Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2024 | May 03, 2024 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000043196 | |
Entity Registrant Name | GRAY TELEVISION INC | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2024 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
Document Transition Report | false | |
Entity File Number | 1-13796 | |
Entity Incorporation, State or Country Code | GA | |
Entity Tax Identification Number | 58-0285030 | |
Entity Address, Address Line One | 4370 Peachtree Road, NE | |
Entity Address, City or Town | Atlanta | |
Entity Address, State or Province | GA | |
Entity Address, Postal Zip Code | 30319 | |
City Area Code | 404 | |
Local Phone Number | 504-9828 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Common Class A [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Class A common stock (no par value) | |
Trading Symbol | GTN.A | |
Security Exchange Name | NYSE | |
Entity Common Stock, Shares Outstanding | 8,842,764 | |
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 | 90,294,783 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Assets: | ||
Cash | $ 134 | $ 21 |
Accounts receivable, less allowance for credit losses of $16 and $17, respectively | 362 | 342 |
Current portion of program broadcast rights, net | 12 | 18 |
Income tax refunds receivable | 21 | 21 |
Prepaid income taxes | 14 | 18 |
Prepaid and other current assets | 58 | 48 |
Total current assets | 601 | 468 |
Property and equipment, net | 1,590 | 1,601 |
Operating lease right of use asset | 71 | 75 |
Broadcast licenses | 5,320 | 5,320 |
Goodwill | 2,643 | 2,643 |
Other intangible assets, net | 384 | 415 |
Investment in broadcasting, production and technology companies | 86 | 85 |
Deferred pension assets | 18 | 17 |
Other | 22 | 16 |
Total assets | 10,735 | 10,640 |
Liabilities and stockholders’ equity: | ||
Accounts payable | 36 | 23 |
Employee compensation and benefits | 77 | 110 |
Accrued interest | 93 | 63 |
Accrued network programming fees | 39 | 37 |
Other accrued expenses | 50 | 57 |
Federal and state income taxes | 56 | 22 |
Current portion of program broadcast obligations | 12 | 20 |
Deferred revenue | 22 | 23 |
Dividends payable | 14 | 14 |
Current portion of operating lease liabilities | 10 | 11 |
Current portion of long-term debt | 15 | 15 |
Total current liabilities | 424 | 395 |
Long-term debt, less current portion and less deferred financing costs | 6,139 | 6,145 |
Program broadcast obligations, less current portion | 1 | 1 |
Deferred income taxes | 1,353 | 1,359 |
Operating lease liabilities, less current portion | 65 | 69 |
Other | 53 | 50 |
Total liabilities | 8,035 | 8,019 |
Commitments and contingencies (Note 9) | ||
Series A Perpetual Preferred Stock, no par value; cumulative; redeemable; designated 1,500,000 shares, issued and outstanding 650,000 shares at each date and $650 aggregate liquidation value, at each date | 650 | 650 |
Stockholders’ equity: | ||
Retained earnings | 1,151 | 1,084 |
Accumulated other comprehensive loss | (23) | (23) |
Stockholders' equity before treasury stock | 2,367 | 2,285 |
Total stockholders’ equity | 2,050 | 1,971 |
Total liabilities and stockholders’ equity | 10,735 | 10,640 |
Common Stock (No Par Value) [Member] | ||
Stockholders’ equity: | ||
Common stock | 1,187 | 1,174 |
Treasury stock at cost | (284) | (282) |
Class A Common Stock (No Par Value) [Member] | ||
Stockholders’ equity: | ||
Common stock | 52 | 50 |
Treasury stock at cost | $ (33) | $ (32) |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) $ / shares in Thousands, $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Accounts receivable, allowance for credit losses | $ 16 | $ 17 |
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) | 110,636,360 | 107,179,827 |
Common stock, shares outstanding (in shares) | 90,349,144 | 87,227,481 |
Treasury stock, shares (in shares) | 20,287,216 | 19,952,346 |
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) | 11,237,386 | 10,413,993 |
Common stock, shares outstanding (in shares) | 8,842,764 | 8,162,266 |
Treasury stock, shares (in shares) | 2,394,622 | 2,251,727 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenue (less agency commissions) | $ 823 | $ 801 |
Operating expenses before depreciation, amortization and loss on disposal of assets, net: | ||
Depreciation | 36 | 35 |
Amortization of intangible assets | 31 | 49 |
Loss on disposal of assets, net | 0 | 10 |
Operating expenses | 699 | 734 |
Operating income | 124 | 67 |
Other income (expense): | ||
Miscellaneous income (expense), net | 110 | (2) |
Interest expense | (115) | (104) |
Loss on early extinguishment of debt | 0 | (3) |
Income (loss) before income taxes | 119 | (42) |
Income tax expense (benefit) | 31 | (11) |
Net income (loss) | 88 | (31) |
Preferred stock dividends | 13 | 13 |
Net income (loss) attributable to common stockholders | $ 75 | $ (44) |
Basic per share information: | ||
Net income (loss) attributable to common stockholders (in dollars per share) | $ 0.8 | $ (0.48) |
Weighted average common shares outstanding (in shares) | 94 | 92 |
Diluted per share information: | ||
Net income (loss) attributable to common stockholders (in dollars per share) | $ 0.79 | $ (0.48) |
Weighted average common shares outstanding (in shares) | 95 | 92 |
Dividends declared per common share (in dollars per share) | $ 0.08 | $ 0.08 |
Broadcasting, Segment [Member] | ||
Revenue (less agency commissions) | $ 799 | $ 779 |
Operating expenses before depreciation, amortization and loss on disposal of assets, net: | ||
Cost of goods and services sold | 583 | 555 |
Production Companies, Segment [Member] | ||
Revenue (less agency commissions) | 24 | 22 |
Operating expenses before depreciation, amortization and loss on disposal of assets, net: | ||
Cost of goods and services sold | 21 | 59 |
Other Operating Segment [Member] | ||
Operating expenses before depreciation, amortization and loss on disposal of assets, net: | ||
Corporate and administrative | 28 | 26 |
Depreciation | 36 | 35 |
Amortization of intangible assets | $ 31 | $ 49 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Net income (loss) | $ 88 | $ (31) |
Other comprehensive loss: | ||
Adjustment - fair value of interest rate caps | 0 | (15) |
Income tax benefit | 0 | (4) |
Other comprehensive loss, net | 0 | (11) |
Comprehensive income (loss) | $ 88 | $ (42) |
Condensed Consolidated Statem_3
Condensed Consolidated Statement of Stockholders' Equity (Unaudited) - USD ($) $ in Millions | Restricted Stock [Member] Common Stock [Member] Common Class A [Member] | Restricted Stock [Member] Common Stock [Member] | Restricted Stock [Member] Retained Earnings [Member] | Restricted Stock [Member] Treasury Stock, Common [Member] Common Class A [Member] | Restricted Stock [Member] Treasury Stock, Common [Member] | Restricted Stock [Member] AOCI Attributable to Parent [Member] | Restricted Stock [Member] | Restricted Stock Units (RSUs) [Member] Common Stock [Member] Common Class A [Member] | Restricted Stock Units (RSUs) [Member] Common Stock [Member] | Restricted Stock Units (RSUs) [Member] Retained Earnings [Member] | Restricted Stock Units (RSUs) [Member] Treasury Stock, Common [Member] Common Class A [Member] | Restricted Stock Units (RSUs) [Member] Treasury Stock, Common [Member] | Restricted Stock Units (RSUs) [Member] AOCI Attributable to Parent [Member] | Restricted Stock Units (RSUs) [Member] | Common Stock [Member] Common Class A [Member] | Common Stock [Member] | Retained Earnings [Member] | Treasury Stock, Common [Member] Common Class A [Member] | Treasury Stock, Common [Member] | AOCI Attributable to Parent [Member] | Total |
Balance (in shares) at Dec. 31, 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 | 0 | 0 | (31) | 0 | 0 | 0 | (31) | ||||||||||||||
Preferred stock dividends | 0 | 0 | (13) | 0 | 0 | 0 | (13) | ||||||||||||||
Common stock dividends | 0 | 0 | (7) | 0 | 0 | 0 | (7) | ||||||||||||||
Adjustment to fair value of interest rate cap | $ 0 | $ 0 | 0 | $ 0 | $ 0 | (11) | (11) | ||||||||||||||
401(k) Plan (in shares) | 0 | 819,898 | 0 | 0 | |||||||||||||||||
401(k) Plan | $ 0 | $ 9 | 0 | $ 0 | $ 0 | 0 | 9 | ||||||||||||||
Restricted stock awards (in shares) | 25,022 | 12,227 | (92,196) | (129,636) | 0 | 247,953 | 0 | (80,622) | |||||||||||||
Restricted stock awards | $ 0 | $ 0 | $ 0 | $ (1) | $ (2) | $ 0 | $ (3) | $ 0 | $ 0 | $ 0 | $ 0 | $ (1) | $ 0 | $ (1) | |||||||
Stock-based compensation | 0 | 2 | 0 | 0 | 0 | 0 | 2 | ||||||||||||||
Net income (loss) | $ 0 | $ 0 | (31) | $ 0 | $ 0 | 0 | (31) | ||||||||||||||
Balance (in shares) at Mar. 31, 2023 | 9,700,161 | 106,184,135 | (2,222,920) | (19,847,044) | |||||||||||||||||
Balance at Mar. 31, 2023 | $ 45 | $ 1,161 | 1,191 | $ (32) | $ (281) | (23) | 2,061 | ||||||||||||||
Balance (in shares) at Dec. 31, 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 | ||||||||||||||
Net loss | 0 | 0 | 88 | 0 | 0 | 0 | 88 | ||||||||||||||
Preferred stock dividends | 0 | 0 | (13) | 0 | 0 | 0 | (13) | ||||||||||||||
Common stock dividends | 0 | 0 | (8) | 0 | 0 | 0 | (8) | ||||||||||||||
Adjustment to fair value of interest rate cap | $ 0 | $ 0 | 0 | $ 0 | $ 0 | 0 | 0 | ||||||||||||||
401(k) Plan (in shares) | 0 | 1,765,444 | 0 | 0 | |||||||||||||||||
401(k) Plan | $ 0 | $ 9 | 0 | $ 0 | $ 0 | 0 | 9 | ||||||||||||||
Restricted stock awards (in shares) | 823,393 | 1,126,296 | (142,895) | (146,470) | 0 | 564,793 | 0 | (188,400) | |||||||||||||
Restricted stock awards | $ 0 | $ 0 | $ 0 | $ (1) | $ (1) | $ 0 | $ (2) | $ 0 | $ 0 | $ 0 | $ 0 | $ (1) | $ 0 | $ (1) | |||||||
Stock-based compensation | 2 | 4 | 0 | 0 | 0 | 0 | 6 | ||||||||||||||
Net income (loss) | $ 0 | $ 0 | 88 | $ 0 | $ 0 | 0 | 88 | ||||||||||||||
Balance (in shares) at Mar. 31, 2024 | 11,237,386 | 110,636,360 | (2,394,622) | (20,287,216) | |||||||||||||||||
Balance at Mar. 31, 2024 | $ 52 | $ 1,187 | $ 1,151 | $ (33) | $ (284) | $ (23) | $ 2,050 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Operating activities | ||
Net income (loss) | $ 88 | $ (31) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation | 36 | 35 |
Amortization of intangible assets | 31 | 49 |
Amortization of deferred loan costs | 3 | 4 |
Amortization of restricted stock awards | 6 | 2 |
Amortization of program broadcast rights | 7 | 10 |
Payments on program broadcast obligations | (8) | (11) |
Deferred income taxes | (6) | 8 |
Loss on disposal of assets, net | 0 | 10 |
Gain on sale of investment | (110) | 0 |
Loss on early extinguishment of debt | 0 | 3 |
Other | (2) | 5 |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | (20) | 317 |
Income tax receivable or prepaid | 4 | (21) |
Other current assets | (10) | 9 |
Accounts payable | 13 | (15) |
Employee compensation, benefits and pension cost | (33) | (34) |
Accrued network fees and other expenses | 5 | 41 |
Accrued interest | 30 | 27 |
Income taxes payable | 34 | 3 |
Deferred revenue | 0 | 1 |
Net cash provided by operating activities | 68 | 412 |
Investing activities | ||
Purchases of property and equipment | (34) | (110) |
Proceeds from asset sales | 7 | 8 |
Proceeds from sale of investment | 110 | 0 |
Reimbursement of development costs | 0 | 11 |
Investments in broadcast, production and technology companies | (3) | (4) |
Net cash provided by (used in) investing activities | 80 | (95) |
Financing activities | ||
Proceeds from borrowings on long-term debt | 50 | 50 |
Repayments of borrowings on long-term debt | (54) | (349) |
Payment of common stock dividends | (8) | (7) |
Payment of preferred stock dividends | (13) | (13) |
Deferred and other loan costs | (7) | 0 |
Payment for taxes related to net share settlement of equity awards | (3) | (3) |
Net cash used in financing activities | (35) | (322) |
Net increase (decrease) in cash | 113 | (5) |
Cash at beginning of period | 21 | 61 |
Cash at end of period | $ 134 | $ 56 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | 1. Basis of Presentation The accompanying condensed consolidated balance sheet of Gray Television, Inc. (and its consolidated subsidiaries, except as the context otherwise provides,“Gray,” the “Company,” “we,” “us,” and “our”) as of December 31, 2023, December 31, 2023, March 31, 2024 three March 31, 2024 2023, 10 10 X. not two not 10 December 31, 2023 ( “2023 10 three March 31, 2024, not may December 31, 2024. Overview. first second Investments in Broadcasting, Production and Technology Companies. may Investments in non-public businesses that do not not not BMI Investment Proceeds February 8, 2024, Use of Estimates. Earnings Per Share. not not The following table reconciles basic weighted-average common shares outstanding to diluted weighted-average common shares outstanding for the three March 31, 2024 2023, Three Months Ended March 31, 2024 2023 Weighted-average common shares outstanding-basic 94 92 Common stock equivalents for stock options and restricted stock 1 - Weighted-average common shares outstanding-diluted 95 92 Accumulated Other Comprehensive Loss. March 31, 2024 December 31, 2023, three March 31, 2024 2023 March 31, 2024 December 31, 2023 March 31, December 31, 2024 2023 Items included in accumulated other comprehensive loss: Adjustment to pension liability $ (7 ) $ (7 ) Adjustment to fair value of interest rate caps (23 ) (23 ) Income tax benefit (7 ) (7 ) Accumulated other comprehensive loss $ (23 ) $ (23 ) Property and Equipment. Estimated March 31, December 31, Useful Lives 2024 2023 (in years) Property and equipment: Land $ 366 $ 368 Buildings and improvements 873 868 7 to 40 Equipment 1,087 1,082 3 to 20 Construction in progress 94 81 2,420 2,399 Accumulated depreciation (830 ) (798 ) Total property and equipment, net $ 1,590 $ 1,601 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 our Purchase and Sale Agreement with the Doraville Community Improvement District (the “CID”), we receive cash reimbursements for the transfer of specific infrastructure projects to the CID and for other construction costs previously incurred. During the first 2024 2023, Three Months Ended March 31, 2024 2023 Proceeds from asset sold $ 5 $ 6 Proceeds received in advance of asset sale - 9 Total proceeds received for asset transfer to CID 5 15 Proceeds for reimbursement of development costs - 11 Total proceeds received from CID $ 5 $ 26 The following tables provide additional information related to loss on disposal of assets, net included in our condensed consolidated statements of operations and purchases of property and equipment included in our condensed consolidated statements of cash flows (in millions): Three Months Ended March 31, 2024 2023 Loss on disposal of assets, net: Proceeds from disposal of assets $ (7 ) $ (8 ) Net book value of assets disposed 7 9 Discount - Securitization Facility - 9 Total $ - $ 10 Purchase of property and equipment: Recurring purchases - operations $ 19 $ 19 Assembly Atlanta development 15 91 Total $ 34 $ 110 Accounts Receivable and Allowance for Credit Losses. Our allowance for credit losses is an estimate of expected losses over the remaining contractual life of our receivables based on an ongoing analysis of collectability, historical collection experience, current economic and industry conditions and reasonable and supportable forecasts. The allowance is calculated using a historical loss rate applied to the current aging analysis. We may 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 SOFR three March 31, 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 each of March 31, 2024 December 31, 2023, March 31, 2024 December 31, 2023, three March 31, 2024 2023, three March 31, 2023, three March 31, 2024 not The following table provides a roll-forward of the allowance for credit losses. The allowance is deducted from the amortized cost basis of accounts receivable in our condensed consolidated balance sheets (in millions): Three Months Ended March 31, 2024 2023 Beginning balance $ 17 $ 16 Provision for credit losses - 15 Amounts written off (1 ) - Ending balance $ 16 $ 31 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 condensed consolidated balance sheets and condensed consolidated statements of cash flows have also been reclassified to conform to the current presentation. |
Note 2 - Revenue
Note 2 - Revenue | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 2. Revenue Revenue Recognition. Deferred Revenue three March 31, 2024 December 31, 2023. The following table presents our deferred revenue by type (in millions): March 31, December 31, 2024 2023 Advertising deposit liabilities $ 12 $ 13 Other deposit liabilities 10 10 Total deferred revenue $ 22 $ 23 Disaggregation of Revenue. Three Months Ended March 31, 2024 2023 Market and service type: Broadcast advertising: Core advertising $ 372 $ 357 Political 27 8 Total advertising 399 365 Retransmission consent 381 395 Production companies 24 22 Other 19 19 Total revenue $ 823 $ 801 Sales Channel: Direct $ 556 $ 558 Advertising agency intermediary 267 243 Total revenue $ 823 $ 801 |
Note 3 - Long-term Debt
Note 3 - Long-term Debt | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 3. Long-term Debt As of March 31, 2024 December 31, 2023, 2019 2026 “2026 2027 “2027 2030 “2030 2031 “2031 March 31, December 31, 2024 2023 Long-term debt: 2019 Senior Credit Agreement: 2019 Term Loan (matures January 2, 2026) 1,190 1,190 2021 Term Loan (matures December 1, 2028) 1,466 1,470 2026 Notes (matures July 15, 2026) 700 700 2027 Notes (matures May 15, 2027) 750 750 2030 Notes (matures October 15, 2030) 800 800 2031 Notes (matures November 15, 2031) 1,300 1,300 Total outstanding principal, including current portion 6,206 6,210 Unamortized deferred loan costs - 2019 Term Loan (13 ) (12 ) Unamortized deferred loan costs - 2021 Term Loan (4 ) (4 ) Unamortized deferred loan costs - 2024 Revolving Credit Facility (6 ) (2 ) Unamortized deferred loan costs - 2026 Notes (2 ) (3 ) Unamortized deferred loan costs - 2027 Notes (5 ) (6 ) Unamortized deferred loan costs - 2030 Notes (9 ) (10 ) Unamortized deferred loan costs - 2031 Notes (14 ) (14 ) Unamortized premium - 2026 Notes 1 1 Less current portion (15 ) (15 ) Long-term debt, less deferred financing costs $ 6,139 $ 6,145 Borrowing availability under Revolving Credit Facility $ 619 $ 494 Revolving Credit Facility February 16, 2024, second December 31, 2027 ( December 1, 2026 ( 2021 2019 1 March 31, 2024, 2021 2019 Interest Rate Cap February 23, 2023, two two March 31, 2024, December 31, 2025. 1 815. The interest rate caps, as amended, effectively limit the annual interest charged on our 2019 2021 1 4.97% 5.015%. December 31, 2025. $34 March 31, 2024, March 31, 2024 December 31, 2023, The ISDA Master Agreement, together with its related schedules, contain customary representations, warranties and covenants. The interest rate caps were not three March 31, 2024 2023, three March 31, 2024, three March 31, 2023, not not For all of our interest bearing obligations, we made interest payments of approximately $75 million and $78 million during the three March 31, 2024 2023, three March 31, 2024 2023, As of March 31, 2024, 2024 five Minimum Principal Maturities Year 2019 Senior Credit Agreement 2026 Notes 2027 Notes 2030 Notes 2031 Notes Total Remainder of 2024 $ 11 $ - $ - $ - $ - $ 11 2025 15 - - - - 15 2026 1,205 700 - - - 1,905 2027 15 - 750 - - 765 2028 1,410 - - - - 1,410 2029 - - - - - - Thereafter - - - 800 1,300 2,100 Total $ 2,656 $ 700 $ 750 $ 800 $ 1,300 $ 6,206 As of March 31, 2024, no 2019 2026 2027 2030 2031 March 31, 2024 December 31, 2023, |
Note 4 - Fair Value Measurement
Note 4 - Fair Value Measurement | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 4. Fair Value Measurement We measure certain assets and liabilities at fair value, which are classified by the FASB Codification within the fair value hierarchy as level 1, 2, 3, ● Level 1: ● Level 2: not ● Level 3: one Fair value is defined as the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date. The use of different market assumptions or methodologies could have a material effect on the fair value measurement. The carrying amounts of accounts receivable, prepaid and other current assets, accounts payable, employee compensation and benefits, accrued interest, other accrued expenses, and deferred revenue approximate fair value at both March 31, 2024 December 31, 2023. At each of March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 third 2 The fair value of our interest rate caps are based on observable estimates provided by the counterparties and, as such, are classified within Level 2 March 31, 2024 December 31, 2023, |
Note 5 - Stockholders' Equity
Note 5 - Stockholders' Equity | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Equity [Text Block] | 5. Stockholders Equity We are authorized to issue 245 million shares in total of all classes of stock consisting of 25 million shares of Class A common stock, 200 million shares of common stock, and 20 million shares of “blank check” preferred stock for which our Board of Directors has the authority to determine the rights, powers, limitations and restrictions. The rights of our common stock and Class A common stock are identical, except that our Class A common stock has 10 votes per share and our common stock has one Our common stock and Class A common stock are entitled to receive cash dividends if declared, on an equal per-share basis. The Board of Directors declared a quarterly cash dividend of $0.08 per share on our common stock and Class A common stock to shareholders of record on each of March 15, 2024 2023, March 28, 2024 March 31, 2023. three March 31, 2024 2023, Under our various employee benefit plans, we may, March 31, 2024, December 31, 2023, |
Note 6 - Retirement Plans
Note 6 - Retirement Plans | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | 6. Retirement Plans The components of our net periodic pension benefit are included in miscellaneous income (expense) in our statement of operations. During the three March 31, 2024 2023, not not 2024, During the three March 31, 2024, 2023 401 2023 December 31, 2023. 2024, |
Note 7 - Stock-based Compensati
Note 7 - Stock-based Compensation | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 7. Stock-based Compensation We recognize compensation expense for stock-based payment awards made to our employees, consultants and directors. Our current stock-based compensation plan is the 2022 “2022 three March 31, 2024 2023, Three Months Ended March 31, 2024 2023 Stock-based compensation expense, gross $ 6 $ 2 Income tax benefit at our statutory rate associated with stock-based compensation (2 ) (1 ) Stock-based compensation expense, net $ 4 $ 1 All shares of common stock and Class A common stock underlying Restricted stock, restricted stock units and performance awards are counted as issued at target levels under the 2022 A summary of restricted common stock and Class A common stock activities for the three March 31, 2024 2023, Three Months Ended March 31, 2024 2023 Weighted- Weighted- Average Average Number Grant Date Number Grant Date of Fair Value of Fair Value Shares Per Share Shares Per Share Restricted common stock: Outstanding - beginning of period 1,467,936 $ 12.17 997,745 $ 20.62 Granted (1) 1,126,296 8.10 12,227 12.04 Vested (307,276 ) 13.78 (257,355 ) 20.21 Outstanding - end of period 2,286,956 $ 9.95 752,617 $ 20.62 Restricted Class A common stock: Outstanding - beginning of period 1,148,233 $ 12.37 677,238 $ 19.36 Granted (1) 823,393 8.25 25,022 13.30 Vested (318,733 ) 13.17 (203,986 ) 18.76 Outstanding - end of period 1,652,893 $ 10.16 498,274 $ 19.30 Restricted stock units - common stock: Outstanding - beginning of period 587,168 $ 11.50 274,145 $ 23.60 Granted 1,229,390 5.72 587,168 11.50 Vested (564,793 ) 11.50 (247,953 ) 23.64 Forfeited (22,375 ) 11.50 (26,192 ) 23.15 Outstanding - end of period 1,229,390 $ 5.72 587,168 $ 11.50 ( 1 |
Note 8 - Leases
Note 8 - Leases | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Leases, Lessee Disclosure [Text Block] | 8. Leases As a Lessee. third not may As of March 31, 2024, third one not one Cash flow movements related to our lease activities for assets leased from third three March 31, 2024 2023. As of March 31, 2024, three March 31, 2024 2023 Three Months Ended March 31, 2024 2023 Lease expense Operating lease expense $ 4 $ 4 Short-term lease expense 1 1 Total lease expense $ 5 $ 5 The maturities of operating lease liabilities as of March 31, 2024, 2024 five Year ending December 31, Operating Leases Remainder of 2024 $ 11 2025 14 2026 12 2027 11 2028 8 Thereafter 45 Total lease payments 101 Less: Imputed interest (26 ) Present value of lease liabilities $ 75 As a Lessor. third We recognize revenue from fixed payments on a straight-line basis over the applicable term of the lease agreements, whose lives range between one March 31, 2024 December 31, 2023, Cash flow activities related to our lease activities for assets we lease to third The following table describes the nature of our lease revenue and classification of operating lease revenue recognized in the three March 31, 2024 2023 Three Months Ended March 31, 2024 2023 Operating lease revenue: Fixed lease revenue $ 5 $ - Variable lease revenue 4 4 Total operating lease revenue $ 9 $ 4 The following table presents our future minimum rental receipts for non-cancelable leases and subleases as of March 31, 2024 ( Year ending December 31, Remainder of 2024 $ 14 2025 19 2026 20 2027 20 2028 20 Thereafter 229 Total lease receipts $ 322 |
Note 9 - Commitments and Contin
Note 9 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 9. Commitments and Contingencies We are and expect to continue to be subject to legal actions, proceedings and claims that arise in the normal course of our business. In the opinion of management, the amount of ultimate liability, if any, with respect to these actions, proceedings and claims will not |
Note 10 - Goodwill and Intangib
Note 10 - Goodwill and Intangible Assets | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 10. Goodwill and Intangible Assets As of March 31, 2024 December 31, 2023, As of March 31, 2024 As of December 31, 2023 Accumulated Accumulated Gross Amortization Net Gross Amortization Net Intangible assets not currently subject to amortization: Broadcast licenses $ 5,374 $ (54 ) $ 5,320 $ 5,374 $ (54 ) $ 5,320 Goodwill 2,643 - 2,643 2,643 - 2,643 $ 8,017 $ (54 ) $ 7,963 $ 8,017 $ (54 ) $ 7,963 Intangible assets subject to amortization: Network affiliation agreements $ 216 $ (134 ) $ 82 $ 216 $ (126 ) $ 90 Other finite-lived intangible assets 992 (690 ) 302 992 (667 ) 325 $ 1,208 $ (824 ) $ 384 $ 1,208 $ (793 ) $ 415 Total intangible assets $ 9,225 $ (878 ) $ 8,347 $ 9,225 $ (847 ) $ 8,378 Amortization expense for the three March 31, 2024 2023 2024 five 2025, 2026, 2027, 2028, 2029, may |
Note 11 - Income Taxes
Note 11 - Income Taxes | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 11. Income Taxes For the three March 31, 2024 2023, Three Months Ended March 31, 2024 2023 Income tax expense (benefit) $ 31 $ (11 ) Effective income tax rate 26 % 26 % We estimate our differences between taxable income or loss and recorded income or loss on an annual basis. Our tax provision for each quarter is based upon these full year projections, which are revised each reporting period. These projections incorporate estimates of permanent differences between GAAP income or loss and taxable income or loss, state income taxes and adjustments to our liability for unrecognized tax benefits to adjust our statutory Federal income tax rate of 21% to our effective income tax rate. For the three March 31, 2024, 4%; 1%; three March 31, 2023, During the first 2024, 2024, March 31, 2024, not 382 On March 27, 2020, 19 2019 2020, 100% 2021. 2018, 2019, 2020 five 2020, second 2024. |
Note 12 - Segment Information
Note 12 - Segment Information | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 12. Segment information The Company operates in two Production As of and for the three months ended March 31, 2024: Broadcast Companies Other Consolidated Revenue (less agency commissions) $ 799 $ 24 $ - $ 823 Operating expenses before depreciation, amortization and gain on disposal of assets, net 583 21 28 632 Depreciation and amortization 62 4 1 67 Operating expenses 645 25 29 699 Operating income (loss) $ 154 $ (1 ) $ (29 ) $ 124 Interest expense $ - $ - $ 115 $ 115 Capital expenditures (excluding business combinations) $ 19 $ 15 $ - $ 34 Goodwill $ 2,615 $ 28 $ - $ 2,643 Total Assets $ 9,850 $ 683 $ 202 $ 10,735 For the three months ended March 31, 2023: Revenue (less agency commissions) $ 779 $ 22 $ - $ 801 Operating expenses before depreciation, amortization and gain on disposal of assets, net 555 59 26 640 Depreciation and amortization 80 3 1 84 Loss on disposal of assets, net 9 1 - 10 Operating expenses 644 63 27 734 Operating income (loss) $ 135 $ (41 ) $ (27 ) $ 67 Interest expense $ - $ - $ 104 $ 104 Capital expenditures (excluding business combinations) $ 19 $ 91 $ - $ 110 As of December 31, 2023: Goodwill $ 2,615 $ 28 $ - $ 2,643 Total Assets $ 9,897 $ 658 $ 85 $ 10,640 |
Note 13 - Subsequent Event
Note 13 - Subsequent Event | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 13. Subsequent event On May 6, 2024, December 31, 2025. not may |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Insider Trading Arr Line Items | |
Insider Trading Policies and Procedures Not Adopted [Text Block] | Item 5. None 10b5 1 10b5 1 408 March 31, 2024. |
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 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
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 BMI Investment Proceeds February 8, 2024, |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates. |
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Share. not not The following table reconciles basic weighted-average common shares outstanding to diluted weighted-average common shares outstanding for the three March 31, 2024 2023, Three Months Ended March 31, 2024 2023 Weighted-average common shares outstanding-basic 94 92 Common stock equivalents for stock options and restricted stock 1 - Weighted-average common shares outstanding-diluted 95 92 |
Comprehensive Income, Policy [Policy Text Block] | Accumulated Other Comprehensive Loss. March 31, 2024 December 31, 2023, three March 31, 2024 2023 March 31, 2024 December 31, 2023 March 31, December 31, 2024 2023 Items included in accumulated other comprehensive loss: Adjustment to pension liability $ (7 ) $ (7 ) Adjustment to fair value of interest rate caps (23 ) (23 ) Income tax benefit (7 ) (7 ) Accumulated other comprehensive loss $ (23 ) $ (23 ) |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment. Estimated March 31, December 31, Useful Lives 2024 2023 (in years) Property and equipment: Land $ 366 $ 368 Buildings and improvements 873 868 7 to 40 Equipment 1,087 1,082 3 to 20 Construction in progress 94 81 2,420 2,399 Accumulated depreciation (830 ) (798 ) Total property and equipment, net $ 1,590 $ 1,601 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 our Purchase and Sale Agreement with the Doraville Community Improvement District (the “CID”), we receive cash reimbursements for the transfer of specific infrastructure projects to the CID and for other construction costs previously incurred. During the first 2024 2023, Three Months Ended March 31, 2024 2023 Proceeds from asset sold $ 5 $ 6 Proceeds received in advance of asset sale - 9 Total proceeds received for asset transfer to CID 5 15 Proceeds for reimbursement of development costs - 11 Total proceeds received from CID $ 5 $ 26 The following tables provide additional information related to loss on disposal of assets, net included in our condensed consolidated statements of operations and purchases of property and equipment included in our condensed consolidated statements of cash flows (in millions): Three Months Ended March 31, 2024 2023 Loss on disposal of assets, net: Proceeds from disposal of assets $ (7 ) $ (8 ) Net book value of assets disposed 7 9 Discount - Securitization Facility - 9 Total $ - $ 10 Purchase of property and equipment: Recurring purchases - operations $ 19 $ 19 Assembly Atlanta development 15 91 Total $ 34 $ 110 |
Credit Loss, Financial Instrument [Policy Text Block] | Accounts Receivable and Allowance for Credit Losses. Our allowance for credit losses is an estimate of expected losses over the remaining contractual life of our receivables based on an ongoing analysis of collectability, historical collection experience, current economic and industry conditions and reasonable and supportable forecasts. The allowance is calculated using a historical loss rate applied to the current aging analysis. We may 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 SOFR three March 31, 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 each of March 31, 2024 December 31, 2023, March 31, 2024 December 31, 2023, three March 31, 2024 2023, three March 31, 2023, three March 31, 2024 not The following table provides a roll-forward of the allowance for credit losses. The allowance is deducted from the amortized cost basis of accounts receivable in our condensed consolidated balance sheets (in millions): Three Months Ended March 31, 2024 2023 Beginning balance $ 17 $ 16 Provision for credit losses - 15 Amounts written off (1 ) - Ending balance $ 16 $ 31 |
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 condensed consolidated balance sheets and condensed consolidated statements of cash flows have also been reclassified to conform to the current presentation. |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Weighted Average Number of Shares [Table Text Block] | Three Months Ended March 31, 2024 2023 Weighted-average common shares outstanding-basic 94 92 Common stock equivalents for stock options and restricted stock 1 - Weighted-average common shares outstanding-diluted 95 92 |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | March 31, December 31, 2024 2023 Items included in accumulated other comprehensive loss: Adjustment to pension liability $ (7 ) $ (7 ) Adjustment to fair value of interest rate caps (23 ) (23 ) Income tax benefit (7 ) (7 ) Accumulated other comprehensive loss $ (23 ) $ (23 ) |
Property, Plant and Equipment [Table Text Block] | Estimated March 31, December 31, Useful Lives 2024 2023 (in years) Property and equipment: Land $ 366 $ 368 Buildings and improvements 873 868 7 to 40 Equipment 1,087 1,082 3 to 20 Construction in progress 94 81 2,420 2,399 Accumulated depreciation (830 ) (798 ) Total property and equipment, net $ 1,590 $ 1,601 |
Proceeds Received for Project [Table Text Block] | Three Months Ended March 31, 2024 2023 Proceeds from asset sold $ 5 $ 6 Proceeds received in advance of asset sale - 9 Total proceeds received for asset transfer to CID 5 15 Proceeds for reimbursement of development costs - 11 Total proceeds received from CID $ 5 $ 26 |
Schedule of Disposal of Assets and Purchase of Property and Equipment [Table Text Block] | Three Months Ended March 31, 2024 2023 Loss on disposal of assets, net: Proceeds from disposal of assets $ (7 ) $ (8 ) Net book value of assets disposed 7 9 Discount - Securitization Facility - 9 Total $ - $ 10 Purchase of property and equipment: Recurring purchases - operations $ 19 $ 19 Assembly Atlanta development 15 91 Total $ 34 $ 110 |
Accounts Receivable, Allowance for Credit Loss [Table Text Block] | Three Months Ended March 31, 2024 2023 Beginning balance $ 17 $ 16 Provision for credit losses - 15 Amounts written off (1 ) - Ending balance $ 16 $ 31 |
Note 2 - Revenue (Tables)
Note 2 - Revenue (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | March 31, December 31, 2024 2023 Advertising deposit liabilities $ 12 $ 13 Other deposit liabilities 10 10 Total deferred revenue $ 22 $ 23 |
Disaggregation of Revenue [Table Text Block] | Three Months Ended March 31, 2024 2023 Market and service type: Broadcast advertising: Core advertising $ 372 $ 357 Political 27 8 Total advertising 399 365 Retransmission consent 381 395 Production companies 24 22 Other 19 19 Total revenue $ 823 $ 801 Sales Channel: Direct $ 556 $ 558 Advertising agency intermediary 267 243 Total revenue $ 823 $ 801 |
Note 3 - Long-term Debt (Tables
Note 3 - Long-term Debt (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Long-Term Debt Instruments [Table Text Block] | March 31, December 31, 2024 2023 Long-term debt: 2019 Senior Credit Agreement: 2019 Term Loan (matures January 2, 2026) 1,190 1,190 2021 Term Loan (matures December 1, 2028) 1,466 1,470 2026 Notes (matures July 15, 2026) 700 700 2027 Notes (matures May 15, 2027) 750 750 2030 Notes (matures October 15, 2030) 800 800 2031 Notes (matures November 15, 2031) 1,300 1,300 Total outstanding principal, including current portion 6,206 6,210 Unamortized deferred loan costs - 2019 Term Loan (13 ) (12 ) Unamortized deferred loan costs - 2021 Term Loan (4 ) (4 ) Unamortized deferred loan costs - 2024 Revolving Credit Facility (6 ) (2 ) Unamortized deferred loan costs - 2026 Notes (2 ) (3 ) Unamortized deferred loan costs - 2027 Notes (5 ) (6 ) Unamortized deferred loan costs - 2030 Notes (9 ) (10 ) Unamortized deferred loan costs - 2031 Notes (14 ) (14 ) Unamortized premium - 2026 Notes 1 1 Less current portion (15 ) (15 ) Long-term debt, less deferred financing costs $ 6,139 $ 6,145 Borrowing availability under Revolving Credit Facility $ 619 $ 494 |
Schedule of Maturities of Long-Term Debt [Table Text Block] | Minimum Principal Maturities Year 2019 Senior Credit Agreement 2026 Notes 2027 Notes 2030 Notes 2031 Notes Total Remainder of 2024 $ 11 $ - $ - $ - $ - $ 11 2025 15 - - - - 15 2026 1,205 700 - - - 1,905 2027 15 - 750 - - 765 2028 1,410 - - - - 1,410 2029 - - - - - - Thereafter - - - 800 1,300 2,100 Total $ 2,656 $ 700 $ 750 $ 800 $ 1,300 $ 6,206 |
Note 7 - Stock-based Compensa_2
Note 7 - Stock-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three Months Ended March 31, 2024 2023 Stock-based compensation expense, gross $ 6 $ 2 Income tax benefit at our statutory rate associated with stock-based compensation (2 ) (1 ) Stock-based compensation expense, net $ 4 $ 1 |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | Three Months Ended March 31, 2024 2023 Weighted- Weighted- Average Average Number Grant Date Number Grant Date of Fair Value of Fair Value Shares Per Share Shares Per Share Restricted common stock: Outstanding - beginning of period 1,467,936 $ 12.17 997,745 $ 20.62 Granted (1) 1,126,296 8.10 12,227 12.04 Vested (307,276 ) 13.78 (257,355 ) 20.21 Outstanding - end of period 2,286,956 $ 9.95 752,617 $ 20.62 Restricted Class A common stock: Outstanding - beginning of period 1,148,233 $ 12.37 677,238 $ 19.36 Granted (1) 823,393 8.25 25,022 13.30 Vested (318,733 ) 13.17 (203,986 ) 18.76 Outstanding - end of period 1,652,893 $ 10.16 498,274 $ 19.30 Restricted stock units - common stock: Outstanding - beginning of period 587,168 $ 11.50 274,145 $ 23.60 Granted 1,229,390 5.72 587,168 11.50 Vested (564,793 ) 11.50 (247,953 ) 23.64 Forfeited (22,375 ) 11.50 (26,192 ) 23.15 Outstanding - end of period 1,229,390 $ 5.72 587,168 $ 11.50 |
Note 8 - Leases (Tables)
Note 8 - Leases (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three Months Ended March 31, 2024 2023 Lease expense Operating lease expense $ 4 $ 4 Short-term lease expense 1 1 Total lease expense $ 5 $ 5 |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | Year ending December 31, Operating Leases Remainder of 2024 $ 11 2025 14 2026 12 2027 11 2028 8 Thereafter 45 Total lease payments 101 Less: Imputed interest (26 ) Present value of lease liabilities $ 75 |
Operating Lease, Lease Income [Table Text Block] | Three Months Ended March 31, 2024 2023 Operating lease revenue: Fixed lease revenue $ 5 $ - Variable lease revenue 4 4 Total operating lease revenue $ 9 $ 4 |
Lessor, Operating Lease, Payment to be Received, Maturity [Table Text Block] | Remainder of 2024 $ 14 2025 19 2026 20 2027 20 2028 20 Thereafter 229 Total lease receipts $ 322 |
Note 10 - Goodwill and Intang_2
Note 10 - Goodwill and Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | As of March 31, 2024 As of December 31, 2023 Accumulated Accumulated Gross Amortization Net Gross Amortization Net Intangible assets not currently subject to amortization: Broadcast licenses $ 5,374 $ (54 ) $ 5,320 $ 5,374 $ (54 ) $ 5,320 Goodwill 2,643 - 2,643 2,643 - 2,643 $ 8,017 $ (54 ) $ 7,963 $ 8,017 $ (54 ) $ 7,963 Intangible assets subject to amortization: Network affiliation agreements $ 216 $ (134 ) $ 82 $ 216 $ (126 ) $ 90 Other finite-lived intangible assets 992 (690 ) 302 992 (667 ) 325 $ 1,208 $ (824 ) $ 384 $ 1,208 $ (793 ) $ 415 Total intangible assets $ 9,225 $ (878 ) $ 8,347 $ 9,225 $ (847 ) $ 8,378 |
Note 11 - Income Taxes (Tables)
Note 11 - Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Three Months Ended March 31, 2024 2023 Income tax expense (benefit) $ 31 $ (11 ) Effective income tax rate 26 % 26 % |
Note 12 - Segment Information (
Note 12 - Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Production As of and for the three months ended March 31, 2024: Broadcast Companies Other Consolidated Revenue (less agency commissions) $ 799 $ 24 $ - $ 823 Operating expenses before depreciation, amortization and gain on disposal of assets, net 583 21 28 632 Depreciation and amortization 62 4 1 67 Operating expenses 645 25 29 699 Operating income (loss) $ 154 $ (1 ) $ (29 ) $ 124 Interest expense $ - $ - $ 115 $ 115 Capital expenditures (excluding business combinations) $ 19 $ 15 $ - $ 34 Goodwill $ 2,615 $ 28 $ - $ 2,643 Total Assets $ 9,850 $ 683 $ 202 $ 10,735 For the three months ended March 31, 2023: Revenue (less agency commissions) $ 779 $ 22 $ - $ 801 Operating expenses before depreciation, amortization and gain on disposal of assets, net 555 59 26 640 Depreciation and amortization 80 3 1 84 Loss on disposal of assets, net 9 1 - 10 Operating expenses 644 63 27 734 Operating income (loss) $ 135 $ (41 ) $ (27 ) $ 67 Interest expense $ - $ - $ 104 $ 104 Capital expenditures (excluding business combinations) $ 19 $ 91 $ - $ 110 As of December 31, 2023: Goodwill $ 2,615 $ 28 $ - $ 2,643 Total Assets $ 9,897 $ 658 $ 85 $ 10,640 |
Note 1 - Basis of Presentatio_2
Note 1 - Basis of Presentation (Details Textual) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Feb. 08, 2024 USD ($) | Mar. 31, 2024 USD ($) Rate | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | Feb. 23, 2023 USD ($) | |
Number of Operating Segments | 2 | ||||
Number of Television Markets | 114 | ||||
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 | ||||
Proceeds from Sale of Long-Term Investments | $ 110 | $ 0 | |||
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration] | Secured Overnight Financing Rate (SOFR) [Member] | ||||
Wells Fargo Bank, N.A. [Member] | |||||
Accounts Receivable Securitization Program Maximum Capacity | $ 300 | ||||
Debt Instrument, Basis Spread on Variable Rate | 1% | ||||
Proceeds from Accounts Receivable Securitization | $ 300 | $ 300 | |||
Accounts Receivable Securitization, Unsold Receivables | 307 | $ 296 | |||
Accounts Receivable Securitization, Total Receivables | 607 | 597 | |||
Accounts Receivable Securitization, Charge for Discount | 9 | ||||
Sale Agreement with the Doraville Community Improvement District [Member] | |||||
Total Proceeds From Project | $ 5 | $ 26 | |||
Broadcast Music Inc. [Member] | |||||
Proceeds from Sale of Long-Term Investments | $ 110 |
Note 1 - Basis of Presentatio_3
Note 1 - Basis of Presentation - Reconciliation of Basic to Diluted Weighted-average Shares Outstanding (Details) - shares shares in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Weighted-average common shares outstanding-basic (in shares) | 94 | 92 |
Common stock equivalents for stock options and restricted stock (in shares) | 1 | 0 |
Weighted-average common shares outstanding-diluted (in shares) | 95 | 92 |
Note 1 - Basis of Presentatio_4
Note 1 - Basis of Presentation - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Items included in accumulated other comprehensive loss: | ||
Adjustment to pension liability | $ (7) | $ (7) |
Adjustment to fair value of interest rate caps | (23) | (23) |
Income tax benefit | (7) | (7) |
Accumulated other comprehensive loss | $ (23) | $ (23) |
Note 1 - Basis of Presentatio_5
Note 1 - Basis of Presentation - Property and Equipment (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Property and equipment, gross | $ 2,420 | $ 2,399 |
Accumulated depreciation | (830) | (798) |
Total property and equipment, net | 1,590 | 1,601 |
Land [Member] | ||
Property and equipment, gross | 366 | 368 |
Building and Building Improvements [Member] | ||
Property and equipment, gross | $ 873 | 868 |
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 | $ 1,087 | 1,082 |
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 | $ 94 | $ 81 |
Note 1 - Basis of Presentatio_6
Note 1 - Basis of Presentation - Proceeds Received for Project (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Proceeds from asset sold | $ 7 | $ 8 |
Sale Agreement with the Doraville Community Improvement District [Member] | ||
Proceeds from asset sold | 5 | 6 |
Proceeds received in advance of asset sale | 0 | 9 |
Total proceeds received for asset transfer to CID | 5 | 15 |
Proceeds for reimbursement of development costs | 0 | 11 |
Total proceeds received from CID | $ 5 | $ 26 |
Note 1 - Basis of Presentatio_7
Note 1 - Basis of Presentation - Disposal of Assets and Purchase of Property and Equipment (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Proceeds from disposal of assets | $ (7) | $ (8) |
Net book value of assets disposed | 7 | 9 |
Discount - Securitization Facility | 0 | 9 |
Total | 0 | 10 |
Recurring purchases - operations | 19 | 19 |
Assembly Atlanta development | 15 | 91 |
Total | $ 34 | $ 110 |
Note 1 - Basis of Presentatio_8
Note 1 - Basis of Presentation - Allowance for Credit Losses (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Beginning balance | $ 17 | $ 16 |
Provision for credit losses | 0 | 15 |
Amounts written off | (1) | 0 |
Ending balance | $ 16 | $ 31 |
Note 2 - Revenue (Details Textu
Note 2 - Revenue (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
Contract with Customer, Liability, Revenue Recognized | $ 13 | |
Deferred Revenue [Member] | ||
Deposit Liability, Current | $ 13 |
Note 2 - Revenue - Deferred Rev
Note 2 - Revenue - Deferred Revenue (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Deferred revenue | $ 22 | $ 23 |
Advertising Deposit Liabilities [Member] | ||
Deferred revenue | 12 | 13 |
Other Deposit Liabilities [Member] | ||
Deferred revenue | $ 10 | $ 10 |
Note 2 - Revenue - Disaggregati
Note 2 - Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenue | $ 823 | $ 801 |
Sales Channel, Directly to Consumer [Member] | ||
Revenue | 556 | 558 |
Sales Channel, Through Intermediary [Member] | ||
Revenue | 267 | 243 |
Core Advertising [Member] | ||
Revenue | 372 | 357 |
Political Advertising [Member] | ||
Revenue | 27 | 8 |
Advertising [Member] | ||
Revenue | 399 | 365 |
Retransmission Consent [Member] | ||
Revenue | 381 | 395 |
Production Companies [Member] | ||
Revenue | 24 | 22 |
Service, Other [Member] | ||
Revenue | $ 19 | $ 19 |
Note 3 - Long-term Debt (Detail
Note 3 - Long-term Debt (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | ||||
Feb. 16, 2024 | Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2025 | Dec. 31, 2023 | |
Interest Costs Capitalized | $ 1,000 | $ 6,000 | |||
Interest Paid, Excluding Capitalized Interest, Operating Activities | 75,000 | 78,000 | |||
Interest Rate Cap [Member] | |||||
Derivative, Notional Amount | 2,600,000 | ||||
Derivative Asset | 21,000 | ||||
Derivative Liabilities, Net of Tax | 23,000 | $ 23,000 | |||
Amortization | 3,000 | 1,000 | |||
Interest Costs Capitalized | $ 2,000 | $ 0 | |||
Interest Rate Cap [Member] | Minimum [Member] | |||||
Derivative, Variable Interest Rate | 4.97% | ||||
Interest Rate Cap [Member] | Maximum [Member] | |||||
Derivative, Variable Interest Rate | 5.015% | ||||
Interest Rate Cap [Member] | Forecast [Member] | |||||
Derivative Fees Payable | $ 34,000 | ||||
Senior Credit Facility [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 500,000 | ||||
Second Amendment to the Senior Credit Facility [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 625,000 | ||||
Line of Credit Facility, Increase (Decrease), Net | 125,000 | ||||
Second Amendment Extending Maturity Date to December 31, 2027 [Member] | |||||
Long-Term Line of Credit | 552,500 | ||||
Second Amendment Extending Maturity Date to December 1, 2026 [Member] | |||||
Long-Term Line of Credit | $ 72,500 | ||||
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 | 8.40% | ||||
The 2019 Senior Credit Facility [Member] | The 2019 Term Loan [Member] | |||||
Debt Instrument, Interest Rate, Effective Percentage | 7.90% |
Note 3 - Long-term Debt - Long-
Note 3 - Long-term Debt - Long-term Debt Summary (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Long-term debt, gross | $ 6,206 | $ 6,210 |
Less current portion | (15) | (15) |
Long-term debt, less deferred financing costs | 6,139 | 6,145 |
Borrowing availability under Revolving Credit Facility | 619 | 494 |
The 2017 Term Loan [Member] | ||
Long-term debt, gross | 1,190 | 1,190 |
Unamortized deferred loan costs | (13) | (12) |
The 2019 Term Loan [Member] | ||
Long-term debt, gross | 1,466 | 1,470 |
Unamortized deferred loan costs | (4) | (4) |
2026 Notes [Member] | ||
Long-term debt, gross | 700 | 700 |
Unamortized deferred loan costs | (2) | (3) |
Unamortized premium | 1 | 1 |
2027 Notes [Member] | ||
Long-term debt, gross | 750 | 750 |
Unamortized deferred loan costs | (5) | (6) |
2030 Notes [Member] | ||
Long-term debt, gross | 800 | 800 |
Unamortized deferred loan costs | (9) | (10) |
Notes 2031 [Member] | ||
Long-term debt, gross | 1,300 | 1,300 |
Unamortized deferred loan costs | (14) | (14) |
The 2024 Revolving Credit Facility [Member] | ||
Unamortized deferred loan costs | $ (6) | $ (2) |
Note 3 - Long-term Debt - Aggre
Note 3 - Long-term Debt - Aggregate Minimum Principal Maturities on Long-term Debt (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Remainder of 2024 | $ 11 | |
2025 | 15 | |
2026 | 1,905 | |
2027 | 765 | |
2028 | 1,410 | |
2029 | 0 | |
Thereafter | 2,100 | |
Total Debt | 6,206 | $ 6,210 |
The 2019 Senior Credit Facility [Member] | ||
Remainder of 2024 | 11 | |
2025 | 15 | |
2026 | 1,205 | |
2027 | 15 | |
2028 | 1,410 | |
2029 | 0 | |
Thereafter | 0 | |
Total Debt | 2,656 | |
2026 Notes [Member] | ||
Remainder of 2024 | 0 | |
2025 | 0 | |
2026 | 700 | |
2027 | 0 | |
2028 | 0 | |
2029 | 0 | |
Thereafter | 0 | |
Total Debt | 700 | 700 |
2027 Notes [Member] | ||
Remainder of 2024 | 0 | |
2025 | 0 | |
2026 | 0 | |
2027 | 750 | |
2028 | 0 | |
2029 | 0 | |
Thereafter | 0 | |
Total Debt | 750 | 750 |
2030 Notes [Member] | ||
Remainder of 2024 | 0 | |
2025 | 0 | |
2026 | 0 | |
2027 | 0 | |
2028 | 0 | |
2029 | 0 | |
Thereafter | 800 | |
Total Debt | 800 | 800 |
Notes 2031 [Member] | ||
Remainder of 2024 | 0 | |
2025 | 0 | |
2026 | 0 | |
2027 | 0 | |
2028 | 0 | |
2029 | 0 | |
Thereafter | 1,300 | |
Total Debt | $ 1,300 | $ 1,300 |
Note 4 - Fair Value Measureme_2
Note 4 - Fair Value Measurement (Details Textual) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Long-Term Debt | $ 6,200 | $ 6,200 |
Long-Term Debt, Fair Value | 5,300 | 5,600 |
Interest Rate Swap [Member] | ||
Derivative Liability | $ 23 | $ 23 |
Note 5 - Stockholders' Equity (
Note 5 - Stockholders' Equity (Details Textual) $ / shares in Units, $ in Millions | 3 Months Ended | ||||
Mar. 15, 2024 $ / shares | Mar. 15, 2023 $ / shares | Mar. 31, 2024 USD ($) $ / shares shares | Mar. 31, 2023 USD ($) $ / shares | Dec. 31, 2023 shares | |
Capital Units, Authorized (in shares) | 245,000,000 | ||||
Common Stock, Shares Authorized (in shares) | 200,000,000 | ||||
Preferred Stock, Shares Authorized (in shares) | 20,000,000 | ||||
Common Stock, Voting Rights, Votes Per Share | 1 | ||||
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ / shares | $ 0.08 | $ 0.08 | $ 0.08 | $ 0.08 | |
Dividends, Common Stock | $ | $ 8 | $ 7 | |||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 4,000,000 | 5,000,000 | |||
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, Dividends, Per Share, Declared (in dollars per share) | $ / shares | $ 0.08 | $ 0.08 | |||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 1,000,000 | 2,000,000 |
Note 6 - Retirement Plans (Deta
Note 6 - Retirement Plans (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Defined Contribution Plan, Expected Contributions, Remainder of Fiscal Year | $ 28 | |
Profit Sharing Contribution [Member] | ||
Defined Contribution Plan, Employer Discretionary Contribution Amount | 8 | $ 9 |
Pension Plan [Member] | Gray Pension Plan [Member] | ||
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | $ 4 |
Note 7 - Stock-based Compensa_3
Note 7 - Stock-based Compensation - Stock-based Compensation Expense and Related Income Tax Benefit (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Stock-based compensation expense, gross | $ 6 | $ 2 |
Income tax benefit at our statutory rate associated with stock-based compensation | (2) | (1) |
Stock-based compensation expense, net | $ 4 | $ 1 |
Note 7 - Stock-based Compensa_4
Note 7 - Stock-based Compensation - Summary of Restricted Common Stock Activity (Details) - $ / shares | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Restricted Stock [Member] | |||
Outstanding, Shares (in shares) | 1,467,936 | 997,745 | |
Outstanding, Weighted average grant date fair value (in dollars per share) | $ 12.17 | $ 20.62 | |
Granted, Shares (in shares) | [1] | 1,126,296 | 12,227 |
Granted, Weighted average grant date fair value (in dollars per share) | [1] | $ 8.1 | $ 12.04 |
Vested, Shares (in shares) | (307,276) | (257,355) | |
Vested, Weighted average grant date fair value (in dollars per share) | $ 13.78 | $ 20.21 | |
Outstanding, Shares (in shares) | 2,286,956 | 752,617 | |
Outstanding, Weighted average grant date fair value (in dollars per share) | $ 9.95 | $ 20.62 | |
Restricted Stock [Member] | Common Class A [Member] | |||
Outstanding, Shares (in shares) | 1,148,233 | 677,238 | |
Outstanding, Weighted average grant date fair value (in dollars per share) | $ 12.37 | $ 19.36 | |
Granted, Shares (in shares) | [1] | 823,393 | 25,022 |
Granted, Weighted average grant date fair value (in dollars per share) | [1] | $ 8.25 | $ 13.3 |
Vested, Shares (in shares) | (318,733) | (203,986) | |
Vested, Weighted average grant date fair value (in dollars per share) | $ 13.17 | $ 18.76 | |
Outstanding, Shares (in shares) | 1,652,893 | 498,274 | |
Outstanding, Weighted average grant date fair value (in dollars per share) | $ 10.16 | $ 19.3 | |
Restricted Stock Units (RSUs) [Member] | |||
Outstanding, Shares (in shares) | 587,168 | 274,145 | |
Outstanding, Weighted average grant date fair value (in dollars per share) | $ 11.5 | $ 23.6 | |
Granted, Shares (in shares) | 1,229,390 | 587,168 | |
Granted, Weighted average grant date fair value (in dollars per share) | $ 5.72 | $ 11.5 | |
Vested, Shares (in shares) | (564,793) | (247,953) | |
Vested, Weighted average grant date fair value (in dollars per share) | $ 11.5 | $ 23.64 | |
Forfeited, Shares (in shares) | (22,375) | (26,192) | |
Forfeited, Weighted average grant date fair value (in dollars per share) | $ 11.5 | $ 23.15 | |
Outstanding, Shares (in shares) | 1,229,390 | 587,168 | |
Outstanding, Weighted average grant date fair value (in dollars per share) | $ 5.72 | $ 11.5 | |
[1]For awards subject to future performance conditions, amounts assume target performance. |
Note 8 - Leases (Details Textua
Note 8 - Leases (Details Textual) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Operating Lease, Weighted Average Remaining Lease Term (Year) | 9 years | |
Operating Lease, Weighted Average Discount Rate, Percent | 6.56% | |
Deferred Lease Revenue [Member] | ||
Deferred Rent Receivables, Net | $ 7 | $ 6 |
Minimum [Member] | ||
Lessee, Operating Lease, Remaining Lease Term (Year) | 1 year | |
Lessor, Operating Lease, Term of Contract (Year) | 1 year | |
Maximum [Member] | ||
Lessee, Operating Lease, Remaining Lease Term (Year) | 99 years | |
Lessor, Operating Lease, Term of Contract (Year) | 15 years |
Note 8 - Leases - Lease Expense
Note 8 - Leases - Lease Expense (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Operating lease expense | $ 4 | $ 4 |
Short-term lease expense | 1 | 1 |
Total lease expense | $ 5 | $ 5 |
Note 8 - Leases - Maturities of
Note 8 - Leases - Maturities of Operating Lease Liabilities (Details) $ in Millions | Mar. 31, 2024 USD ($) |
Remainder of 2024 | $ 11 |
2025 | 14 |
2026 | 12 |
2027 | 11 |
2028 | 8 |
Thereafter | 45 |
Total lease payments | 101 |
Less: Imputed interest | (26) |
Present value of lease liabilities | $ 75 |
Note 8 - Leases - Operating Lea
Note 8 - Leases - Operating Lease Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Fixed lease revenue | $ 5 | $ 0 |
Variable lease revenue | 4 | 4 |
Total operating lease revenue | $ 9 | $ 4 |
Note 8 - Leases - Future Minimu
Note 8 - Leases - Future Minimum Rental Receipts (Details) $ in Millions | Mar. 31, 2024 USD ($) |
Remainder of 2024 | $ 14 |
2025 | 19 |
2026 | 20 |
2027 | 20 |
2028 | 20 |
Thereafter | 229 |
Total lease receipts | $ 322 |
Note 10 - Goodwill and Intang_3
Note 10 - Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Amortization of Intangible Assets | $ 31 | $ 49 |
Finite-Lived Intangible Asset, Expected Amortization, Remainder of Fiscal Year | 93 | |
Finite-Lived Intangible Asset, Expected Amortization, Year One | 113 | |
Finite-Lived Intangible Asset, Expected Amortization, Year Two | 83 | |
Finite-Lived Intangible Asset, Expected Amortization, Year Three | 47 | |
Finite-Lived Intangible Asset, Expected Amortization, Year Four | 13 | |
Finite-Lived Intangible Asset, Expected Amortization, Year Five | $ 3 |
Note 10 - Goodwill and Intang_4
Note 10 - Goodwill and Intangible Assets - Intangible Assets and Related Accumulated Amortization (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Goodwill | $ 2,643 | $ 2,643 |
Other intangible assets, net | 384 | 415 |
Total intangible assets, gross | 9,225 | 9,225 |
Total intangible assets, accumulated amortization | (878) | (847) |
Total intangible assets, net | 8,347 | 8,378 |
Network Affiliate [Member] | ||
Finite-Lived Intangible Assets, Gross | 216 | 216 |
Finite-Lived Intangible Assets, Accumulated Amortization | (134) | (126) |
Other intangible assets, net | 82 | 90 |
Other Intangible Assets [Member] | ||
Finite-Lived Intangible Assets, Gross | 992 | 992 |
Finite-Lived Intangible Assets, Accumulated Amortization | (690) | (667) |
Other intangible assets, net | 302 | 325 |
Intangible Assets Subject to Amortization [Member] | ||
Finite-Lived Intangible Assets, Gross | 1,208 | 1,208 |
Finite-Lived Intangible Assets, Accumulated Amortization | (824) | (793) |
Other intangible assets, net | 384 | 415 |
Broadcast Licenses [Member] | ||
Indefinite-lived Intangible Assets (Excluding Goodwill), Gross | 5,374 | 5,374 |
Indefinite-Lived Intangible Assets (Excluding Goodwill), Accumulated Amortization | (54) | (54) |
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 5,320 | 5,320 |
Goodwill Not Amortizable [Member] | ||
Goodwill, Gross | 2,643 | 2,643 |
Goodwill, Accumulated Amortization | 0 | 0 |
Goodwill | 2,643 | 2,643 |
Intangible Assets Not Subject to Amortization [Member] | ||
Goodwill and Indefinite-Lived Intangible Assets, Gross | 8,017 | 8,017 |
Goodwill and Indefinite-lived Intangible Assets, Accumulated Amortization | (54) | (54) |
Goodwill and Indefinite-Lived Assets, Net | $ 7,963 | $ 7,963 |
Note 11 - Income Taxes (Details
Note 11 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2024 | Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2024 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% | |||
Effective Income Tax Rate Reconciliation, Percent | 26% | 26% | ||
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent | 4% | 5% | ||
Effective Income Tax Rate Reconciliation, Deduction, Percent | 1% | |||
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Share-Based Payment Arrangement, Percent | 2% | |||
Effective Income Tax Rate Reconciliation, Change in Uncertain Tax Positions, Percent | (2.00%) | |||
Income Taxes Paid, Net | $ 0 | |||
State and Local Jurisdiction [Member] | ||||
Operating Loss Carryforwards | 282,000 | |||
Operating Loss Carryforwards That Will Not Be Realized | $ 201,000 | |||
Forecast [Member] | ||||
Proceeds from Income Tax Refunds | $ 23,000 | |||
Forecast [Member] | Minimum [Member] | ||||
Income Taxes Paid, Net | $ 195,000 | |||
Forecast [Member] | Maximum [Member] | ||||
Income Taxes Paid, Net | $ 215,000 |
Note 11 - Income Taxes - Federa
Note 11 - Income Taxes - Federal and State Income Tax Expense (Benefit) Summary (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income tax expense (benefit) | $ 31 | $ (11) |
Effective income tax rate | 26% | 26% |
Note 12 - Segment Information_2
Note 12 - Segment Information (Details Textual) | 3 Months Ended |
Mar. 31, 2024 | |
Number of Operating Segments | 2 |
Note 12 - Segment Information -
Note 12 - Segment Information - Segment Information (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Revenue (less agency commissions) | $ 823 | $ 801 | |
Operating expenses before depreciation, amortization and gain on disposal of assets, net | 632 | 640 | |
Depreciation and amortization | 67 | 84 | |
Operating expenses | 699 | 734 | |
Operating income (loss) | 124 | 67 | |
Interest expense | 115 | 104 | |
Capital expenditures (excluding business combinations) | 34 | 110 | |
Goodwill | 2,643 | $ 2,643 | |
Total Assets | 10,735 | 10,640 | |
Loss on disposal of assets, net | 0 | 10 | |
Broadcasting, Segment [Member] | |||
Revenue (less agency commissions) | 799 | 779 | |
Production Companies, Segment [Member] | |||
Revenue (less agency commissions) | 24 | 22 | |
Operating Segments [Member] | Broadcasting, Segment [Member] | |||
Revenue (less agency commissions) | 799 | 779 | |
Operating expenses before depreciation, amortization and gain on disposal of assets, net | 583 | 555 | |
Depreciation and amortization | 62 | 80 | |
Operating expenses | 645 | 644 | |
Operating income (loss) | 154 | 135 | |
Interest expense | 0 | 0 | |
Capital expenditures (excluding business combinations) | 19 | 19 | |
Goodwill | 2,615 | 2,615 | |
Total Assets | 9,850 | 9,897 | |
Loss on disposal of assets, net | 9 | ||
Operating Segments [Member] | Production Companies, Segment [Member] | |||
Revenue (less agency commissions) | 24 | 22 | |
Operating expenses before depreciation, amortization and gain on disposal of assets, net | 21 | 59 | |
Depreciation and amortization | 4 | 3 | |
Operating expenses | 25 | 63 | |
Operating income (loss) | (1) | (41) | |
Interest expense | 0 | 0 | |
Capital expenditures (excluding business combinations) | 15 | 91 | |
Goodwill | 28 | 28 | |
Total Assets | 683 | 658 | |
Loss on disposal of assets, net | 1 | ||
Segment Reporting, Reconciling Item, Excluding Corporate Nonsegment [Member] | |||
Revenue (less agency commissions) | 0 | 0 | |
Operating expenses before depreciation, amortization and gain on disposal of assets, net | 28 | 26 | |
Depreciation and amortization | 1 | 1 | |
Operating expenses | 29 | 27 | |
Operating income (loss) | (29) | (27) | |
Interest expense | 115 | 104 | |
Capital expenditures (excluding business combinations) | 0 | 0 | |
Goodwill | 0 | 0 | |
Total Assets | $ 202 | $ 85 | |
Loss on disposal of assets, net | $ 0 |
Note 13 - Subsequent Event (Det
Note 13 - Subsequent Event (Details Textual) $ in Millions | May 06, 2024 USD ($) |
Subsequent Event [Member] | |
Available Liquidity, Maximum Authorized Amount to Repurchase Debt | $ 250 |