Gray Television (GTN) 10-Q 8 Aug 24 2024 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2024	Aug. 02, 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	Q2
Document Fiscal Year Focus	2024
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 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		90,824,445

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Assets:
Cash	$ 75	$ 21
Accounts receivable, less allowance for credit losses of $16 and $17, respectively	344	342
Current portion of program broadcast rights, net	5	18
Income tax refunds receivable	0	21
Prepaid income taxes	65	18
Prepaid and other current assets	49	48
Total current assets	538	468
Property and equipment, net	1,582	1,601
Operating leases right of use asset	70	75
Broadcast licenses	5,320	5,320
Goodwill	2,643	2,643
Finite-Lived Intangible Assets, Net	352	415
Investments in broadcasting and technology companies	86	85
Deferred pension assets	19	17
Other	24	16
Total assets	10,634	10,640
Liabilities and stockholders’ equity:
Accounts payable	32	23
Employee compensation and benefits	85	110
Accrued interest	49	63
Accrued network programming fees	39	37
Other accrued expenses	49	57
Federal and state income taxes	11	22
Current portion of program broadcast obligations	5	20
Deferred revenue	23	23
Dividends payable	15	14
Current portion of operating lease liabilities	10	11
Current portion of long-term debt	13	15
Total current liabilities	331	395
Long-term debt, less current portion and deferred financing costs	6,125	6,145
Program broadcast obligations, less current portion	1	1
Deferred income taxes	1,349	1,359
Operating lease liabilities, less current portion	64	69
Other	59	50
Total liabilities	7,929	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	1,152	1,084
Accumulated other comprehensive loss, net of income tax benefit	(25)	(23)
Stockholders' equity before treasury stock	2,372	2,285
Total stockholders’ equity	2,055	1,971
Total liabilities and stockholders’ equity	10,634	10,640
Common Stock (No Par Value) [Member]
Stockholders’ equity:
Common stock	1,191	1,174
Treasury stock at cost	(284)	(282)
Class A Common Stock (No Par Value) [Member]
Stockholders’ equity:
Common stock	54	50
Treasury stock at cost	$ (33)	$ (32)

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) $ / shares in Thousands, $ in Millions	Jun. 30, 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)	111,166,022	107,179,827
Common stock, shares outstanding (in shares)	90,824,445	87,227,481
Treasury stock, shares (in shares)	20,341,577	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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenue (less agency commissions)	$ 826	$ 813	$ 1,649	$ 1,614
Operating expenses before depreciation, amortization and gain on disposal of assets, net:
Depreciation			72	70
Amortization of intangible assets			63	99
(Gain) loss on disposal of assets, net	(1)	16	(1)	26
Operating expenses	674	694	1,373	1,428
Operating income	152	119	276	186
Other income (expense):
Miscellaneous income (expense), net	2	(1)	112	(3)
Interest expense	(118)	(109)	(233)	(213)
Loss from early extinguishment of debt	(7)	0	(7)	(3)
Income (loss) before income taxes	29	9	148	(33)
Income tax expense (benefit)	7	5	38	(6)
Net income (loss)	22	4	110	(27)
Preferred stock dividends	13	13	26	26
Net income (loss) attributable to common stockholders	$ 9	$ (9)	$ 84	$ (53)
Basic per share information:
Net income (loss) attributable to common stockholders (in dollars per share)	$ 0.09	$ (0.1)	$ 0.89	$ (0.58)
Weighted-average shares outstanding-basic (in shares)	95	93	94	92
Diluted per share information:
Net income (loss) attributable to common stockholders (in dollars per share)	$ 0.09	$ (0.1)	$ 0.88	$ (0.58)
Weighted-average shares outstanding (in shares)	96	93	95	92
Dividends declared per common share (in dollars per share)			$ 0.16	$ 0.16
O 2024 Q2 Dividends [Member]
Diluted per share information:
Dividends declared per common share (in dollars per share)	$ 0.08
O 2023 Q2 Dividends [Member]
Diluted per share information:
Dividends declared per common share (in dollars per share)		$ 0.08
Broadcasting, Segment [Member]
Revenue (less agency commissions)	$ 808	$ 801	$ 1,607	$ 1,580
Operating expenses before depreciation, amortization and gain on disposal of assets, net:
Cost of goods and services sold	565	552	1,148	1,107
Production Companies, Segment [Member]
Revenue (less agency commissions)	18	12	42	34
Operating expenses before depreciation, amortization and gain on disposal of assets, net:
Cost of goods and services sold	14	11	35	70
Other Operating Segment [Member]
Operating expenses before depreciation, amortization and gain on disposal of assets, net:
Corporate and administrative	28	30	56	56
Depreciation	36	35	72	70
Amortization of intangible assets	$ 32	$ 50	$ 63	$ 99

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Net income (loss)	$ 22	$ 4	$ 110	$ (27)
Other comprehensive (loss) income:
Adjustment - fair value of interest rate caps	(3)	11	(3)	(4)
Income tax (benefit) expense	(1)	3	(1)	(1)
Other comprehensive (loss) income, net	(2)	8	(2)	(3)
Comprehensive income (loss)	$ 20	$ 12	$ 108	$ (30)

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 income (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, net of tax																				(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
Restricted stock awards	$ 0	$ 0	0	$ 1	$ 2	0	3	$ 0	$ 0	0	$ 0	$ 1	0	1
Balance (in shares) at Mar. 31, 2023															9,700,161	106,184,135		(2,222,920)	(19,847,044)
Balance at Mar. 31, 2023															$ 45	$ 1,161	1,191	$ (32)	$ (281)	(23)	2,061
Balance (in shares) at Dec. 31, 2022															9,675,139	105,104,057		(2,130,724)	(19,636,786)
Balance at Dec. 31, 2022															$ 45	$ 1,150	1,242	$ (31)	$ (278)	(12)	2,116
Net income (loss)																					(27)
Common stock dividends																					(14)
Balance (in shares) at Jun. 30, 2023															10,413,993	107,179,827		(2,222,920)	(19,916,072)
Balance at Jun. 30, 2023															$ 45	$ 1,168	1,175	$ (32)	$ (281)	(15)	2,060
Balance (in shares) at Mar. 31, 2023															9,700,161	106,184,135		(2,222,920)	(19,847,044)
Balance at Mar. 31, 2023															$ 45	$ 1,161	1,191	$ (32)	$ (281)	(23)	2,061
Net income (loss)															0	0	4	0	0	0	4
Preferred stock dividends															0	0	(13)	0	0	0	(13)
Common stock dividends															0	0	(7)	0	0	0	(7)
Adjustment to fair value of interest rate cap, net of tax																				8	8
Restricted stock awards (in shares)	713,832	995,692		0	(69,028)
Restricted stock awards	$ 0	$ 0	0	$ 0	$ 0	0	0
Stock-based compensation																7	0	0	0	0	7
Restricted stock awards	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0
Repurchase of common stock																			$ 0		0
Balance (in shares) at Jun. 30, 2023															10,413,993	107,179,827		(2,222,920)	(19,916,072)
Balance at Jun. 30, 2023															$ 45	$ 1,168	1,175	$ (32)	$ (281)	(15)	2,060
Balance (in shares) at 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 income (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, net of tax															$ 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)								0	564,793		0	(188,400)			823,393	1,126,296		(142,895)	(146,470)
Restricted stock awards								$ 0	$ 0	0	$ 0	$ (1)	0	(1)	$ 0	$ 0	0	$ (1)	$ (1)	0	(2)
Stock-based compensation															2	4	0	0	0	0	6
Restricted stock awards								$ 0	$ 0	$ 0	$ 0	$ 1	$ 0	$ 1	$ 0	$ 0	0	$ 1	$ 1	0	2
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
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 income (loss)																					110
Common stock dividends																					(16)
Balance (in shares) at Jun. 30, 2024															11,237,386	111,166,022		(2,394,622)	(20,341,577)
Balance at Jun. 30, 2024															$ 54	$ 1,191	1,152	$ (33)	$ (284)	(25)	2,055
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
Net income (loss)															0	0	22	0	0	0	22
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, net of tax															$ 0	$ 0	0	$ 0	$ 0	(2)	(2)
Restricted stock awards (in shares)															0	529,662		0	(54,361)
Restricted stock awards															$ 0	$ 0	0	$ 0	$ 0	0	0
Stock-based compensation															2	4	0	0	0	0	6
Restricted stock awards															$ 0	$ 0	0	$ 0	$ 0	0	0
Balance (in shares) at Jun. 30, 2024															11,237,386	111,166,022		(2,394,622)	(20,341,577)
Balance at Jun. 30, 2024															$ 54	$ 1,191	$ 1,152	$ (33)	$ (284)	$ (25)	$ 2,055

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Operating activities:
Net income (loss)	$ 110	$ (27)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation	72	70
Amortization of intangible assets	63	99
Amortization of deferred loan costs	7	7
Amortization of restricted stock awards	12	9
Amortization of program broadcast rights	13	20
Payments on program broadcast obligations	(15)	(21)
Deferred income taxes	(10)	(6)
(Gain) loss on disposal of assets, net	(1)	26
Gain on sale of investment	(110)	0
Loss from early extinguishment of debt	7	3
Other	1	11
Changes in operating assets and liabilities:
Accounts receivable, net	(1)	321
Income tax receivable or prepaid	(26)	(24)
Other current assets	(1)	4
Accounts payable	8	(21)
Employee compensation, benefits and pension cost	(25)	(27)
Accrued network fees and other expenses	7	16
Accrued interest	(14)	2
Income taxes payable	(11)	(3)
Net cash provided by operating activities	86	459
Investing activities:
Acquisitions of television businesses and licenses, net of cash acquired	0	(6)
Proceeds from sale of television station	0	6
Purchases of property and equipment	(63)	(213)
Proceeds from asset sales	7	22
Proceeds from sale of investment	110	0
Reimbursement of development costs	0	11
Investment in broadcast, production and technology companies	(4)	(7)
Net cash provided by (used in) investing activities	50	(187)
Financing activities:
Proceeds from borrowings on long-term debt	2,025	150
Repayments of borrowings on long-term debt	(2,015)	(403)
Payment of common stock dividends	(16)	(14)
Payment of preferred stock dividends	(26)	(26)
Deferred and other loan costs	(47)	0
Payment of taxes related to net share settlement of equity awards	(3)	(4)
Net cash used in financing activities	(82)	(297)
Net increase (decrease) in cash	54	(25)
Cash at beginning of period	21	61
Cash at end of period	$ 75	$ 36

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation	6 Months Ended
	Jun. 30, 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 Media,” “Gray,” the “Company,” “we,” “us,” and “our”) as of December 31, 2023, December 31, 2023, June 30, 2024 three six June 30, 2024 2023, 10 10 X. not two not 10 December 31, 2023 ( “2023 10 three six June 30, 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, six June 30, 2024. Use of Estimates. Earnings Per Share. not not The following table reconciles basic weighted-average shares outstanding to diluted weighted-average shares outstanding for the three six June 30, 2024 2023, Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Weighted-average shares outstanding-basic 95 93 94 92 Common stock equivalents for restricted shares 1 - 1 - Weighted-average shares outstanding-diluted 96 93 95 92 Accumulated Other Comprehensive Loss. June 30, 2024 December 31, 2023, six June 30, 2024 2023 June 30, 2024 December 31, 2023 June 30, 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 (26 ) (23 ) Income tax benefit (8 ) (7 ) Accumulated other comprehensive loss $ (25 ) $ (23 ) Property and Equipment. Estimated June 30, December 31, Useful Lives 2024 2023 (in years) Property and equipment: Land $ 381 $ 368 Buildings and improvements 893 868 7 to 40 Equipment 1,089 1,082 3 to 20 Construction in progress 73 81 2,436 2,399 Accumulated depreciation (854 ) (798 ) Total property and equipment, net $ 1,582 $ 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 three six June 30, 2024 2023, Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Proceeds from asset sold $ - $ - $ - $ - Proceeds received in advance of asset sale - - - 9 Total proceeds received for asset transfer to CID - - - 9 Proceeds for reimbursement of development costs 1 12 6 29 Total proceeds received from CID $ 1 $ 12 $ 6 $ 38 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 Six Months Ended June 30, June 30, 2024 2023 2024 2023 Loss (gain) on disposal of assets, net: Proceeds from sale of fixed assets $ - $ (14 ) $ (7 ) $ (22 ) Net book value of assets disposed (1 ) 16 6 25 Non-cash loss on divestiture - 14 - 14 Discount - Securitization Facility - (1 ) - 8 Other - 1 - 1 Total $ (1 ) $ 16 $ (1 ) $ 26 Purchase of property and equipment: Recurring purchases - operations $ 41 $ 45 Assembly Atlanta development 22 168 Total $ 63 $ 213 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 six June 30, 2024 2023, not may The proceeds of the Securitization Facility are classified as operating activities in our condensed consolidated statements 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 June 30, 2024 December 31, 2023, June 30, 2024 December 31, 2023, six June 30, 2024 2023, six June 30, 2023, six June 30, 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): Six Months Ended June 30, 2024 2023 Beginning balance $ 17 $ 16 Provision for credit losses - 17 Amounts written off (1 ) (1 ) Ending balance $ 16 $ 32 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 June 2024, 2024. December 15, 2026, 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	6 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	2. Revenue Revenue Recognition. Deferred Revenue six June 30, 2024 December 31, 2023. The following table presents our deferred revenue by type (in millions): June 30, December 31, 2024 2023 Advertising deposit liabilities $ 13 $ 13 Other deposit liabilities 10 10 Total deferred revenue $ 23 $ 23 Disaggregation of Revenue. Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Market and service type: Broadcast advertising: Core advertising $ 373 $ 379 $ 745 $ 736 Political 47 12 74 20 Total advertising 420 391 819 756 Retransmission consent 371 394 752 789 Production companies 18 12 42 34 Other 17 16 36 35 Total revenue $ 826 $ 813 $ 1,649 $ 1,614 Sales channel: Direct $ 551 $ 559 $ 1,107 $ 1,117 Advertising agency intermediary 275 254 542 497 Total revenue $ 826 $ 813 $ 1,649 $ 1,614

Note 3 - Long-term Debt

Note 3 - Long-term Debt	6 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Debt Disclosure [Text Block]	3. Long-term Debt As of June 30, 2024 December 31, 2023, 2026 “2026 2027 “2027 2029 “2029 2030 “2030 2031 “2031 June 30, December 31, 2024 2023 Long-term debt : Senior Credit Facility: 2019 Term Loan (matures January 2, 2026) $ - $ 1,190 2021 Term Loan (matures December 1, 2028) 1,455 1,470 2024 Term Loan (matures June 4, 2029) 500 - Revolving Credit Facility (matures December 31, 2027) 200 - 2026 Notes (matures July 15, 2026) 10 700 2027 Notes (matures May 15, 2027) 700 750 2029 Notes (matures July 15, 2029) 1,250 - 2030 Notes (matures October 15, 2030) 800 800 2031 Notes (matures November 15, 2031) 1,300 1,300 Total outstanding principal, including current portion 6,215 6,210 Unamortized deferred loan costs - Senior Credit Facility (36 ) (18 ) Unamortized deferred loan costs - 2026 Notes - (3 ) Unamortized deferred loan costs - 2027 Notes (5 ) (6 ) Unamortized deferred loan costs - 2029 Notes (14 ) - Unamortized deferred loan costs - 2030 Notes (9 ) (10 ) Unamortized deferred loan costs - 2031 Notes (13 ) (14 ) Unamortized premium - 2026 Notes - 1 Less current portion (13 ) (15 ) Long-term debt, less current portion and deferred financing costs $ 6,125 $ 6,145 Borrowing availability under Revolving Credit Facility $ 474 $ 494 2024 June 3, 2024, 2029 “2029 June 3, 2024, “2029 2029 2029 June 3, 2024, January 15 July 15 January 15, 2025. The net proceeds from the 2029 “2024 2019 2026 The 2029 first 2029 ● equally in right of payment with all of our existing and future pari passu ● senior in right of payment to all of our existing and future subordinated debt; ● effectively senior to all of our existing and future unsecured debt or junior lien debt to the extent of the value of the collateral securing the 2029 ● effectively subordinated to any existing and future debt that is secured by a lien on any assets not 2029 ● structurally subordinated to any existing and future debt and liabilities of our subsidiaries that do not 2029 On June 4, 2024, third December 1, 2021. The Third Amendment, among other things, provided for (i) the new $500 million 2024 December 31, 2027 December 1, 2026, The 2024 one 2024 2024 September 30, 2024. 2024 one 2024 The Revolving Credit Facility bears interest, at our option, based on SOFR plus 1.75%-2.75% or the Base Rate plus 0.75%-1.75%, in each case based on a first may The costs associated with these 2024 2024 Repurchase of Debt May 6, 2024, December 31, 2025. not may second 2024, 2027 On June 24, 2024, 10b5 1 2027 July 8, 2024 August 16, 2024 $1,000 third 2024, 2027 $1,000 Interest Rate Cap February 23, 2023, two two June 25, 2024, June 30, 2024, December 31, 2025. 1 815. 848, not The interest rate caps, as amended, effectively limit the annual interest charged on our 2021 2024 1 4.96% 5.047%. December 31, 2025. $34 June 30, 2024 December 31, 2023, June 30, 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 six June 30, 2024 2023, six June 30, 2024 2023, For all of our interest bearing obligations, we made interest payments of approximately $210 million and $208 million during the six June 30, 2024 2023, six June 30, 2024 2023, As of June 30, 2024, 2024 5 Minimum Principal Maturities Year 2019 Senior Credit Facility 2026 Notes 2027 Notes 2029 Notes 2030 Notes 2031 Notes Total Remainder of 2024 $ 3 $ - $ - $ - $ - $ - $ 3 2025 20 - - - - - 20 2026 20 10 - - - - 30 2027 220 - 700 - - - 920 2028 1,415 - - - - - 1,415 2029 477 - - 1,250 - - 1,727 Thereafter - - - - 800 1,300 2,100 Total $ 2,155 $ 10 $ 700 $ 1,250 $ 800 $ 1,300 $ 6,215 As of June 30, 2024, no 2026 2027 2029 2030 2031

Note 4 - Fair Value Measurement

Note 4 - Fair Value Measurement	6 Months Ended
	Jun. 30, 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 June 30, 2024 December 31, 2023. At June 30, 2024 December 31, 2023, $6.2 $5.6 third 2

Note 5 - Stockholders' Equity

Note 5 - Stockholders' Equity	6 Months Ended
	Jun. 30, 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 March 15, 2024, June 14, 2024, March 15, 2023 June 15, 2023, March 28, 2024, June 28, 2024, March 31, 2023 June 30, 2023, six June 30, 2024 2023 Under our various employee benefit plans, we may, June 30, 2024,

Note 6 - Retirement Plans

Note 6 - Retirement Plans	6 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Retirement Benefits [Text Block]	6. Retirement Plans The components of our net periodic pension benefit are included in miscellaneous expense, net in our condensed consolidated statements of operations. During the six June 30, 2024, not 2024, During the six June 30, 2024, 2023 401 2023 December 31, 2023. June 30, 2024, 2024,

Note 7 - Stock-based Compensati

Note 7 - Stock-based Compensation	6 Months Ended
	Jun. 30, 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. The following table provides our stock-based compensation expense and related income tax benefit for the three six June 30, 2024 2023 Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Stock-based compensation expense, gross $ 6 $ 7 $ 12 $ 9 Income tax benefit at our statutory rate associated with stock-based compensation (2 ) (2 ) (3 ) (2 ) Stock-based compensation expense, net $ 4 $ 5 $ 9 $ 7 All shares of common stock and Class A common stock underlying outstanding restricted stock units and performance awards are counted as issued at target levels under the 2022 A summary of restricted common stock and Class A common stock activity for the six June 30, 2024 2023, Six Months Ended June 30, 2024 June 30, 2023 Weighted- Weighted- average average Grant Date Grant Date Number of Fair Value Number of Fair Value Shares Per Share Shares Per Share Restricted stock - common: Outstanding - beginning of period (1) 1,467,936 $ 12.17 997,745 $ 20.62 Granted (1) 1,785,958 7.47 1,007,921 8.15 Vested (480,412 ) 11.23 (461,953 ) 20.27 Forfeited (130,000 ) 8.10 - 0.00 Outstanding - end of period (1) 2,643,482 $ 9.36 1,543,713 $ 12.58 Restricted stock - Class A common: Outstanding - beginning of period (1) 1,148,233 $ 12.37 677,238 $ 19.36 Granted (1) 823,393 8.25 738,854 8.34 Vested (318,733 ) 13.17 (203,986 ) 18.76 Outstanding - end of period (1) 1,652,893 $ 10.16 1,212,106 $ 12.74 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 For awards subject to future performance conditions, amounts assume target performance.

Note 8 - Leases

Note 8 - Leases	6 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Leases, Lessee Disclosure [Text Block]	8. Leases We determine if an arrangement is a lease at its inception. Operating lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. We generally use our incremental borrowing rate based on the information available at the lease commencement date in determining the present value of future payments, because the implicit rate of the lease is generally not may We have operating leases that primarily relate to certain of our facilities, data centers and vehicles. As of June 30, 2024, one not one Cash flow movements related to our lease activities are included in other assets and accounts payable and other liabilities as presented in net cash provided by operating activities in our condensed consolidated statement of cash flows for the six June 30, 2024 2023. As of June 30, 2024, three six June 30, 2024 2023, Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Lease expense Operating lease expense $ 4 $ 5 $ 8 $ 9 Short-term lease expense 1 1 2 2 Total lease expense $ 5 $ 6 $ 10 $ 11 The maturities of operating lease liabilities as of June 30, 2024, 2024 five Year ending December 31, 2024 Operating Leases Remainder of 2024 $ 7 2025 14 2026 12 2027 11 2028 8 Thereafter 47 Total lease payments 99 Less: Imputed interest (25 ) Present value of lease liabilities $ 74 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 June 30, 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 six June 30, 2024 2023 Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Operating lease revenue: Fixed lease revenue $ 5 $ - $ 11 $ - Variable lease revenue 4 4 8 8 Total operating lease revenue $ 9 $ 4 $ 19 $ 8 The following table presents our future minimum rental receipts for non-cancelable leases and subleases as of June 30, 2024 ( Year ending December 31, Operating Leases Remainder of 2024 $ 9 2025 19 2026 20 2027 20 2028 20 Thereafter 229 Total lease receipts $ 317

Note 9 - Commitments and Contin

Note 9 - Commitments and Contingencies	6 Months Ended
	Jun. 30, 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	6 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Goodwill and Intangible Assets Disclosure [Text Block]	10. Goodwill and Intangible Assets A summary of changes in our goodwill and other intangible assets, on a net basis, for the six June 30, 2024 As of June 30, 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 $ (143 ) $ 73 $ 216 $ (126 ) $ 90 Other finite lived intangible assets 992 (713 ) 279 992 (667 ) 325 $ 1,208 $ (856 ) $ 352 $ 1,208 $ (793 ) $ 415 Total intangibles $ 9,225 $ (910 ) $ 8,315 $ 9,225 $ (847 ) $ 8,378 Amortization expense for the six June 30, 2024 2023 2024 five 2025, 2026, 2027, 2028, 2029, may

Note 11 - Income Taxes

Note 11 - Income Taxes	6 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Income Tax Disclosure [Text Block]	11. Income Taxes For the three six June 30, 2024 2023, Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Income tax expense (benefit) $ 7 $ 5 $ 38 $ (6 ) Effective income tax rate 24 % 56 % 26 % 18 % We estimate our differences between taxable income or loss and recorded income or loss on an annual basis. Our tax provision for each quarter is based upon these full year projections, which are revised each reporting period. These projections incorporate estimates of permanent differences between U.S. GAAP income or loss and taxable income or loss, state income taxes and adjustments to our liability for unrecognized tax benefits to adjust our statutory federal income tax rate of 21% to our effective income tax rate. For the 2024 six 21% 5%, 1% six June 30, 2023, During the six June 30, 2024, 2024, June 30, 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	6 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	12. Segment Information We operate in two Production As of and for the six months ended June 30, 2024: Broadcasting Companies Other Consolidated Revenue (less agency commissions) $ 1,607 $ 42 $ - $ 1,649 Operating expenses before depreciation, amortization and gain on disposal of assets, net: 1,148 35 56 1,239 Depreciation and amortization 124 10 1 135 Gain on disposal of assets, net (1 ) - - (1 ) Operating expenses 1,271 45 57 1,373 Operating income (loss) $ 336 $ (3 ) $ (57 ) $ 276 Interest expense $ - $ - $ 233 $ 233 Capital expenditures (excluding business combinations) $ 41 $ 22 $ - $ 63 Goodwill $ 2,615 $ 28 $ - $ 2,643 Total assets $ 9,846 $ 653 $ 135 $ 10,634 For the six months ended June 30, 2023: Revenue (less agency commissions) $ 1,580 $ 34 $ - $ 1,614 Operating expenses before depreciation, amortization and gain on disposal of assets, net: 1,107 70 56 1,233 Depreciation and amortization 160 7 2 169 Loss on disposal of assets, net 24 2 - 26 Operating expenses 1,291 79 58 1,428 Operating income (loss) $ 289 $ (45 ) $ (58 ) $ 186 Interest expense $ - $ - $ 213 $ 213 Capital expenditures (excluding business combinations) $ 41 $ 168 $ 4 $ 213 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	6 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Subsequent Events [Text Block]	13. Subsequent Event On July 1, 2024, 198 194 27 No The value of the construction permit acquired from Marquee will be based upon management’s estimate of the fair value using valuation techniques including income, cost and market approaches. In determining the fair value of the acquired assets, the fair values will be determined based on, among other factors, expected future revenue and cash flows, expected future growth rates and estimated discount rates. The sale of television station KCWY and KGWN will result in a non-cash loss on disposal that is expected to be $14 million.

Insider Trading Arrangements

Insider Trading Arrangements	6 Months Ended
	Jun. 30, 2024
Insider Trading Arr Line Items
Insider Trading Policies and Procedures Not Adopted [Text Block]	Item 5. None 10b5 1 10b5 1 408 June 30, 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)	6 Months Ended
	Jun. 30, 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, six June 30, 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 shares outstanding to diluted weighted-average shares outstanding for the three six June 30, 2024 2023, Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Weighted-average shares outstanding-basic 95 93 94 92 Common stock equivalents for restricted shares 1 - 1 - Weighted-average shares outstanding-diluted 96 93 95 92
Comprehensive Income, Policy [Policy Text Block]	Accumulated Other Comprehensive Loss. June 30, 2024 December 31, 2023, six June 30, 2024 2023 June 30, 2024 December 31, 2023 June 30, 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 (26 ) (23 ) Income tax benefit (8 ) (7 ) Accumulated other comprehensive loss $ (25 ) $ (23 )
Property, Plant and Equipment, Policy [Policy Text Block]	Property and Equipment. Estimated June 30, December 31, Useful Lives 2024 2023 (in years) Property and equipment: Land $ 381 $ 368 Buildings and improvements 893 868 7 to 40 Equipment 1,089 1,082 3 to 20 Construction in progress 73 81 2,436 2,399 Accumulated depreciation (854 ) (798 ) Total property and equipment, net $ 1,582 $ 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 three six June 30, 2024 2023, Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Proceeds from asset sold $ - $ - $ - $ - Proceeds received in advance of asset sale - - - 9 Total proceeds received for asset transfer to CID - - - 9 Proceeds for reimbursement of development costs 1 12 6 29 Total proceeds received from CID $ 1 $ 12 $ 6 $ 38 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 Six Months Ended June 30, June 30, 2024 2023 2024 2023 Loss (gain) on disposal of assets, net: Proceeds from sale of fixed assets $ - $ (14 ) $ (7 ) $ (22 ) Net book value of assets disposed (1 ) 16 6 25 Non-cash loss on divestiture - 14 - 14 Discount - Securitization Facility - (1 ) - 8 Other - 1 - 1 Total $ (1 ) $ 16 $ (1 ) $ 26 Purchase of property and equipment: Recurring purchases - operations $ 41 $ 45 Assembly Atlanta development 22 168 Total $ 63 $ 213
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 six June 30, 2024 2023, not may The proceeds of the Securitization Facility are classified as operating activities in our condensed consolidated statements 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 June 30, 2024 December 31, 2023, June 30, 2024 December 31, 2023, six June 30, 2024 2023, six June 30, 2023, six June 30, 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): Six Months Ended June 30, 2024 2023 Beginning balance $ 17 $ 16 Provision for credit losses - 17 Amounts written off (1 ) (1 ) Ending balance $ 16 $ 32
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 June 2024, 2024. December 15, 2026, 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)	6 Months Ended
	Jun. 30, 2024
Notes Tables
Schedule of Weighted Average Number of Shares [Table Text Block]	Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Weighted-average shares outstanding-basic 95 93 94 92 Common stock equivalents for restricted shares 1 - 1 - Weighted-average shares outstanding-diluted 96 93 95 92
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	June 30, 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 (26 ) (23 ) Income tax benefit (8 ) (7 ) Accumulated other comprehensive loss $ (25 ) $ (23 )
Property, Plant and Equipment [Table Text Block]	Estimated June 30, December 31, Useful Lives 2024 2023 (in years) Property and equipment: Land $ 381 $ 368 Buildings and improvements 893 868 7 to 40 Equipment 1,089 1,082 3 to 20 Construction in progress 73 81 2,436 2,399 Accumulated depreciation (854 ) (798 ) Total property and equipment, net $ 1,582 $ 1,601
Proceeds Received for Project [Table Text Block]	Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Proceeds from asset sold $ - $ - $ - $ - Proceeds received in advance of asset sale - - - 9 Total proceeds received for asset transfer to CID - - - 9 Proceeds for reimbursement of development costs 1 12 6 29 Total proceeds received from CID $ 1 $ 12 $ 6 $ 38
Schedule of Disposal of Assets and Purchase of Property and Equipment [Table Text Block]	Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Loss (gain) on disposal of assets, net: Proceeds from sale of fixed assets $ - $ (14 ) $ (7 ) $ (22 ) Net book value of assets disposed (1 ) 16 6 25 Non-cash loss on divestiture - 14 - 14 Discount - Securitization Facility - (1 ) - 8 Other - 1 - 1 Total $ (1 ) $ 16 $ (1 ) $ 26 Purchase of property and equipment: Recurring purchases - operations $ 41 $ 45 Assembly Atlanta development 22 168 Total $ 63 $ 213
Accounts Receivable, Allowance for Credit Loss [Table Text Block]	Six Months Ended June 30, 2024 2023 Beginning balance $ 17 $ 16 Provision for credit losses - 17 Amounts written off (1 ) (1 ) Ending balance $ 16 $ 32

Note 2 - Revenue (Tables)

Note 2 - Revenue (Tables)	6 Months Ended
	Jun. 30, 2024
Notes Tables
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block]	June 30, December 31, 2024 2023 Advertising deposit liabilities $ 13 $ 13 Other deposit liabilities 10 10 Total deferred revenue $ 23 $ 23
Disaggregation of Revenue [Table Text Block]	Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Market and service type: Broadcast advertising: Core advertising $ 373 $ 379 $ 745 $ 736 Political 47 12 74 20 Total advertising 420 391 819 756 Retransmission consent 371 394 752 789 Production companies 18 12 42 34 Other 17 16 36 35 Total revenue $ 826 $ 813 $ 1,649 $ 1,614 Sales channel: Direct $ 551 $ 559 $ 1,107 $ 1,117 Advertising agency intermediary 275 254 542 497 Total revenue $ 826 $ 813 $ 1,649 $ 1,614

Note 3 - Long-term Debt (Tables

Note 3 - Long-term Debt (Tables)	6 Months Ended
	Jun. 30, 2024
Notes Tables
Schedule of Long-Term Debt Instruments [Table Text Block]	June 30, December 31, 2024 2023 Long-term debt : Senior Credit Facility: 2019 Term Loan (matures January 2, 2026) $ - $ 1,190 2021 Term Loan (matures December 1, 2028) 1,455 1,470 2024 Term Loan (matures June 4, 2029) 500 - Revolving Credit Facility (matures December 31, 2027) 200 - 2026 Notes (matures July 15, 2026) 10 700 2027 Notes (matures May 15, 2027) 700 750 2029 Notes (matures July 15, 2029) 1,250 - 2030 Notes (matures October 15, 2030) 800 800 2031 Notes (matures November 15, 2031) 1,300 1,300 Total outstanding principal, including current portion 6,215 6,210 Unamortized deferred loan costs - Senior Credit Facility (36 ) (18 ) Unamortized deferred loan costs - 2026 Notes - (3 ) Unamortized deferred loan costs - 2027 Notes (5 ) (6 ) Unamortized deferred loan costs - 2029 Notes (14 ) - Unamortized deferred loan costs - 2030 Notes (9 ) (10 ) Unamortized deferred loan costs - 2031 Notes (13 ) (14 ) Unamortized premium - 2026 Notes - 1 Less current portion (13 ) (15 ) Long-term debt, less current portion and deferred financing costs $ 6,125 $ 6,145 Borrowing availability under Revolving Credit Facility $ 474 $ 494
Schedule of Maturities of Long-Term Debt [Table Text Block]	Minimum Principal Maturities Year 2019 Senior Credit Facility 2026 Notes 2027 Notes 2029 Notes 2030 Notes 2031 Notes Total Remainder of 2024 $ 3 $ - $ - $ - $ - $ - $ 3 2025 20 - - - - - 20 2026 20 10 - - - - 30 2027 220 - 700 - - - 920 2028 1,415 - - - - - 1,415 2029 477 - - 1,250 - - 1,727 Thereafter - - - - 800 1,300 2,100 Total $ 2,155 $ 10 $ 700 $ 1,250 $ 800 $ 1,300 $ 6,215

Note 7 - Stock-based Compensa_2

Note 7 - Stock-based Compensation (Tables)	6 Months Ended
	Jun. 30, 2024
Notes Tables
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block]	Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Stock-based compensation expense, gross $ 6 $ 7 $ 12 $ 9 Income tax benefit at our statutory rate associated with stock-based compensation (2 ) (2 ) (3 ) (2 ) Stock-based compensation expense, net $ 4 $ 5 $ 9 $ 7
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block]	Six Months Ended June 30, 2024 June 30, 2023 Weighted- Weighted- average average Grant Date Grant Date Number of Fair Value Number of Fair Value Shares Per Share Shares Per Share Restricted stock - common: Outstanding - beginning of period (1) 1,467,936 $ 12.17 997,745 $ 20.62 Granted (1) 1,785,958 7.47 1,007,921 8.15 Vested (480,412 ) 11.23 (461,953 ) 20.27 Forfeited (130,000 ) 8.10 - 0.00 Outstanding - end of period (1) 2,643,482 $ 9.36 1,543,713 $ 12.58 Restricted stock - Class A common: Outstanding - beginning of period (1) 1,148,233 $ 12.37 677,238 $ 19.36 Granted (1) 823,393 8.25 738,854 8.34 Vested (318,733 ) 13.17 (203,986 ) 18.76 Outstanding - end of period (1) 1,652,893 $ 10.16 1,212,106 $ 12.74 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)	6 Months Ended
	Jun. 30, 2024
Notes Tables
Lease, Cost [Table Text Block]	Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Lease expense Operating lease expense $ 4 $ 5 $ 8 $ 9 Short-term lease expense 1 1 2 2 Total lease expense $ 5 $ 6 $ 10 $ 11
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block]	Year ending December 31, 2024 Operating Leases Remainder of 2024 $ 7 2025 14 2026 12 2027 11 2028 8 Thereafter 47 Total lease payments 99 Less: Imputed interest (25 ) Present value of lease liabilities $ 74
Operating Lease, Lease Income [Table Text Block]	Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Operating lease revenue: Fixed lease revenue $ 5 $ - $ 11 $ - Variable lease revenue 4 4 8 8 Total operating lease revenue $ 9 $ 4 $ 19 $ 8
Lessor, Operating Lease, Payment to be Received, Maturity [Table Text Block]	Year ending December 31, Operating Leases Remainder of 2024 $ 9 2025 19 2026 20 2027 20 2028 20 Thereafter 229 Total lease receipts $ 317

Note 10 - Goodwill and Intang_2

Note 10 - Goodwill and Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2024
Notes Tables
Schedule of Intangible Assets and Goodwill [Table Text Block]	As of June 30, 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 $ (143 ) $ 73 $ 216 $ (126 ) $ 90 Other finite lived intangible assets 992 (713 ) 279 992 (667 ) 325 $ 1,208 $ (856 ) $ 352 $ 1,208 $ (793 ) $ 415 Total intangibles $ 9,225 $ (910 ) $ 8,315 $ 9,225 $ (847 ) $ 8,378

Note 11 - Income Taxes (Tables)

Note 11 - Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2024
Notes Tables
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]	Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Income tax expense (benefit) $ 7 $ 5 $ 38 $ (6 ) Effective income tax rate 24 % 56 % 26 % 18 %

Note 12 - Segment Information (

Note 12 - Segment Information (Tables)	6 Months Ended
	Jun. 30, 2024
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Production As of and for the six months ended June 30, 2024: Broadcasting Companies Other Consolidated Revenue (less agency commissions) $ 1,607 $ 42 $ - $ 1,649 Operating expenses before depreciation, amortization and gain on disposal of assets, net: 1,148 35 56 1,239 Depreciation and amortization 124 10 1 135 Gain on disposal of assets, net (1 ) - - (1 ) Operating expenses 1,271 45 57 1,373 Operating income (loss) $ 336 $ (3 ) $ (57 ) $ 276 Interest expense $ - $ - $ 233 $ 233 Capital expenditures (excluding business combinations) $ 41 $ 22 $ - $ 63 Goodwill $ 2,615 $ 28 $ - $ 2,643 Total assets $ 9,846 $ 653 $ 135 $ 10,634 For the six months ended June 30, 2023: Revenue (less agency commissions) $ 1,580 $ 34 $ - $ 1,614 Operating expenses before depreciation, amortization and gain on disposal of assets, net: 1,107 70 56 1,233 Depreciation and amortization 160 7 2 169 Loss on disposal of assets, net 24 2 - 26 Operating expenses 1,291 79 58 1,428 Operating income (loss) $ 289 $ (45 ) $ (58 ) $ 186 Interest expense $ - $ - $ 213 $ 213 Capital expenditures (excluding business combinations) $ 41 $ 168 $ 4 $ 213 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		6 Months Ended		12 Months Ended
	Feb. 08, 2024 USD ($)	Jun. 30, 2024 USD ($) Rate	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Feb. 23, 2023 USD ($)
Number of Operating Segments		2
Number of Television Markets		113
Percent of US Television Households Reached (Rate) | Rate		36%
Number of Television Markets with Top-Rated Stations		77
Number of Television Markets with First and/or Second Rated Stations		100
Number of Television Markets, Telemundo Affiliate Group		43
Number of Hispanic Television Households		1,500,000
Proceeds from Sale of Long-Term Investments		$ 110	$ 0
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]		Secured Overnight Financing Rate (SOFR) [Member]
Accounts Receivable Securitization, Unsold Receivables		$ 297
Special Purpose Subsidiary ("SPV") [Member]
Fee Income		$ 3	2
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				$ 296
Accounts Receivable Securitization, Total Receivables		$ 597	577
Accounts Receivable Securitization, Charge for Discount			$ 9
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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Weighted-average shares outstanding-basic (in shares)	95	93	94	92
Common stock equivalents for restricted shares (in shares)	1	0	1	0
Weighted-average shares outstanding-diluted (in shares)	96	93	95	92

Note 1 - Basis of Presentatio_4

Note 1 - Basis of Presentation - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	Jun. 30, 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	(26)	(23)
Income tax benefit	(8)	(7)
Accumulated other comprehensive loss	$ (25)	$ (23)

Note 1 - Basis of Presentatio_5

Note 1 - Basis of Presentation - Property and Equipment (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Property and equipment, gross	$ 2,436	$ 2,399
Accumulated depreciation	(854)	(798)
Total property and equipment, net	1,582	1,601
Land [Member]
Property and equipment, gross	381	368
Building and Building Improvements [Member]
Property and equipment, gross	$ 893	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	$ 1,089	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	$ 73	$ 81

Note 1 - Basis of Presentatio_6

Note 1 - Basis of Presentation - Proceeds Received for Project (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Proceeds from asset sold	$ 0	$ 14	$ 7	$ 22
Sale Agreement with the Doraville Community Improvement District [Member]
Proceeds from asset sold	0	0	0	0
Proceeds received in advance of asset sale	0	0	0	9
Total proceeds received for asset transfer to CID	0	0	0	9
Proceeds for reimbursement of development costs	1	12	6	29
Total proceeds received from CID	$ 1	$ 12	$ 6	$ 38

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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Proceeds from sale of fixed assets	$ 0	$ (14)	$ (7)	$ (22)
Net book value of assets disposed	(1)	16	6	25
Non-cash loss on divestiture	0	14	0	14
Discount - Securitization Facility	0	(1)	0	8
Other	0	1	0	1
Total	(1)	16	(1)	26
Recurring purchases - operations			41	45
Assembly Atlanta development			22	168
Total			$ 63	$ 213

Note 1 - Basis of Presentatio_8

Note 1 - Basis of Presentation - Allowance for Credit Losses (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Beginning balance	$ 17	$ 16
Provision for credit losses	0	17
Amounts written off	(1)	(1)
Ending balance	$ 16	$ 32

Note 2 - Revenue (Details Textu

Note 2 - Revenue (Details Textual) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 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	Jun. 30, 2024	Dec. 31, 2023
Deferred revenue	$ 23	$ 23
Advertising Deposit Liabilities [Member]
Deferred revenue	13	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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenue	$ 826	$ 813	$ 1,649	$ 1,614
Sales Channel, Directly to Consumer [Member]
Revenue	551	559	1,107	1,117
Sales Channel, Through Intermediary [Member]
Revenue	275	254	542	497
Core Advertising [Member]
Revenue	373	379	745	736
Political Advertising [Member]
Revenue	47	12	74	20
Advertising [Member]
Revenue	420	391	819	756
Retransmission Consent [Member]
Revenue	371	394	752	789
Production Companies [Member]
Revenue	18	12	42	34
Service, Other [Member]
Revenue	$ 17	$ 16	$ 36	$ 35

Note 3 - Long-term Debt (Detail

Note 3 - Long-term Debt (Details Textual) - USD ($)					3 Months Ended			6 Months Ended		20 Months Ended
	Jun. 30, 2024	Jun. 24, 2024	Jun. 04, 2024	Jun. 03, 2024	Sep. 30, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2025	Dec. 31, 2023
Repayments of Long-Term Debt								$ 2,015,000,000	$ 403,000,000
Payments of Debt Restructuring Costs			$ 47,000,000
Debt Issuance Costs, Gross			43,000,000
Gain (Loss) on Extinguishment of Debt			(12,000,000)			$ (7,000,000)	$ 0	(7,000,000)	(3,000,000)
Gain (Loss) on Extinguishment of Debt, before Debt Issuance Cost Writeoff			4,000,000
Deferred Debt Issuance Cost, Writeoff			8,000,000
Debt Repurchase Program, Face Value of Debt Retired						50,000,000
Derivative, Notional Amount	$ 2,000,000,000					2,000,000,000		2,000,000,000
Derivative Asset	18,000,000					18,000,000		18,000,000			$ 24,000,000
Derivative Liabilities, Net of Tax	$ 26,000,000					$ 26,000,000		26,000,000
Amortization								6,000,000	4,000,000
Interest Costs Capitalized								1,000,000	13,000,000
Interest Paid, Excluding Capitalized Interest, Operating Activities								210,000,000	208,000,000
Interest Rate Cap [Member]
Derivative Liabilities, Net of Tax											$ 23,000,000
Interest Costs Capitalized								$ 4,000,000	$ 300,000
Forecast [Member] | Interest Rate Cap [Member]
Derivative Fees Payable										$ 34,000,000
Debt Repurchase Agreement Using Liquidity [Member]
Available Liquidity, Maximum Authorized Amount to Repurchase Debt										$ 250,000,000
Debt Repurchase Agreement Under Rule 10b5-1 [Member]
Debt Repurchase Agreement, Amount of Debt to be Repurchased		$ 50,000,000
Debt Repurchase Plan, Maximum Purchase Price Per One Thousand Face Value		$ 931
Second Amendment Extending Maturity Date to December 1, 2026 [Member]
Line of Credit Facility, Maximum Borrowing Capacity			552,500,000
Long-Term Line of Credit			72,500,000
Third Amendment Increasing Aggregate Commitments to 127.5 Million [Member}
Line of Credit Facility, Increase in Maximum Borrowing Capacity			127,500,000
Long-Term Line of Credit			$ 680,000,000
The 2024 Revolving Credit Facility [Member] | Minimum [Member]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage			0.375%
The 2024 Revolving Credit Facility [Member] | Maximum [Member]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage			0.50%
The 2024 Revolving Credit Facility [Member] | Secured Overnight Financing Rate (SOFR) [Member] | Minimum [Member]
Debt Instrument, Basis Spread on Variable Rate			1.75%
The 2024 Revolving Credit Facility [Member] | Secured Overnight Financing Rate (SOFR) [Member] | Maximum [Member]
Debt Instrument, Basis Spread on Variable Rate			2.75%
The 2024 Revolving Credit Facility [Member] | Base Rate [Member] | Minimum [Member]
Debt Instrument, Basis Spread on Variable Rate			0.75%
The 2024 Revolving Credit Facility [Member] | Base Rate [Member] | Maximum [Member]
Debt Instrument, Basis Spread on Variable Rate			1.75%
2026 Notes [Member]
Debt Instrument, Interest Rate, Stated Percentage	5.875%			5.875%		5.875%		5.875%			5.875%
Debt Instrument, Repurchase Amount				$ 690,000,000
2027 Notes [Member]
Debt Instrument, Interest Rate, Stated Percentage	7%					7%		7%			7%
2027 Notes [Member] | Debt Repurchase Agreement Using Liquidity [Member]
Repayments of Long-Term Debt						$ 45,000,000
Gain (Loss) on Repurchase of Debt Instrument						$ 5,000,000
2027 Notes [Member] | Debt Repurchase Agreement Under Rule 10b5-1 [Member] | Forecast [Member]
Repayments of Long-Term Debt					$ 29,000,000
Debt Repurchase Plan, Notes Repurchased, Average Price Per One Note at Face Value					$ 921
2029 Notes [Member]
Debt Instrument, Interest Rate, Stated Percentage	10.50%			10.50%		10.50%		10.50%
Debt Instrument, Face Amount				$ 1,250,000,000
2030 Notes [Member]
Debt Instrument, Interest Rate, Stated Percentage	4.75%					4.75%		4.75%			4.75%
Notes 2031 [Member]
Debt Instrument, Interest Rate, Stated Percentage	5.375%					5.375%		5.375%			5.375%
The 2024 Term Loan [Member]
Debt Instrument, Face Amount			$ 500,000,000	500,000,000
Debt Instrument, Periodic Payment, Principal			$ 1,250,000
Debt Instrument, Prepayment fee			1%
The 2024 Term Loan [Member] | Fed Funds Effective Rate Overnight Index Swap Rate [Member]
Debt Instrument, Basis Spread on Variable Rate			0.50%
The 2024 Term Loan [Member] | Secured Overnight Financing Rate (SOFR) [Member]
Debt Instrument, Basis Spread on Variable Rate			1%
Debt Instrument, Interest Rate, Effective Percentage			5.25%
The 2024 Term Loan [Member] | Base Rate [Member]
Debt Instrument, Basis Spread on Variable Rate			4.25%
The 2024 Revolving Credit Facility [Member]
Proceeds from Lines of Credit				$ 150,000,000
The 2019 Term Loan [Member]
Repayments of Long-Term Debt	$ 1,200,000,000

Note 3 - Long-term Debt - Long-

Note 3 - Long-term Debt - Long-term Debt Summary (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
2019 Term Loan (matures January 2, 2026)	$ 6,215	$ 6,210
2024 Term Loan (matures June 4, 2029)	6,215	6,210
Less current portion	(13)	(15)
Long-term debt, less current portion and deferred financing costs	6,125	6,145
Borrowing availability under Revolving Credit Facility	474	494
Revolving Credit Facility [Member]
2019 Term Loan (matures January 2, 2026)	200	0
2024 Term Loan (matures June 4, 2029)	200	0
The 2019 Term Loan [Member]
2019 Term Loan (matures January 2, 2026)	0	1,190
2024 Term Loan (matures June 4, 2029)	0	1,190
The 2021 Term Loan [Member]
2019 Term Loan (matures January 2, 2026)	1,455	1,470
2024 Term Loan (matures June 4, 2029)	1,455	1,470
The 2024 Term Loan [Member]
2019 Term Loan (matures January 2, 2026)	500	0
2024 Term Loan (matures June 4, 2029)	500	0
2026 Notes [Member]
2019 Term Loan (matures January 2, 2026)	10	700
2024 Term Loan (matures June 4, 2029)	10	700
Unamortized deferred loan costs - Senior Credit Facility	0	(3)
Unamortized deferred loan costs - 2026 Notes	0	(3)
Unamortized premium	0	1
2027 Notes [Member]
2019 Term Loan (matures January 2, 2026)	700	750
2024 Term Loan (matures June 4, 2029)	700	750
Unamortized deferred loan costs - Senior Credit Facility	(5)	(6)
Unamortized deferred loan costs - 2026 Notes	(5)	(6)
2029 Notes [Member]
2019 Term Loan (matures January 2, 2026)	1,250	0
2024 Term Loan (matures June 4, 2029)	1,250	0
Unamortized deferred loan costs - Senior Credit Facility	(14)	0
Unamortized deferred loan costs - 2026 Notes	(14)	0
2030 Notes [Member]
2019 Term Loan (matures January 2, 2026)	800	800
2024 Term Loan (matures June 4, 2029)	800	800
Unamortized deferred loan costs - Senior Credit Facility	(9)	(10)
Unamortized deferred loan costs - 2026 Notes	(9)	(10)
Notes 2031 [Member]
2019 Term Loan (matures January 2, 2026)	1,300	1,300
2024 Term Loan (matures June 4, 2029)	1,300	1,300
Unamortized deferred loan costs - Senior Credit Facility	(13)	(14)
Unamortized deferred loan costs - 2026 Notes	(13)	(14)
Senior Credit Facility [Member]
Unamortized deferred loan costs - Senior Credit Facility	(36)	(18)
Unamortized deferred loan costs - 2026 Notes	$ (36)	$ (18)

Note 3 - Long-term Debt - Aggre

Note 3 - Long-term Debt - Aggregate Minimum Principal Maturities on Long-term Debt (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Remainder of 2024	$ 3
2025	20
2026	30
2027	920
2028	1,415
2029	1,727
Thereafter	2,100
Total Debt	6,215	$ 6,210
The 2019 Senior Credit Facility [Member]
Remainder of 2024	3
2025	20
2026	20
2027	220
2028	1,415
2029	477
Thereafter	0
Total Debt	2,155
2026 Notes [Member]
Remainder of 2024	0
2025	0
2026	10
2027	0
2028	0
2029	0
Thereafter	0
Total Debt	10	700
2027 Notes [Member]
Remainder of 2024	0
2025	0
2026	0
2027	700
2028	0
2029	0
Thereafter	0
Total Debt	700	750
2029 Notes [Member]
Remainder of 2024	0
2025	0
2026	0
2027	0
2028	0
2029	1,250
Thereafter	0
Total Debt	1,250	0
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 Billions	Jun. 30, 2024	Dec. 31, 2023
Long-Term Debt	$ 6.1	$ 6.2
Long-Term Debt, Fair Value	$ 5.1	$ 5.6

Note 5 - Stockholders' Equity (

Note 5 - Stockholders' Equity (Details Textual) $ / shares in Units, $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2024 USD ($) $ / shares shares	Mar. 31, 2024 USD ($) $ / shares	Jun. 30, 2023 USD ($) $ / shares	Mar. 31, 2023 USD ($) $ / shares	Jun. 30, 2024 USD ($) $ / shares shares	Jun. 30, 2023 USD ($) $ / shares	Dec. 31, 2023 shares
Capital Units, Authorized (in shares) | shares	245,000,000				245,000,000
Common Stock, Shares Authorized (in shares) | shares	200,000,000				200,000,000
Preferred Stock, Shares Authorized (in shares) | shares	20,000,000				20,000,000
Common Stock, Voting Rights, Votes Per Share	1				1
Common Stock, Dividends, Per Share, Declared (in dollars per share)					$ 0.16	$ 0.16
Dividends, Common Stock | $	$ 8	$ 8	$ 7	$ 7	$ 16	$ 14
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | shares	13,400,000				13,400,000
O 2024 Q1 Dividends [Member]
Common Stock, Dividends, Per Share, Declared (in dollars per share)		$ 0.08
O 2024 Q2 Dividends [Member]
Common Stock, Dividends, Per Share, Declared (in dollars per share)	$ 0.08
O 2023 Q1 Dividends [Member]
Common Stock, Dividends, Per Share, Declared (in dollars per share)				$ 0.08
O 2023 Q2 Dividends [Member]
Common Stock, Dividends, Per Share, Declared (in dollars per share)			$ 0.08
Class A Common Stock (No Par Value) [Member]
Common Stock, Shares Authorized (in shares) | shares	25,000,000				25,000,000		25,000,000
Common Stock, Voting Rights, Votes Per Share	10				10
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | shares	1,200,000				1,200,000
Class A Common Stock (No Par Value) [Member] | O 2024 Q1 Dividends [Member]
Common Stock, Dividends, Per Share, Declared (in dollars per share)		$ 0.08
Class A Common Stock (No Par Value) [Member] | O 2024 Q2 Dividends [Member]
Common Stock, Dividends, Per Share, Declared (in dollars per share)	$ 0.08
Class A Common Stock (No Par Value) [Member] | O 2023 Q1 Dividends [Member]
Common Stock, Dividends, Per Share, Declared (in dollars per share)				$ 0.08
Class A Common Stock (No Par Value) [Member] | O 2023 Q2 Dividends [Member]
Common Stock, Dividends, Per Share, Declared (in dollars per share)			$ 0.08

Note 6 - Retirement Plans (Deta

Note 6 - Retirement Plans (Details Textual) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Defined Benefit Plan, Net Periodic Benefit Cost (Credit)	$ (2)
Defined Contribution Plan, Employer Discretionary Contribution Amount	15
Defined Contribution Plan, Expected Contributions, Remainder of Fiscal Year	13
Profit Sharing Contribution [Member]
Defined Contribution Plan, Employer Discretionary Contribution Amount		$ 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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Stock-based compensation expense, gross	$ 6	$ 7	$ 12	$ 9
Income tax benefit at our statutory rate associated with stock-based compensation	(2)	(2)	(3)	(2)
Stock-based compensation expense, net	$ 4	$ 5	$ 9	$ 7

Note 7 - Stock-based Compensa_4

Note 7 - Stock-based Compensation - Summary of Restricted Common Stock Activity (Details) - $ / shares		6 Months Ended
		Jun. 30, 2024	Jun. 30, 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]	1,785,958	1,007,921
Granted, Weighted average grant date fair value (in dollars per share)	[1]	$ 7.47	$ 8.15
Vested, Shares (in shares)		(480,412)	(461,953)
Vested, Weighted average grant date fair value (in dollars per share)		$ 11.23	$ 20.27
Forfeited, Shares (in shares)		(130,000)	0
Forfeited (in dollars per share)		$ 8.1	$ 0
Outstanding, Shares (in shares)		2,643,482	1,543,713
Outstanding, Weighted average grant date fair value (in dollars per share)		$ 9.36	$ 12.58
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	738,854
Granted, Weighted average grant date fair value (in dollars per share)	[1]	$ 8.25	$ 8.34
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	1,212,106
Outstanding, Weighted average grant date fair value (in dollars per share)		$ 10.16	$ 12.74
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 (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	Jun. 30, 2024	Dec. 31, 2023
Operating Lease, Weighted Average Remaining Lease Term (Year)	9 years
Operating Lease, Weighted Average Discount Rate, Percent	6.60%
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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Operating lease expense	$ 4	$ 5	$ 8	$ 9
Short-term lease expense	1	1	2	2
Total lease expense	$ 5	$ 6	$ 10	$ 11

Note 8 - Leases - Maturities of

Note 8 - Leases - Maturities of Operating Lease Liabilities (Details) $ in Millions	Jun. 30, 2024 USD ($)
Remainder of 2024	$ 7
2025	14
2026	12
2027	11
2028	8
Thereafter	47
Total lease payments	99
Less: Imputed interest	(25)
Present value of lease liabilities	$ 74

Note 8 - Leases - Operating Lea

Note 8 - Leases - Operating Lease Revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 02, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Fixed lease revenue	$ 5	$ 0	$ 11	$ 0
Variable lease revenue	4	4	8	8
Total operating lease revenue	$ 9	$ 4	$ 19	$ 8

Note 8 - Leases - Future Minimu

Note 8 - Leases - Future Minimum Rental Receipts (Details) $ in Millions	Jun. 30, 2024 USD ($)
Remainder of 2024	$ 9
2025	19
2026	20
2027	20
2028	20
Thereafter	229
Total lease receipts	$ 317

Note 10 - Goodwill and Intang_3

Note 10 - Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Amortization of Intangible Assets	$ 63	$ 99
Finite-Lived Intangible Asset, Expected Amortization, Remainder of Fiscal Year	62
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	Jun. 30, 2024	Dec. 31, 2023
Goodwill	$ 2,643	$ 2,643
Finite-Lived Intangible Assets, Net	352	415
Total intangible assets, gross	9,225	9,225
Total intangible assets, accumulated amortization	(910)	(847)
Total intangible assets, net	8,315	8,378
Network Affiliate [Member]
Finite-Lived Intangible Assets, Gross	216	216
Finite-Lived Intangible Assets, Accumulated Amortization	(143)	(126)
Finite-Lived Intangible Assets, Net	73	90
Other Intangible Assets [Member]
Finite-Lived Intangible Assets, Gross	992	992
Finite-Lived Intangible Assets, Accumulated Amortization	(713)	(667)
Finite-Lived Intangible Assets, Net	279	325
Intangible Assets Subject to Amortization [Member]
Finite-Lived Intangible Assets, Gross	1,208	1,208
Finite-Lived Intangible Assets, Accumulated Amortization	(856)	(793)
Finite-Lived Intangible Assets, Net	352	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 Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2024	Jun. 30, 2024	Jun. 30, 2023
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent			21%	21%
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent			5%	4%
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, Nondeductible Expense, Percent				1%
Effective Income Tax Rate Reconciliation, Discrete Item, Percent				6%
Income Taxes Paid, Net			$ 85
Proceeds from Income Tax Refunds	$ 23
State and Local Jurisdiction [Member]
Operating Loss Carryforwards	282		282
Operating Loss Carryforwards That Will Not Be Realized	$ 201		$ 201
Forecast [Member] | Minimum [Member] | Subsequent Event [Member]
Income Taxes Paid, Net		$ 92
Forecast [Member] | Maximum [Member] | Subsequent Event [Member]
Income Taxes Paid, Net		$ 102

Note 11 - Income Taxes - Federa

Note 11 - Income Taxes - Federal and State Income Tax Expense (Benefit) Summary (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income tax expense (benefit)	$ 7	$ 5	$ 38	$ (6)
Effective income tax rate	24%	56%	26%	18%

Note 12 - Segment Information_2

Note 12 - Segment Information (Details Textual)	6 Months Ended
	Jun. 30, 2024
Number of Operating Segments	2

Note 12 - Segment Information -

Note 12 - Segment Information - Segment Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		18 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Dec. 31, 2023
Revenue	$ 826	$ 813	$ 1,649	$ 1,614
Operating expenses before depreciation, amortization and gain on disposal of assets, net:			1,239	1,233
Depreciation and amortization			135	169
Gain on disposal of assets, net	(1)	16	(1)	26
Operating expenses	674	694	1,373	1,428
Operating income (loss)	152	119	276	186
Interest expense	118	109	233	213
Capital expenditures (excluding business combinations)			63	213
Goodwill	2,643		2,643		$ 2,643	$ 2,643
Total assets	10,634		10,634		10,634	10,640
Loss on disposal of assets, net	1	(16)	1	(26)
Broadcasting, Segment [Member]
Revenue	808	801	1,607	1,580
Production Companies, Segment [Member]
Revenue	18	$ 12	42	34
Operating Segments [Member] | Broadcasting, Segment [Member]
Revenue			1,607	1,580
Operating expenses before depreciation, amortization and gain on disposal of assets, net:			1,148	1,107
Depreciation and amortization			124	160
Gain on disposal of assets, net			(1)	24
Operating expenses			1,271	1,291
Operating income (loss)			336	289
Interest expense			0	0
Capital expenditures (excluding business combinations)			41	41
Goodwill	2,615		2,615		2,615	2,615
Total assets	9,846		9,846		9,846	9,897
Loss on disposal of assets, net			1	(24)
Operating Segments [Member] | Production Companies, Segment [Member]
Revenue			42	34
Operating expenses before depreciation, amortization and gain on disposal of assets, net:			35	70
Depreciation and amortization			10	7
Gain on disposal of assets, net			0	2
Operating expenses			45	79
Operating income (loss)			(3)	(45)
Interest expense			0		0
Capital expenditures (excluding business combinations)			22	168
Goodwill	28		28		28	28
Total assets	653		653		653	658
Loss on disposal of assets, net			0	(2)
Segment Reporting, Reconciling Item, Excluding Corporate Nonsegment [Member]
Revenue			0	0
Operating expenses before depreciation, amortization and gain on disposal of assets, net:			56	56
Depreciation and amortization			1	2
Gain on disposal of assets, net			0	0
Operating expenses			57	58
Operating income (loss)			(57)	(58)
Interest expense			233	213
Capital expenditures (excluding business combinations)			0	4
Goodwill	0		0		0	0
Total assets	$ 135		135		$ 135	$ 85
Loss on disposal of assets, net			$ 0	$ 0

Note 13 - Subsequent Event (Det

Note 13 - Subsequent Event (Details Textual) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
	Jul. 01, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Gain (Loss) on Disposition of Assets		$ 1	$ (16)	$ 1	$ (26)
Sale of Television Stations KCWY and KGWN [Member] | Subsequent Event [Member]
Gain (Loss) on Disposition of Assets	$ (14)