Business Combination, Television Stations Operated			12
WJRT (ABC) in the Flint, Michigan Market [Member]
Disposal Group, Including Discontinued Operation, Consideration				$ 72
Gain (Loss) on Disposition of Business				$ (4)
Quincy Acquisition [Member]
Disposal Group, Including Discontinued Operation, Consideration							383
Business Combination, Consideration Transferred					$ 936		936
Business Combination, Working Capital					6
The2021 Acquisitions [Member]
Disposal Group, Including Discontinued Operation, Consideration								$ 27
Accounts Receivable, Gross Contractual Amount Over Recorded Fair Value							3
Business Acquisition, Goodwill, Expected Tax Deductible Amount							89
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual							$ 128
The2021 Acquisitions [Member] | Retransmission Agreements [Member]
Finite-Lived Intangible Asset, Useful Life (Year)							5 years
Finite-Lived Intangible Assets, Gross, Total							$ 374
The2021 Acquisitions [Member] | Minimum [Member]
Property, Plant and Equipment, Useful Life (Year)							3 years
Finite-Lived Intangible Asset, Useful Life (Year)							1 year
The2021 Acquisitions [Member] | Maximum [Member]
Property, Plant and Equipment, Useful Life (Year)							40 years
Finite-Lived Intangible Asset, Useful Life (Year)							10 years
Network Affiliate [Member] | Network Affiliation Agreements [Member]
Finite-Lived Intangible Assets, Gross, Total							$ 136
KNIN With Marquee Broadcasting Transaction [Member]
Disposal Group, Including Discontinued Operation, Consideration	$ 6
Quincy Acquisition [Member]
Gain (Loss) on Disposition of Business					45
Proceeds from Divestiture of Businesses					401
Disposal Group, Working Capital					$ 21

Note 3 - Acquisitions and Div_4

Note 3 - Acquisitions and Divestitures - Acquisitions (Details) - USD ($) $ in Millions	May 01, 2023	Apr. 01, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Goodwill			$ 2,643	$ 2,663	$ 2,649
Goodwill			2,643	$ 2,663	2,649
Atlanta Telemundo Transaction [Member]
Property and equipment	$ 2	$ 1
Payments to Acquire Businesses, Gross	6	31
Accounts receivable, net		1
Goodwill		10
Accounts receivable, net		1
Goodwill		10
Atlanta Telemundo Transaction [Member] | Broadcast Licenses [Member]
Intangible assets	$ 4	1
Atlanta Telemundo Transaction [Member] | Network Affiliation [Member]
Intangible assets		14
Atlanta Telemundo Transaction [Member] | Other Intangible Assets [Member]
Intangible assets		$ 4
Meredith Acquisition [Member]
Accounts receivable, net			146
Goodwill			1,016
Cash			1
Accounts receivable, net			146
Other current assets			15
Property and equipment			235
Operating lease right of use asset			15
Goodwill			1,016
Broadcast licenses			1,516
Other intangible assets			455
Other non-current assets			3
Other current liabilities			(104)
Deferred income taxes			(477)
Operating lease liabilities			(15)
Other non-current liabilities			(3)
Total			2,803
Quincy Acquisition [Member]
Accounts receivable, net			23
Goodwill			190
Cash			4
Accounts receivable, net			23
Other current assets			5
Property and equipment			74
Operating lease right of use asset			1
Goodwill			190
Broadcast licenses			245
Other intangible assets			85
Other non-current assets			0
Other current liabilities			(7)
Deferred income taxes			(66)
Operating lease liabilities			(1)
Other non-current liabilities			0
Total			553		$ 553
Third Rail Acquisition [Member]
Accounts receivable, net			0
Goodwill			4
Cash			0
Accounts receivable, net			0
Other current assets			0
Property and equipment			24
Operating lease right of use asset			0
Goodwill			4
Broadcast licenses			0
Other intangible assets			0
Other non-current assets			0
Other current liabilities			(1)
Deferred income taxes			0
Operating lease liabilities			0
Other non-current liabilities			0
Total			27
The2021 Acquisitions [Member]
Accounts receivable, net			169
Goodwill			1,210
Cash			5
Accounts receivable, net			169
Other current assets			20
Property and equipment			333
Operating lease right of use asset			16
Goodwill			1,210
Broadcast licenses			1,761
Other intangible assets			540
Other non-current assets			3
Other current liabilities			(112)
Deferred income taxes			(543)
Operating lease liabilities			(16)
Other non-current liabilities			(3)
Total			$ 3,383

Note 3 - Acquisitions and Div_5

Note 3 - Acquisitions and Divestitures - Consideration (Details) - Quincy Acquisition [Member] - USD ($) $ in Millions		12 Months Ended
	Aug. 02, 2021	Dec. 31, 2021	Dec. 31, 2023
Adjusted purchase price	$ 936	$ 936
Less - consideration allocated to assets acquired and liabilities assumed for the Quincy overlap markets thatwere divested on August 2, 2021		383
Purchase consideration for assets acquired and liabilities assumed, net of divestitures		$ 553	$ 553

Note 3 - Acquisitions and Div_6

Note 3 - Acquisitions and Divestitures - Transaction Related Expenses (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021 USD ($)
Transaction related expenses	$ 81
Broadcast Licenses [Member]
Transaction related expenses	3
Corporate and Administrative [Member]
Transaction related expenses	71
Miscellaneous (Income) Expense, Net [Member]
Transaction related expenses	7
Legal, Consulting and Other Professional Fees [Member]
Transaction related expenses	80
Termination of Sales Representation Agreements [Member]
Transaction related expenses	$ 1

Note 3 - Acquisitions and Div_7

Note 3 - Acquisitions and Divestitures - Unaudited Pro Forma Results (Details) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2021 USD ($) $ / shares
Revenue (less agency commissions)	$ 3,153
Net income	199
Net income attributable to common stockholders	$ 147
Basic net income attributable to common stockholders, per share (in dollars per share) | $ / shares	$ 1.55
Diluted net income attributable to common stockholders, per share (in dollars per share) | $ / shares	$ 1.55

Note 4 - Long-term Debt (Detail

Note 4 - Long-term Debt (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2025	Mar. 29, 2023	Jan. 23, 2023
Derivative, Cash Received on Hedge	$ 4,000
Interest Paid, Excluding Capitalized Interest, Operating Activities	419,000	$ 339,000	$ 178,000
Interest Costs Capitalized	20,000	$ 9,000	$ 0
Interest Rate Cap [Member]
Derivative, Notional Amount	2,600,000
Derivative Asset	24,000
Derivative Liabilities, Net of Tax	23,000
Amortization	$ 10,000
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	8.50%
The 2019 Senior Credit Facility [Member] | The 2019 Term Loan [Member]
Debt Instrument, Interest Rate, Effective Percentage	8%

Note 4 - Long-term Debt - Long-

Note 4 - Long-term Debt - Long-term Debt Summary (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Long-term debt, gross	$ 6,210	$ 6,520
Less current portion	(15)	(15)
Long-term debt, less deferred financing costs	6,145	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	(14)	(21)
The 2021 Term Loan [Member]
Long-term debt, gross	1,470	1,485
Unamortized deferred loan costs	(4)	(4)
2026 Notes [Member]
Long-term debt, gross	700	700
Unamortized deferred loan costs	(3)	(4)
Unamortized premium	1	2
2027 Notes [Member]
Long-term debt, gross	750	750
Unamortized deferred loan costs	(6)	(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	$ (14)	$ (16)

Note 4 - Long-term Debt - Aggre

Note 4 - Long-term Debt - Aggregate Minimum Principal Maturities on Long-term Debt (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
2024	$ 15
2025	15
2026	1,905
2027	765
2028	1,410
Thereafter	2,100
Total Debt	6,210	$ 6,520
The 2019 Senior Credit Facility [Member]
2024	15
2025	15
2026	1,205
2027	15
2028	1,410
Thereafter	0
Total Debt	2,660
2026 Notes [Member]
2024	0
2025	0
2026	700
2027	0
2028	0
Thereafter	0
Total Debt	700	700
2027 Notes [Member]
2024	0
2025	0
2026	0
2027	750
2028	0
Thereafter	0
Total Debt	750	750
2030 Notes [Member]
2024	0
2025	0
2026	0
2027	0
2028	0
Thereafter	800
Total Debt	800	800
Notes 2031 [Member]
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	Dec. 31, 2023	Dec. 31, 2022
Long-Term Debt	$ 6.2	$ 6.5
Long-Term Debt, Fair Value	$ 5.6	$ 5.7

Note 6 - Stockholders' Equity (

Note 6 - Stockholders' Equity (Details Textual) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares 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	$ 0.32	$ 0.32	$ 0.32
Common Stock, Capital Shares Reserved for Future Issuance (in shares)	5,000,000
Treasury Stock, Value, Acquired, Cost Method | $	$ 0	$ 50	$ 30
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)	2,000,000
Stock Repurchased During Period, Shares (in shares)	0
Common Stock and Class A Common Stock [Member]
Stock Repurchased During Period, Shares (in shares)		2,600,000	1,500,000
Treasury Stock, Value, Acquired, Cost Method | $		$ 50	$ 30

Note 7 - Preferred Stock (Detai

Note 7 - Preferred Stock (Details Textual) - Series A Perpetual Preferred Stock [Member] - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Preferred Stock, Liquidation Preference Per Share (in dollars per share)	$ 1,000	$ 1,000
Preferred Stock, Dividend Rate, Cash, Percentage	8%	8%
Preferred Stock, Dividend Rate, Additional Preferred Stock, Percentage	8.50%	8.50%
Raycom [Member] | Preferred Stock [Member]
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares)		650,000

Note 8 - Stock-based Compensa_3

Note 8 - Stock-based Compensation (Details Textual) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 14
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)	2 years 7 months 6 days

Note 8 - Stock-based Compensa_4

Note 8 - Stock-based Compensation - Stock-based Compensation Expense and Related Income Tax Benefit (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Stock-based compensation expense, gross	$ 20	$ 22	$ 14
Income tax benefit at our statutory rate associated with stock-based compensation	(5)	(6)	(4)
Stock-based compensation expense, net	$ 15	$ 16	$ 10

Note 8 - Stock-based Compensa_5

Note 8 - Stock-based Compensation - Summary of Restricted Common Stock Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Restricted Stock [Member]
Outstanding, Shares (in shares)	997,745	1,035,728	917,533
Outstanding, Weighted average grant date fair value (in dollars per share)	$ 20.62	$ 19.69	$ 16.84
Granted, Shares (in shares)	1,007,919	400,927	731,374
Granted, Weighted average grant date fair value (in dollars per share)	$ 8.15	$ 21.68	$ 19.73
Vested, Shares (in shares)	(537,728)	(438,910)	(613,179)
Vested, Weighted average grant date fair value (in dollars per share)	$ 20.32	$ 19.38	$ 15.48
Outstanding, Shares (in shares)	1,467,936	997,745	1,035,728
Outstanding, Weighted average grant date fair value (in dollars per share)	$ 12.17	$ 20.62	$ 19.69
Restricted Stock [Member] | Common Class A [Member]
Outstanding, Shares (in shares)	677,238	720,421	480,042
Outstanding, Weighted average grant date fair value (in dollars per share)	$ 19.36	$ 18.22	$ 16.1
Granted, Shares (in shares)	738,854	250,448	488,918
Granted, Weighted average grant date fair value (in dollars per share)	$ 8.34	$ 20.52	$ 18.66
Vested, Shares (in shares)	(267,859)	(293,631)	(248,539)
Vested, Weighted average grant date fair value (in dollars per share)	$ 18.95	$ 17.55	$ 15
Outstanding, Shares (in shares)	1,148,233	677,238	720,421
Outstanding, Weighted average grant date fair value (in dollars per share)	$ 12.37	$ 19.36	$ 18.22
Restricted Stock Units (RSUs) [Member]
Outstanding, Shares (in shares)	274,145	125,247	90,184
Outstanding, Weighted average grant date fair value (in dollars per share)	$ 23.6	$ 19.02	$ 18.92
Granted, Shares (in shares)	587,168	259,079	95,115
Granted, Weighted average grant date fair value (in dollars per share)	$ 11.5	$ 23.87	$ 19.05
Vested, Shares (in shares)	(247,953)	(108,921)	(60,052)
Vested, Weighted average grant date fair value (in dollars per share)	$ 23.64	$ 19.03	$ 18.92
Forfeited, Shares (in shares)	(26,192)	(1,260)	0
Forfeited, Weighted average grant date fair value (in dollars per share)	$ 23.15	$ 19.05	$ 0
Outstanding, Shares (in shares)	587,168	274,145	125,247
Outstanding, Weighted average grant date fair value (in dollars per share)	$ 11.5	$ 23.6	$ 19.02

Note 9 - Leases (Details Textua

Note 9 - Leases (Details Textual) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Operating Lease, Cost	$ 18	$ 17
Short-Term Lease, Cost	16	17
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	$ 10	$ 16
Operating Lease, Weighted Average Remaining Lease Term (Year)	9 years 3 months 18 days
Operating Lease, Weighted Average Discount Rate, Percent	6.60%
Minimum [Member]
Lessee, Operating Lease, Remaining Lease Term (Year)	1 year
Lessee, Lease, Renewal Term (Year)	1 year
Maximum [Member]
Lessee, Operating Lease, Remaining Lease Term (Year)	99 years
Lessee, Lease, Renewal Term (Year)	20 years

Note 9 - Leases - Maturities of

Note 9 - Leases - Maturities of Operating Lease Liabilities (Details) $ in Millions	Dec. 31, 2023 USD ($)
2024	$ 15
2025	14
2026	12
2027	11
2028	8
Thereafter	46
Total lease payments	106
Less: Imputed interest	(26)
Present value of lease liabilities	$ 80

Note 10 - Income Taxes (Details

Note 10 - Income Taxes (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Increase (Decrease) in Obligation, Pension Benefits	$ 7,000	$ (20,000)	$ (16,000)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax	23,000	0	0
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent	5,000	(5,000)	(4,000)
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax, Total	6,000	15,000	12,000
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax, Total		5,000	(4,000)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax	17,000
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, Tax	(6,000)
Income Taxes Paid, Net	50,000	180,000	149,000
Unrecognized Tax Benefits	14,000	15,000	$ 15,000	$ 14,000
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued	0	$ 0
Proceeds from Income Tax Refunds				$ 21,000
State and Local Jurisdiction [Member]
Operating Loss Carryforwards	$ 299,000

Note 10 - Income Taxes - Federa

Note 10 - Income Taxes - Federal and State Income Tax Expense (Benefit) Summary (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Federal	$ 73	$ 148	$ 74
State and local	12	31	26
Current income tax expense	85	179	100
Federal	(76)	(21)	(12)
State and local	(15)	1	(10)
Deferred income tax benefit	(91)	(20)	(22)
Income tax (benefit) expense as recorded	$ (6)	$ 159	$ 78

Note 10 - Income Taxes - Signif

Note 10 - Income Taxes - Significant Components of Deferred Tax Liabilities and Assets (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Deferred tax liabilities:
Net book value of property and equipment	$ 149	$ 143
Broadcast licenses, goodwill and other intangible assets	1,338	1,363
Other	3	5
Total deferred tax liabilities	1,490	1,511
Deferred tax assets:
Liability for accrued bonus	13	11
State and local operating loss carryforwards	7	10
Interest expense limitation	88	17
Other	32	29
Total deferred tax assets	140	67
Valuation allowance for deferred tax assets	(9)	(10)
Net deferred tax assets	131	57
Deferred tax liabilities, net of deferred tax assets	$ 1,359	$ 1,454

Note 10 - Income Taxes - Reconc

Note 10 - Income Taxes - Reconciliation of Income Tax Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statutory federal rate applied to income before income tax expense	$ (17)	$ 129	$ 35
Current year permanent items	11	5	33
State and local taxes, net of federal tax benefit	(4)	26	10
Change in valuation allowance	(1)	0	0
Other items, net	5	(1)	0
Income tax (benefit) expense as recorded	$ (6)	$ 159	$ 78
Effective income tax rate	7%	26%	46%

Note 10 - Income Taxes - Activi

Note 10 - Income Taxes - Activity in Uncertain Tax Positions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Balance at beginning of period	$ 15	$ 15	$ 14
Additions based on tax positions related to prior years	0	0	3
Statute expirations	(1)	0	(2)
Balance at end of period	$ 14	$ 15	$ 15

Note 11 - Retirement Plans (Det

Note 11 - Retirement Plans (Details Textual) - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Common Stock, Capital Shares Reserved for Future Issuance (in shares)	5
Defined Benefit Plan, Plan Assets, Amount	$ 117	$ 104	$ 119
Pension Plan [Member] | Gray Pension Plan [Member]
Defined Benefit Plan, Accumulated Benefit Obligation	104	102
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year	4
Capital Accumulation Plan [Member]
Defined Contribution Plan, Employer Discretionary Contribution Amount	26	17	15
Defined Contribution Plan, Expected Contributions In Next Twelve Months	$ 27
Common Stock, Capital Shares Reserved for Future Issuance (in shares)	2
Capital Accumulation Plan [Member] | First 3% of Each Employee's Salary Deferral [Member]
Defined Contribution Plan, Employer Matching Contribution, Percent of Match	100%
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay	1%
Capital Accumulation Plan [Member] | Next 2% of Each Employee's Salary Deferral [Member]
Defined Contribution Plan, Employer Matching Contribution, Percent of Match	50%
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay	5%
Profit Sharing Contribution [Member]
Defined Contribution Plan, Employer Discretionary Contribution Amount	$ 10	$ 9	$ 7
Meredith Plan [Member]
Defined Benefit Plan, Plan Assets, Amount	16
Defined Benefit Plan, Pension Plan with Projected Benefit Obligation in Excess of Plan Assets, Projected Benefit Obligation	$ 11

Note 11 - Retirement Plans - Su

Note 11 - Retirement Plans - Summary of Funded Status and Amounts Recognized on Balance Sheets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Projected benefit obligation at beginning of year	$ 102	$ 140
Interest cost	5	4	$ 4
Actuarial loss (gain)	2	(38)
Benefits paid	(5)	(4)
Projected benefit obligation at end of year	104	102	140
Fair value of pension plan assets at beginning of year	104	119
Actual return (loss) on plan assets	14	(14)
Company contributions	4	4
Benefits paid	(5)	(5)
Fair value of pension plan assets at end of year	117	104	$ 119
Funded status of pension plan	13	2
Accrued benefit cost	26	21
Accumulated other comprehensive loss	(13)	(19)
Net asset (liability) recognized	$ 13	$ 2

Note 11 - Retirement Plans - Es

Note 11 - Retirement Plans - Estimated Rate of Increase in Compensation Levels (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Discount rate	4.99%	2.73%
Expected long-term rate of return on pension plan assets	6.25%	6.25%
Discount rate	4.79%	4.99%

Note 11 - Retirement Plans - Co

Note 11 - Retirement Plans - Components of Net Periodic Benefit Cost for Pension Plans (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Interest cost	$ 5	$ 4	$ 4
Expected return on plan assets	(7)	(8)	(7)
Recognized net actuarial loss	0	1	1
Net periodic pension benefit	$ (2)	$ (3)	$ (2)

Note 11 - Retirement Plans - _2

Note 11 - Retirement Plans - Estimated Future Benefit Payments for Subsequent Years (Details) $ in Millions	Dec. 31, 2023 USD ($)
2024	$ 5
2025	5
2026	6
2027	6
2028	6
2029 - 2033	$ 32

Note 11 - Retirement Plans - Al

Note 11 - Retirement Plans - Allocation of Plan Assets (Details)	Dec. 31, 2023	Dec. 31, 2022
Plan assets, percent	100%	100%
Insurance General Account [Member]
Plan assets, percent	13%	14%
Cash and Cash Equivalents [Member]
Plan assets, percent	4%	4%
Equity Securities [Member]
Plan assets, percent	50%	51%
Fixed Income Securities [Member]
Plan assets, percent	30%	28%
Real Estate [Member]
Plan assets, percent	3%	3%

Note 11 - Retirement Plans - Ta

Note 11 - Retirement Plans - Target Asset Allocation (Details)	Dec. 31, 2023
Large Cap Blend [Member]
Target range	27%
Large Cap Blend [Member] | Minimum [Member]
Target range	0%
Large Cap Blend [Member] | Maximum [Member]
Target range	50%
Mid-cap Blend [Member]
Target range	10%
Mid-cap Blend [Member] | Minimum [Member]
Target range	0%
Mid-cap Blend [Member] | Maximum [Member]
Target range	40%
Small Cap Blend [Member]
Target range	6%
Small Cap Blend [Member] | Minimum [Member]
Target range	0%
Small Cap Blend [Member] | Maximum [Member]
Target range	25%
Foreign Large Blend [Member]
Target range	11%
Foreign Large Blend [Member] | Minimum [Member]
Target range	0%
Foreign Large Blend [Member] | Maximum [Member]
Target range	40%
Emerging Markets [Member]
Target range	3%
Emerging Markets [Member] | Minimum [Member]
Target range	0%
Emerging Markets [Member] | Maximum [Member]
Target range	25%
Real Estate [Member]
Target range	3%
Real Estate [Member] | Minimum [Member]
Target range	0%
Real Estate [Member] | Maximum [Member]
Target range	20%
US Treasury Securities [Member]
Target range	3.50%
US Treasury Securities [Member] | Minimum [Member]
Target range	0%
US Treasury Securities [Member] | Maximum [Member]
Target range	25%
Intermediate Core Plus Bond [Member]
Target range	25%
Intermediate Core Plus Bond [Member] | Minimum [Member]
Target range	0%
Intermediate Core Plus Bond [Member] | Maximum [Member]
Target range	50%
Short-term Bond [Member]
Target range	3%
Short-term Bond [Member] | Minimum [Member]
Target range	0%
Short-term Bond [Member] | Maximum [Member]
Target range	25%
Bank Loan [Member]
Target range	0%
Bank Loan [Member] | Minimum [Member]
Target range	0%
Bank Loan [Member] | Maximum [Member]
Target range	25%
High Yield Bond [Member]
Target range	4%
High Yield Bond [Member] | Minimum [Member]
Target range	0%
High Yield Bond [Member] | Maximum [Member]
Target range	25%
Emerging Markets Bond [Member]
Target range	3%
Emerging Markets Bond [Member] | Minimum [Member]
Target range	0%
Emerging Markets Bond [Member] | Maximum [Member]
Target range	20%
Money Market Funds [Member]
Target range	1.50%
Money Market Funds [Member] | Minimum [Member]
Target range	0%
Money Market Funds [Member] | Maximum [Member]
Target range	100%

Note 11 - Retirement Plans - Pe

Note 11 - Retirement Plans - Pension Plan Fair Value Measurements (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined benefit plan, fair value of plan assets	$ 117	$ 104	$ 119
Fair Value, Inputs, Level 1 [Member]
Defined benefit plan, fair value of plan assets	102	89
Fair Value, Inputs, Level 2 [Member]
Defined benefit plan, fair value of plan assets	15	15
Fair Value, Inputs, Level 3 [Member]
Defined benefit plan, fair value of plan assets	0	0
Insurance General Account [Member]
Defined benefit plan, fair value of plan assets	15	15
Insurance General Account [Member] | Fair Value, Inputs, Level 1 [Member]
Defined benefit plan, fair value of plan assets	0	0
Insurance General Account [Member] | Fair Value, Inputs, Level 2 [Member]
Defined benefit plan, fair value of plan assets	15	15
Insurance General Account [Member] | Fair Value, Inputs, Level 3 [Member]
Defined benefit plan, fair value of plan assets	0	0
Cash and Cash Equivalents [Member]
Defined benefit plan, fair value of plan assets	5	4
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member]
Defined benefit plan, fair value of plan assets	5	4
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 2 [Member]
Defined benefit plan, fair value of plan assets	0	0
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 3 [Member]
Defined benefit plan, fair value of plan assets	0	0
Equity Securities [Member]
Defined benefit plan, fair value of plan assets	59	53
Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member]
Defined benefit plan, fair value of plan assets	59	53
Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member]
Defined benefit plan, fair value of plan assets	0	0
Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member]
Defined benefit plan, fair value of plan assets	0	0
Fixed Income Securities [Member]
Defined benefit plan, fair value of plan assets	35	29
Fixed Income Securities [Member] | Fair Value, Inputs, Level 1 [Member]
Defined benefit plan, fair value of plan assets	35	29
Fixed Income Securities [Member] | Fair Value, Inputs, Level 2 [Member]
Defined benefit plan, fair value of plan assets	0	0
Fixed Income Securities [Member] | Fair Value, Inputs, Level 3 [Member]
Defined benefit plan, fair value of plan assets	0	0
Real Estate [Member]
Defined benefit plan, fair value of plan assets	3	3
Real Estate [Member] | Fair Value, Inputs, Level 1 [Member]
Defined benefit plan, fair value of plan assets	3	3
Real Estate [Member] | Fair Value, Inputs, Level 2 [Member]
Defined benefit plan, fair value of plan assets	0	0
Real Estate [Member] | Fair Value, Inputs, Level 3 [Member]
Defined benefit plan, fair value of plan assets	$ 0	$ 0

Note 12 - Commitments and Con_3

Note 12 - Commitments and Contingencies - Commitments Summary (Details) $ in Millions	Dec. 31, 2023 USD ($)
Contractual obligations, 2024	$ 1,087
Contractual obligations, 2025	695
Contractual obligations, 2026	345
Contractual obligations, 2027	2
Total	2,129
Assembly Development [Member]
Purchase obligations, 2024	42
Purchase obligations, 2025	0
Purchase obligations, 2026	0
Purchase obligations, 2027	0
Total	42
Syndicated Television Programming [Member]
Purchase obligations, 2024	8
Purchase obligations, 2025	15
Purchase obligations, 2026	0
Purchase obligations, 2027	0
Total	23
Network Affiliation Agreements [Member]
Contractual obligations, 2024	980
Contractual obligations, 2025	648
Contractual obligations, 2026	31
Contractual obligations, 2027	0
Total	1,659
Accounts Receivable Securitization [Member]
Purchase obligations, 2024	0
Purchase obligations, 2025	0
Purchase obligations, 2026	300
Purchase obligations, 2027	0
Total	300
Service and Other Agreements [Member]
Purchase obligations, 2024	57
Purchase obligations, 2025	32
Purchase obligations, 2026	14
Purchase obligations, 2027	2
Total	$ 105

Note 13 - Goodwill and Intang_3

Note 13 - Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Goodwill and Intangible Asset Impairment	$ 43	$ 0	$ 0
Finite-Lived Intangible Asset, Expected Amortization, Year One	125
Finite-Lived Intangible Asset, Expected Amortization, Year Two	113
Finite-Lived Intangible Asset, Expected Amortization, Year Three	83
Finite-Lived Intangible Asset, Expected Amortization, Year Four	47
Finite-Lived Intangible Asset, Expected Amortization, Year Five	$ 13

Note 13 - Goodwill and Intang_4

Note 13 - Goodwill and Intangible Assets - Changes in Goodwill and Other Intangible Assets, Net (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Goodwill	$ 2,643	$ 2,663	$ 2,649
Goodwill, acquisitions and adjustments	4	14
Broadcast licenses	5,320	5,331
Finite-lived intangible assets	415	636	825
Amortization	(194)	(207)	(117)
Total intangible assets net of accumulated amortization	8,378	8,630	8,777
Total intangible assets net of accumulated amortization	(15)	(60)
Total intangible assets net of accumulated amortization	43	0	0
Finite-Lived Intangible Assets [Member]
Acquisition and adjustments	0	(18)
Acquisition and adjustments	0	18
Amortization	(194)	(207)
Finite-lived Intangible Assets [Member]
Finite-lived intangible assets	27
Broadcast Licenses [Member]
Goodwill	16
Broadcast licenses	5,320	5,331	$ 5,303
Acquisition and adjustments	(11)	(28)
Acquisition and adjustments	$ 11	$ 28

Note 13 - Goodwill and Intang_5

Note 13 - Goodwill and Intangible Assets - Summary of Changes in Goodwill (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Goodwill, gross	$ 2,742	$ 2,762	$ 2,748
Goodwill, acquired	(4)	(14)
Goodwill, dispositions	(16)
Accumulated goodwill impairment	(99)	(99)	(99)
Goodwill	2,643	2,663	$ 2,649
Goodwill, acquired	$ 4	$ 14

Note 13 - Goodwill and Intang_6

Note 13 - Goodwill and Intangible Assets - Intangible Assets and Related Accumulated Amortization (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Goodwill, Gross	$ 2,742	$ 2,762	$ 2,748
Goodwill	2,643	2,663	2,649
Other intangible assets, net	415	636	825
Total intangible assets, gross	9,225	9,321
Total intangible assets, accumulated amortization	(847)	(691)
Total intangible assets, net	8,378	8,630	$ 8,777
Network Affiliate [Member]
Finite-Lived Intangible Assets, Gross	216	218
Finite-Lived Intangible Assets, Accumulated Amortization	(126)	(88)
Other intangible assets, net	90	130
Other Intangible Assets [Member]
Finite-Lived Intangible Assets, Gross	992	1,055
Finite-Lived Intangible Assets, Accumulated Amortization	(667)	(549)
Other intangible assets, net	325	506
Intangible Assets Subject to Amortization [Member]
Finite-Lived Intangible Assets, Gross	1,208	1,273
Finite-Lived Intangible Assets, Accumulated Amortization	(793)	(637)
Other intangible assets, net	415	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	2,643	2,663
Goodwill, Accumulated Amortization	0	0
Goodwill	2,643	2,663
Intangible Assets Not Subject to Amortization [Member]
Goodwill and Indefinite-Lived Intangible Assets, Gross	8,017	8,048
Goodwill and Indefinite-lived Intangible Assets, Accumulated Amortization	(54)	(54)
Goodwill and Indefinite-Lived Assets, Net	$ 7,963	$ 7,994

Note 14 - Segment Information_2

Note 14 - Segment Information (Details Textual)	12 Months Ended
	Dec. 31, 2023
Number of Operating Segments	2

Note 14 - Segment Information -

Note 14 - Segment Information - Segment Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenue (less agency commissions)	$ 3,281	$ 3,676	$ 2,413
Operating expenses before depreciation, amortization, impairment and loss on disposal of assets, net:	2,495	2,352	1,769
Depreciation and amortization	339	336	221
Total intangible assets net of accumulated amortization	43	0	0
Loss on disposal of assets, net	21	(2)	42
Total operating expenses	2,898	2,686	2,032
Operating income (loss)	383	990	381
Interest expense	440	354	205
Capital expenditures (excluding business combinations)	348	436	207
Goodwill	2,643	2,663	2,649
Total assets	10,640	11,152	11,108
Broadcasting, Segment [Member]
Revenue (less agency commissions)	3,195	3,583	2,340
Production Companies, Segment [Member]
Revenue (less agency commissions)	86	93	73
Operating Segments [Member] | Broadcasting, Segment [Member]
Revenue (less agency commissions)	3,195	3,583	2,340
Operating expenses before depreciation, amortization, impairment and loss on disposal of assets, net:	2,268	2,165	1,548
Depreciation and amortization	322	321	206
Total intangible assets net of accumulated amortization	0
Loss on disposal of assets, net	18	(2)	41
Total operating expenses	2,608	2,484	1,795
Operating income (loss)	587	1,099	545
Interest expense	0	0	0
Capital expenditures (excluding business combinations)	107	163	94
Goodwill	2,615	2,618	2,604
Total assets	9,897	10,444	10,592
Operating Segments [Member] | Production Companies, Segment [Member]
Revenue (less agency commissions)	86	93	73
Operating expenses before depreciation, amortization, impairment and loss on disposal of assets, net:	115	83	62
Depreciation and amortization	13	12	12
Total intangible assets net of accumulated amortization	43
Loss on disposal of assets, net	3	0	0
Total operating expenses	174	95	74
Operating income (loss)	(88)	(2)	(1)
Interest expense	0	0	0
Capital expenditures (excluding business combinations)	240	267	110
Goodwill	28	45	45
Total assets	658	535	269
Segment Reconciling Items [Member]
Revenue (less agency commissions)	0	0	0
Operating expenses before depreciation, amortization, impairment and loss on disposal of assets, net:	112	104	159
Depreciation and amortization	4	3	3
Total intangible assets net of accumulated amortization	0
Loss on disposal of assets, net	0	0	1
Total operating expenses	116	107	163
Operating income (loss)	(116)	(107)	(163)
Interest expense	440	354	205
Capital expenditures (excluding business combinations)		6	3
Goodwill	0	0	0
Total assets	85	$ 173	$ 247
Corporate, Non-Segment [Member]
Capital expenditures (excluding business combinations)	$ 1

Note 15 - Subsequent Events (De

Note 15 - Subsequent Events (Details Textual) - USD ($) $ in Millions	Feb. 16, 2024	Feb. 08, 2024	Dec. 31, 2023
Senior Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity			$ 500
Subsequent Event [Member] | Revolving Credit Facility [Member]
Repayments of Lines of Credit		$ 50
Subsequent Event [Member] | Second Amendment to the Senior Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 625
Line of Credit Facility, Increase (Decrease), Net	125
Subsequent Event [Member] | Second Amendment Extending Maturity Date to December 31, 2027 [Member]
Long-Term Line of Credit	552.5
Subsequent Event [Member] | Second Amendment Extending Maturity Date to December 1, 2026 [Member]
Long-Term Line of Credit	$ 72.5
Sale of Broadcast Music, Inc. To a Shareholder Group Led by New Mountain Capital, Llc. [Member] | Subsequent Event [Member]
Proceeds from Sale of Other Investments		$ 110

Schedule II - Valuation and Q_3

Schedule II - Valuation and Qualifying Accounts - Summary of Valuation Allowance (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
SEC Schedule, 12-09, Allowance, Credit Loss [Member]
Beginning balance		$ 16	$ 16	$ 10
Charged to costs and expenses		21	1	4
Charged to other accounts		0	0	3
Deductions	[1]	(20)	(1)	(1)
Ending balance		17	16	16
SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset [Member]
Beginning balance		10	22	15
Charged to costs and expenses		0	0	7
Charged to other accounts		(1)	(12)	0
Deductions				0
Ending balance		$ 9	$ 10	$ 22
[1]Deductions from allowance for doubtful accounts represent write-offs of receivable balances not considered collectible. The deduction from the valuation allowance for deferred tax assets represents changes in estimates of our future taxable income and our estimated future usage of certain net operating loss carryforwards, as well as expiration of certain net operating loss carryforwards.