Cover
Cover - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Jan. 31, 2024 | Jun. 30, 2023 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 001-10701 | ||
Entity Registrant Name | THE E.W. SCRIPPS COMPANY | ||
Entity Incorporation, State or Country Code | OH | ||
Entity Tax Identification Number | 31-1223339 | ||
Entity Address, Address Line One | 312 Walnut Street | ||
Entity Address, City or Town | Cincinnati | ||
Entity Address, State or Province | OH | ||
Entity Address, Postal Zip Code | 45202 | ||
City Area Code | 513 | ||
Local Phone Number | 977-3000 | ||
Title of 12(b) Security | Class A Common Stock, par value $0.01 per share | ||
Trading Symbol | SSP | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Share price | $ 9.15 | ||
Entity Public Float | $ 536 | ||
Entity Central Index Key | 0000832428 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Documents Incorporated by Reference | Certain information required for Part III of this report is incorporated herein by reference to the proxy statement for the 2024 annual meeting of shareholders. | ||
Document Financial Statement Error Correction [Flag] | false | ||
Common stock, Class A | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 72,883,609 | ||
Voting common stock | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 11,932,722 |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Auditor Information [Abstract] | |
Auditor Location | Cincinnati, Ohio |
Auditor Name | Deloitte & Touche LLP |
Auditor Firm ID | 34 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 35,319 | $ 18,027 |
Accounts receivable (less allowances — $5,041 and $4,963) | 610,541 | 600,098 |
Miscellaneous | 30,233 | 25,816 |
Total current assets | 676,093 | 643,941 |
Investments | 23,265 | 23,144 |
Property and equipment | 455,255 | 458,600 |
Operating lease right-of-use assets | 99,194 | 117,869 |
Goodwill | 1,968,574 | 2,920,574 |
Other intangible assets | 1,727,178 | 1,821,254 |
Programming | 449,943 | 427,962 |
Miscellaneous | 10,618 | 17,661 |
Total Assets | 5,410,120 | 6,431,005 |
Current liabilities: | ||
Accounts payable | 76,383 | 82,710 |
Unearned revenue | 12,181 | 18,183 |
Current portion of long-term debt | 15,612 | 18,612 |
Accrued liabilities: | ||
Employee compensation and benefits | 60,869 | 44,590 |
Programming liability | 171,860 | 167,131 |
Accrued interest | 32,030 | 31,087 |
Miscellaneous | 43,934 | 52,891 |
Other current liabilities | 64,950 | 69,801 |
Total current liabilities | 477,819 | 485,005 |
Long-term debt (less current portion) | 2,896,824 | 2,853,793 |
Deferred income taxes | 307,399 | 370,457 |
Operating lease liabilities | 87,714 | 106,866 |
Other liabilities (less current portion) | 484,181 | 484,059 |
Commitments and contingencies (Note 16) | ||
Equity: | ||
Total preferred and common stock | 415,397 | 413,080 |
Additional paid-in capital | 1,438,518 | 1,444,501 |
Retained earnings (deficit) | (622,222) | 350,715 |
Accumulated other comprehensive loss, net of income taxes | (75,510) | (77,471) |
Total equity | 1,156,183 | 2,130,825 |
Total Liabilities and Equity | 5,410,120 | 6,431,005 |
Preferred Stock | ||
Equity: | ||
Preferred stock and Preferred Stock, Series A | 0 | 0 |
Series A Preferred Stock | ||
Equity: | ||
Preferred stock and Preferred Stock, Series A | 414,549 | 412,244 |
Common stock, Class A | ||
Equity: | ||
Common stock, Class A and Voting | 729 | 717 |
Voting common stock | ||
Equity: | ||
Common stock, Class A and Voting | $ 119 | $ 119 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Allowances for accounts and notes receivable | $ 5,041 | $ 4,963 |
Stated value per share (USD per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 25,000,000 | 25,000,000 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (USD per share) | $ 0.01 | $ 0.01 |
Series A Preferred Stock | ||
Stated value per share (USD per share) | $ 100,000 | $ 100,000 |
Preferred stock, shares outstanding | 6,000 | 6,000 |
Preferred stock, shares issued | 6,000 | 6,000 |
Common stock, Class A | ||
Common stock, shares authorized | 240,000,000 | 240,000,000 |
Common stock, shares issued | 72,843,881 | 71,649,335 |
Common stock, shares outstanding | 72,843,881 | 71,649,335 |
Voting common stock | ||
Common stock, shares authorized | 60,000,000 | 60,000,000 |
Common stock, shares issued | 11,932,722 | 11,932,722 |
Common stock, shares outstanding | 11,932,722 | 11,932,722 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating Revenues: | |||
Total operating revenues | $ 2,292,912 | $ 2,453,215 | $ 2,283,532 |
Operating Expenses: | |||
Cost of revenues, excluding depreciation and amortization | 1,283,324 | 1,233,769 | 1,106,226 |
Selling, general and administrative expenses, excluding depreciation and amortization | 614,769 | 623,161 | 595,105 |
Acquisition and related integration costs | 0 | 1,642 | 40,373 |
Restructuring and related cost, incurred cost | 38,612 | 0 | 9,436 |
Depreciation | 60,725 | 61,943 | 58,357 |
Amortization of intangible assets | 94,380 | 98,490 | 103,565 |
Impairment of goodwill | 952,000 | 0 | 0 |
Losses (gains), net on disposal of property and equipment | 2,344 | 5,866 | (30,275) |
Total operating expenses | 3,046,154 | 2,024,871 | 1,882,787 |
Operating income (loss) | (753,242) | 428,344 | 400,745 |
Interest expense | (213,512) | (161,130) | (165,164) |
Gain (loss) on extinguishment of debt | 0 | 8,589 | (15,347) |
Defined benefit pension plan income (expense) | 650 | 2,613 | (343) |
Gain on sale of Triton business | 0 | 0 | 81,784 |
Losses on stock warrant | 0 | 0 | (99,118) |
Miscellaneous, net | (1,407) | (1,953) | (15,469) |
Income (loss) from continuing operations before income taxes | (967,511) | 276,463 | 187,088 |
Provision (benefit) for income taxes | (19,727) | 80,561 | 71,189 |
Income (loss) from continuing operations, net of tax | (947,784) | 195,902 | 115,899 |
Income from discontinued operations, net of tax | 0 | 0 | 6,813 |
Net income (loss) | (947,784) | 195,902 | 122,712 |
Preferred stock dividends | (50,305) | (50,305) | (49,372) |
Net income (loss) attributable to the shareholders of The E.W. Scripps Company | $ (998,089) | $ 145,597 | $ 73,340 |
Net income (loss) per basic share of common stock attributable to the shareholders of The E.W. Scripps Company: | |||
Income from continuing operations (in dollars per share) | $ (11.84) | $ 1.71 | $ 0.79 |
Income from discontinued operations (in dollars per share) | 0 | 0 | 0.08 |
Net income per basic share of common stock (USD per share) | (11.84) | 1.71 | 0.87 |
Net income (loss) per diluted share of common stock attributable to the shareholders of The E.W. Scripps Company: | |||
Income from continuing operations (in dollars per share) | (11.84) | 1.62 | 0.74 |
Income from discontinued operations (in dollars per share) | 0 | 0 | 0.08 |
Net income per diluted share of common stock (USD per share) | $ (11.84) | $ 1.62 | $ 0.81 |
Weighted average shares outstanding: | |||
Basic (in shares) | 84,266 | 83,220 | 82,327 |
Diluted (in shares) | 84,266 | 87,346 | 87,979 |
Advertising | |||
Operating Revenues: | |||
Total operating revenues | $ 1,477,999 | $ 1,757,389 | $ 1,614,814 |
Distribution | |||
Operating Revenues: | |||
Total operating revenues | 779,217 | 660,317 | 620,454 |
Other | |||
Operating Revenues: | |||
Total operating revenues | $ 35,696 | $ 35,509 | $ 48,264 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ (947,784) | $ 195,902 | $ 122,712 |
Changes in defined benefit pension plans, net of tax of $658, $(1,158), and $8,086 | 2,080 | (3,614) | 26,076 |
Other, net of tax of $(38), $17 and $42 | (119) | 52 | 134 |
Total comprehensive income (loss) attributable to preferred and common stockholders | $ (945,823) | $ 192,340 | $ 148,922 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Changes in defined benefit pension plans, tax amount | $ 658 | $ (1,158) | $ 8,086 |
Changes in other, tax amount | $ (38) | $ 17 | $ 42 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash Flows from Operating Activities: | |||
Net income (loss) | $ (947,784) | $ 195,902 | $ 122,712 |
Income from discontinued operations, net of tax | 0 | 0 | 6,813 |
Income (loss) from continuing operations, net of tax | (947,784) | 195,902 | 115,899 |
Adjustments to reconcile net income (loss) from continuing operations to net cash flows from operating activities: | |||
Depreciation and amortization | 155,105 | 160,433 | 161,922 |
Impairment of goodwill | 952,000 | 0 | 0 |
Losses (gains), net on disposal of property and equipment | 2,344 | 5,866 | (30,275) |
Gain (loss) on extinguishment of debt | 0 | (8,589) | 15,347 |
Gain on sale of Triton business | 0 | 0 | (81,784) |
Losses on stock warrant | 0 | 0 | 99,118 |
Programming assets and liabilities | (20,504) | (27,144) | (59,233) |
Restructuring impairment charges | 14,933 | 0 | 7,050 |
Deferred income taxes | (63,698) | 12,915 | 9,725 |
Stock and deferred compensation plans | 25,631 | 19,461 | 25,963 |
Pension contributions, net of income/expense | (2,107) | (29,196) | (24,707) |
Other changes in certain working capital accounts, net | (16,275) | (35,800) | (4,221) |
Miscellaneous, net | 11,959 | 17,575 | (3,867) |
Net cash provided by operating activities from continuing operations | 111,604 | 311,423 | 230,937 |
Net cash provided by operating activities from discontinued operations | 0 | 0 | 6,063 |
Net operating activities | 111,604 | 311,423 | 237,000 |
Cash Flows from Investing Activities: | |||
Acquisitions, net of cash acquired | 0 | (13,797) | (2,677,755) |
Proceeds from sale of Triton Digital, net of cash disposed | 0 | 0 | 224,990 |
Additions to property and equipment | (59,627) | (45,792) | (60,744) |
Acquisition of intangible assets | 0 | 0 | (430) |
Purchase of investments | (1,000) | (7,373) | (12,030) |
Proceeds from FCC repack | 0 | 2,670 | 20,062 |
Miscellaneous, net | 21 | (2,101) | 39,911 |
Net cash used in investing activities from continuing operations | (60,606) | (66,393) | (2,465,996) |
Net cash provided by investing activities from discontinued operations | 0 | 0 | 10,000 |
Net investing activities | (60,606) | (66,393) | (2,455,996) |
Cash Flows from Financing Activities: | |||
Net borrowings under revolving credit facility | 330,000 | 0 | 0 |
Proceeds from issuance of long-term debt | 0 | 0 | 800,000 |
Proceeds from issuance of preferred stock | 0 | 0 | 600,000 |
Payments on long-term debt | (299,862) | (278,095) | (580,999) |
Premium paid on debt extinguishment | 0 | 0 | (11,106) |
Payments for capitalized preferred stock issuance costs | 0 | 0 | (11,526) |
Payments on financing costs | 0 | 0 | (50,597) |
Dividends paid on preferred stock | (48,000) | (48,000) | (45,067) |
Tax payments related to shares withheld for vested stock and RSUs | (4,955) | (8,872) | (7,174) |
Miscellaneous, net | (10,889) | 7,484 | (56) |
Net cash provided by (used in) financing activities from continuing operations | (33,706) | (327,483) | 693,475 |
Effect of foreign exchange rates on cash, cash equivalents and restricted cash | 0 | 0 | (20) |
Increase (decrease) in cash, cash equivalents and restricted cash | 17,292 | (82,453) | (1,525,541) |
Cash, cash equivalents and restricted cash: | |||
Beginning of year | 18,027 | 100,480 | 1,626,021 |
End of year | 35,319 | 18,027 | 100,480 |
Supplemental Cash Flow Disclosures | |||
Interest paid | 195,832 | 150,796 | 126,257 |
Income taxes paid | $ 31,121 | 61,744 | 102,473 |
Non-cash investing and financing information | |||
Accrued capital expenditures | $ 2,254 | $ 4,145 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Thousands | Total | Preferred Stock | Common Stock | Additional Paid-in Capital | Retained Earnings (Accumulated Deficit) | Accumulated Other Comprehensive Income (Loss) ("AOCI") | |
Balance at Dec. 31, 2020 | $ 1,163,265 | $ 0 | $ 817 | $ 1,130,789 | $ 131,778 | $ (100,119) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Comprehensive income (loss) | 148,922 | 122,712 | 26,210 | ||||
Issuance of preferred stock, net of discount and issuance costs | 407,634 | 407,634 | |||||
Preferred stock dividends | (47,067) | 2,305 | (49,372) | ||||
Stock warrant | 279,958 | 279,958 | |||||
Compensation plans: net share issued | [1] | 17,722 | 9 | 17,713 | |||
Balance at Dec. 31, 2021 | $ 1,970,434 | 409,939 | 826 | 1,428,460 | 205,118 | (73,909) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Preferred stock dividends (USD Per share) | $ 7,511 | ||||||
Comprehensive income (loss) | $ 192,340 | 195,902 | (3,562) | ||||
Preferred stock dividends | (48,000) | 2,305 | (50,305) | ||||
Compensation plans: net share issued | [1] | 16,051 | 10 | 16,041 | |||
Balance at Dec. 31, 2022 | $ 2,130,825 | 412,244 | 836 | 1,444,501 | 350,715 | (77,471) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Preferred stock dividends (USD Per share) | $ 8,000 | ||||||
Comprehensive income (loss) | $ (945,823) | (947,784) | 1,961 | ||||
Preferred stock dividends | (48,000) | 2,305 | (25,152) | (25,153) | |||
Compensation plans: net share issued | [1] | 19,181 | 12 | 19,169 | |||
Balance at Dec. 31, 2023 | $ 1,156,183 | $ 414,549 | $ 848 | $ 1,438,518 | $ (622,222) | $ (75,510) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Preferred stock dividends (USD Per share) | $ 8,000 | ||||||
[1] * Net of tax payments related to shares withheld for vested stock and RSUs of $4,955 in 2023, $8,872 in 2022 and $7,174 in 2021. |
Consolidated Statements of Eq_2
Consolidated Statements of Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Stockholders' Equity [Abstract] | |||
Shares issued on compensation plan | 1,194,546 | 1,003,328 | 851,090 |
Preferred stock dividends (USD Per share) | $ 8,000 | $ 8,000 | $ 7,511 |
Preferred stock, accretion of issuance costs | $ 2,305 | $ 2,305 | $ 2,305 |
Tax payments related to shares withheld for vested stock and RSUs | $ 4,955 | $ 8,872 | $ 7,174 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies As used in the Notes to Consolidated Financial Statements, the terms “Scripps,” “Company,” “we,” “our,” or “us” may, depending on the context, refer to The E.W. Scripps Company, to one or more of its consolidated subsidiary companies or to all of them taken as a whole. Nature of Operations — We are a diverse media enterprise, serving audiences and businesses through a portfolio of local television stations and national news and entertainment networks. All of our businesses provide content and services via digital platforms, including the Internet, smartphones and tablets. Our media businesses are organized into the following reportable business segments: Local Media, Scripps Networks and Other. Additional information for our business segments is presented in the Notes to Consolidated Financial Statements. Concentration Risks — Our operations are geographically dispersed and we have a diverse customer base. We believe bad debt losses resulting from default by a single customer, or defaults by customers in any depressed region or business sector, would not have a material effect on our financial position, results of operations or cash flows. We derive approximately 64% of our operating revenues from advertising. Changes in the demand for such services, both nationally and in individual markets, can affect operating results. Use of Estimates — Preparing financial statements in accordance with accounting principles generally accepted in the United States of America requires us to make a variety of decisions that affect the reported amounts and the related disclosures. Such decisions include the selection of accounting principles that reflect the economic substance of the underlying transactions and the assumptions on which to base accounting estimates. In reaching such decisions, we apply judgment based on our understanding and analysis of the relevant circumstances, including our historical experience, actuarial studies and other assumptions. Our financial statements include estimates and assumptions used in accounting for our defined benefit pension plan; the periods over which long-lived assets are depreciated or amortized; the fair value of long-lived assets, goodwill and indefinite lived assets; the liability for uncertain tax positions and valuation allowances against deferred income tax assets; the fair value of assets acquired and liabilities assumed in business combinations; and self-insured risks. While we re-evaluate our estimates and assumptions on an ongoing basis, actual results could differ from those estimated at the time of preparation of the financial statements. Consolidation — The Consolidated Financial Statements include our accounts and those of our wholly-owned and majority-owned subsidiaries and variable interest entities ("VIEs") for which we are the primary beneficiary. We are the primary beneficiary of a VIE when we have the power to direct the activities of the VIE that most significantly impact the economic performance of the VIE and have the obligation to absorb losses or the right to receive returns that would be significant to the VIE. All intercompany transactions and account balances have been eliminated in consolidation. Investments in entities over which we have significant influence but not control are accounted for using the equity method of accounting. Income from equity method investments represents our proportionate share of net income generated by equity method investees. Nature of Products and Services — The following is a description of principal activities from which we generate revenue. Core Advertising — Core advertising is comprised of sales to local and national businesses. The advertising includes a combination of broadcast spots as well as digital and connected TV advertising. Pricing of advertising time is based on audience size and share, the demographic of our audiences and the demand for our limited inventory of commercial time. Local advertising time is sold by each station's local sales staff who call upon advertising agencies and local businesses. National advertising time is generally sold by calling upon advertising agencies. Digital revenues are primarily generated from the sale of advertising to local and national customers on our local television websites, smartphone apps, tablet apps and other platforms. Political Advertising — Political advertising is generally sold through our Washington, D.C. sales office. Advertising is sold to presidential, gubernatorial, U.S. Senate and House of Representative candidates, as well as for state and local issues. It is also sold to political action groups (PACs) and other advocacy groups. Distribution Revenues — We earn revenues from cable operators, satellite carriers, other multi-channel video programming distributors (collectively "MVPDs"), other online video distributors and subscribers for access rights to our local broadcast signals. These arrangements are generally governed by multi-year contracts and the fees we receive are typically based on the number of subscribers the respective distributor has in our markets and the contracted rate per subscriber. Refer to Note 15. Segment Information for further information, including revenue by significant product and service offering. Revenue Recognition — Revenue is measured based on the consideration we expect to be entitled to in exchange for promised goods or services provided to customers, and excludes any amounts collected on behalf of third parties. Revenue is recognized upon transfer of control of promised products or services to customers. Advertising — Advertising revenue is recognized, net of agency commissions, over time primarily as ads are aired or impressions are delivered and any contracted audience guarantees are met. We apply the practical expedient to recognize revenue at the amount we have the right to invoice, which corresponds directly to the value a customer has received relative to our performance. For advertising sold based on audience guarantees, audience deficiency may result in an obligation to deliver additional advertisements to the customer. To the extent that we do not satisfy contracted audience ratings, we record deferred revenue until such time that the audience guarantee has been satisfied. Distribution — Our primary source of distribution revenue is from retransmission consent contracts with MVPDs. Retransmission revenues are considered licenses of functional intellectual property and are recognized at the point in time the content is transferred to the customer. MVPDs report their subscriber numbers to us generally on a 30- to 90-day lag. Prior to receiving the MVPD reporting, we record revenue based on estimates of the number of subscribers, utilizing historical levels and trends of subscribers for each MVPD. Cost of Revenues — Cost of revenues reflects the cost of providing our broadcast signals, programming and other content to respective distribution platforms. The costs captured within the cost of revenues caption include programming, content distribution, satellite transmission fees, production and operations and other direct costs. Cash Equivalents — Cash equivalents represent highly liquid investments with maturity of less than three months when acquired. Contract Balances — Timing of revenue recognition may differ from the timing of cash collection from customers. We record a receivable when revenue is recognized prior to cash receipt, or unearned revenue when cash is collected in advance of revenue being recognized. We extend credit to customers based upon our assessment of the customer’s financial condition. Collateral is generally not required from customers. Payment terms may vary by contract type, although our terms generally include a requirement of payment within 30 to 90 days. In instances where the timing of revenue recognition differs from the timing of invoicing, we have determined our contracts do not include a significant financing component. The primary purpose of our invoicing terms is to provide customers with simplified and predictable ways of purchasing our products and services. The allowance for doubtful accounts reflects our best estimate of probable losses inherent in the accounts receivable balance. We determine the allowance based on known troubled accounts, historical experience and other currently available evidence. A rollforward of the allowance for doubtful accounts is as follows: (in thousands) January 1, 2021 $ 3,443 Charged to costs and expenses 1,987 Amounts charged off, net (1,174) Balance as of December 31, 2021 4,256 Charged to costs and expenses 1,674 Amounts charged off, net (967) Balance as of December 31, 2022 4,963 Charged to costs and expenses 14,786 Amounts charged off, net (14,708) Balance as of December 31, 2023 $ 5,041 We record unearned revenue when cash payments are received in advance of our performance. We generally require advance payment for advertising contracts with political advertising customers. Unearned revenue totaled $12.2 million at December 31, 2023 and substantially all is expected to be recognized within revenue over the next 12 months. Unearned revenue totaled $18.2 million at December 31, 2022. We recorded $13.4 million of revenue in 2023 that was included in unearned revenue at December 31, 2022. Assets Recognized from the Costs to Obtain a Contract with a Customer — We recognize an asset for the incremental costs of obtaining a contract with a customer if we expect the benefit of those costs to be longer than one year. We apply and use the practical expedient in the revenue guidance to expense costs as incurred for costs to obtain a contract when the amortization period is one year or less. This expedient applies to advertising sales commissions since advertising contracts are short-term in nature. Investments — From time to time, we make investments in private companies. Investment securities can be impacted by various market risks, including interest rate risk, credit risk and overall market volatility. Due to the level of risk associated with certain investment securities, it is reasonably possible that changes in the values of investment securities will occur in the near term. Such changes could materially affect the amounts reported in our financial statements. We record investments in private companies not accounted for under the equity method at cost, net of impairment write-downs, because no readily determinable market price is available. We regularly review our investments to determine if there has been any other-than-temporary decline in value. These reviews require management judgments that often include estimating the outcome of future events and determining whether factors exist that indicate impairment has occurred. We evaluate, among other factors, the extent to which cost exceeds fair value; the duration of the decline in fair value below cost; and the current cash position, earnings and cash forecasts and near-term prospects of the investee. We reduce the cost basis when a decline in fair value below cost is determined to be other than temporary, with the resulting adjustment charged against earnings. Property and Equipment — Property and equipment is carried at cost less depreciation. We compute depreciation using the straight-line method over estimated useful lives as follows: Buildings and improvements 15 to 45 years Leasehold improvements Shorter of term of lease or useful life Broadcast transmission towers and related equipment 15 to 35 years Other broadcast and program production equipment 3 to 15 years Computer hardware 3 to 5 years Office and other equipment 3 to 10 years Programming — Programming includes the cost of national television network programming, programming produced by us or for us by independent production companies, rights acquired under multi-year sports programming agreements and programs licensed under agreements with independent producers. Our network affiliation agreements require the payment of affiliation fees to the network. Network affiliation fees consist of pre-determined fixed fees in all cases and variable payments based on a share of retransmission revenues above the fixed fees for some of our agreements. The costs of programming produced by us or for us by independent production companies is charged to expense over estimated useful lives based upon expected future cash flows. The realizable value of internal costs incurred for trial footage at Court TV, including employee compensation and benefits, are capitalized and amortized based upon expected future cash flows. All other internal costs to produce daily or live broadcast shows, such as news, sports or daily magazine shows, are expensed as incurred. The costs of programming acquired under multi-year sports rights agreements are capitalized if the rights payments are made before the related economic benefit has been received. We amortize sports programming assets based upon expected cash flows over the term of the rights agreement. Program licenses principally consist of television series and films. Program licenses generally have fixed terms, limit the number of times we can air the programs and require payments over the terms of the licenses. We record licensed program assets and liabilities when the license period has commenced and the programs are available for broadcast. We do not discount program licenses for imputed interest. We amortize program licenses based upon expected cash flows over the term of the license agreement. Progress payments on programs not yet available for broadcast are recorded as deposits within programming assets. Program assets are predominantly monetized as a group on each of our respective national networks, broadcast television stations and digital content offerings. For program assets predominantly monetized within a network or television station group, when an event or change in circumstances indicates a change in the expected usefulness of the content or that the fair value may be less than unamortized costs, fair value of the content is aggregated at the group level by considering expected future revenue generation. Estimates of future revenues consider historical airing patterns and future plans for airing content, including any changes in strategy. An impairment charge is recorded if the fair value of a film group is less than the film group’s carrying value. Programming and development costs for programs we have determined will not be produced, are fully expensed in the period the determination is made. For our program assets available for broadcast, estimated amortization for each of the next five years is $164.3 million in 2024, $113.1 million in 2025, $83.6 million in 2026, $46.8 million in 2027, $13.4 million in 2028 and $11.1 million thereafter. Actual amortization in each of the next five years will exceed the amounts currently recorded as program assets available for broadcast, as we will continue to produce and license additional programs. The unamortized balance of program assets are classified as non-current assets in our Consolidated Balance Sheets. Program rights liabilities payable within the next twelve months are included as current liabilities and noncurrent program rights liabilities are included in other noncurrent liabilities. FCC Repack — In April 2017, the Federal Communications Commission (“FCC”) began a process of reallocating the broadcast spectrum (“repack”). Specifically, the FCC was requiring certain television stations to change channels and/or modify their transmission facilities. The U.S. Congress passed legislation which provided the FCC with a fund to reimburse all reasonable costs incurred by stations operating under a full power license and a portion of the costs incurred by stations operating under a low power license that are reassigned to new channels. The total amount of consideration currently due or that has been collected from the FCC is recorded as a deferred liability and will be recognized against depreciation expense in the same manner that the underlying FCC repack fixed assets are depreciated. Deferred FCC repack income totaled $41.9 million at December 31, 2023 and $46.2 million at December 31, 2022. Leases — We determine if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets, other current liabilities and operating lease liabilities in our Consolidated Balance Sheets. Finance leases are included in property and equipment, other current liabilities and other long-term liabilities in our Consolidated Balance Sheets. Lease assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Lease assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. As the implicit rate is not readily determinable for most of our leases, we use our incremental borrowing rate when determining the present value of lease payments. The incremental borrowing rate represents an estimate of the interest rate we would incur at lease commencement to borrow an amount equal to the lease payments on a collateralized basis over the term of the lease. Our lease assets also include any payments made at or before commencement and are reduced by any lease incentives. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Operating lease expense is recognized on a straight-line basis over the lease term. Goodwill and Other Indefinite-Lived Intangible Assets — Goodwill represents the cost of acquisitions in excess of the acquired businesses’ tangible assets and identifiable intangible assets. FCC licenses represent the value assigned to the broadcast licenses of acquired broadcast television stations. Broadcast television stations are subject to the jurisdiction of the FCC, which prohibits the operation of stations except in accordance with an FCC license. FCC licenses stipulate each station’s operating parameters as defined by channels, effective radiated power and antenna height. FCC licenses are granted for a term of up to eight years, and are renewable upon request. We have never had a renewal request denied and all previous renewals have been for the maximum term. We do not amortize goodwill or our FCC licenses, but we review them for impairment at least annually or any time events occur or conditions change that would indicate it is more likely than not the fair value of a reporting unit is below its carrying value. We perform our annual impairment review during the fourth quarter of each year in conjunction with our annual planning cycle. We also assess, at least annually, whether our FCC licenses, classified as indefinite-lived intangible assets, continue to have indefinite lives. We review goodwill for impairment based upon our reporting units, which are defined as operating segments or groupings of businesses one level below the operating segment level. Reporting units with similar economic characteristics are aggregated into a single unit when testing goodwill for impairment. Our reporting units are Local Media, Scripps Networks and Nuvyyo. Amortizable Intangible Assets — Television network affiliations represents the value assigned to an acquired broadcast television station’s relationship with a national television network. Television stations affiliated with national television networks typically have greater profit margins than independent television stations, primarily due to audience recognition of the television station as a network affiliate. We amortize these network affiliation relationships on a straight-line basis over estimated useful lives of 20 years. We amortize customer lists and other intangible assets in relation to their expected future cash flows over estimated useful lives of up to 20 years. Impairment of Long-Lived Assets — We review long-lived assets (primarily property and equipment, ROU assets and amortizable intangible assets) for impairment whenever events or circumstances indicate the carrying amounts of the assets may not be recoverable. Recoverability is determined by comparing the aggregate forecasted undiscounted cash flows derived from the operation of the assets to the carrying amount of the assets. If the aggregate undiscounted cash flow is less than the carrying amount of the assets, the assets are written down to fair value. We determine fair value based on discounted cash flows or appraisals. We report long-lived assets to be disposed of at the lower of carrying amount or fair value less costs to sell. Self-Insured Risks — We are self-insured, up to certain limits, for general and automobile liability, employee health, disability and workers’ compensation claims and certain other risks. Estimated liabilities for unpaid claims totaled $10.9 million at December 31, 2023 and $10.4 million at December 31, 2022. We estimate liabilities for unpaid claims using actuarial methodologies and our historical claims experience. While we re-evaluate our assumptions and review our claims experience on an ongoing basis, actual claims paid could vary significantly from estimated claims, which would require adjustments to expense. Income Taxes — We recognize deferred income taxes for temporary differences between the tax basis and reported amounts of assets and liabilities that will result in taxable or deductible amounts in future years. We establish a valuation allowance if we believe that it is more likely than not that we will not realize some or all of the deferred tax assets. We record a liability for unrecognized tax benefits resulting from uncertain tax positions taken or that we expect to take in a tax return. Interest and penalties associated with such tax positions are included in the tax provision. The liability for additional taxes and interest is included in other liabilities in the Consolidated Balance Sheets. Risk Management Contracts — We do not hold derivative financial instruments for trading or speculative purposes and we do not hold leveraged contracts. From time to time, we may use derivative financial instruments to limit the impact of interest rate fluctuations on our earnings and cash flows. Stock-Based Compensation — We have a Long-Term Incentive Plan (the “Plan”) which is described more fully in Note 17. The Plan provides for the award of incentive and nonqualified stock options, stock appreciation rights, restricted stock units ("RSUs") and unrestricted Class A Common shares and performance units to key employees and non-employee directors. We recognize compensation cost based on the grant-date fair value of the award. We determine the fair value of awards that grant the employee the underlying shares by the fair value of a Class A Common share on the date of the award. Certain awards of RSUs have performance conditions under which the number of shares granted is determined by the extent to which such performance conditions are met (“Performance Shares”). Compensation costs for such awards are measured by the grant-date fair value of a Class A Common share and the number of shares earned. In periods prior to completion of the performance period, compensation costs are based upon estimates of the number of shares that will be earned. Compensation costs are recognized on a straight-line basis over the requisite service period of the award. The impact of forfeitures is recognized as they occur. The requisite service period is generally the vesting period stated in the award. Grants to retirement-eligible employees are expensed immediately and grants to employees who will become retirement eligible prior to the end of the stated vesting period are expensed over such shorter period because stock compensation grants vest upon the retirement eligibility of the employee. Earnings Per Share (“EPS”) — Unvested awards of share-based payments with non-forfeitable rights to receive dividends or dividend equivalents, such as our RSUs, are considered participating securities for purposes of calculating EPS. Under the two-class method, we allocate a portion of net income to these participating securities and therefore exclude that income from the calculation of EPS for common stock. We do not allocate losses to the participating securities. The following table presents information about basic and diluted weighted-average shares outstanding: For the years ended December 31, (in thousands) 2023 2022 2021 Numerator (for basic and diluted earnings per share) Income (loss) from continuing operations, net of tax $ (947,784) $ 195,902 $ 115,899 Less income allocated to RSUs — (3,662) (1,855) Less preferred stock dividends (50,305) (50,305) (49,372) Numerator for basic and diluted earnings per share $ (998,089) $ 141,935 $ 64,672 Denominator Basic weighted-average shares outstanding 84,266 83,220 82,327 Effect of dilutive securities — 4,126 5,652 Diluted weighted-average shares outstanding 84,266 87,346 87,979 The dilutive effects of performance-based stock awards are included in the computation of diluted earnings per share to the extent the related performance criteria are met through the respective balance sheet reporting date. As of December 31, 2023, potential dilutive securities representing 420,000 shares were excluded from the computation of diluted earnings per share as the related performance criteria were not yet met, although the Company expects to meet various levels of criteria in the future. For the year ended December 31, 2023, we incurred a net loss and the inclusion of RSUs would be anti-dilutive. The December 31, 2023 diluted EPS calculation excludes the effect of 3.3 million of outstanding RSUs that were anti-dilutive. For the year ended December 31, 2022, there was 0.1 million of outstanding RSUs that were anti-dilutive. |
Recently Adopted and Issued Acc
Recently Adopted and Issued Accounting Standards | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Recently Adopted and Issued Accounting Standards | Recently Adopted and Issued Accounting Standards In December 2023, the Financial Accounting Standards Board ("FASB") issued new guidance that modifies the rules on income tax disclosures. The guidance requires entities to disclose: (1) specific categories in the rate reconciliation, (2) the income or loss from continuing operations before income tax expense or benefit (separated between domestic and foreign) and (3) income tax expense or benefit from continuing operations (separated by federal, state and foreign). The guidance also requires entities to disclose their income tax payments to international, federal, state and local jurisdictions, among other changes. The guidance is effective for our annual periods beginning in 2025, with early adoption permitted. The guidance will be applied on a prospective basis, but retrospective application is permitted. We are currently evaluating the potential impact of adopting this new guidance on our Consolidated Financial Statements and related disclosures. In November 2023, the FASB issued new guidance which expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses. The guidance is effective for our annual period beginning in fiscal year 2024 and interim periods beginning in the first quarter of 2025. Early adoption is permitted. The guidance will be applied retrospectively to all prior periods presented in the financial statements. Upon transition, the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. We are currently evaluating the impact that the updated guidance will have on our Consolidated Financial Statements and related disclosures. In March 2020, the FASB issued new guidance that provides optional expedients and exceptions to certain accounting requirements to facilitate the transition away from the use of the London Interbank Offered Rate ("LIBOR") and other interbank offered rates. The guidance was effective as of March 12, 2020 and the sunset date of the guidance was deferred to December 31, 2024, subject to meeting certain criteria, that have contracts, hedging relationships and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. We evaluate transactions and contract modifications occurring as a result of reference rate reform and determine whether to apply the optional guidance on an ongoing basis. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisitions | Acquisitions Nuvyyo Acquisition On January 5, 2022, we acquired Nuvyyo for net cash consideration totaling $13.8 million. Nuvyyo provides consumers DVR product solutions to watch and record free over-the-air HDTV on connected devices. The final purchase price allocation assigned $7.2 million to intangible assets with useful lives ranging from three ION Acquisition On January 7, 2021, we completed the acquisition of national broadcast network ION Media Networks, Inc. ("ION") for $2.65 billion. ION is a national network of broadcast stations and is the largest holder of U.S. broadcast television spectrum. The business distributes its programming through owned Federal Communications Commission-licensed television stations as well as affiliated TV stations, reaching 100 million of U.S. homes through its over-the-air broadcast and pay TV platforms. The acquisition of ION enabled us to create a full-scale national television networks business by combining the ION network with our other news and entertainment networks. The transaction was financed with a combination of cash, debt financing and preferred equity financing, including Berkshire Hathaway's $600 million preferred equity investment in Scripps. Berkshire Hathaway also received a warrant to purchase up to 23.1 million Class A shares, at an exercise price of $13 per share. To comply with ownership rules of the Federal Communications Commission, we simultaneously divested 23 of ION's television stations for a total consideration of $30 million, which were purchased by INYO Broadcast Holdings, LLC upon completion of the acquisition. These divested stations became independent affiliates of ION pursuant to long-term affiliation agreements. The following table summarizes the net cash consideration for the ION transaction. (in thousands) Total purchase price $ 2,650,000 Plus: Cash acquired 14,493 Plus: Working capital 57,755 Total transaction gross cash consideration 2,722,248 Less: Proceeds from ION stations divested (30,000) Total transaction net cash consideration 2,692,248 Less: Cash acquired (14,493) Total consideration, net of cash acquired $ 2,677,755 The following table summarizes the final fair values of the ION assets acquired and liabilities assumed at the closing date. (in thousands) Accounts receivable $ 135,006 Other current assets 25,353 Programming rights 169,027 Property and equipment 122,520 Operating lease right-of-use assets 72,717 Other assets 2,295 Goodwill 1,796,148 Indefinite-lived intangible assets - FCC licenses 424,200 Amortizable intangible assets: INYO affiliation agreement 422,000 Other affiliation relationships 22,000 Advertiser relationships 143,000 Trade names 72,000 Accounts payable (9,674) Unearned revenue (13,043) Accrued expenses (15,814) Current portion of programming liabilities (92,721) Other current liabilities (24,810) Programming liabilities (191,837) Deferred tax liabilities (265,291) Operating lease liabilities (78,438) Other long-term liabilities (36,883) Total consideration, net of cash acquired $ 2,677,755 Of the value allocated to amortizable intangible assets, the INYO affiliation agreement has an estimated amortization period of 20 years, advertiser relationships have an estimated amortization period of 7 years, other affiliation relationships have an estimated amortization period of 10 years and the value allocated to trade names has an estimated amortization period of 10 years. The goodwill of $1.8 billion arising from the transactions consists largely of synergies, economies of scale and other benefits of a larger national broadcast footprint and becoming the largest holder of broadcast spectrum. We allocated the goodwill to our Scripps Networks segment. The transaction is accounted for as a stock acquisition which applies carryover tax basis to the assets and liabilities acquired. The goodwill is not deductible for income tax purposes. Pro forma results of operations Pro forma results of operations, assuming the ION acquisition had taken place at the beginning of 2021, are presented in the following table. The pro forma results do not include Nuvyyo, as the impact of this acquisition is not material to prior year results of operations. The pro forma information includes the historical results of operations of Scripps and ION (excluding the results of the divested stations sold to INYO), as well as adjustments for additional depreciation and amortization of the assets acquired, additional interest expense related to the financing of the transactions and other transactional adjustments. The pro forma results do not include efficiencies, cost reductions or synergies expected to result from the acquisition, or retrospective fair value adjustments to the warrant. The unaudited pro forma financial information is not necessarily indicative of the results that actually would have occurred had the acquisition been completed at the beginning of the period. For the year ended (in thousands, except per share data) (unaudited) December 31, 2021 Operating revenues $ 2,290,254 Net income attributable to Scripps shareholders 101,146 Net income per share: Basic $ 1.19 Diluted 1.12 The pro forma results in 2021 reflect a $38.1 million reversal of ION transaction costs incurred that were already captured in the 2020 pro forma results. |
Restructuring Costs and Other C
Restructuring Costs and Other Charges and Credits | 12 Months Ended |
Dec. 31, 2023 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Costs and Other Charges and Credits | Restructuring Costs and Other Charges and Credits Restructurings and Reorganizations In January 2023, we announced a strategic restructuring and reorganization of the Company to further leverage our strong position in the U.S. television ecosystem and propel our growth across new distribution platforms and emerging media marketplaces. The restructuring aims to create a leaner and more agile operating structure through the centralization of certain services and the consolidation of layers of management across our operating businesses and corporate office. Restructuring costs totaled $38.6 million in 2023. In connection with the shutdown of the TrueReal network, we incurred a $13.6 million first quarter charge related to the write-down of certain programming assets. Restructuring costs in 2023 also include employee severance related charges of $17.1 million, operating lease impairment charges of $1.3 million and other restructuring charges primarily attributed to strategic reorganization consulting fees. (in thousands) Severance and Employee Benefits Other Restructuring Charges Total Liability as of December 31, 2022 $ — $ — $ — Net accruals 17,066 21,546 38,612 Payments (9,192) (5,183) (14,375) Non-cash (a) (1,139) (14,933) (16,072) Liability as of December 31, 2023 $ 6,735 $ 1,430 $ 8,165 (a) Represents share-based compensation costs and asset write-downs included in restructuring charges. Restructuring costs totaled $9.4 million in 2021 due to the Newsy restructuring plan. In the first quarter of 2021, we incurred costs of $7.1 million for the write-downs of both capitalized carriage agreement payments and certain Newsy intangible assets. The additional Newsy restructuring charges were primarily attributed to employee severance, relocation costs and Nielsen contract costs. Other Charges and Credits Acquisition and related integration costs were $1.6 million in 2022 and $40.4 million in 2021. The costs incurred in 2021 primarily reflect investment banking, legal and professional service costs incurred to complete and integrate the ION Media Networks, Inc. ("ION") acquisition, which closed on January 7, 2021. During 2022, we redeemed $59.0 million of the 2027 Senior Notes, $26.6 million of the 2029 Senior Notes and $85.9 million of the 2031 Senior Notes. The redemptions resulted in a gain on extinguishment of debt of $8.6 million, as the notes were redeemed for total consideration below par value of the notes. We redeemed the outstanding principal amount of our 2025 Senior Notes during the second quarter of 2021. Additionally, during the fourth quarter of 2021, we redeemed $15.4 million of the 2027 Senior Notes and $22.0 million of the 2031 Senior Notes. These redemptions resulted in a loss on extinguishment of debt of $15.3 million, representing the premiums paid on the notes and write-offs of unamortized debt financing costs. We completed the building sale for our Denver KMGH television station in the third quarter of 2021. The sale resulted in recognition of a pre-tax gain totaling $32.6 million. During the first quarter of 2021, we completed the sale of our Triton business. The sale generated total net proceeds of $225 million and we recognized a pre-tax gain from disposition totaling $81.8 million. Related to our outstanding common stock warrant, we recognized non-cash charges totaling $99.1 million in 2021. The warrant obligation was being marked-to-market each reporting period with the increase in our common stock price being the significant contributor to higher valuation. Following an amendment to the common stock warrant agreement on May 14, 2021, the fair value of the warrant was reclassified to equity and is no longer marked-to-market each reporting period. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes We file a consolidated federal income tax return, consolidated unitary returns in certain states, other separate state income tax returns for certain of our subsidiary companies, and applicable foreign returns. The provision for income taxes from continuing operations consisted of the following: For the years ended December 31, (in thousands) 2023 2022 2021 Current: Federal $ 34,205 $ 56,236 $ 52,145 State and local 8,010 11,411 9,096 Foreign — — (48) Total current income tax provision 42,215 67,647 61,193 Deferred: Federal (53,476) 2,882 6,616 State and local (7,278) 10,770 3,087 Foreign (1,188) (738) 293 Total deferred income tax provision (61,942) 12,914 9,996 Provision (benefit) for income taxes $ (19,727) $ 80,561 $ 71,189 The difference between the statutory rate for federal income tax and the effective income tax rate was as follows: For the years ended December 31, 2023 2022 2021 Statutory rate 21.0 % 21.0 % 21.0 % Effect of: State and local income taxes, net of federal tax benefit 0.1 7.0 5.6 Non-deductible goodwill impairment (18.6) — — Non-deductible mark-to-market losses — — 11.5 Excess tax benefits from stock-based compensation (0.2) (0.3) (0.9) Non-deductible expenses (0.1) 0.2 0.2 Reserve for uncertain tax positions — 0.7 (0.8) Other (0.2) 0.5 1.5 Effective income tax rate 2.0 % 29.1 % 38.1 % In 2023, a non-deductible expense of $855 million was recorded related to book impairment of goodwill. In 2021, a non-deductible expense of $103 million was recorded related to preferred stock issuance costs and unrealized losses on mark-to-market adjustments recorded on the common stock warrant issued in connection with the ION acquisition. The approximate effect of the temporary differences giving rise to deferred income tax assets (liabilities) were as follows: As of December 31, (in thousands) 2023 2022 Temporary differences: Property and equipment $ (39,414) $ (46,710) Goodwill and other intangible assets (368,876) (390,105) Investments, primarily gains and losses not yet recognized for tax purposes 2,954 5,165 Accrued expenses not deductible until paid 9,869 7,897 Deferred compensation and retiree benefits not deductible until paid 31,662 32,174 Operating lease right-of-use assets (32,034) (36,843) Operating lease liabilities 34,884 39,099 Interest limitation carryforward 38,290 6,375 Other temporary differences, net 10,999 7,305 Total temporary differences (311,666) (375,643) Federal and state net operating loss carryforwards 16,283 20,283 Valuation allowance for state deferred tax assets (11,997) (15,097) Net deferred tax liability $ (307,380) $ (370,457) Total state operating loss carryforwards were $367 million at December 31, 2023. Our state tax loss carryforwards expire through 2042. Because we file separate state income tax returns for certain of our subsidiary companies, we are not able to use state tax losses of a subsidiary company to offset state taxable income of another subsidiary company. The Company recognizes state net operating loss carryforwards as deferred tax assets, subject to valuation allowances. At each balance sheet date, we estimate the amount of carryforwards that are not expected to be used prior to expiration of the carryforward period. The tax effect of the carryforwards that are not expected to be used prior to their expiration is included in the valuation allowance. The Company has not provided for income taxes, including withholding tax, U.S. state taxes, or tax on foreign exchange rate changes, associated with the undistributed earnings of our non-U.S. subsidiaries because we plan to indefinitely reinvest the unremitted earnings in these entities. On December 27, 2020, the Consolidated Appropriations Act, 2021 was signed and enacted into law, which provided an additional stimulus package providing financial relief for individuals and small businesses. The Appropriations Act contains a variety of tax provisions, including full expensing of business meals, an expansion of the Paycheck Protection Program and expansion of the employee retention tax credit. We continue to evaluate the Appropriations Act, but do not currently expect it to have a material impact on our income tax provision. In July and August 2022, the CHIPS and Science Act, (the “CHIPS Act”), and the Inflation Reduction Act of 2022, (the “IRA”), were signed into law. The IRA introduced a 15% corporate alternative minimum tax, or CAMT, on adjusted financial statement income for corporations with profits in excess of $1 billion, effective for tax years after December 31, 2022. Neither the CHIPS Act or CAMT provisions had a material impact on our 2023 effective tax rate. The IRA also includes a stock buyback excise tax of 1% on share repurchases, which will apply to net stock buybacks after December 31, 2022. We do not expect this to have a material impact if and when share repurchases are resumed. A reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits is as follows: For the years ended December 31, (in thousands) 2023 2022 2021 Gross unrecognized tax benefits at beginning of year $ 12,124 $ 10,572 $ 2,376 Increases in tax positions for prior years 3,321 2,965 22,348 Decreases in tax positions for prior years (2) (390) — Increases in tax positions for current years 257 796 3,164 Decreases from lapse in statute of limitations (670) (173) (4,234) Decreases due to settlements with taxing authorities — (1,646) (13,082) Gross unrecognized tax benefits at end of year $ 15,030 $ 12,124 $ 10,572 The total amount of net unrecognized tax benefits that, if recognized, would affect the effective tax rate was $13.6 million at December 31, 2023. We accrue interest and penalties related to unrecognized tax benefits in our provision for income taxes. At December 31, 2023 and 2022, we had accrued interest related to unrecognized tax benefits of $1.6 million and $0.9 million, respectively, and penalties of $1.1 million and $1.2 million, respectively. We file income tax returns in the U.S., Canada and in various state and local jurisdictions. We are routinely examined by tax authorities in these jurisdictions. At December 31, 2023, we are no longer subject to federal income tax examinations for years prior to 2018. For state and local jurisdictions, we are generally no longer subject to income tax examinations for years prior to 2019. Due to the potential for resolution of federal and state examinations, and the expiration of various statutes of limitation, it is reasonably possible that our gross unrecognized tax benefits balance may change within the next twelve months by as much as $0.4 million. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2023 | |
Investments [Abstract] | |
Investments | Investments Investments consisted of the following: As of December 31, (in thousands) 2023 2022 Investments held at cost $ 21,169 $ 20,890 Equity method investments 2,096 2,254 Total investments $ 23,265 $ 23,144 Our investments do not trade in public markets, thus they do not have readily determinable fair values. On February 9, 2024, following the completed sale of Broadcast Music, Inc. ("BMI") to New Mountain Capital, we received $18.1 million in pre-tax cash proceeds for our equity ownership in BMI. We did not have any carrying value associated with our BMI investment. Other than our equity interest in BMI, we estimate the fair values of our other investments to approximate their carrying values at December 31, 2023 and 2022. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and Equipment Property and equipment consisted of the following: As of December 31, (in thousands) 2023 2022 Land and improvements $ 65,402 $ 65,559 Buildings and improvements 252,396 245,531 Equipment 622,981 580,001 Computer software 30,395 29,702 Total 971,174 920,793 Accumulated depreciation 515,919 462,193 Net property and equipment $ 455,255 $ 458,600 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Lessee, Operating Leases | Leases We have operating leases for office space, data centers and certain equipment. We also have finance leases for office space. Our leases have lease terms of 1 year to 35 years, some of which may include options to extend the leases for up to 5 years, and some of which may include options to terminate the leases within 1 year. Operating lease costs recognized in our Consolidated Statements of Operations totaled $24.5 million, $25.9 million and $24.3 million in 2023, 2022 and 2021, respectively, including short-term lease costs of $3.5 million, $1.7 million and $1.8 million, respectively. Amortization of the right-of-use asset for our finance leases totaled $0.8 million and $0.1 million for the years ended December 31, 2023 and 2022, respectively. Interest expense on the finance leases liability totaled $2.1 million and $0.2 million for the years ended December 31, 2023 and 2022, respectively. Other information related to our leases was as follows: As of December 31, (in thousands, except lease term and discount rate) 2023 2022 Balance Sheet Information Operating Leases Right-of-use assets $ 99,194 $ 117,869 Other current liabilities 19,466 19,599 Operating lease liabilities 87,714 106,866 Finance Leases Property and equipment, at cost 28,321 28,321 Accumulated depreciation 862 69 Property and equipment, net 27,459 28,252 Other current liabilities — 426 Other liabilities 30,146 28,063 Weighted Average Remaining Lease Term Operating leases 7.41 years 8.22 years Finance leases 34.50 years 35.50 years Weighted Average Discount Rate Operating leases 4.43 % 4.34 % Finance leases 7.10 % 7.10 % For the years ended December 31, (in thousands) 2023 2022 2021 Supplemental Cash Flows Information Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 24,114 $ 24,073 $ 22,477 Operating cash flows from finance leases 426 — — Financing cash flows from finance leases — — — Right-of-use assets obtained in exchange for operating lease obligations 6,789 6,217 17,835 Right-of-use assets obtained in exchange for finance lease obligations — 28,321 — Future minimum lease payments under non-cancellable leases as of December 31, 2023 were as follows: (in thousands) Operating Finance 2024 $ 25,622 $ 1,302 2025 21,033 1,776 2026 18,869 1,824 2027 15,932 1,875 2028 12,536 1,926 Thereafter 33,503 90,124 Total future minimum lease payments 127,495 98,827 Less: Imputed interest (20,315) (68,681) Total $ 107,180 $ 30,146 |
Lessee, Finance Leases | Leases We have operating leases for office space, data centers and certain equipment. We also have finance leases for office space. Our leases have lease terms of 1 year to 35 years, some of which may include options to extend the leases for up to 5 years, and some of which may include options to terminate the leases within 1 year. Operating lease costs recognized in our Consolidated Statements of Operations totaled $24.5 million, $25.9 million and $24.3 million in 2023, 2022 and 2021, respectively, including short-term lease costs of $3.5 million, $1.7 million and $1.8 million, respectively. Amortization of the right-of-use asset for our finance leases totaled $0.8 million and $0.1 million for the years ended December 31, 2023 and 2022, respectively. Interest expense on the finance leases liability totaled $2.1 million and $0.2 million for the years ended December 31, 2023 and 2022, respectively. Other information related to our leases was as follows: As of December 31, (in thousands, except lease term and discount rate) 2023 2022 Balance Sheet Information Operating Leases Right-of-use assets $ 99,194 $ 117,869 Other current liabilities 19,466 19,599 Operating lease liabilities 87,714 106,866 Finance Leases Property and equipment, at cost 28,321 28,321 Accumulated depreciation 862 69 Property and equipment, net 27,459 28,252 Other current liabilities — 426 Other liabilities 30,146 28,063 Weighted Average Remaining Lease Term Operating leases 7.41 years 8.22 years Finance leases 34.50 years 35.50 years Weighted Average Discount Rate Operating leases 4.43 % 4.34 % Finance leases 7.10 % 7.10 % For the years ended December 31, (in thousands) 2023 2022 2021 Supplemental Cash Flows Information Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 24,114 $ 24,073 $ 22,477 Operating cash flows from finance leases 426 — — Financing cash flows from finance leases — — — Right-of-use assets obtained in exchange for operating lease obligations 6,789 6,217 17,835 Right-of-use assets obtained in exchange for finance lease obligations — 28,321 — Future minimum lease payments under non-cancellable leases as of December 31, 2023 were as follows: (in thousands) Operating Finance 2024 $ 25,622 $ 1,302 2025 21,033 1,776 2026 18,869 1,824 2027 15,932 1,875 2028 12,536 1,926 Thereafter 33,503 90,124 Total future minimum lease payments 127,495 98,827 Less: Imputed interest (20,315) (68,681) Total $ 107,180 $ 30,146 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill by business segment was as follows: (in thousands) Local Media Scripps Networks Other Total Gross balance as of December 31, 2020 $ 1,122,408 $ 232,742 $ 85,976 $ 1,441,126 Accumulated impairment losses (216,914) (21,000) — (237,914) Net balance as of December 31, 2020 905,494 211,742 85,976 1,203,212 ION acquisition — 1,796,148 — 1,796,148 Sale of Triton — — (85,976) (85,976) Balance as of December 31, 2021 $ 905,494 $ 2,007,890 $ — $ 2,913,384 Gross balance as of December 31, 2021 $ 1,122,408 $ 2,028,890 $ — $ 3,151,298 Accumulated impairment losses (216,914) (21,000) — (237,914) Net balance as of December 31, 2021 905,494 2,007,890 — 2,913,384 Nuvyyo acquisition — — 7,190 7,190 Balance as of December 31, 2022 $ 905,494 $ 2,007,890 $ 7,190 $ 2,920,574 Gross balance as of December 31, 2022 $ 1,122,408 $ 2,028,890 $ 7,190 $ 3,158,488 Accumulated impairment losses (216,914) (21,000) — (237,914) Net balance as of December 31, 2022 905,494 2,007,890 7,190 2,920,574 Impairment charge — (952,000) — (952,000) Balance as of December 31, 2023 $ 905,494 $ 1,055,890 $ 7,190 $ 1,968,574 Gross balance as of December 31, 2023 $ 1,122,408 $ 2,028,890 $ 7,190 $ 3,158,488 Accumulated impairment losses (216,914) (973,000) — (1,189,914) Net balance as of December 31, 2023 $ 905,494 $ 1,055,890 $ 7,190 $ 1,968,574 Other intangible assets consisted of the following: As of December 31, (in thousands) 2023 2022 Amortizable intangible assets: Carrying amount: Television network affiliation relationships $ 1,060,244 $ 1,060,244 Customer lists and advertiser relationships 220,997 220,997 Other 136,452 136,100 Total carrying amount 1,417,693 1,417,341 Accumulated amortization: Television network affiliation relationships (276,163) (222,092) Customer lists and advertiser relationships (132,161) (106,654) Other (61,606) (47,156) Total accumulated amortization (469,930) (375,902) Net amortizable intangible assets 947,763 1,041,439 Indefinite-lived intangible assets — FCC licenses 779,415 779,815 Total other intangible assets $ 1,727,178 $ 1,821,254 Estimated amortization expense of intangible assets for each of the next five years is $92.8 million in 2024, $89.7 million in 2025, $86.1 million in 2026, $83.2 million in 2027, $62.0 million in 2028 and $534.0 million in later years. Goodwill and other indefinite-lived intangible assets are tested for impairment annually and any time events occur or changes in circumstances indicate it is more likely than not the fair value of a reporting unit, or respective indefinite-lived intangible asset, is below its carrying value. Such events or changes in circumstances include, but are not limited to, changes in business climate, significant declines in the price of our stock, or other factors resulting in lower cash flow related to such assets. If the carrying amount exceeds its fair value, then an impairment loss is recognized. The quantitative analysis to measure the extent of any goodwill impairment compares the estimated fair values of our reporting units to their respective carrying values. We determine the fair value of each reporting unit using the discounted cash flow method of the income approach, the general public company method of the market approach and the guideline transactions method of the market approach. Particularly for the discounted cash flow analysis, significant judgment is required to estimate the future cash flows derived from the business and the period of time over which those cash flows will occur, as well as to determine an appropriate discount rate. The determination of the discount rate is based on a cost of capital model, using a risk-free rate, adjusted by a stock-beta adjusted risk premium and a size premium. These reporting unit valuations are dependent on a number of significant estimates and assumptions, including macroeconomic conditions, market growth rates, competitive activities, cost containment, margin expansion and strategic business plans (inputs of which are categorized as Level 3 under the fair value hierarchy). Additionally, future changes in these assumptions and estimates with respect to long-term growth rates and discount rates or future cash flow projections, could result in significantly different estimates of the fair values. The Scripps Networks business continued to experience softness within the national advertising marketplace into 2023, as macroeconomic challenges continued to impact advertising budgets. A longer than anticipated television advertising recession and the impact of declining linear television viewership trends negatively impacted expected future growth rates, profitability and the cash flows derived from the business as well as the expected period of time over which those cash flows will occur. These factors, coupled with decreases in our market capitalization over the first two quarters of 2023, provided an indication that the fair value of our Scripps Networks reporting unit may be below its carrying value at June 30, 2023. Following completion of our second quarter 2023 testing, we concluded that the fair value of our Scripps Networks reporting unit did not exceed its carrying value and we recognized a $686 million non-cash goodwill impairment charge. Our annual goodwill impairment test coincides with our annual planning cycle and takes place in the fourth quarter of each year. During the planning cycle, we noted trends indicating a slower than previously anticipated recovery in the television advertising marketplace. The corresponding negative impact to the Scripps Networks business' anticipated operating profits resulted in an additional non-cash goodwill impairment charge of $266 million for 2023. Given that the fair value of the Scripps Networks reporting unit currently approximates carrying value, this reporting unit is more sensitive to changes in assumptions regarding its fair value. While we believe the estimates and judgments used in determining the fair values were appropriate, these estimates of fair value assume certain levels of growth for the business, which, if not achieved, could impact the fair value and possibly result in an impairment of the goodwill in future periods. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt Long-term debt consisted of the following: As of December 31, (in thousands) 2023 2022 Revolving credit facility $ 330,000 $ — Senior secured notes, due in 2029 523,356 523,356 Senior unsecured notes, due in 2027 425,667 425,667 Senior unsecured notes, due in 2031 392,071 392,071 Term loan, due in 2024 — 284,250 Term loan, due in 2026 728,825 736,437 Term loan, due in 2028 551,000 559,000 Total outstanding principal 2,950,919 2,920,781 Less: Debt issuance costs and issuance discounts (38,483) (48,376) Less: Current portion (15,612) (18,612) Net carrying value of long-term debt 2,896,824 2,853,793 Fair value of long-term debt * $ 2,732,318 $ 2,677,845 * The fair values of debt are estimated based on either quoted private market transactions or observable estimates provided by third party financial professionals, and as such, are classified within Level 2 of the fair value hierarchy. Scripps Senior Secured Credit Agreement On July 31, 2023, we entered into the Eighth Amendment to the Third Amended Restated Credit Agreement ("Eighth Amendment"). The Eighth Amendment increased the borrowing capacity of our Revolving Credit Facility from $400 million to $585 million and matures on January 7, 2026. Commitment fees of 0.30% to 0.50% per annum, based on our leverage ratio, of the total unused commitment are payable under the Revolving Credit Facility. Interest is payable on the Revolving Credit Facility at rates based on the secured overnight financing rate ("SOFR"), plus a margin based on our leverage ratio, ranging from 1.75% to 2.75%. As of December 31, 2023, we had $330 million outstanding under the Revolving Credit Facility with an interest rate of 8.22%. The weighted-average interest rate over the period during which we had a drawn revolver balance in 2023 was 8.20%. As of December 31, 2023 and 2022, we had outstanding letters of credit totaling $6.7 million and $7.1 million, respectively, under the Revolving Credit Facility. On October 2, 2017, we issued a $300 million term loan B which was due to mature in October 2024 ("2024 term loan"). On July 31, 2023, we borrowed $283 million on the Revolving Credit Facility to pay off the remaining principal balance of the 2024 term loan. As of December 31, 2022, the interest rate on the 2024 term loan was 6.38%. The weighted-average interest rate was 7.22% for the period the loan was outstanding during 2023 and 5.67% in 2022. On May 1, 2019, we issued a $765 million term loan B ("2026 term loan") that matures in May 2026. Interest is currently payable on the 2026 term loan at a rate based on SOFR, plus a fixed margin of 2.56%. The 2026 term loan requires annual principal payments of $7.6 million. Deferred financing costs and an original issuance discount totaled approximately $23.0 million with this term loan, which are being amortized over the life of the loan. As of December 31, 2023 and 2022, the interest rate on the 2026 term loan was 8.03% and 6.95%, respectively. The weighted-average interest rate on the 2026 term loan was 8.01% and 6.23% in 2023 and 2022, respectively. On January 7, 2021, we issued an $800 million term loan B ("2028 term loan") that matures in January 2028. Interest is currently payable on the 2028 term loan at a rate based on SOFR, plus a fixed margin of 3.00%. Additionally, the credit agreement states the SOFR rate could not be less than 0.75% for our term loans that mature in 2026 and 2028. The 2028 term loan requires annual principal payments of $8.0 million. We incurred deferred financing costs totaling $23.4 million related to this term loan and a previous amendment to the Revolving Credit Facility, which are being amortized over the life of the term loan. As of December 31, 2023 and 2022, the interest rate on the 2028 term loan was 8.47% and 7.13%, respectively. The weighted-average interest rate on the 2028 term loan was 8.44% and 6.42% in 2023 and 2022, respectively. The Senior Secured Credit Agreement contains covenants that limit our ability to incur additional debt and provides for restrictions on certain payments (dividends and share repurchases). Additionally, we must be in compliance with certain leverage ratios in order to proceed with acquisitions. Our credit agreement also includes a provision that in certain circumstances we must use a portion of excess cash flow to repay debt. We granted the lenders pledges of our equity interests in our subsidiaries and security interests in substantially all other personal property including cash, accounts receivables and equipment. The Eighth Amendment contains a covenant to comply with a maximum first lien net leverage ratio when we have outstanding borrowings on the Revolving Credit Facility. Through December 31, 2024, we must comply with the maximum first lien net leverage ratio of 5.0 to 1.0, at which point it steps down to 4.75 times through September 30, 2025, and then steps down to 4.50 times thereafter. As of December 31, 2023, we were in compliance with our financial covenants. 2029 Senior Secured Notes On December 30, 2020, we issued $550 million of senior secured notes (the "2029 Senior Notes"), which bear interest at a rate of 3.875% per annum and mature on January 15, 2029. The 2029 Senior Notes were priced at 100% of par value and interest is payable semi-annually on January 15 and July 15. Prior to January 15, 2026, we may redeem the notes, in whole or in part, at applicable redemption prices noted in the indenture agreement. If we sell certain of our assets or have a change of control, the holders of the 2029 Senior Notes may require us to repurchase some or all of the notes. Our credit agreement also includes a provision that in certain circumstances we must use a portion of excess cash flow to repay debt. The 2029 Senior Notes are guaranteed by us and the majority of our subsidiaries and are secured on equal footing with the obligations under the Senior Secured Credit Agreement. The notes are secured, on a first lien basis, from pledges of equity interests in our subsidiaries and by substantially all of the existing and future assets of Scripps. The 2029 Senior Notes contain covenants with which we must comply that are typical for borrowing transactions of this nature. We incurred approximately $13.8 million of deferred financing costs in connection with the issuance of the 2029 Senior Notes, which are being amortized over the life of the notes. 2027 Senior Unsecured Notes On July 26, 2019, we issued $500 million of senior unsecured notes, which bear interest at a rate of 5.875% per annum and mature on July 15, 2027 ("the 2027 Senior Notes"). The 2027 Senior Notes were priced at 100% of par value and interest is payable semi-annually on July 15 and January 15. We may redeem the notes before July 15, 2025, in whole or in part, at applicable redemption prices noted in the indenture agreement. If we sell certain of our assets or have a change of control, the holders of the 2027 Senior Notes may require us to repurchase some or all of the notes. The 2027 Senior Notes are fully and unconditionally guaranteed on a senior unsecured basis by certain of our existing and future domestic restricted subsidiaries. The 2027 Senior Notes contain covenants with which we must comply that are typical for borrowing transactions of this nature. There are no registration rights associated with the 2027 Senior Notes. We incurred approximately $10.7 million of deferred financing costs in connection with the issuance of the 2027 Senior Notes, which are being amortized over the life of the notes. 2031 Senior Unsecured Notes On December 30, 2020, we issued $500 million of senior unsecured notes (the "2031 Senior Notes"), which bear interest at a rate of 5.375% per annum and mature on January 15, 2031. The 2031 Senior Notes were priced at 100% of par value and interest is payable semi-annually on January 15 and July 15. Prior to January 15, 2024 we may redeem up to 40% of the aggregate principal amount of the 2031 Senior Notes at a redemption price of 105.375% of the principal amount plus accrued and unpaid interest, if any, to the date of redemption. We may also redeem some or all of the 2031 Senior Notes before January 15, 2026 at a redemption price of 100% of the principal amount, plus accrued and unpaid interest, if any, to the redemption date plus a "make whole" premium. On or after January 15, 2026 and before January 15, 2029, we may redeem the notes, in whole or in part, at applicable redemption prices noted in the indenture agreement. If we sell certain of our assets or have a change of control, the holders of the 2031 Senior Notes may require us to repurchase some or all of the notes. The 2031 Senior Notes are also guaranteed by us and the majority of our subsidiaries. The 2031 Senior Notes contain covenants with which we must comply that are typical for borrowing transactions of this nature. We incurred approximately $12.5 million of deferred financing costs in connection with the issuance of the 2031 Senior Notes, which are being amortized over the life of the notes. Debt Repurchase Authorization In February 2023, our Board of Directors provided a new debt repurchase authorization, pursuant to which we may reduce, through redemptions or open market purchases and retirement, a combination of the outstanding principal balance of our senior secured and senior unsecured notes. The authorization permits an aggregate principal amount reduction of up to $500 million and expires on March 1, 2026. Our previous debt repurchase authorization expired on March 1, 2023. Debt Repurchase Transactions On July 31, 2023, we paid off the remaining $283 million principal balance of the 2024 term loan and wrote-off $0.4 million of deferred financing costs related to this term loan to interest expense. During the first quarter of 2022, we redeemed $42.2 million of our 2027 Senior Notes at a weighted-average redemption price equal to 100.61% of the aggregate principal amount plus accrued and unpaid interest, $26.6 million of our 2029 Senior Notes at a weighted-average redemption price equal to 93.59% of the aggregate principal amount plus accrued and unpaid interest and $54.5 million of our 2031 Senior Notes at a weighted-average redemption price equal to 95.73% of the aggregate principal amount plus accrued and unpaid interest. The redemptions resulted in a gain on extinguishment of debt of $1.2 million, as the notes were redeemed for total consideration below par value of the notes. During the fourth quarter of 2022, we redeemed $16.8 million of our 2027 Senior Notes at a weighted-average redemption price equal to 90.63% of the aggregate principal amount plus accrued and unpaid interest and $31.4 million of our 2031 Senior Notes at a weighted-average redemption price equal to 78.71% of the aggregate principal amount plus accrued and unpaid interest. The redemptions resulted in a gain on extinguishment of debt of $7.4 million, for a total gain on extinguishment of debt of $8.6 million for the year ended December 31, 2022. During 2022, we made additional principal payments on the 2028 term loan totaling $100 million and wrote-off $1.1 million of deferred financing costs related to this term loan to interest expense. |
Fair Value Measurement
Fair Value Measurement | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | Fair Value Measurement We measure certain financial assets and liabilities at fair value on a recurring basis, such as cash equivalents. The fair values of these financial assets were determined based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value. These levels of input are as follows: • Level 1 — Quoted prices in active markets for identical assets or liabilities. • Level 2 — Inputs, other than quoted market prices in active markets, that are observable either directly or indirectly. • Level 3 — Unobservable inputs based on our own assumptions. The following tables set forth our assets that are measured at fair value on a recurring basis at December 31, 2023 and 2022: December 31, 2023 (in thousands) Total Level 1 Level 2 Level 3 Cash equivalents $ 26,213 $ 26,213 $ — $ — December 31, 2022 (in thousands) Total Level 1 Level 2 Level 3 Cash equivalents $ 27 $ 27 $ — $ — The carrying amounts of cash, accounts receivable, accounts payable and accrued expenses approximate fair value due to the short-term nature of those items. |
Other Liabilities
Other Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Other Liabilities Disclosure [Abstract] | |
Other Liabilities | Other Liabilities Other liabilities consisted of the following: As of December 31, (in thousands) 2023 2022 Employee compensation and benefits $ 29,249 $ 25,916 Deferred FCC repack income 41,863 46,205 Programming liability 274,564 263,093 Liability for pension benefits 73,651 78,279 Liabilities for uncertain tax positions 16,334 14,144 Finance leases 30,146 28,063 Other 18,374 28,359 Other liabilities (less current portion) $ 484,181 $ 484,059 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2023 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | Supplemental Cash Flow Information The following table presents additional information about the change in certain working capital accounts: For the years ended December 31, (in thousands) 2023 2022 2021 Accounts receivable $ (10,443) $ (26,875) $ (31,624) Other current assets (4,630) 5,653 12,488 Accounts payable (3,536) 7,313 18,534 Accrued employee compensation and benefits 15,726 (24,080) 4,073 Accrued interest 943 (3,886) 18,459 Other accrued liabilities (13,509) 4,991 2,336 Unearned revenue (6,002) (3,115) (7,080) Other, net 5,176 4,199 (21,407) Total $ (16,275) $ (35,800) $ (4,221) The following table reconciles cash and cash equivalents and restricted cash in the Consolidated Balance Sheets to cash, cash equivalents and restricted cash per the Consolidated Statements of Cash Flows. As of December 31, (in thousands) 2023 2022 2021 Cash and cash equivalents $ 35,319 $ 18,027 $ 66,223 Restricted cash — — 34,257 Total cash, cash equivalents and restricted cash, end of year $ 35,319 $ 18,027 $ 100,480 The December 31, 2021 restricted cash balance reflected cash held in escrow from the KMGH Denver television station building sale, which was received in January 2022. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans We sponsor a noncontributory defined benefit pension plan and non-qualified Supplemental Executive Retirement Plans ("SERPs"). Both the defined benefit plan and the SERPs have frozen the accrual of future benefits. We sponsor a defined contribution plan covering substantially all non-union and certain union employees. We match a portion of employees' voluntary contributions to this plan. Other union-represented employees are covered by defined benefit pension plans jointly sponsored by us and the union, or by union-sponsored multi-employer plans. We use a December 31 measurement date for our retirement plans. Retirement plans expense is based on valuations as of the beginning of each year. The components of the expense consisted of the following: For the years ended December 31, (in thousands) 2023 2022 2021 Interest cost $ 23,579 $ 17,332 $ 16,465 Expected return on plan assets, net of expenses (25,221) (24,900) (23,235) Amortization of actuarial loss and prior service cost 18 4,034 6,210 Total for defined benefit plans (1,624) (3,534) (560) SERPs 974 921 903 Defined contribution plan 15,998 15,257 14,394 Net periodic benefit cost $ 15,348 $ 12,644 $ 14,737 Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) were as follows: For the years ended December 31, (in thousands) 2023 2022 2021 Actuarial gain/(loss) $ 3,091 $ (12,703) $ 27,318 Amortization of actuarial loss and prior service cost 18 4,034 6,210 Total $ 3,109 $ (8,669) $ 33,528 In addition to the amounts summarized above, amortization of actuarial losses related to our SERPs recognized through other comprehensive income was $0.1 million in 2023 and $0.3 million in 2022 and 2021. We recognized an actuarial loss for our SERPs of $0.5 million in 2023 and actuarial gains of $3.6 million and $0.3 million in 2022 and 2021, respectively. Assumptions used in determining the annual retirement plans expense were as follows: 2023 2022 2021 Discount rate 5.47 % 2.95 % 2.64 % Long-term rate of return on plan assets 5.50 % 5.50 % 5.50 % The discount rate used to determine our future pension obligations is based on a dedicated bond portfolio approach that includes securities rated Aa or better with maturities matching our expected benefit payments from the plans. The expected long-term rate of return on plan assets is based upon the weighted-average expected rate of return and capital market forecasts for each asset class employed. Changes in other key actuarial assumptions affect the determination of the benefit obligations as of the measurement date and the calculation of net periodic benefit costs in subsequent periods. Obligations and Funded Status — The defined benefit pension plan obligations and funded status are actuarially valued as of the end of each year. The following table presents information about our employee benefit plan assets and obligations: Defined Benefit Plan SERPs For the years ended December 31, (in thousands) 2023 2022 2023 2022 Change in projected benefit obligation: Projected benefit obligation at beginning of year $ 450,022 $ 603,309 $ 13,393 $ 18,023 Interest cost 23,579 17,332 708 509 Benefits paid (33,750) (33,521) (1,161) (1,541) Actuarial (gains)/losses 9,142 (137,098) 497 (3,598) Projected benefit obligation at end of year 448,993 450,022 13,437 13,393 Plan assets: Fair value at beginning of year 383,725 517,148 — — Actual return on plan assets 37,454 (124,901) — — Company contributions — 24,999 1,161 1,541 Benefits paid (33,750) (33,521) (1,161) (1,541) Fair value at end of year 387,429 383,725 — — Funded status $ (61,564) $ (66,297) $ (13,437) $ (13,393) Amounts recognized in Consolidated Balance Sheets: Current liabilities $ — $ — $ (1,350) $ (1,411) Noncurrent liabilities (61,564) (66,297) (12,087) (11,982) Total $ (61,564) $ (66,297) $ (13,437) $ (13,393) Amounts recognized in accumulated other comprehensive loss consist of: Net actuarial loss $ 95,793 $ 98,884 $ 3,838 $ 3,467 Prior service cost 334 352 — — During 2023, a net actuarial loss increased our benefit obligation primarily due to a year-over-year decrease in the discount rate assumption. During 2022, a net actuarial gain decreased our benefit obligation primarily due to a year-over-year increase in the discount rate assumption. The recognized actuarial gains/losses are recorded in accumulated other comprehensive income (loss) and are reflected in the table above. Information for plans with an accumulated benefit obligation and projected benefit obligation in excess of plan assets was as follows: Defined Benefit Plan SERPs As of December 31, (in thousands) 2023 2022 2023 2022 Accumulated benefit obligation $ 448,993 $ 450,022 $ 13,437 $ 13,393 Projected benefit obligation 448,993 450,022 13,437 13,393 Fair value of plan assets 387,429 383,725 — — Assumptions used to determine the defined benefit pension plan benefit obligation were as follows: 2023 2022 2021 Weighted average discount rate 5.18 % 5.47 % 2.95 % In 2024, we expect to contribute $1.4 million to fund our SERPs. We have met regulatory funding requirements for our qualified defined benefit pension plan and do not have a mandatory contribution in 2024. Estimated future benefit payments expected to be paid from the plans for the next ten years are $34.1 million in 2024, $34.4 million in 2025, $34.6 million in 2026, $34.8 million in 2027, $35.1 million in 2028 and a total of $173.1 million for the five years ending 2033. Plan Assets and Investment Strategy Our long-term investment strategy for pension assets is to earn a rate of return over time that minimizes future contributions to the plan while reducing the volatility of pension assets relative to pension liabilities. The strategy reflects the fact that we have frozen the accrual of service credits under our plans which cover the majority of employees. We evaluate our asset allocation target ranges for equity, fixed income and other investments annually. We monitor actual asset allocations quarterly and adjust as necessary. We control risk through diversification among multiple asset classes, managers and styles. Risk is further monitored at the manager and asset class level by evaluating performance against appropriate benchmarks. Information related to our pension plan asset allocations by asset category were as follows: Target Percentage of plan assets 2024 2023 2022 US equity securities 13 % 13 % 13 % Non-US equity securities 27 % 31 % 31 % Fixed-income securities 55 % 55 % 55 % Other 5 % 1 % 1 % Total 100 % 100 % 100 % U.S. equity securities include common stocks of large, medium and small capitalization companies, which are predominantly U.S. based. Non-U.S. equity securities include companies domiciled outside of the U.S. and American depository receipts. Fixed-income securities include securities issued or guaranteed by the U.S. government, mortgage backed securities and corporate debt obligations. Other investments include real estate funds and cash equivalents. Under our asset allocation strategy, approximately 55% of plan assets are invested in a portfolio of fixed income securities with a duration approximately that of the projected payment of benefit obligations. The remaining 45% of plan assets are invested in equity securities and other return-seeking assets. The expected long-term rate of return on plan assets is based primarily upon the target asset allocation for plan assets and capital markets forecasts for each asset class employed. The following table presents our plan assets as of December 31, 2023 and 2022: As of December 31, (in thousands) 2023 2022 Equity securities Common/collective trust funds $ 172,635 $ 170,867 Fixed income Common/collective trust funds 212,012 210,226 Cash equivalents 2,782 2,632 Fair value of plan assets $ 387,429 $ 383,725 Our investments are valued using net asset value as a practical expedient as allowed under U.S. GAAP and therefore are not valued using the fair value hierarchy. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information We determine our business segments based upon our management and internal reporting structure, as well as the basis that our chief operating decision maker makes resource allocation decisions. Our Local Media segment includes more than 60 local television stations and their related digital operations. It is comprised of 18 ABC affiliates, 11 NBC affiliates, nine CBS affiliates and four FOX affiliates. We also have seven CW affiliates - four on full power stations and three on multicast; seven independent stations and 10 additional low power stations. Our Local Media segment earns revenue primarily from the sale of advertising to local, national and political advertisers and retransmission fees received from cable operators, telecommunication companies, satellite carriers and over-the-top virtual MVPDs. Our Scripps Networks segment includes national news outlets Scripps News and Court TV as well as popular entertainment brands ION, Bounce, Defy TV, Grit, ION Mystery and Laff. The Scripps Networks reach nearly every U.S. television home through free over-the-air broadcast, cable/satellite, connected TV and digital distribution. These operations earn revenue primarily through the sale of advertising. Our respective business segment results reflect the impact of intercompany carriage agreements between our local broadcast television stations and our national networks. We also allocate a portion of certain corporate costs and expenses, including accounting, human resources, employee benefit and information technology to our business segments. These intercompany agreements and allocations are generally amounts agreed upon by management, which may differ from an arms-length amount. The other segment caption aggregates our operating segments that are too small to report separately. Costs for centrally provided services and certain corporate costs that are not allocated to the business segments are included in shared services and corporate costs. These unallocated corporate costs would also include the costs associated with being a public company. Corporate assets are primarily cash and cash equivalents, property and equipment primarily used for corporate purposes and deferred income taxes. Our chief operating decision maker evaluates the operating performance of our business segments and makes decisions about the allocation of resources to our business segments using a measure called segment profit. Segment profit excludes interest, defined benefit pension plan amounts, income taxes, depreciation and amortization, impairment charges, divested operating units, restructuring activities, investment results and certain other items that are included in net income (loss) determined in accordance with accounting principles generally accepted in the United States of America. Information regarding our business segments is as follows: For the years ended December 31, (in thousands) 2023 2022 2021 Segment operating revenues: Local Media $ 1,398,230 $ 1,494,357 $ 1,319,468 Scripps Networks 893,234 961,242 951,883 Other 19,397 14,628 26,924 Intersegment eliminations (17,949) (17,012) (14,743) Total operating revenues $ 2,292,912 $ 2,453,215 $ 2,283,532 Segment profit (loss): Local Media $ 287,439 $ 386,369 $ 268,140 Scripps Networks 225,785 310,336 389,278 Other (26,451) (18,140) 359 Shared services and corporate (91,954) (82,280) (75,576) Acquisition and related integration costs — (1,642) (40,373) Restructuring costs (38,612) — (9,436) Depreciation and amortization of intangible assets (155,105) (160,433) (161,922) Impairment of goodwill (952,000) — — Gains (losses), net on disposal of property and equipment (2,344) (5,866) 30,275 Interest expense (213,512) (161,130) (165,164) Gain (loss) on extinguishment of debt — 8,589 (15,347) Defined benefit pension plan income (expense) 650 2,613 (343) Gain on sale of Triton business — — 81,784 Losses on stock warrant — — (99,118) Miscellaneous, net (1,407) (1,953) (15,469) Income (loss) from continuing operations before income taxes $ (967,511) $ 276,463 $ 187,088 Depreciation: Local Media $ 39,642 $ 40,479 $ 39,368 Scripps Networks 19,600 19,360 17,109 Other 184 189 382 Shared services and corporate 1,299 1,915 1,498 Total depreciation $ 60,725 $ 61,943 $ 58,357 Amortization of intangible assets: Local Media $ 36,322 $ 35,461 $ 40,315 Scripps Networks 52,036 56,836 58,599 Other 1,795 1,870 2,147 Shared services and corporate 4,227 4,323 2,504 Total amortization of intangible assets $ 94,380 $ 98,490 $ 103,565 A disaggregation of the principal activities from which we generate revenue is as follows: For the years ended December 31, (in thousands) 2023 2022 2021 Operating revenues: Core advertising $ 1,444,539 $ 1,549,277 $ 1,592,121 Political 33,460 208,112 22,693 Distribution 779,217 660,317 620,454 Other 35,696 35,509 48,264 Total operating revenues $ 2,292,912 $ 2,453,215 $ 2,283,532 The following table presents additions to property and equipment by segment: For the years ended December 31, (in thousands) 2023 2022 2021 Additions to property and equipment: Local Media $ 55,244 $ 58,350 $ 35,963 Scripps Networks 5,654 13,444 23,871 Other 75 54 430 Shared services and corporate 1,530 374 2,114 Total additions to property and equipment $ 62,503 $ 72,222 $ 62,378 Total assets by segment for the years ended December 31 were as follows: As of December 31, (in thousands) 2023 2022 Assets: Local Media $ 2,393,660 $ 2,391,703 Scripps Networks 2,878,936 3,915,374 Other 58,460 52,571 Shared services and corporate 79,064 71,357 Total assets $ 5,410,120 $ 6,431,005 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies In the ordinary course of business, we enter into contractual commitments for network affiliation agreements, the acquisition of programming and for other purchase and service agreements. Minimum payments on such contractual commitments at December 31, 2023 were: $942.9 million in 2024, $686.7 million in 2025, $417.1 million in 2026, $133.6 million in 2027, $71.6 million in 2028 and $33.9 million in later years. We expect these contracts will be replaced with similar contracts upon their expiration. We are involved in litigation arising in the ordinary course of business, such as defamation actions and governmental proceedings primarily relating to renewal of broadcast licenses, none of which is expected to result in material loss. |
Capital Stock and Share-Based C
Capital Stock and Share-Based Compensation Plans | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Capital Stock and Share-Based Compensation Plans | Capital Stock and Share-Based Compensation Plans Capital Stock — We have two classes of common shares, Common Voting shares and Class A Common shares. The Class A Common shares are only entitled to vote on the election of the greater of three or one-third of the directors and other matters as required by Ohio law. On January 7, 2021, we issued 6,000 shares of Series A preferred stock, having a face value of $100,000 per share. The preferred shares are perpetual and will be redeemable at the option of the Company beginning on the fifth anniversary of issuance, and redeemable at the option of the holders in the event of a Change of Control (as defined in the terms of the preferred shares), in each case at a redemption price of 105% of the face value, plus accrued and unpaid dividends (whether or not declared). As long as we pay quarterly dividends in cash on the preferred shares, the dividend rate will be 8% per annum. Preferred stock dividends were $48.0 million in 2023 and 2022. As of June 30, 2023, we had transitioned into an accumulated deficit position. As a result, dividends declared after June 30, 2023 have been recognized as a reduction to additional paid-in-capital. If dividends on the preferred shares, which compound quarterly, are not paid in full in cash, the rate will increase to 9% per annum for the remaining period of time that the preferred shares are outstanding. In February 2024, we notified the preferred shares holder of our intent to not declare the first quarter 2024 dividend. We currently have sufficient liquidity to pay the scheduled dividends on the preferred shares; however, this action provides us better flexibility for accelerating deleveraging and maximizing the paydown of our traditional bank debt. Class A Common Shares Stock Warrant — In connection with the issuance of the preferred shares, Berkshire Hathaway, Inc. ("Berkshire Hathaway") also received a warrant to purchase up to 23.1 million Class A shares, at an exercise price of $13 per share. The warrant is exercisable at the holder’s option at any time or from time to time, in whole or in part, until the first anniversary of the date on which no preferred shares remain outstanding. Since the holder had the option to settle the warrant through cash payment of the exercise price and/or through surrendering portions of their preferred shares for the stated par value, a liability was recognized for the fair value of the warrant. The valuation model, classified within Level 3 of the fair value hierarchy, included inputs for the estimated term of the warrant, the historical volatility rate of Scripps common stock and the exercise price for the warrant. At time of issuance, the fair value of the warrant totaled $181 million and was being remeasured each reporting period with the changes in fair value of the warrant captured in the gains/losses on stock warrant caption in the Consolidated Statements of Operations. On May 14, 2021, the warrant agreement was amended to only permit settlement of the warrant through cash payment of the exercise price. Following the warrant amendment, the warrant was no longer accounted for as a liability award where mark-to-market changes in the fair value of the warrant were captured as gains or losses in our operating results. The fair value of the warrant was remeasured on May 14, 2021 at $280 million. The increase in our stock price during 2021 was the primary contributor to the increase in the fair value of the warrant. The value of the liability on the amendment date was reclassified to equity within the caption Additional Paid-in Capital. Share Repurchase Plan — Shares may be repurchased from time to time at management's discretion. Shares can be repurchased under the authorization via open market purchases or privately negotiated transactions, including accelerated stock repurchase transactions, block trades, or pursuant to trades intending to comply with Rule 10b5-1 of the Securities Exchange Act of 1934. In February 2020, our Board of Directors authorized a share repurchase program of up to $100 million of our Class A Common shares through March 1, 2022. Under the terms of the preferred shares, we are prohibited from paying dividends on and repurchasing our common shares until all preferred shares are redeemed. No shares were repurchased during 2023, 2022 or 2021. Incentive Plans — The Company has a long-term incentive plan (the “Plan”) that permits the granting of incentive and nonqualified stock options, stock appreciation rights, restricted stock units ("RSUs"), restricted and unrestricted Class A Common shares and performance units to key employees and non-employee directors. We satisfy stock option exercises and vested stock awards with newly issued shares. We have not issued any new stock options since 2008. As of December 31, 2023, approximately 7.5 million shares were available for future stock compensation awards. Restricted Stock Units — Awards of RSUs generally require no payment by the employee. RSUs are converted into an equal number of Class A Common shares when vested. These awards generally vest over a three Long-term incentive compensation includes performance share awards. Performance share awards represent the right to receive an award of RSUs if certain performance measures are met. Each award specifies a target number of shares to be issued and the specific performance criteria that must be met. The number of shares that an employee receives may be less or more than the target number of shares depending on the extent to which the specified performance measures are met or exceeded. The following table summarizes our RSU activity: Fair Value Number Weighted Range of Unvested at December 31, 2020 2,191,659 $ 12.22 $ 7-23 Awarded 1,375,565 22.63 14-23 Vested (1,060,685) 20.32 15-24 Forfeited (121,043) 16.19 9-23 Unvested at December 31, 2021 2,385,496 17.25 9-23 Awarded 1,867,083 19.19 14-22 Vested (1,147,220) 21.20 11-22 Forfeited (57,074) 20.07 9-23 Unvested at December 31, 2022 3,048,285 18.57 9-23 Awarded 1,938,617 8.46 7-8 Vested (1,224,417) 11.61 5-15 Forfeited (46,570) 15.26 8-23 Unvested at December 31, 2023 3,715,915 13.11 7-23 The following table summarizes additional information about RSU vesting: For the years ended December 31, (in thousands) 2023 2022 2021 Fair value of RSUs vested $ 14,171 $ 24,321 $ 21,548 Tax benefits realized on vesting 3,409 5,902 5,101 Share-based Compensation Costs Share-based compensation costs were as follows: For the years ended December 31, (in thousands) 2023 2022 2021 Total share-based compensation $ 20,490 $ 21,596 $ 22,334 Share-based compensation, net of tax 15,560 16,355 17,047 As of December 31, 2023, $24.7 million of total unrecognized compensation costs related to RSUs and performance shares is expected to be recognized over a weighted-average period of 1.9 years. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2023 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) Changes in the accumulated other comprehensive income (loss) ("AOCI") balance by component consisted of the following for the respective years: (in thousands) Defined Benefit Pension Items Other Total As of December 31, 2021 $ (73,713) $ (196) $ (73,909) Other comprehensive income (loss) before reclassifications, net of tax of $(2,209) and $17 (6,895) 52 (6,843) Amounts reclassified from AOCI, net of tax of $1,051 3,281 — 3,281 Net current-period other comprehensive income (loss) (3,614) 52 (3,562) As of December 31, 2022 (77,327) (144) (77,471) Other comprehensive income (loss) before reclassifications, net of tax of $624 and $(38) 1,972 (119) 1,853 Amounts reclassified from AOCI, net of tax of $34 108 — 108 Net current-period other comprehensive income (loss) 2,080 (119) 1,961 As of December 31, 2023 $ (75,247) $ (263) $ (75,510) Amounts reclassified to net earnings for defined benefit pension items relate to the amortization of actuarial gains (losses) and settlement charges. These amounts are included within the defined benefit pension plan expense caption on our Consolidated Statements of Operations. See Note 14. Employee Benefit Plans for additional information. |
Assets Held for Sale and Discon
Assets Held for Sale and Discontinued Operations | 12 Months Ended |
Dec. 31, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Assets Held for Sale and Discontinued Operations | Assets Held for Sale and Discontinued Operations Stitcher On October 16, 2020, we closed on the sale of our Stitcher podcasting business. Stitcher is classified as discontinued operations in our Consolidated Financial Statements. Operating results of our discontinued Stitcher business were as follows: (in thousands) For the year ended December 31, 2021 Operating revenues $ — Total costs and expenses (600) Depreciation and amortization of intangible assets — Other, net — Loss from operations (600) Pretax gain on disposal 9,572 Gain from discontinued operations before income taxes 8,972 Provision for income taxes (2,159) Income from discontinued operations, net of tax $ 6,813 During 2021, the estimate for the contingent earnout consideration was increased by $9.1 million. In the third quarter of 2021, we received payment of $19.1 million for the 2020 earnout period. No value was assigned to the 2021 contingent earnout consideration. Triton Digital During the first quarter of 2021, our Board of Directors approved the sale of our Triton Digital business. On February 16, 2021, we signed a definitive agreement to sell the business and the transaction closed on March 31, 2021. The sale generated total net proceeds of $225 million and we recognized a pre-tax gain from disposition totaling $81.8 million. |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Dec. 31, 2023 | |
Trading Arrangements, by Individual | ||
Rule 10b5-1 Arrangement Adopted | false | |
Non-Rule 10b5-1 Arrangement Adopted | false | |
Rule 10b5-1 Arrangement Terminated | false | |
Non-Rule 10b5-1 Arrangement Terminated | false |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Concentration Risks | Concentration Risks — Our operations are geographically dispersed and we have a diverse customer base. We believe bad debt losses resulting from default by a single customer, or defaults by customers in any depressed region or business sector, would not have a material effect on our financial position, results of operations or cash flows. We derive approximately 64% of our operating revenues from advertising. Changes in the demand for such services, both nationally and in individual markets, can affect operating results. |
Use of Estimates | Use of Estimates — Preparing financial statements in accordance with accounting principles generally accepted in the United States of America requires us to make a variety of decisions that affect the reported amounts and the related disclosures. Such decisions include the selection of accounting principles that reflect the economic substance of the underlying transactions and the assumptions on which to base accounting estimates. In reaching such decisions, we apply judgment based on our understanding and analysis of the relevant circumstances, including our historical experience, actuarial studies and other assumptions. Our financial statements include estimates and assumptions used in accounting for our defined benefit pension plan; the periods over which long-lived assets are depreciated or amortized; the fair value of long-lived assets, goodwill and indefinite lived assets; the liability for uncertain tax positions and valuation allowances against deferred income tax assets; the fair value of assets acquired and liabilities assumed in business combinations; and self-insured risks. While we re-evaluate our estimates and assumptions on an ongoing basis, actual results could differ from those estimated at the time of preparation of the financial statements. |
Consolidation | Consolidation — The Consolidated Financial Statements include our accounts and those of our wholly-owned and majority-owned subsidiaries and variable interest entities ("VIEs") for which we are the primary beneficiary. We are the primary beneficiary of a VIE when we have the power to direct the activities of the VIE that most significantly impact the economic performance of the VIE and have the obligation to absorb losses or the right to receive returns that would be significant to the VIE. All intercompany transactions and account balances have been eliminated in consolidation. Investments in entities over which we have significant influence but not control are accounted for using the equity method of accounting. Income from equity method investments represents our proportionate share of net income generated by equity method investees. |
Nature of Products and Services | Nature of Products and Services — The following is a description of principal activities from which we generate revenue. Core Advertising — Core advertising is comprised of sales to local and national businesses. The advertising includes a combination of broadcast spots as well as digital and connected TV advertising. Pricing of advertising time is based on audience size and share, the demographic of our audiences and the demand for our limited inventory of commercial time. Local advertising time is sold by each station's local sales staff who call upon advertising agencies and local businesses. National advertising time is generally sold by calling upon advertising agencies. Digital revenues are primarily generated from the sale of advertising to local and national customers on our local television websites, smartphone apps, tablet apps and other platforms. Political Advertising — Political advertising is generally sold through our Washington, D.C. sales office. Advertising is sold to presidential, gubernatorial, U.S. Senate and House of Representative candidates, as well as for state and local issues. It is also sold to political action groups (PACs) and other advocacy groups. Distribution Revenues — We earn revenues from cable operators, satellite carriers, other multi-channel video programming distributors (collectively "MVPDs"), other online video distributors and subscribers for access rights to our local broadcast signals. These arrangements are generally governed by multi-year contracts and the fees we receive are typically based on the number of subscribers the respective distributor has in our markets and the contracted rate per subscriber. |
Revenue Recognition and Contract Balances | Revenue Recognition — Revenue is measured based on the consideration we expect to be entitled to in exchange for promised goods or services provided to customers, and excludes any amounts collected on behalf of third parties. Revenue is recognized upon transfer of control of promised products or services to customers. Advertising — Advertising revenue is recognized, net of agency commissions, over time primarily as ads are aired or impressions are delivered and any contracted audience guarantees are met. We apply the practical expedient to recognize revenue at the amount we have the right to invoice, which corresponds directly to the value a customer has received relative to our performance. For advertising sold based on audience guarantees, audience deficiency may result in an obligation to deliver additional advertisements to the customer. To the extent that we do not satisfy contracted audience ratings, we record deferred revenue until such time that the audience guarantee has been satisfied. Distribution — Our primary source of distribution revenue is from retransmission consent contracts with MVPDs. Retransmission revenues are considered licenses of functional intellectual property and are recognized at the point in time the content is transferred to the customer. MVPDs report their subscriber numbers to us generally on a 30- to 90-day lag. Prior to receiving the MVPD reporting, we record revenue based on estimates of the number of subscribers, utilizing historical levels and trends of subscribers for each MVPD. Cost of Revenues — Cost of revenues reflects the cost of providing our broadcast signals, programming and other content to respective distribution platforms. The costs captured within the cost of revenues caption include programming, content distribution, satellite transmission fees, production and operations and other direct costs. Contract Balances — Timing of revenue recognition may differ from the timing of cash collection from customers. We record a receivable when revenue is recognized prior to cash receipt, or unearned revenue when cash is collected in advance of revenue being recognized. We extend credit to customers based upon our assessment of the customer’s financial condition. Collateral is generally not required from customers. Payment terms may vary by contract type, although our terms generally include a requirement of payment within 30 to 90 days. In instances where the timing of revenue recognition differs from the timing of invoicing, we have determined our contracts do not include a significant financing component. The primary purpose of our invoicing terms is to provide customers with simplified and predictable ways of purchasing our products and services. We record unearned revenue when cash payments are received in advance of our performance. We generally require advance payment for advertising contracts with political advertising customers. Unearned revenue totaled $12.2 million at December 31, 2023 and substantially all is expected to be recognized within revenue over the next 12 months. Unearned revenue totaled $18.2 million at December 31, 2022. We recorded $13.4 million of revenue in 2023 that was included in unearned revenue at December 31, 2022. Assets Recognized from the Costs to Obtain a Contract with a Customer — We recognize an asset for the incremental costs of obtaining a contract with a customer if we expect the benefit of those costs to be longer than one year. We apply and use the practical expedient in the revenue guidance to expense costs as incurred for costs to obtain a contract when the amortization period is one year or less. This expedient applies to advertising sales commissions since advertising contracts are short-term in nature. |
Cash Equivalents | Cash Equivalents — |
Investments | Investments — From time to time, we make investments in private companies. Investment securities can be impacted by various market risks, including interest rate risk, credit risk and overall market volatility. Due to the level of risk associated with certain investment securities, it is reasonably possible that changes in the values of investment securities will occur in the near term. Such changes could materially affect the amounts reported in our financial statements. We record investments in private companies not accounted for under the equity method at cost, net of impairment write-downs, because no readily determinable market price is available. We regularly review our investments to determine if there has been any other-than-temporary decline in value. These reviews require management judgments that often include estimating the outcome of future events and determining whether factors exist that indicate impairment has occurred. We evaluate, among other factors, the extent to which cost exceeds fair value; the duration of the decline in fair value below cost; and the current cash position, earnings and cash forecasts and near-term prospects of the investee. We reduce the cost basis when a decline in fair value below cost is determined to be other than temporary, with the resulting adjustment charged against earnings. |
Property and Equipment | Property and Equipment — Property and equipment is carried at cost less depreciation. We compute depreciation using the straight-line method over estimated useful lives as follows: Buildings and improvements 15 to 45 years Leasehold improvements Shorter of term of lease or useful life Broadcast transmission towers and related equipment 15 to 35 years Other broadcast and program production equipment 3 to 15 years Computer hardware 3 to 5 years Office and other equipment 3 to 10 years |
FCC Repack | FCC Repack — In April 2017, the Federal Communications Commission (“FCC”) began a process of reallocating the broadcast spectrum (“repack”). Specifically, the FCC was requiring certain television stations to change channels and/or modify their transmission facilities. The U.S. Congress passed legislation which provided the FCC with a fund to reimburse all reasonable costs incurred by stations operating under a full power license and a portion of the costs incurred by stations operating under a low power license that are reassigned to new channels. |
Leases | Leases — We determine if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets, other current liabilities and operating lease liabilities in our Consolidated Balance Sheets. Finance leases are included in property and equipment, other current liabilities and other long-term liabilities in our Consolidated Balance Sheets. Lease assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Lease assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. As the implicit rate is not readily determinable for most of our leases, we use our incremental borrowing rate when determining the present value of lease payments. The incremental borrowing rate represents an estimate of the interest rate we would incur at lease commencement to borrow an amount equal to the lease payments on a collateralized basis over the term of the lease. Our lease assets also include any payments made at or before commencement and are reduced by any lease incentives. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Operating lease expense is recognized on a straight-line basis over the lease term. |
Goodwill and Other Indefinite-Lived Intangible Assets | Goodwill and Other Indefinite-Lived Intangible Assets — Goodwill represents the cost of acquisitions in excess of the acquired businesses’ tangible assets and identifiable intangible assets. FCC licenses represent the value assigned to the broadcast licenses of acquired broadcast television stations. Broadcast television stations are subject to the jurisdiction of the FCC, which prohibits the operation of stations except in accordance with an FCC license. FCC licenses stipulate each station’s operating parameters as defined by channels, effective radiated power and antenna height. FCC licenses are granted for a term of up to eight years, and are renewable upon request. We have never had a renewal request denied and all previous renewals have been for the maximum term. We do not amortize goodwill or our FCC licenses, but we review them for impairment at least annually or any time events occur or conditions change that would indicate it is more likely than not the fair value of a reporting unit is below its carrying value. We perform our annual impairment review during the fourth quarter of each year in conjunction with our annual planning cycle. We also assess, at least annually, whether our FCC licenses, classified as indefinite-lived intangible assets, continue to have indefinite lives. We review goodwill for impairment based upon our reporting units, which are defined as operating segments or groupings of businesses one level below the operating segment level. Reporting units with similar economic characteristics are aggregated into a single unit when testing goodwill for impairment. Our reporting units are Local Media, Scripps Networks and Nuvyyo. |
Amortizable Intangible Assets | Amortizable Intangible Assets — Television network affiliations represents the value assigned to an acquired broadcast television station’s relationship with a national television network. Television stations affiliated with national television networks typically have greater profit margins than independent television stations, primarily due to audience recognition of the television station as a network affiliate. We amortize these network affiliation relationships on a straight-line basis over estimated useful lives of 20 years. We amortize customer lists and other intangible assets in relation to their expected future cash flows over estimated useful lives of up to 20 years. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets — |
Self-Insured Risks | Self-Insured Risks — We are self-insured, up to certain limits, for general and automobile liability, employee health, disability and workers’ compensation claims and certain other risks. Estimated liabilities for unpaid claims totaled $10.9 million at December 31, 2023 and $10.4 million at December 31, 2022. We estimate liabilities for unpaid claims using actuarial methodologies and our historical claims experience. While we re-evaluate our assumptions and review our claims experience on an ongoing basis, actual claims paid could vary significantly from estimated claims, which would require adjustments to expense. |
Income Taxes | Income Taxes — We recognize deferred income taxes for temporary differences between the tax basis and reported amounts of assets and liabilities that will result in taxable or deductible amounts in future years. We establish a valuation allowance if we believe that it is more likely than not that we will not realize some or all of the deferred tax assets. We record a liability for unrecognized tax benefits resulting from uncertain tax positions taken or that we expect to take in a tax return. Interest and penalties associated with such tax positions are included in the tax provision. The liability for additional taxes and interest is included in other liabilities in the Consolidated Balance Sheets. |
Risk Management Contracts | Risk Management Contracts — We do not hold derivative financial instruments for trading or speculative purposes and we do not hold leveraged contracts. From time to time, we may use derivative financial instruments to limit the impact of interest rate fluctuations on our earnings and cash flows. |
Share-Based Compensation | Stock-Based Compensation — We have a Long-Term Incentive Plan (the “Plan”) which is described more fully in Note 17. The Plan provides for the award of incentive and nonqualified stock options, stock appreciation rights, restricted stock units ("RSUs") and unrestricted Class A Common shares and performance units to key employees and non-employee directors. We recognize compensation cost based on the grant-date fair value of the award. We determine the fair value of awards that grant the employee the underlying shares by the fair value of a Class A Common share on the date of the award. Certain awards of RSUs have performance conditions under which the number of shares granted is determined by the extent to which such performance conditions are met (“Performance Shares”). Compensation costs for such awards are measured by the grant-date fair value of a Class A Common share and the number of shares earned. In periods prior to completion of the performance period, compensation costs are based upon estimates of the number of shares that will be earned. Compensation costs are recognized on a straight-line basis over the requisite service period of the award. The impact of forfeitures is recognized as they occur. The requisite service period is generally the vesting period stated in the award. Grants to retirement-eligible employees are expensed immediately and grants to employees who will become retirement eligible prior to the end of the stated vesting period are expensed over such shorter period because stock compensation grants vest upon the retirement eligibility of the employee. |
Earnings Per Share (EPS) | Earnings Per Share (“EPS”) — Unvested awards of share-based payments with non-forfeitable rights to receive dividends or dividend equivalents, such as our RSUs, are considered participating securities for purposes of calculating EPS. Under the two-class method, we allocate a portion of net income to these participating securities and therefore exclude that income from the calculation of EPS for common stock. We do not allocate losses to the participating securities. |
Recently Adopted and Issued Accounting Standards | In December 2023, the Financial Accounting Standards Board ("FASB") issued new guidance that modifies the rules on income tax disclosures. The guidance requires entities to disclose: (1) specific categories in the rate reconciliation, (2) the income or loss from continuing operations before income tax expense or benefit (separated between domestic and foreign) and (3) income tax expense or benefit from continuing operations (separated by federal, state and foreign). The guidance also requires entities to disclose their income tax payments to international, federal, state and local jurisdictions, among other changes. The guidance is effective for our annual periods beginning in 2025, with early adoption permitted. The guidance will be applied on a prospective basis, but retrospective application is permitted. We are currently evaluating the potential impact of adopting this new guidance on our Consolidated Financial Statements and related disclosures. In November 2023, the FASB issued new guidance which expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses. The guidance is effective for our annual period beginning in fiscal year 2024 and interim periods beginning in the first quarter of 2025. Early adoption is permitted. The guidance will be applied retrospectively to all prior periods presented in the financial statements. Upon transition, the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. We are currently evaluating the impact that the updated guidance will have on our Consolidated Financial Statements and related disclosures. In March 2020, the FASB issued new guidance that provides optional expedients and exceptions to certain accounting requirements to facilitate the transition away from the use of the London Interbank Offered Rate ("LIBOR") and other interbank offered rates. The guidance was effective as of March 12, 2020 and the sunset date of the guidance was deferred to December 31, 2024, subject to meeting certain criteria, that have contracts, hedging relationships and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. We evaluate transactions and contract modifications occurring as a result of reference rate reform and determine whether to apply the optional guidance on an ongoing basis. |
Programming | Programming — Programming includes the cost of national television network programming, programming produced by us or for us by independent production companies, rights acquired under multi-year sports programming agreements and programs licensed under agreements with independent producers. Our network affiliation agreements require the payment of affiliation fees to the network. Network affiliation fees consist of pre-determined fixed fees in all cases and variable payments based on a share of retransmission revenues above the fixed fees for some of our agreements. The costs of programming produced by us or for us by independent production companies is charged to expense over estimated useful lives based upon expected future cash flows. The realizable value of internal costs incurred for trial footage at Court TV, including employee compensation and benefits, are capitalized and amortized based upon expected future cash flows. All other internal costs to produce daily or live broadcast shows, such as news, sports or daily magazine shows, are expensed as incurred. The costs of programming acquired under multi-year sports rights agreements are capitalized if the rights payments are made before the related economic benefit has been received. We amortize sports programming assets based upon expected cash flows over the term of the rights agreement. Program licenses principally consist of television series and films. Program licenses generally have fixed terms, limit the number of times we can air the programs and require payments over the terms of the licenses. We record licensed program assets and liabilities when the license period has commenced and the programs are available for broadcast. We do not discount program licenses for imputed interest. We amortize program licenses based upon expected cash flows over the term of the license agreement. Progress payments on programs not yet available for broadcast are recorded as deposits within programming assets. Program assets are predominantly monetized as a group on each of our respective national networks, broadcast television stations and digital content offerings. For program assets predominantly monetized within a network or television station group, when an event or change in circumstances indicates a change in the expected usefulness of the content or that the fair value may be less than unamortized costs, fair value of the content is aggregated at the group level by considering expected future revenue generation. Estimates of future revenues consider historical airing patterns and future plans for airing content, including any changes in strategy. An impairment charge is recorded if the fair value of a film group is less than the film group’s carrying value. Programming and development costs for programs we have determined will not be produced, are fully expensed in the period the determination is made. For our program assets available for broadcast, estimated amortization for each of the next five years is $164.3 million in 2024, $113.1 million in 2025, $83.6 million in 2026, $46.8 million in 2027, $13.4 million in 2028 and $11.1 million thereafter. Actual amortization in each of the next five years will exceed the amounts currently recorded as program assets available for broadcast, as we will continue to produce and license additional programs. The unamortized balance of program assets are classified as non-current assets in our Consolidated Balance Sheets. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Schedule of allowance for doubtful accounts | A rollforward of the allowance for doubtful accounts is as follows: (in thousands) January 1, 2021 $ 3,443 Charged to costs and expenses 1,987 Amounts charged off, net (1,174) Balance as of December 31, 2021 4,256 Charged to costs and expenses 1,674 Amounts charged off, net (967) Balance as of December 31, 2022 4,963 Charged to costs and expenses 14,786 Amounts charged off, net (14,708) Balance as of December 31, 2023 $ 5,041 |
Estimated useful lives of property and equipment | We compute depreciation using the straight-line method over estimated useful lives as follows: Buildings and improvements 15 to 45 years Leasehold improvements Shorter of term of lease or useful life Broadcast transmission towers and related equipment 15 to 35 years Other broadcast and program production equipment 3 to 15 years Computer hardware 3 to 5 years Office and other equipment 3 to 10 years Property and equipment consisted of the following: As of December 31, (in thousands) 2023 2022 Land and improvements $ 65,402 $ 65,559 Buildings and improvements 252,396 245,531 Equipment 622,981 580,001 Computer software 30,395 29,702 Total 971,174 920,793 Accumulated depreciation 515,919 462,193 Net property and equipment $ 455,255 $ 458,600 |
Components of basic and diluted weighted-average shares | The following table presents information about basic and diluted weighted-average shares outstanding: For the years ended December 31, (in thousands) 2023 2022 2021 Numerator (for basic and diluted earnings per share) Income (loss) from continuing operations, net of tax $ (947,784) $ 195,902 $ 115,899 Less income allocated to RSUs — (3,662) (1,855) Less preferred stock dividends (50,305) (50,305) (49,372) Numerator for basic and diluted earnings per share $ (998,089) $ 141,935 $ 64,672 Denominator Basic weighted-average shares outstanding 84,266 83,220 82,327 Effect of dilutive securities — 4,126 5,652 Diluted weighted-average shares outstanding 84,266 87,346 87,979 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Summary of net cash consideration for the ION transaction | The following table summarizes the net cash consideration for the ION transaction. (in thousands) Total purchase price $ 2,650,000 Plus: Cash acquired 14,493 Plus: Working capital 57,755 Total transaction gross cash consideration 2,722,248 Less: Proceeds from ION stations divested (30,000) Total transaction net cash consideration 2,692,248 Less: Cash acquired (14,493) Total consideration, net of cash acquired $ 2,677,755 |
Fair values of the assets acquired and liabilities assumed | The following table summarizes the final fair values of the ION assets acquired and liabilities assumed at the closing date. (in thousands) Accounts receivable $ 135,006 Other current assets 25,353 Programming rights 169,027 Property and equipment 122,520 Operating lease right-of-use assets 72,717 Other assets 2,295 Goodwill 1,796,148 Indefinite-lived intangible assets - FCC licenses 424,200 Amortizable intangible assets: INYO affiliation agreement 422,000 Other affiliation relationships 22,000 Advertiser relationships 143,000 Trade names 72,000 Accounts payable (9,674) Unearned revenue (13,043) Accrued expenses (15,814) Current portion of programming liabilities (92,721) Other current liabilities (24,810) Programming liabilities (191,837) Deferred tax liabilities (265,291) Operating lease liabilities (78,438) Other long-term liabilities (36,883) Total consideration, net of cash acquired $ 2,677,755 |
Pro forma results of operations | Pro forma results of operations, assuming the ION acquisition had taken place at the beginning of 2021, are presented in the following table. The pro forma results do not include Nuvyyo, as the impact of this acquisition is not material to prior year results of operations. The pro forma information includes the historical results of operations of Scripps and ION (excluding the results of the divested stations sold to INYO), as well as adjustments for additional depreciation and amortization of the assets acquired, additional interest expense related to the financing of the transactions and other transactional adjustments. The pro forma results do not include efficiencies, cost reductions or synergies expected to result from the acquisition, or retrospective fair value adjustments to the warrant. The unaudited pro forma financial information is not necessarily indicative of the results that actually would have occurred had the acquisition been completed at the beginning of the period. For the year ended (in thousands, except per share data) (unaudited) December 31, 2021 Operating revenues $ 2,290,254 Net income attributable to Scripps shareholders 101,146 Net income per share: Basic $ 1.19 Diluted 1.12 |
Restructuring Costs and Other_2
Restructuring Costs and Other Charges and Credits (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and related costs | (in thousands) Severance and Employee Benefits Other Restructuring Charges Total Liability as of December 31, 2022 $ — $ — $ — Net accruals 17,066 21,546 38,612 Payments (9,192) (5,183) (14,375) Non-cash (a) (1,139) (14,933) (16,072) Liability as of December 31, 2023 $ 6,735 $ 1,430 $ 8,165 (a) Represents share-based compensation costs and asset write-downs included in restructuring charges. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Provision for income taxes | The provision for income taxes from continuing operations consisted of the following: For the years ended December 31, (in thousands) 2023 2022 2021 Current: Federal $ 34,205 $ 56,236 $ 52,145 State and local 8,010 11,411 9,096 Foreign — — (48) Total current income tax provision 42,215 67,647 61,193 Deferred: Federal (53,476) 2,882 6,616 State and local (7,278) 10,770 3,087 Foreign (1,188) (738) 293 Total deferred income tax provision (61,942) 12,914 9,996 Provision (benefit) for income taxes $ (19,727) $ 80,561 $ 71,189 |
Effective income tax rate reconciliation | The difference between the statutory rate for federal income tax and the effective income tax rate was as follows: For the years ended December 31, 2023 2022 2021 Statutory rate 21.0 % 21.0 % 21.0 % Effect of: State and local income taxes, net of federal tax benefit 0.1 7.0 5.6 Non-deductible goodwill impairment (18.6) — — Non-deductible mark-to-market losses — — 11.5 Excess tax benefits from stock-based compensation (0.2) (0.3) (0.9) Non-deductible expenses (0.1) 0.2 0.2 Reserve for uncertain tax positions — 0.7 (0.8) Other (0.2) 0.5 1.5 Effective income tax rate 2.0 % 29.1 % 38.1 % |
Schedule of deferred income tax (liabilities) assets | The approximate effect of the temporary differences giving rise to deferred income tax assets (liabilities) were as follows: As of December 31, (in thousands) 2023 2022 Temporary differences: Property and equipment $ (39,414) $ (46,710) Goodwill and other intangible assets (368,876) (390,105) Investments, primarily gains and losses not yet recognized for tax purposes 2,954 5,165 Accrued expenses not deductible until paid 9,869 7,897 Deferred compensation and retiree benefits not deductible until paid 31,662 32,174 Operating lease right-of-use assets (32,034) (36,843) Operating lease liabilities 34,884 39,099 Interest limitation carryforward 38,290 6,375 Other temporary differences, net 10,999 7,305 Total temporary differences (311,666) (375,643) Federal and state net operating loss carryforwards 16,283 20,283 Valuation allowance for state deferred tax assets (11,997) (15,097) Net deferred tax liability $ (307,380) $ (370,457) |
Gross unrecognized tax benefit reconciliation | A reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits is as follows: For the years ended December 31, (in thousands) 2023 2022 2021 Gross unrecognized tax benefits at beginning of year $ 12,124 $ 10,572 $ 2,376 Increases in tax positions for prior years 3,321 2,965 22,348 Decreases in tax positions for prior years (2) (390) — Increases in tax positions for current years 257 796 3,164 Decreases from lapse in statute of limitations (670) (173) (4,234) Decreases due to settlements with taxing authorities — (1,646) (13,082) Gross unrecognized tax benefits at end of year $ 15,030 $ 12,124 $ 10,572 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Investments [Abstract] | |
Schedule of investments | Investments consisted of the following: As of December 31, (in thousands) 2023 2022 Investments held at cost $ 21,169 $ 20,890 Equity method investments 2,096 2,254 Total investments $ 23,265 $ 23,144 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Summary of property and equipment | We compute depreciation using the straight-line method over estimated useful lives as follows: Buildings and improvements 15 to 45 years Leasehold improvements Shorter of term of lease or useful life Broadcast transmission towers and related equipment 15 to 35 years Other broadcast and program production equipment 3 to 15 years Computer hardware 3 to 5 years Office and other equipment 3 to 10 years Property and equipment consisted of the following: As of December 31, (in thousands) 2023 2022 Land and improvements $ 65,402 $ 65,559 Buildings and improvements 252,396 245,531 Equipment 622,981 580,001 Computer software 30,395 29,702 Total 971,174 920,793 Accumulated depreciation 515,919 462,193 Net property and equipment $ 455,255 $ 458,600 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Lease assets and liabilities | Other information related to our leases was as follows: As of December 31, (in thousands, except lease term and discount rate) 2023 2022 Balance Sheet Information Operating Leases Right-of-use assets $ 99,194 $ 117,869 Other current liabilities 19,466 19,599 Operating lease liabilities 87,714 106,866 Finance Leases Property and equipment, at cost 28,321 28,321 Accumulated depreciation 862 69 Property and equipment, net 27,459 28,252 Other current liabilities — 426 Other liabilities 30,146 28,063 Weighted Average Remaining Lease Term Operating leases 7.41 years 8.22 years Finance leases 34.50 years 35.50 years Weighted Average Discount Rate Operating leases 4.43 % 4.34 % Finance leases 7.10 % 7.10 % |
Lease supplemental cash flow information | For the years ended December 31, (in thousands) 2023 2022 2021 Supplemental Cash Flows Information Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 24,114 $ 24,073 $ 22,477 Operating cash flows from finance leases 426 — — Financing cash flows from finance leases — — — Right-of-use assets obtained in exchange for operating lease obligations 6,789 6,217 17,835 Right-of-use assets obtained in exchange for finance lease obligations — 28,321 — |
Operating lease maturity schedule | Future minimum lease payments under non-cancellable leases as of December 31, 2023 were as follows: (in thousands) Operating Finance 2024 $ 25,622 $ 1,302 2025 21,033 1,776 2026 18,869 1,824 2027 15,932 1,875 2028 12,536 1,926 Thereafter 33,503 90,124 Total future minimum lease payments 127,495 98,827 Less: Imputed interest (20,315) (68,681) Total $ 107,180 $ 30,146 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill by business segment | Goodwill by business segment was as follows: (in thousands) Local Media Scripps Networks Other Total Gross balance as of December 31, 2020 $ 1,122,408 $ 232,742 $ 85,976 $ 1,441,126 Accumulated impairment losses (216,914) (21,000) — (237,914) Net balance as of December 31, 2020 905,494 211,742 85,976 1,203,212 ION acquisition — 1,796,148 — 1,796,148 Sale of Triton — — (85,976) (85,976) Balance as of December 31, 2021 $ 905,494 $ 2,007,890 $ — $ 2,913,384 Gross balance as of December 31, 2021 $ 1,122,408 $ 2,028,890 $ — $ 3,151,298 Accumulated impairment losses (216,914) (21,000) — (237,914) Net balance as of December 31, 2021 905,494 2,007,890 — 2,913,384 Nuvyyo acquisition — — 7,190 7,190 Balance as of December 31, 2022 $ 905,494 $ 2,007,890 $ 7,190 $ 2,920,574 Gross balance as of December 31, 2022 $ 1,122,408 $ 2,028,890 $ 7,190 $ 3,158,488 Accumulated impairment losses (216,914) (21,000) — (237,914) Net balance as of December 31, 2022 905,494 2,007,890 7,190 2,920,574 Impairment charge — (952,000) — (952,000) Balance as of December 31, 2023 $ 905,494 $ 1,055,890 $ 7,190 $ 1,968,574 Gross balance as of December 31, 2023 $ 1,122,408 $ 2,028,890 $ 7,190 $ 3,158,488 Accumulated impairment losses (216,914) (973,000) — (1,189,914) Net balance as of December 31, 2023 $ 905,494 $ 1,055,890 $ 7,190 $ 1,968,574 |
Summary of other finite-lived intangible assets | Other intangible assets consisted of the following: As of December 31, (in thousands) 2023 2022 Amortizable intangible assets: Carrying amount: Television network affiliation relationships $ 1,060,244 $ 1,060,244 Customer lists and advertiser relationships 220,997 220,997 Other 136,452 136,100 Total carrying amount 1,417,693 1,417,341 Accumulated amortization: Television network affiliation relationships (276,163) (222,092) Customer lists and advertiser relationships (132,161) (106,654) Other (61,606) (47,156) Total accumulated amortization (469,930) (375,902) Net amortizable intangible assets 947,763 1,041,439 Indefinite-lived intangible assets — FCC licenses 779,415 779,815 Total other intangible assets $ 1,727,178 $ 1,821,254 |
Summary of other indefinite-lived intangible assets | Other intangible assets consisted of the following: As of December 31, (in thousands) 2023 2022 Amortizable intangible assets: Carrying amount: Television network affiliation relationships $ 1,060,244 $ 1,060,244 Customer lists and advertiser relationships 220,997 220,997 Other 136,452 136,100 Total carrying amount 1,417,693 1,417,341 Accumulated amortization: Television network affiliation relationships (276,163) (222,092) Customer lists and advertiser relationships (132,161) (106,654) Other (61,606) (47,156) Total accumulated amortization (469,930) (375,902) Net amortizable intangible assets 947,763 1,041,439 Indefinite-lived intangible assets — FCC licenses 779,415 779,815 Total other intangible assets $ 1,727,178 $ 1,821,254 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Components of long-term debt | Long-term debt consisted of the following: As of December 31, (in thousands) 2023 2022 Revolving credit facility $ 330,000 $ — Senior secured notes, due in 2029 523,356 523,356 Senior unsecured notes, due in 2027 425,667 425,667 Senior unsecured notes, due in 2031 392,071 392,071 Term loan, due in 2024 — 284,250 Term loan, due in 2026 728,825 736,437 Term loan, due in 2028 551,000 559,000 Total outstanding principal 2,950,919 2,920,781 Less: Debt issuance costs and issuance discounts (38,483) (48,376) Less: Current portion (15,612) (18,612) Net carrying value of long-term debt 2,896,824 2,853,793 Fair value of long-term debt * $ 2,732,318 $ 2,677,845 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Assets and liabilities that are measured at fair value on a recurring basis | The following tables set forth our assets that are measured at fair value on a recurring basis at December 31, 2023 and 2022: December 31, 2023 (in thousands) Total Level 1 Level 2 Level 3 Cash equivalents $ 26,213 $ 26,213 $ — $ — December 31, 2022 (in thousands) Total Level 1 Level 2 Level 3 Cash equivalents $ 27 $ 27 $ — $ — The carrying amounts of cash, accounts receivable, accounts payable and accrued expenses approximate fair value due to the short-term nature of those items. |
Other Liabilities (Tables)
Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Liabilities Disclosure [Abstract] | |
Other liabilities | Other liabilities consisted of the following: As of December 31, (in thousands) 2023 2022 Employee compensation and benefits $ 29,249 $ 25,916 Deferred FCC repack income 41,863 46,205 Programming liability 274,564 263,093 Liability for pension benefits 73,651 78,279 Liabilities for uncertain tax positions 16,334 14,144 Finance leases 30,146 28,063 Other 18,374 28,359 Other liabilities (less current portion) $ 484,181 $ 484,059 |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Supplemental Cash Flow Elements [Abstract] | |
Change in certain working capital accounts | The following table presents additional information about the change in certain working capital accounts: For the years ended December 31, (in thousands) 2023 2022 2021 Accounts receivable $ (10,443) $ (26,875) $ (31,624) Other current assets (4,630) 5,653 12,488 Accounts payable (3,536) 7,313 18,534 Accrued employee compensation and benefits 15,726 (24,080) 4,073 Accrued interest 943 (3,886) 18,459 Other accrued liabilities (13,509) 4,991 2,336 Unearned revenue (6,002) (3,115) (7,080) Other, net 5,176 4,199 (21,407) Total $ (16,275) $ (35,800) $ (4,221) |
Reconciliation of cash, cash equivalents, restricted cash and restricted cash equivalents | The following table reconciles cash and cash equivalents and restricted cash in the Consolidated Balance Sheets to cash, cash equivalents and restricted cash per the Consolidated Statements of Cash Flows. As of December 31, (in thousands) 2023 2022 2021 Cash and cash equivalents $ 35,319 $ 18,027 $ 66,223 Restricted cash — — 34,257 Total cash, cash equivalents and restricted cash, end of year $ 35,319 $ 18,027 $ 100,480 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Components of benefit expense | The components of the expense consisted of the following: For the years ended December 31, (in thousands) 2023 2022 2021 Interest cost $ 23,579 $ 17,332 $ 16,465 Expected return on plan assets, net of expenses (25,221) (24,900) (23,235) Amortization of actuarial loss and prior service cost 18 4,034 6,210 Total for defined benefit plans (1,624) (3,534) (560) SERPs 974 921 903 Defined contribution plan 15,998 15,257 14,394 Net periodic benefit cost $ 15,348 $ 12,644 $ 14,737 |
Changes in plan assets and benefit obligations recognized in other comprehensive income (loss) | Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) were as follows: For the years ended December 31, (in thousands) 2023 2022 2021 Actuarial gain/(loss) $ 3,091 $ (12,703) $ 27,318 Amortization of actuarial loss and prior service cost 18 4,034 6,210 Total $ 3,109 $ (8,669) $ 33,528 |
Schedule of assumptions used | Assumptions used in determining the annual retirement plans expense were as follows: 2023 2022 2021 Discount rate 5.47 % 2.95 % 2.64 % Long-term rate of return on plan assets 5.50 % 5.50 % 5.50 % Assumptions used to determine the defined benefit pension plan benefit obligation were as follows: 2023 2022 2021 Weighted average discount rate 5.18 % 5.47 % 2.95 % |
Schedule of employee benefit plan assets and obligations | The following table presents information about our employee benefit plan assets and obligations: Defined Benefit Plan SERPs For the years ended December 31, (in thousands) 2023 2022 2023 2022 Change in projected benefit obligation: Projected benefit obligation at beginning of year $ 450,022 $ 603,309 $ 13,393 $ 18,023 Interest cost 23,579 17,332 708 509 Benefits paid (33,750) (33,521) (1,161) (1,541) Actuarial (gains)/losses 9,142 (137,098) 497 (3,598) Projected benefit obligation at end of year 448,993 450,022 13,437 13,393 Plan assets: Fair value at beginning of year 383,725 517,148 — — Actual return on plan assets 37,454 (124,901) — — Company contributions — 24,999 1,161 1,541 Benefits paid (33,750) (33,521) (1,161) (1,541) Fair value at end of year 387,429 383,725 — — Funded status $ (61,564) $ (66,297) $ (13,437) $ (13,393) Amounts recognized in Consolidated Balance Sheets: Current liabilities $ — $ — $ (1,350) $ (1,411) Noncurrent liabilities (61,564) (66,297) (12,087) (11,982) Total $ (61,564) $ (66,297) $ (13,437) $ (13,393) Amounts recognized in accumulated other comprehensive loss consist of: Net actuarial loss $ 95,793 $ 98,884 $ 3,838 $ 3,467 Prior service cost 334 352 — — |
Schedule of pension plans with an accumulated benefit obligation and projected benefit obligation in excess of plan assets | Information for plans with an accumulated benefit obligation and projected benefit obligation in excess of plan assets was as follows: Defined Benefit Plan SERPs As of December 31, (in thousands) 2023 2022 2023 2022 Accumulated benefit obligation $ 448,993 $ 450,022 $ 13,437 $ 13,393 Projected benefit obligation 448,993 450,022 13,437 13,393 Fair value of plan assets 387,429 383,725 — — |
Schedule of allocation of pension plan assets by asset category | Information related to our pension plan asset allocations by asset category were as follows: Target Percentage of plan assets 2024 2023 2022 US equity securities 13 % 13 % 13 % Non-US equity securities 27 % 31 % 31 % Fixed-income securities 55 % 55 % 55 % Other 5 % 1 % 1 % Total 100 % 100 % 100 % |
Plan assets measured using the fair value hierarchy | The following table presents our plan assets as of December 31, 2023 and 2022: As of December 31, (in thousands) 2023 2022 Equity securities Common/collective trust funds $ 172,635 $ 170,867 Fixed income Common/collective trust funds 212,012 210,226 Cash equivalents 2,782 2,632 Fair value of plan assets $ 387,429 $ 383,725 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Information regarding business segments | Information regarding our business segments is as follows: For the years ended December 31, (in thousands) 2023 2022 2021 Segment operating revenues: Local Media $ 1,398,230 $ 1,494,357 $ 1,319,468 Scripps Networks 893,234 961,242 951,883 Other 19,397 14,628 26,924 Intersegment eliminations (17,949) (17,012) (14,743) Total operating revenues $ 2,292,912 $ 2,453,215 $ 2,283,532 Segment profit (loss): Local Media $ 287,439 $ 386,369 $ 268,140 Scripps Networks 225,785 310,336 389,278 Other (26,451) (18,140) 359 Shared services and corporate (91,954) (82,280) (75,576) Acquisition and related integration costs — (1,642) (40,373) Restructuring costs (38,612) — (9,436) Depreciation and amortization of intangible assets (155,105) (160,433) (161,922) Impairment of goodwill (952,000) — — Gains (losses), net on disposal of property and equipment (2,344) (5,866) 30,275 Interest expense (213,512) (161,130) (165,164) Gain (loss) on extinguishment of debt — 8,589 (15,347) Defined benefit pension plan income (expense) 650 2,613 (343) Gain on sale of Triton business — — 81,784 Losses on stock warrant — — (99,118) Miscellaneous, net (1,407) (1,953) (15,469) Income (loss) from continuing operations before income taxes $ (967,511) $ 276,463 $ 187,088 Depreciation: Local Media $ 39,642 $ 40,479 $ 39,368 Scripps Networks 19,600 19,360 17,109 Other 184 189 382 Shared services and corporate 1,299 1,915 1,498 Total depreciation $ 60,725 $ 61,943 $ 58,357 Amortization of intangible assets: Local Media $ 36,322 $ 35,461 $ 40,315 Scripps Networks 52,036 56,836 58,599 Other 1,795 1,870 2,147 Shared services and corporate 4,227 4,323 2,504 Total amortization of intangible assets $ 94,380 $ 98,490 $ 103,565 The following table presents additions to property and equipment by segment: For the years ended December 31, (in thousands) 2023 2022 2021 Additions to property and equipment: Local Media $ 55,244 $ 58,350 $ 35,963 Scripps Networks 5,654 13,444 23,871 Other 75 54 430 Shared services and corporate 1,530 374 2,114 Total additions to property and equipment $ 62,503 $ 72,222 $ 62,378 Total assets by segment for the years ended December 31 were as follows: As of December 31, (in thousands) 2023 2022 Assets: Local Media $ 2,393,660 $ 2,391,703 Scripps Networks 2,878,936 3,915,374 Other 58,460 52,571 Shared services and corporate 79,064 71,357 Total assets $ 5,410,120 $ 6,431,005 |
Disaggregation of revenue | A disaggregation of the principal activities from which we generate revenue is as follows: For the years ended December 31, (in thousands) 2023 2022 2021 Operating revenues: Core advertising $ 1,444,539 $ 1,549,277 $ 1,592,121 Political 33,460 208,112 22,693 Distribution 779,217 660,317 620,454 Other 35,696 35,509 48,264 Total operating revenues $ 2,292,912 $ 2,453,215 $ 2,283,532 |
Capital Stock and Share-Based_2
Capital Stock and Share-Based Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Restricted stock and restricted stock unit vesting activity | The following table summarizes our RSU activity: Fair Value Number Weighted Range of Unvested at December 31, 2020 2,191,659 $ 12.22 $ 7-23 Awarded 1,375,565 22.63 14-23 Vested (1,060,685) 20.32 15-24 Forfeited (121,043) 16.19 9-23 Unvested at December 31, 2021 2,385,496 17.25 9-23 Awarded 1,867,083 19.19 14-22 Vested (1,147,220) 21.20 11-22 Forfeited (57,074) 20.07 9-23 Unvested at December 31, 2022 3,048,285 18.57 9-23 Awarded 1,938,617 8.46 7-8 Vested (1,224,417) 11.61 5-15 Forfeited (46,570) 15.26 8-23 Unvested at December 31, 2023 3,715,915 13.11 7-23 |
Additional information about restricted stock and restricted stock unit vesting | The following table summarizes additional information about RSU vesting: For the years ended December 31, (in thousands) 2023 2022 2021 Fair value of RSUs vested $ 14,171 $ 24,321 $ 21,548 Tax benefits realized on vesting 3,409 5,902 5,101 |
Schedule of stock compensation costs | Share-based compensation costs were as follows: For the years ended December 31, (in thousands) 2023 2022 2021 Total share-based compensation $ 20,490 $ 21,596 $ 22,334 Share-based compensation, net of tax 15,560 16,355 17,047 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Changes in accumulated other comprehensive loss | Changes in the accumulated other comprehensive income (loss) ("AOCI") balance by component consisted of the following for the respective years: (in thousands) Defined Benefit Pension Items Other Total As of December 31, 2021 $ (73,713) $ (196) $ (73,909) Other comprehensive income (loss) before reclassifications, net of tax of $(2,209) and $17 (6,895) 52 (6,843) Amounts reclassified from AOCI, net of tax of $1,051 3,281 — 3,281 Net current-period other comprehensive income (loss) (3,614) 52 (3,562) As of December 31, 2022 (77,327) (144) (77,471) Other comprehensive income (loss) before reclassifications, net of tax of $624 and $(38) 1,972 (119) 1,853 Amounts reclassified from AOCI, net of tax of $34 108 — 108 Net current-period other comprehensive income (loss) 2,080 (119) 1,961 As of December 31, 2023 $ (75,247) $ (263) $ (75,510) |
Assets Held for Sale and Disc_2
Assets Held for Sale and Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Operating results of discontinued operations and net assets distributed | Operating results of our discontinued Stitcher business were as follows: (in thousands) For the year ended December 31, 2021 Operating revenues $ — Total costs and expenses (600) Depreciation and amortization of intangible assets — Other, net — Loss from operations (600) Pretax gain on disposal 9,572 Gain from discontinued operations before income taxes 8,972 Provision for income taxes (2,159) Income from discontinued operations, net of tax $ 6,813 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Summary of Significant Accounting Policies [Line Items] | ||
Unearned revenue | $ 12,200 | $ 18,200 |
Unearned revenue recognized during the year | 13,400 | |
Programming assets, amortization expense, next twelve months | 164,300 | |
Programming assets, amortization expense, year two | 113,100 | |
Programming assets, amortization expense, year three | 83,600 | |
Programming assets, amortization expense, year four | 46,800 | |
Programming assets, amortization expense, year five | 13,400 | |
Programming assets, amortization expense, thereafter | 11,100 | |
Deferred FCC repack income | 41,863 | 46,205 |
Estimated liabilities for unpaid claims | $ 10,900 | $ 10,400 |
Antidilutive securities excluded from computation of earnings per share, performance criteria not met, shares | 420,000 | |
Anti-dilutive securities (in shares) | 3,300,000 | 100,000 |
Advertising | Revenue Benchmark | Advertising | ||
Summary of Significant Accounting Policies [Line Items] | ||
Concentration risk, percentage | 64% | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | ||
Summary of Significant Accounting Policies [Line Items] | ||
Expected period of revenue recognition | 12 months | |
Other affiliation relationships | ||
Summary of Significant Accounting Policies [Line Items] | ||
Estimated useful life | 20 years | |
Customer lists and advertiser relationships | ||
Summary of Significant Accounting Policies [Line Items] | ||
Estimated useful life | 20 years | |
FCC licenses | Maximum | ||
Summary of Significant Accounting Policies [Line Items] | ||
FCC license term | 8 years |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Trade receivables (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||
Allowance for doubtful accounts, beginning balance | $ 4,963 | $ 4,256 | $ 3,443 |
Charged to costs and expenses | 14,786 | 1,674 | 1,987 |
Amounts charged off, net | (14,708) | (967) | (1,174) |
Allowance for doubtful accounts, ending balance | $ 5,041 | $ 4,963 | $ 4,256 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Estimated useful lives (Details) | Dec. 31, 2023 |
Buildings and improvements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Useful life of property and equipment | 15 years |
Buildings and improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Useful life of property and equipment | 45 years |
Broadcast transmission towers and related equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Useful life of property and equipment | 15 years |
Broadcast transmission towers and related equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Useful life of property and equipment | 35 years |
Other broadcast and program production equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Useful life of property and equipment | 3 years |
Other broadcast and program production equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Useful life of property and equipment | 15 years |
Computer hardware | Minimum | |
Property, Plant and Equipment [Line Items] | |
Useful life of property and equipment | 3 years |
Computer hardware | Maximum | |
Property, Plant and Equipment [Line Items] | |
Useful life of property and equipment | 5 years |
Office and other equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Useful life of property and equipment | 3 years |
Office and other equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Useful life of property and equipment | 10 years |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Earnings per share (Details) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Numerator (for basic and diluted earnings per share) | |||
Income (loss) from continuing operations, net of tax | $ (947,784) | $ 195,902 | $ 115,899 |
Less income allocated to RSUs, basic | 0 | (3,662) | (1,855) |
Less income allocated to RSUs, diluted | 0 | (3,662) | (1,855) |
Less preferred stock dividends | 50,305 | 50,305 | 49,372 |
Numerator for basic earnings per share | (998,089) | 141,935 | 64,672 |
Numerator for diluted earnings per share | $ (998,089) | $ 141,935 | $ 64,672 |
Denominator | |||
Basic weighted-average shares outstanding | 84,266 | 83,220 | 82,327 |
Effect of dilutive securities | 0 | 4,126 | 5,652 |
Diluted weighted-average shares outstanding | 84,266 | 87,346 | 87,979 |
Acquisitions - Narrative (Detai
Acquisitions - Narrative (Details) $ / shares in Units, $ in Thousands, shares in Millions, home in Millions | 12 Months Ended | |||||
Jan. 05, 2022 USD ($) | Jan. 07, 2021 USD ($) home station $ / shares shares | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Business Acquisition [Line Items] | ||||||
Total consideration, net of cash acquired | $ 0 | $ 13,797 | $ 2,677,755 | |||
Goodwill | $ 1,968,574 | $ 2,920,574 | 2,913,384 | $ 1,203,212 | ||
Twenty-Three Television Station Acquired in ION Acquisition | ||||||
Business Acquisition [Line Items] | ||||||
Number of stations divested | station | 23 | |||||
Consideration received for business | $ 30,000 | |||||
Other affiliation relationships | ||||||
Business Acquisition [Line Items] | ||||||
Estimated useful life | 20 years | |||||
Nuvyyo | ||||||
Business Acquisition [Line Items] | ||||||
Total consideration, net of cash acquired | $ 13,800 | |||||
Intangible assets acquired | 7,200 | |||||
Goodwill | $ 7,200 | |||||
Nuvyyo | Minimum | ||||||
Business Acquisition [Line Items] | ||||||
Estimated useful life | 3 years | |||||
Nuvyyo | Maximum | ||||||
Business Acquisition [Line Items] | ||||||
Estimated useful life | 5 years | |||||
ION Media | ||||||
Business Acquisition [Line Items] | ||||||
Total consideration, net of cash acquired | 2,677,755 | |||||
Goodwill | 1,796,148 | |||||
Business acquisition, purchase price | $ 2,650,000 | |||||
Exercise price of warrants | $ / shares | $ 13 | |||||
Property and equipment | $ 122,520 | |||||
ION Media | Acquisition-related Costs | ||||||
Business Acquisition [Line Items] | ||||||
Non-recurring transaction related (costs) reversal included in pro forma results | $ 38,100 | |||||
ION Media | Preferred Stock | Berkshire Hathaway | ||||||
Business Acquisition [Line Items] | ||||||
Equity issued | $ 600,000 | |||||
Number of warrants | shares | 23.1 | |||||
Exercise price of warrants | $ / shares | $ 13 | |||||
ION Media | Common stock, Class A | ||||||
Business Acquisition [Line Items] | ||||||
Number of warrants | shares | 23.1 | |||||
ION Media | UNITED STATES | ||||||
Business Acquisition [Line Items] | ||||||
Number of homes reached | home | 100 | |||||
ION Media | INYO affiliation agreement | ||||||
Business Acquisition [Line Items] | ||||||
Intangible assets acquired | $ 422,000 | |||||
Estimated useful life | 20 years | |||||
ION Media | Advertiser relationships | ||||||
Business Acquisition [Line Items] | ||||||
Intangible assets acquired | $ 143,000 | |||||
Estimated useful life | 7 years | |||||
ION Media | Other affiliation relationships | ||||||
Business Acquisition [Line Items] | ||||||
Intangible assets acquired | $ 22,000 | |||||
Estimated useful life | 10 years | |||||
ION Media | Trade names | ||||||
Business Acquisition [Line Items] | ||||||
Intangible assets acquired | $ 72,000 | |||||
Estimated useful life | 10 years |
Acquisitions - ION Media (Detai
Acquisitions - ION Media (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jan. 07, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Business Acquisition [Line Items] | ||||
Total consideration, net of cash acquired | $ 0 | $ 13,797 | $ 2,677,755 | |
ION Media | ||||
Business Acquisition [Line Items] | ||||
Total purchase price | $ 2,650,000 | |||
Plus: Cash acquired | 14,493 | |||
Plus: Working capital | 57,755 | |||
Total transaction gross cash consideration | 2,722,248 | |||
Less: Proceeds from ION stations divested | (30,000) | |||
Total transaction net cash consideration | 2,692,248 | |||
Less: Cash acquired | (14,493) | |||
Total consideration, net of cash acquired | $ 2,677,755 |
Acquisitions - Fair value of as
Acquisitions - Fair value of assets acquired and liabilities assumed, ION Media (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 07, 2021 | Dec. 31, 2020 |
Business Acquisition [Line Items] | |||||
Goodwill | $ 1,968,574 | $ 2,920,574 | $ 2,913,384 | $ 1,203,212 | |
ION Media | |||||
Business Acquisition [Line Items] | |||||
Accounts receivable | $ 135,006 | ||||
Other current assets | 25,353 | ||||
Programming rights | 169,027 | ||||
Property and equipment | 122,520 | ||||
Operating lease right-of-use assets | 72,717 | ||||
Other assets | 2,295 | ||||
Goodwill | 1,796,148 | ||||
Accounts payable | (9,674) | ||||
Unearned revenue | (13,043) | ||||
Accrued expenses | (15,814) | ||||
Current portion of programming liabilities | (92,721) | ||||
Other current liabilities | (24,810) | ||||
Programming liabilities | (191,837) | ||||
Deferred tax liabilities | (265,291) | ||||
Operating lease liabilities | (78,438) | ||||
Other long-term liabilities | (36,883) | ||||
Total consideration, net of cash acquired | 2,677,755 | ||||
ION Media | INYO affiliation agreement | |||||
Business Acquisition [Line Items] | |||||
Amortizable intangible assets: | 422,000 | ||||
ION Media | Other affiliation relationships | |||||
Business Acquisition [Line Items] | |||||
Amortizable intangible assets: | 22,000 | ||||
ION Media | Advertiser relationships | |||||
Business Acquisition [Line Items] | |||||
Amortizable intangible assets: | 143,000 | ||||
ION Media | Trade names | |||||
Business Acquisition [Line Items] | |||||
Amortizable intangible assets: | 72,000 | ||||
ION Media | FCC licenses | |||||
Business Acquisition [Line Items] | |||||
Indefinite-lived intangible assets - FCC licenses | $ 424,200 |
Acquisitions - Pro forma result
Acquisitions - Pro forma results of operations (Details) $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) $ / shares | |
Business Combination and Asset Acquisition [Abstract] | |
Operating revenues | $ | $ 2,290,254 |
Net income attributable to Scripps shareholders | $ | $ 101,146 |
Income (loss) per share from operations attributable to the shareholders of The E.W. Scripps Company: | |
Basic (in dollars per share) | $ / shares | $ 1.19 |
Diluted (in dollars per share) | $ / shares | $ 1.12 |
Restructuring Costs and Other_3
Restructuring Costs and Other Charges and Credits - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||
Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Restructuring Cost and Reserve [Line Items] | |||||||||
Restructuring and related cost, incurred cost | $ 7,100 | $ 38,612 | $ 0 | $ 9,436 | |||||
Acquisition and related integration costs | 0 | 1,642 | 40,373 | ||||||
Gain (loss) on extinguishment of debt | $ (7,400) | $ (1,200) | $ 15,300 | 0 | (8,589) | 15,347 | |||
Restructuring costs | 38,600 | 9,400 | |||||||
Gain on sale of Triton business | 0 | 0 | 81,784 | ||||||
Losses on stock warrant | 0 | 0 | $ 99,118 | ||||||
TrueReal Restructuring | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Severance costs | 17,100 | ||||||||
Operating lease, impairment loss | $ 1,300 | ||||||||
TrueReal Restructuring | Write-Down of Programming Assets | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Restructuring and related cost, incurred cost | $ 13,600 | ||||||||
Discontinued Operations, Disposed of by Sale | Triton Digital Media | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Proceeds from sale of business | 225,000 | ||||||||
Gain on sale of Triton business | $ 81,800 | ||||||||
Senior unsecured notes, due in 2027 | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Redemption of senior notes | 15,400 | 59,000 | |||||||
Senior secured notes, due in 2029 | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Redemption of senior notes | 26,600 | ||||||||
Senior unsecured notes, due in 2031 | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Redemption of senior notes | $ 22,000 | $ 85,900 | |||||||
Building | Discontinued Operations, Disposed of by Sale | Denver KMGH Television Station | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Pretax gain on sale of building | $ 32,600 |
Restructuring Costs and Other_4
Restructuring Costs and Other Charges and Credits - Changes in restructuring reserve (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Restructuring Cost and Reserve [Line Items] | |||
Net accruals | $ 38,612 | $ 0 | $ 9,436 |
TrueReal Restructuring | |||
Restructuring Cost and Reserve [Line Items] | |||
Liability, beginning of period | 0 | ||
Net accruals | 38,612 | ||
Payments | (14,375) | ||
Non-cash | (16,072) | ||
Liability, end of period | 8,165 | 0 | |
Severance and Employee Benefits | TrueReal Restructuring | |||
Restructuring Cost and Reserve [Line Items] | |||
Liability, beginning of period | 0 | ||
Net accruals | 17,066 | ||
Payments | (9,192) | ||
Non-cash | (1,139) | ||
Liability, end of period | 6,735 | 0 | |
Other Restructuring | TrueReal Restructuring | |||
Restructuring Cost and Reserve [Line Items] | |||
Liability, beginning of period | 0 | ||
Net accruals | 21,546 | ||
Payments | (5,183) | ||
Non-cash | (14,933) | ||
Liability, end of period | $ 1,430 | $ 0 |
Income Taxes - Provision for in
Income Taxes - Provision for income taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Current: | |||
Federal | $ 34,205 | $ 56,236 | $ 52,145 |
State and local | 8,010 | 11,411 | 9,096 |
Foreign | 0 | 0 | (48) |
Total current income tax provision | 42,215 | 67,647 | 61,193 |
Deferred: | |||
Federal | (53,476) | 2,882 | 6,616 |
State and local | (7,278) | 10,770 | 3,087 |
Foreign | (1,188) | (738) | 293 |
Total deferred income tax provision | (61,942) | 12,914 | 9,996 |
Provision (benefit) for income taxes | $ (19,727) | $ 80,561 | $ 71,189 |
Income Taxes - Effective income
Income Taxes - Effective income tax reconciliation (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Effective Income Tax Rate, Tax Rate Reconciliation | |||
Statutory rate | 21% | 21% | 21% |
Effect of: | |||
State and local income taxes, net of federal tax benefit | 0.10% | 7% | 5.60% |
Non-deductible goodwill impairment | (18.60%) | 0% | 0% |
Non-deductible mark-to-market losses | 0% | 0% | 11.50% |
Excess tax benefits from stock-based compensation | (0.20%) | (0.30%) | (0.90%) |
Non-deductible expenses | (0.10%) | 0.20% | 0.20% |
Reserve for uncertain tax positions | 0% | 0.70% | (0.80%) |
Other | (0.20%) | 0.50% | 1.50% |
Effective income tax rate | 2% | 29.10% | 38.10% |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2021 | Dec. 31, 2022 | |
Income Tax Contingency [Line Items] | |||
Nondeductible goodwill impairment | $ 855 | ||
Nondeductible expense related to acquisition | $ 103 | ||
Potential affect of unrecognized tax benefits on effective tax rate | 13.6 | ||
Interest accrued on unrecognized tax benefits | 1.6 | $ 0.9 | |
Penalties accrued on unrecognized tax benefits | 1.1 | $ 1.2 | |
Potential change in unrecognized tax benefits | 0.4 | ||
State | |||
Income Tax Contingency [Line Items] | |||
Net operating loss carryforwards | $ 367 |
Income Taxes - Deferred tax (li
Income Taxes - Deferred tax (liabilities) assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Temporary differences [Abstract] | ||
Property and equipment | $ (39,414) | $ (46,710) |
Goodwill and other intangible assets | (368,876) | (390,105) |
Investments, primarily gains and losses not yet recognized for tax purposes | 2,954 | 5,165 |
Accrued expenses not deductible until paid | 9,869 | 7,897 |
Deferred compensation and retiree benefits not deductible until paid | 31,662 | 32,174 |
Operating lease liabilities | (32,034) | (36,843) |
Operating lease liabilities | 34,884 | 39,099 |
Interest limitation carryforward | 38,290 | 6,375 |
Other temporary differences, net | 10,999 | 7,305 |
Total temporary differences | (311,666) | (375,643) |
Federal and state net operating loss carryforwards | 16,283 | 20,283 |
Valuation allowance for state deferred tax assets | (11,997) | (15,097) |
Net deferred tax liability | $ (307,380) | $ (370,457) |
Income Taxes - Unrecognized tax
Income Taxes - Unrecognized tax benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation of Unrecognized Tax Benefits [Roll Forward] | |||
Gross unrecognized tax benefits at beginning of year | $ 12,124 | $ 10,572 | $ 2,376 |
Increases in tax positions for prior years | 3,321 | 2,965 | 22,348 |
Decreases in tax positions for prior years | (2) | (390) | 0 |
Increases in tax positions for current years | 257 | 796 | 3,164 |
Decreases from lapse in statute of limitations | (670) | (173) | (4,234) |
Decreases due to settlements with taxing authorities | 0 | (1,646) | (13,082) |
Gross unrecognized tax benefits at end of year | $ 15,030 | $ 12,124 | $ 10,572 |
Investments - Schedule of Inves
Investments - Schedule of Investments (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Investments [Abstract] | ||
Investments held at cost | $ 21,169 | $ 20,890 |
Equity method investments | 2,096 | 2,254 |
Total investments | $ 23,265 | $ 23,144 |
Investments - Narrative (Detail
Investments - Narrative (Details) $ in Millions | Feb. 09, 2024 USD ($) |
Broadcast Music, Inc. | Subsequent Event | |
Gain (Loss) on Securities [Line Items] | |
Proceeds from sale of investment | $ 18.1 |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 971,174 | $ 920,793 |
Accumulated depreciation | 515,919 | 462,193 |
Net property and equipment | 455,255 | 458,600 |
Land and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 65,402 | 65,559 |
Buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 252,396 | 245,531 |
Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 622,981 | 580,001 |
Computer software | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 30,395 | $ 29,702 |
Leases - Additional information
Leases - Additional information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Lessee, Lease, Description [Line Items] | |||
Term of renewal | 5 years | ||
Term of option to terminate | 1 year | ||
Operating lease costs recognized | $ 24.5 | $ 25.9 | $ 24.3 |
Short-term lease costs | 3.5 | 1.7 | $ 1.8 |
Amortization of the right-of-use asset for finance lease | 0.8 | 0.1 | |
Interest expense, finance lease liability | $ 2.1 | $ 0.2 | |
Minimum | |||
Lessee, Lease, Description [Line Items] | |||
Remaining lease term | 1 year | ||
Maximum | |||
Lessee, Lease, Description [Line Items] | |||
Remaining lease term | 35 years |
Leases - Lease assets and liabi
Leases - Lease assets and liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Operating Leases | ||
Right-of-use assets | $ 99,194 | $ 117,869 |
Other current liabilities | 19,466 | 19,599 |
Operating lease liabilities | $ 87,714 | $ 106,866 |
Operating lease, liability, current, statement of financial position | Other current liabilities | Other current liabilities |
Finance Leases | ||
Property and equipment, at cost | $ 28,321 | $ 28,321 |
Accumulated depreciation | 862 | 69 |
Property and equipment, net | 27,459 | 28,252 |
Other current liabilities | 0 | 426 |
Other liabilities | $ 30,146 | $ 28,063 |
Finance lease, liability, current, statement of financial position | Other current liabilities | Other current liabilities |
Finance lease, Liability, noncurrent, statement of financial position | Other Liabilities, Noncurrent | Other Liabilities, Noncurrent |
Weighted Average Remaining Lease Term | ||
Weighted average remaining lease term, operating leases | 7 years 4 months 28 days | 8 years 2 months 19 days |
Weighted average remaining lease term, finance leases | 34 years 6 months | 35 years 6 months |
Weighted Average Discount Rate | ||
Weighted average discount rate, operating leases | 4.43% | 4.34% |
Weighted average discount rate, finance leases | 7.10% | 7.10% |
Leases - Cash flow supplemental
Leases - Cash flow supplemental (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash paid for amounts included in the measurement of lease liabilities | |||
Operating cash flows from operating leases | $ 24,114 | $ 24,073 | $ 22,477 |
Operating cash flows from finance leases | 426 | 0 | 0 |
Financing cash flows from finance leases | 0 | 0 | 0 |
Right-of-use assets obtained in exchange for operating lease obligations | 6,789 | 6,217 | 17,835 |
Right-of-use assets obtained in exchange for finance lease obligations | $ 0 | $ 28,321 | $ 0 |
Leases - Lease maturity schedul
Leases - Lease maturity schedules (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Operating Leases | |
2024 | $ 25,622 |
2025 | 21,033 |
2026 | 18,869 |
2027 | 15,932 |
2028 | 12,536 |
Thereafter | 33,503 |
Total future minimum lease payments | 127,495 |
Less: Imputed interest | (20,315) |
Total | 107,180 |
Finance Leases | |
2024 | 1,302 |
2025 | 1,776 |
2026 | 1,824 |
2027 | 1,875 |
2028 | 1,926 |
Thereafter | 90,124 |
Total future minimum lease payments | 98,827 |
Less: Imputed interest | (68,681) |
Total | $ 30,146 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Goodwill by business segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2023 | Jun. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Summary of activity related to goodwill by business segment | ||||||
Gross balance | $ 3,158,488 | $ 3,158,488 | $ 3,158,488 | $ 3,151,298 | $ 1,441,126 | |
Accumulated impairment losses | (1,189,914) | (1,189,914) | (237,914) | (237,914) | (237,914) | |
Goodwill [Roll Forward] | ||||||
Balance, beginning of period | 2,920,574 | 2,913,384 | 1,203,212 | |||
Impairment of goodwill | (266,000) | $ (686,000) | (952,000) | 0 | 0 | |
Balance, end of period | 1,968,574 | 1,968,574 | 2,920,574 | 2,913,384 | ||
Triton | ||||||
Goodwill [Roll Forward] | ||||||
Sale of Triton | (85,976) | |||||
Local Media | ||||||
Summary of activity related to goodwill by business segment | ||||||
Gross balance | 1,122,408 | 1,122,408 | 1,122,408 | 1,122,408 | 1,122,408 | |
Accumulated impairment losses | (216,914) | (216,914) | (216,914) | (216,914) | (216,914) | |
Goodwill [Roll Forward] | ||||||
Balance, beginning of period | 905,494 | 905,494 | 905,494 | |||
Impairment of goodwill | 0 | |||||
Balance, end of period | 905,494 | 905,494 | 905,494 | 905,494 | ||
Local Media | Triton | ||||||
Goodwill [Roll Forward] | ||||||
Sale of Triton | 0 | |||||
Scripps Networks | ||||||
Summary of activity related to goodwill by business segment | ||||||
Gross balance | 2,028,890 | 2,028,890 | 2,028,890 | 2,028,890 | 232,742 | |
Accumulated impairment losses | (973,000) | (973,000) | (21,000) | (21,000) | (21,000) | |
Goodwill [Roll Forward] | ||||||
Balance, beginning of period | 2,007,890 | 2,007,890 | 211,742 | |||
Impairment of goodwill | (952,000) | |||||
Balance, end of period | 1,055,890 | 1,055,890 | 2,007,890 | 2,007,890 | ||
Scripps Networks | Triton | ||||||
Goodwill [Roll Forward] | ||||||
Sale of Triton | 0 | |||||
Other | ||||||
Summary of activity related to goodwill by business segment | ||||||
Gross balance | 7,190 | 7,190 | 7,190 | 0 | 85,976 | |
Accumulated impairment losses | 0 | 0 | 0 | 0 | $ 0 | |
Goodwill [Roll Forward] | ||||||
Balance, beginning of period | 7,190 | 0 | 85,976 | |||
Impairment of goodwill | 0 | |||||
Balance, end of period | $ 7,190 | $ 7,190 | 7,190 | 0 | ||
Other | Triton | ||||||
Goodwill [Roll Forward] | ||||||
Sale of Triton | (85,976) | |||||
ION Media | ||||||
Goodwill [Roll Forward] | ||||||
Acquisition adjustment | 1,796,148 | |||||
ION Media | Local Media | ||||||
Goodwill [Roll Forward] | ||||||
Acquisition adjustment | 0 | |||||
ION Media | Scripps Networks | ||||||
Goodwill [Roll Forward] | ||||||
Acquisition adjustment | 1,796,148 | |||||
ION Media | Other | ||||||
Goodwill [Roll Forward] | ||||||
Acquisition adjustment | $ 0 | |||||
Nuvyyo | ||||||
Goodwill [Roll Forward] | ||||||
Acquisition adjustment | 7,190 | |||||
Nuvyyo | Local Media | ||||||
Goodwill [Roll Forward] | ||||||
Acquisition adjustment | 0 | |||||
Nuvyyo | Scripps Networks | ||||||
Goodwill [Roll Forward] | ||||||
Acquisition adjustment | 0 | |||||
Nuvyyo | Other | ||||||
Goodwill [Roll Forward] | ||||||
Acquisition adjustment | $ 7,190 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Summary of other intangible assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Carrying amount: | ||
Total carrying amount | $ 1,417,693 | $ 1,417,341 |
Accumulated amortization: | ||
Total accumulated amortization | (469,930) | (375,902) |
Net amortizable intangible assets | 947,763 | 1,041,439 |
Total other intangible assets | 1,727,178 | 1,821,254 |
FCC licenses | ||
Accumulated amortization: | ||
Indefinite-lived intangible assets — FCC licenses | 779,415 | 779,815 |
Other affiliation relationships | ||
Carrying amount: | ||
Total carrying amount | 1,060,244 | 1,060,244 |
Accumulated amortization: | ||
Total accumulated amortization | (276,163) | (222,092) |
Customer lists and advertiser relationships | ||
Carrying amount: | ||
Total carrying amount | 220,997 | 220,997 |
Accumulated amortization: | ||
Total accumulated amortization | (132,161) | (106,654) |
Other | ||
Carrying amount: | ||
Total carrying amount | 136,452 | 136,100 |
Accumulated amortization: | ||
Total accumulated amortization | $ (61,606) | $ (47,156) |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2023 | Jun. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||||
Estimated amortization expense of intangible assets for 2024 | $ 92,800 | $ 92,800 | |||
Estimated amortization expense of intangible assets for 2025 | 89,700 | 89,700 | |||
Estimated amortization expense of intangible assets for 2026 | 86,100 | 86,100 | |||
Estimated amortization expense of intangible assets for 2027 | 83,200 | 83,200 | |||
Estimated amortization expense of intangible assets for 2028 | 62,000 | 62,000 | |||
Estimated amortization expense of intangible assets for later years | 534,000 | 534,000 | |||
Impairment of goodwill | $ 266,000 | $ 686,000 | $ 952,000 | $ 0 | $ 0 |
Long-Term Debt - Components of
Long-Term Debt - Components of long-term debt (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Components of Long-term debt | |||
Long-term debt | $ 2,950,919 | $ 2,920,781 | |
Less: Debt issuance costs and issuance discounts | (38,483) | (48,376) | |
Less: Current portion | (15,612) | (18,612) | |
Net carrying value of long-term debt | 2,896,824 | 2,853,793 | |
Fair value of long-term debt | [1] | 2,732,318 | 2,677,845 |
Revolving credit facility | Revolving credit facility | |||
Components of Long-term debt | |||
Long-term debt | 330,000 | 0 | |
Senior secured notes, due in 2029 | Senior unsecured notes | |||
Components of Long-term debt | |||
Long-term debt | 523,356 | 523,356 | |
Senior unsecured notes, due in 2027 | Senior unsecured notes | |||
Components of Long-term debt | |||
Long-term debt | 425,667 | 425,667 | |
Senior unsecured notes, due in 2031 | Senior unsecured notes | |||
Components of Long-term debt | |||
Long-term debt | 392,071 | 392,071 | |
Term loan, due in 2024 | |||
Components of Long-term debt | |||
Long-term debt | 0 | 284,250 | |
Term loan, due in 2026 | |||
Components of Long-term debt | |||
Long-term debt | 728,825 | 736,437 | |
Term loan, due in 2028 | |||
Components of Long-term debt | |||
Long-term debt | $ 551,000 | $ 559,000 | |
[1] * The fair values of debt are estimated based on either quoted private market transactions or observable estimates provided by third party financial professionals, and as such, are classified within Level 2 of the fair value hierarchy. |
Long-Term Debt - Narrative (Det
Long-Term Debt - Narrative (Details) | 3 Months Ended | 12 Months Ended | |||||||||||
Jul. 31, 2023 USD ($) | Jan. 07, 2021 USD ($) | Dec. 30, 2020 USD ($) | Jul. 26, 2019 USD ($) | May 01, 2019 USD ($) | Dec. 31, 2022 USD ($) | Mar. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Feb. 28, 2023 USD ($) | Oct. 02, 2017 USD ($) | |
Debt Instrument [Line Items] | |||||||||||||
Long-term debt | $ 2,920,781,000 | $ 2,950,919,000 | $ 2,920,781,000 | ||||||||||
Gain (loss) on extinguishment of debt | 7,400,000 | $ 1,200,000 | $ (15,300,000) | 0 | 8,589,000 | $ (15,347,000) | |||||||
Senior Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Aggregate principal amount of reduction | $ 500,000,000 | ||||||||||||
Revolving credit facility | Letter of Credit | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Outstanding letter of credits | 7,100,000 | 6,700,000 | 7,100,000 | ||||||||||
Revolving credit facility | Variable rate credit facility | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Revolving credit and term loan agreement | $ 400,000,000 | ||||||||||||
Long-term debt | 0 | $ 330,000,000 | 0 | ||||||||||
Line of credit facility, interest rate at period end | 8.22% | ||||||||||||
Weighted average interest rate | 8.20% | ||||||||||||
Net leverage ratio requirement | 5 | ||||||||||||
Revolving credit facility | Variable rate credit facility | Minimum | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Percentage of commitment fees of total unused commitment under revolving credit facility | 0.30% | ||||||||||||
Revolving credit facility | Variable rate credit facility | Minimum | SOFR | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
LIBOR plus margin range | 1.75% | ||||||||||||
Revolving credit facility | Variable rate credit facility | Maximum | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Percentage of commitment fees of total unused commitment under revolving credit facility | 0.50% | ||||||||||||
Revolving credit facility | Variable rate credit facility | Maximum | SOFR | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
LIBOR plus margin range | 2.75% | ||||||||||||
Term loan, due in 2024 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt | $ 284,250,000 | $ 0 | $ 284,250,000 | ||||||||||
Weighted average interest rate | 5.67% | 7.22% | 5.67% | ||||||||||
Debt issued | $ 300,000,000 | ||||||||||||
Variable interest rate | 6.38% | 6.38% | |||||||||||
Redemption of senior notes | $ 283,000,000 | ||||||||||||
Write off of deferred financing costs | 400,000 | ||||||||||||
Term loan, due in 2026 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt | $ 736,437,000 | $ 728,825,000 | $ 736,437,000 | ||||||||||
Weighted average interest rate | 6.23% | 8.01% | 6.23% | ||||||||||
Annual principal payment | $ 7,600,000 | ||||||||||||
Variable interest rate | 6.95% | 8.03% | 6.95% | ||||||||||
Debt issuance costs | 23,000,000 | ||||||||||||
Minimum LIBOR rate | 0.75% | ||||||||||||
Term loan, due in 2026 | SOFR | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
LIBOR plus margin range | 2.56% | ||||||||||||
Term loan, due in 2028 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt | $ 559,000,000 | $ 551,000,000 | $ 559,000,000 | ||||||||||
Minimum LIBOR rate | 0.75% | ||||||||||||
Annual principal payments | $ 8,000,000 | ||||||||||||
Redemption of senior notes | $ 100,000,000 | ||||||||||||
Write off of deferred financing costs | $ 1,100,000 | ||||||||||||
Term loan, due in 2028 | SOFR | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
LIBOR plus margin range | 3% | ||||||||||||
Term loan, due in 2028 | Medium-term Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Weighted average interest rate | 6.42% | 8.44% | 6.42% | ||||||||||
Debt stated rate | 7.13% | 8.47% | 7.13% | ||||||||||
Sixth Amendment Facility | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt issuance costs | $ 23,400,000 | ||||||||||||
Senior secured notes 3.875%, due in 2029 | Senior Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt issued | $ 550,000,000 | ||||||||||||
Debt issuance costs | $ 13,800,000 | ||||||||||||
Debt stated rate | 3.875% | ||||||||||||
Debt issuance price as percentage of par | 100% | ||||||||||||
Redemption of senior notes | $ 26,600,000 | ||||||||||||
Senior secured notes 3.875%, due in 2029 | Senior unsecured notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt redemption price | 93.59% | ||||||||||||
Eighth Amendment to the Third Amended Restated Credit Agreement | Variable rate credit facility | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Revolving credit and term loan agreement | 585,000,000 | ||||||||||||
Proceeds from lines of credit | $ 283,000,000 | ||||||||||||
Eighth Amendment to the Third Amended Restated Credit Agreement | Variable rate credit facility | Debt Covenant Period Two | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Net leverage ratio requirement | 4.75 | ||||||||||||
Eighth Amendment to the Third Amended Restated Credit Agreement | Variable rate credit facility | Debt Covenant Period Three | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Net leverage ratio requirement | 4.50 | ||||||||||||
Senior unsecured notes, due in 2027 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Redemption of senior notes | 15,400,000 | $ 59,000,000 | |||||||||||
Senior unsecured notes, due in 2027 | Senior Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt issued | $ 500,000,000 | ||||||||||||
Debt issuance costs | $ 10,700,000 | ||||||||||||
Debt stated rate | 5.875% | ||||||||||||
Debt issuance price as percentage of par | 100% | ||||||||||||
Redemption of senior notes | $ 16,800,000 | $ 42,200,000 | |||||||||||
Senior unsecured notes, due in 2027 | Senior unsecured notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt | $ 425,667,000 | $ 425,667,000 | 425,667,000 | ||||||||||
Debt redemption price | 90.63% | 100.61% | |||||||||||
Senior unsecured notes, due in 2031 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Redemption of senior notes | $ 22,000,000 | 85,900,000 | |||||||||||
Senior unsecured notes, due in 2031 | Senior Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt issued | $ 500,000,000 | ||||||||||||
Debt issuance costs | $ 12,500,000 | ||||||||||||
Debt stated rate | 5.375% | ||||||||||||
Debt issuance price as percentage of par | 100% | ||||||||||||
Redemption of senior notes | $ 31,400,000 | $ 54,500,000 | |||||||||||
Senior unsecured notes, due in 2031 | Senior Notes | Redemption, Period One | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Percentage of principal amount redeemed | 40% | ||||||||||||
Debt redemption price | 105.375% | ||||||||||||
Senior unsecured notes, due in 2031 | Senior Notes | Redemption, Period Two | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt redemption price | 100% | ||||||||||||
Senior unsecured notes, due in 2031 | Senior unsecured notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt | $ 392,071,000 | $ 392,071,000 | $ 392,071,000 | ||||||||||
Debt redemption price | 78.71% | 95.73% | |||||||||||
Cordillera Communications, LLC And Nexstar Media Group, Inc. | Term loan, due in 2026 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt issued | $ 765,000,000 | ||||||||||||
ION Media | Term loan, due in 2028 | Medium-term Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt issued | $ 800,000,000 |
Fair Value Measurement (Details
Fair Value Measurement (Details) - Recurring measurements - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Assets and liabilities that are measured at fair value on a recurring basis | ||
Cash equivalents | $ 26,213 | $ 27 |
Level 1 | ||
Assets and liabilities that are measured at fair value on a recurring basis | ||
Cash equivalents | 26,213 | 27 |
Level 2 | ||
Assets and liabilities that are measured at fair value on a recurring basis | ||
Cash equivalents | 0 | 0 |
Level 3 | ||
Assets and liabilities that are measured at fair value on a recurring basis | ||
Cash equivalents | $ 0 | $ 0 |
Other Liabilities - Summary of
Other Liabilities - Summary of other liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Other liabilities | ||
Employee compensation and benefits | $ 29,249 | $ 25,916 |
Deferred FCC repack income | 41,863 | 46,205 |
Programming liability | 274,564 | 263,093 |
Liability for pension benefits | 73,651 | 78,279 |
Liabilities for uncertain tax positions | 16,334 | 14,144 |
Other liabilities | 30,146 | 28,063 |
Other | 18,374 | 28,359 |
Other liabilities (less current portion) | $ 484,181 | $ 484,059 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information - Change in certain working capital accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Supplemental Cash Flow Elements [Abstract] | |||
Accounts receivable | $ (10,443) | $ (26,875) | $ (31,624) |
Other current assets | (4,630) | 5,653 | 12,488 |
Accounts payable | (3,536) | 7,313 | 18,534 |
Accrued employee compensation and benefits | 15,726 | (24,080) | 4,073 |
Accrued interest | 943 | (3,886) | 18,459 |
Other accrued liabilities | (13,509) | 4,991 | 2,336 |
Unearned revenue | (6,002) | (3,115) | (7,080) |
Other, net | 5,176 | 4,199 | (21,407) |
Total | $ (16,275) | $ (35,800) | $ (4,221) |
Supplemental Cash Flow Inform_4
Supplemental Cash Flow Information - Reconciliation of cash, cash equivalents, restricted cash and restricted cash equivalents (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Supplemental Cash Flow Elements [Abstract] | ||||
Cash and cash equivalents | $ 35,319 | $ 18,027 | $ 66,223 | |
Restricted cash | 0 | 0 | 34,257 | |
Total cash, cash equivalents and restricted cash, end of year | $ 35,319 | $ 18,027 | $ 100,480 | $ 1,626,021 |
Employee Benefit Plans - Compon
Employee Benefit Plans - Components of expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||
Net periodic benefit cost | $ 15,348 | $ 12,644 | $ 14,737 |
Defined benefit plans | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||
Interest cost | 23,579 | 17,332 | 16,465 |
Expected return on plan assets, net of expenses | (25,221) | (24,900) | (23,235) |
Amortization of actuarial loss and prior service cost | 18 | 4,034 | 6,210 |
Total for defined benefit plans | (1,624) | (3,534) | (560) |
SERPs | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||
Interest cost | 708 | 509 | |
Net periodic benefit cost | 974 | 921 | 903 |
Defined contribution plan | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||
Net periodic benefit cost | $ 15,998 | $ 15,257 | $ 14,394 |
Employee Benefit Plans - Narrat
Employee Benefit Plans - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated future benefit payments expected to be paid in 2024 | $ 34,100 | ||
Estimated future benefit payments expected to be paid in 2025 | 34,400 | ||
Estimated future benefit payments expected to be paid in 2026 | 34,600 | ||
Estimated future benefit payments expected to be paid in 2027 | 34,800 | ||
Estimated future benefit payments expected to be paid in 2028 | 35,100 | ||
Total estimated future benefit payments expected to be paid for the five years ending 2033 | $ 173,100 | ||
Target plan asset allocations range | 100% | ||
Fixed-income securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target plan asset allocations range | 55% | ||
Equity and other return-seeking assets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target plan asset allocations range | 45% | ||
Defined benefit plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Current year actuarial gain (loss) | $ (3,091) | $ 12,703 | $ (27,318) |
SERPs | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Amortization of actuarial loss | (100) | (300) | (300) |
Current year actuarial gain (loss) | 500 | $ 3,600 | $ 300 |
Expected contributions to benefit plans | $ 1,400 |
Employee Benefit Plans - Change
Employee Benefit Plans - Changes recognized in OCI (Details) - Defined benefit plans - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Actuarial gain/(loss) | $ 3,091 | $ (12,703) | $ 27,318 |
Amortization of actuarial loss and prior service cost | (18) | (4,034) | (6,210) |
Total | $ 3,109 | $ (8,669) | $ 33,528 |
Employee Benefit Plans - Annual
Employee Benefit Plans - Annual retirement plan expense assumptions (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |||
Discount rate | 5.47% | 2.95% | 2.64% |
Long-term rate of return on plan assets | 5.50% | 5.50% | 5.50% |
Employee Benefit Plans - Schedu
Employee Benefit Plans - Schedule of defined benefit plans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Defined benefit plans | |||
Change in projected benefit obligation: | |||
Projected benefit obligation at beginning of year | $ 450,022 | $ 603,309 | |
Interest cost | 23,579 | 17,332 | $ 16,465 |
Benefits paid | (33,750) | (33,521) | |
Actuarial (gains)/losses | 9,142 | (137,098) | |
Projected benefit obligation at end of year | 448,993 | 450,022 | 603,309 |
Plan assets: | |||
Fair value at beginning of year | 383,725 | 517,148 | |
Actual return on plan assets | 37,454 | (124,901) | |
Company contributions | 0 | 24,999 | |
Benefits paid | (33,750) | (33,521) | |
Fair value at end of year | 387,429 | 383,725 | 517,148 |
Funded status | (61,564) | (66,297) | |
Amounts recognized in Consolidated Balance Sheets: | |||
Current liabilities | 0 | 0 | |
Noncurrent liabilities | (61,564) | (66,297) | |
Total | (61,564) | (66,297) | |
Amounts Recognized in Accumulated Other Comprehensive Loss: | |||
Net actuarial loss | 95,793 | 98,884 | |
Prior service cost | 334 | 352 | |
SERPs | |||
Change in projected benefit obligation: | |||
Projected benefit obligation at beginning of year | 13,393 | 18,023 | |
Interest cost | 708 | 509 | |
Benefits paid | (1,161) | (1,541) | |
Actuarial (gains)/losses | 497 | (3,598) | |
Projected benefit obligation at end of year | 13,437 | 13,393 | 18,023 |
Plan assets: | |||
Fair value at beginning of year | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Company contributions | 1,161 | 1,541 | |
Benefits paid | (1,161) | (1,541) | |
Fair value at end of year | 0 | 0 | $ 0 |
Funded status | (13,437) | (13,393) | |
Amounts recognized in Consolidated Balance Sheets: | |||
Current liabilities | (1,350) | (1,411) | |
Noncurrent liabilities | (12,087) | (11,982) | |
Total | (13,437) | (13,393) | |
Amounts Recognized in Accumulated Other Comprehensive Loss: | |||
Net actuarial loss | 3,838 | 3,467 | |
Prior service cost | $ 0 | $ 0 |
Employee Benefit Plans - Pensio
Employee Benefit Plans - Pension plans with accumulated benefit obligation in excess of assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Defined benefit plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Accumulated benefit obligation | $ 448,993 | $ 450,022 | |
Projected benefit obligation | 448,993 | 450,022 | $ 603,309 |
Fair value of plan assets | 387,429 | 383,725 | 517,148 |
SERPs | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Accumulated benefit obligation | 13,437 | 13,393 | |
Projected benefit obligation | 13,437 | 13,393 | 18,023 |
Fair value of plan assets | $ 0 | $ 0 | $ 0 |
Employee Benefit Plans - Define
Employee Benefit Plans - Defined benefit plan obligations assumptions (Details) | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Weighted average discount rate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted average discount rate | 5.18% | 5.47% | 2.95% |
Employee Benefit Plans - Alloca
Employee Benefit Plans - Allocation of plan assets (Details) | Dec. 31, 2023 | Dec. 31, 2022 |
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation | 100% | |
Percentage of plan assets at end of period | 100% | 100% |
US equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation | 13% | |
Percentage of plan assets at end of period | 13% | 13% |
Non-US equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation | 27% | |
Percentage of plan assets at end of period | 31% | 31% |
Fixed-income securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation | 55% | |
Percentage of plan assets at end of period | 55% | 55% |
Other | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation | 5% | |
Percentage of plan assets at end of period | 1% | 1% |
Employee Benefit Plans - Sche_2
Employee Benefit Plans - Schedule of plan assets by fair value hierarchy (Details) - Estimate of fair value - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of plan assets | $ 387,429 | $ 383,725 |
Equity securities, Common/collective trust funds | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of plan assets | 172,635 | 170,867 |
Fixed income, Common/collective trust funds | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of plan assets | 212,012 | 210,226 |
Cash equivalents | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of plan assets | $ 2,782 | $ 2,632 |
Segment Information - Narrative
Segment Information - Narrative (Details) - Local Media | Dec. 31, 2023 affiliate station lowPowerStation |
Segment Reporting Information [Line Items] | |
Number of local broadcast stations | station | 60 |
Number of low power stations operated | lowPowerStation | 10 |
ABC affiliates | |
Segment Reporting Information [Line Items] | |
Number of television affiliates | 18 |
NBC affiliates | |
Segment Reporting Information [Line Items] | |
Number of television affiliates | 11 |
CBS affiliates | |
Segment Reporting Information [Line Items] | |
Number of television affiliates | 9 |
FOX affiliates | |
Segment Reporting Information [Line Items] | |
Number of television affiliates | 4 |
CW affiliates | |
Segment Reporting Information [Line Items] | |
Number of television affiliates | 7 |
Number of full power stations | station | 4 |
Number of multicast | station | 3 |
Independent stations | |
Segment Reporting Information [Line Items] | |
Number of television affiliates | 7 |
Segment Information - Schedule
Segment Information - Schedule of business segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment operating revenues: | ||||||||
Total operating revenues | $ 2,292,912 | $ 2,453,215 | $ 2,283,532 | |||||
Segment profit (loss): | ||||||||
Segment profit (loss) | (753,242) | 428,344 | 400,745 | |||||
Acquisition and related integration costs | 0 | (1,642) | (40,373) | |||||
Restructuring costs | (38,612) | 0 | (9,436) | |||||
Depreciation and amortization of intangible assets | (155,105) | (160,433) | (161,922) | |||||
Impairment of goodwill | $ (266,000) | $ (686,000) | (952,000) | 0 | 0 | |||
Gains (losses), net on disposal of property and equipment | (2,344) | (5,866) | 30,275 | |||||
Interest expense | (213,512) | (161,130) | (165,164) | |||||
Gain (loss) on extinguishment of debt | $ 7,400 | $ 1,200 | $ (15,300) | 0 | 8,589 | (15,347) | ||
Defined benefit pension plan income (expense) | 650 | 2,613 | (343) | |||||
Gain on sale of Triton business | 0 | 0 | 81,784 | |||||
Losses on stock warrant | 0 | 0 | (99,118) | |||||
Miscellaneous, net | (1,407) | (1,953) | (15,469) | |||||
Income (loss) from continuing operations before income taxes | (967,511) | 276,463 | 187,088 | |||||
Depreciation: | ||||||||
Total depreciation | 60,725 | 61,943 | 58,357 | |||||
Amortization of intangible assets: | ||||||||
Total amortization of intangible assets | 94,380 | 98,490 | 103,565 | |||||
Intersegment eliminations | ||||||||
Segment operating revenues: | ||||||||
Total operating revenues | (17,949) | (17,012) | (14,743) | |||||
Shared services and corporate | ||||||||
Segment profit (loss): | ||||||||
Segment profit (loss) | (91,954) | (82,280) | (75,576) | |||||
Depreciation: | ||||||||
Total depreciation | 1,299 | 1,915 | 1,498 | |||||
Amortization of intangible assets: | ||||||||
Total amortization of intangible assets | 4,227 | 4,323 | 2,504 | |||||
Local Media | ||||||||
Segment profit (loss): | ||||||||
Impairment of goodwill | 0 | |||||||
Local Media | Operating segments | ||||||||
Segment operating revenues: | ||||||||
Total operating revenues | 1,398,230 | 1,494,357 | 1,319,468 | |||||
Segment profit (loss): | ||||||||
Segment profit (loss) | 287,439 | 386,369 | 268,140 | |||||
Depreciation: | ||||||||
Total depreciation | 39,642 | 40,479 | 39,368 | |||||
Amortization of intangible assets: | ||||||||
Total amortization of intangible assets | 36,322 | 35,461 | 40,315 | |||||
Scripps Networks | ||||||||
Segment profit (loss): | ||||||||
Impairment of goodwill | (952,000) | |||||||
Scripps Networks | Operating segments | ||||||||
Segment operating revenues: | ||||||||
Total operating revenues | 893,234 | 961,242 | 951,883 | |||||
Segment profit (loss): | ||||||||
Segment profit (loss) | 225,785 | 310,336 | 389,278 | |||||
Depreciation: | ||||||||
Total depreciation | 19,600 | 19,360 | 17,109 | |||||
Amortization of intangible assets: | ||||||||
Total amortization of intangible assets | 52,036 | 56,836 | 58,599 | |||||
Other | ||||||||
Segment profit (loss): | ||||||||
Impairment of goodwill | 0 | |||||||
Other | Operating segments | ||||||||
Segment operating revenues: | ||||||||
Total operating revenues | 19,397 | 14,628 | 26,924 | |||||
Segment profit (loss): | ||||||||
Segment profit (loss) | (26,451) | (18,140) | 359 | |||||
Depreciation: | ||||||||
Total depreciation | 184 | 189 | 382 | |||||
Amortization of intangible assets: | ||||||||
Total amortization of intangible assets | $ 1,795 | $ 1,870 | $ 2,147 |
Segment Information - Disaggreg
Segment Information - Disaggregation of revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disaggregation of Revenue [Line Items] | |||
Total operating revenues | $ 2,292,912 | $ 2,453,215 | $ 2,283,532 |
Core advertising | |||
Disaggregation of Revenue [Line Items] | |||
Total operating revenues | 1,444,539 | 1,549,277 | 1,592,121 |
Political | |||
Disaggregation of Revenue [Line Items] | |||
Total operating revenues | 33,460 | 208,112 | 22,693 |
Distribution | |||
Disaggregation of Revenue [Line Items] | |||
Total operating revenues | 779,217 | 660,317 | 620,454 |
Other | |||
Disaggregation of Revenue [Line Items] | |||
Total operating revenues | $ 35,696 | $ 35,509 | $ 48,264 |
Segment Information - Additions
Segment Information - Additions to property and equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Total additions to property and equipment | $ 62,503 | $ 72,222 | $ 62,378 |
Total assets | 5,410,120 | 6,431,005 | |
Operating segments | Local Media | |||
Segment Reporting Information [Line Items] | |||
Total additions to property and equipment | 55,244 | 58,350 | 35,963 |
Total assets | 2,393,660 | 2,391,703 | |
Operating segments | Scripps Networks | |||
Segment Reporting Information [Line Items] | |||
Total additions to property and equipment | 5,654 | 13,444 | 23,871 |
Total assets | 2,878,936 | 3,915,374 | |
Operating segments | Other | |||
Segment Reporting Information [Line Items] | |||
Total additions to property and equipment | 75 | 54 | 430 |
Total assets | 58,460 | 52,571 | |
Intersegment eliminations | |||
Segment Reporting Information [Line Items] | |||
Total additions to property and equipment | 1,530 | 374 | $ 2,114 |
Total assets | $ 79,064 | $ 71,357 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Contractual Obligation, Fiscal Year Maturity [Abstract] | |
Contractual obligations due in 2024 | $ 942.9 |
Contractual obligations due in 2025 | 686.7 |
Contractual obligations due in 2026 | 417.1 |
Contractual obligations due in 2027 | 133.6 |
Contractual obligations due in 2028 | 71.6 |
Contractual obligations due in later years | $ 33.9 |
Capital Stock and Share-Based_3
Capital Stock and Share-Based Compensation Plans - Narrative (Details) $ / shares in Units, shares in Thousands | 12 Months Ended | ||||||
Jan. 07, 2021 USD ($) $ / shares shares | Dec. 31, 2023 USD ($) director classOfCommonShare shares | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Jun. 30, 2023 $ / shares | May 14, 2021 USD ($) | Feb. 28, 2020 USD ($) | |
Class of Stock [Line Items] | |||||||
Classes of common shares | classOfCommonShare | 2 | ||||||
Share price | $ / shares | $ 9.15 | ||||||
Preferred stock dividends | $ 48,000,000 | $ 48,000,000 | $ 47,067,000 | ||||
Number of shares available for future stock compensation grants | shares | 7,500 | ||||||
ION Media | |||||||
Class of Stock [Line Items] | |||||||
Exercise price of warrants | $ / shares | $ 13 | ||||||
Berkshire Hathaway | Level 3 | |||||||
Class of Stock [Line Items] | |||||||
Fair value of warrants | $ 181,000,000 | $ 280,000,000 | |||||
Maximum | |||||||
Class of Stock [Line Items] | |||||||
Minimum number of directors up for election, on which common shareholders entitled to vote | director | 3 | ||||||
Preferred Stock | Berkshire Hathaway | ION Media | |||||||
Class of Stock [Line Items] | |||||||
Number of shares purchased | shares | 6 | ||||||
Share price | $ / shares | $ 100,000 | ||||||
Preferred stock, redemption price, percent | 105% | ||||||
Preferred stock, dividend rate, percentage | 8% | ||||||
Dividend rate if previous dividends are not paid in cash, as a percentage | 9% | ||||||
Preferred stock dividends | $ 48,000,000 | 48,000,000 | |||||
Number of warrants | shares | 23,100 | ||||||
Exercise price of warrants | $ / shares | $ 13 | ||||||
Common stock, Class A | |||||||
Class of Stock [Line Items] | |||||||
Stock repurchase program, authorized amount | $ 100,000,000 | ||||||
Stock repurchased during period, value | 0 | $ 0 | $ 0 | ||||
Common stock, Class A | ION Media | |||||||
Class of Stock [Line Items] | |||||||
Number of warrants | shares | 23,100 | ||||||
Restricted stock units | |||||||
Class of Stock [Line Items] | |||||||
Total unrecognized compensation cost related to restricted stock, RSUs and performance shares | $ 24,700,000 | ||||||
Weighted-average period of recognition, years | 1 year 10 months 24 days | ||||||
Restricted stock units | Minimum | |||||||
Class of Stock [Line Items] | |||||||
Vesting period of stock options | 3 years | ||||||
Restricted stock units | Maximum | |||||||
Class of Stock [Line Items] | |||||||
Vesting period of stock options | 4 years |
Capital Stock and Share-Based_4
Capital Stock and Share-Based Compensation Plans - Restricted stock and restricted stock unit activity (Details) - Restricted stock units - $ / shares | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Unvested shares at beginning of period, number of shares | 3,048,285 | 2,385,496 | 2,191,659 | |
Shares and units awarded in period, number of shares | 1,938,617 | 1,867,083 | 1,375,565 | |
Shares and units vested in period, number of shares | (1,224,417) | (1,147,220) | (1,060,685) | |
Shares and units forfeited in period, number of shares | (46,570) | (57,074) | (121,043) | |
Unvested shares at end of period, number of shares | 3,715,915 | 3,048,285 | 2,385,496 | |
Weighted Average | ||||
Unvested shares at beginning of period, weighted-average value (USD per share) | $ 13.11 | $ 18.57 | $ 17.25 | $ 12.22 |
Shares and units awarded in period, weighted-average value (USD per share) | 8.46 | 19.19 | 22.63 | |
Shares and units vested in period, weighted-average value (USD per share) | 11.61 | 21.20 | 20.32 | |
Shares and units forfeited in period, weighted-average value (USD per share) | 15.26 | 20.07 | 16.19 | |
Unvested shares at end of period, weighted-average value (USD per share) | $ 13.11 | $ 18.57 | $ 17.25 | |
Range of Prices | ||||
Unvested shares and units, range of exercise prices, beginning of period, lower range (USD per share) | 9 | 9 | 7 | |
Unvested shares and units, range of exercise prices, beginning of period, upper range (USD per share) | 23 | 23 | 23 | |
Shares and units awarded in period, range of exercise prices, lower range (USD per share) | 7 | 14 | 14 | |
Shares and units awarded in period, range of exercise prices, upper range (USD per share) | 8 | 22 | 23 | |
Shares and units vested in period, range of exercise prices, lower range (USD per share) | $ 5 | $ 11 | $ 15 | |
Shares and units vested in period, range of exercise prices, upper range (USD per share) | $ 15 | $ 22 | $ 24 | |
Shares and units forfeited in period, range of exercise prices, lower range (USD per share) | 8 | 9 | 9 | |
Shares and units forfeited in period, range of exercise prices, upper range (USD per share) | 23 | 23 | 23 | |
Unvested shares and units, range of exercise prices, end of period, lower range (USD per share) | 7 | 9 | 9 | |
Unvested shares and units, range of exercise prices, end of period, upper range (USD per share) | 23 | 23 | 23 |
Capital Stock and Share-Based_5
Capital Stock and Share-Based Compensation Plans - Additional restricted stock and restricted stock unit vesting (Details) - Restricted stock units - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Fair value of RSUs vested | $ 14,171 | $ 24,321 | $ 21,548 |
Tax benefits realized on vesting | $ 3,409 | $ 5,902 | $ 5,101 |
Capital Stock and Share-Based_6
Capital Stock and Share-Based Compensation Plans - Schedule of stock compensation costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Share-based compensation, net of tax | $ 15,560 | $ 16,355 | $ 17,047 |
Restricted stock units | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total share-based compensation | $ 20,490 | $ 21,596 | $ 22,334 |
Capital Stock and Share-Based_7
Capital Stock and Share-Based Compensation Plans - Phantom (Details) | Dec. 31, 2023 |
Text Block [Abstract] | |
Number of directors as a percentage | 33.33% |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Accumulated other comprehensive loss, beginning balance | $ (77,471) | $ (73,909) | |
Other comprehensive income (loss) before reclassifications, net of tax | 1,853 | (6,843) | |
Amounts reclassified from AOCI, net of tax | 108 | 3,281 | |
Net current-period other comprehensive income (loss) | 1,961 | (3,562) | |
Accumulated other comprehensive loss, ending balance | (75,510) | (77,471) | $ (73,909) |
Other comprehensive income (loss) before reclassifications, tax amount | (38) | 17 | 42 |
Defined Benefit Pension Items | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Accumulated other comprehensive loss, beginning balance | (77,327) | (73,713) | |
Other comprehensive income (loss) before reclassifications, net of tax | 1,972 | (6,895) | |
Amounts reclassified from AOCI, net of tax | 108 | 3,281 | |
Net current-period other comprehensive income (loss) | 2,080 | (3,614) | |
Accumulated other comprehensive loss, ending balance | (75,247) | (77,327) | (73,713) |
Other comprehensive income (loss) before reclassifications, tax amount | 624 | (2,209) | |
Amounts reclassified from AOCI, tax amount | 34 | 1,051 | |
Other | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Accumulated other comprehensive loss, beginning balance | (144) | (196) | |
Other comprehensive income (loss) before reclassifications, net of tax | (119) | 52 | |
Amounts reclassified from AOCI, net of tax | 0 | 0 | |
Net current-period other comprehensive income (loss) | (119) | 52 | |
Accumulated other comprehensive loss, ending balance | (263) | (144) | $ (196) |
Other comprehensive income (loss) before reclassifications, tax amount | $ (38) | $ 17 |
Assets Held for Sale and Disc_3
Assets Held for Sale and Discontinued Operations - Operating results of discontinued operations and net assets distributed (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Income from discontinued operations, net of tax | $ 0 | $ 0 | $ 6,813 |
Stitcher Podcasting Business | Discontinued Operations, Disposed of by Sale | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Operating revenues | 0 | ||
Total costs and expenses | (600) | ||
Depreciation and amortization of intangible assets | 0 | ||
Other, net | 0 | ||
Loss from operations | (600) | ||
Pretax gain on disposal | 9,572 | ||
Gain from discontinued operations before income taxes | 8,972 | ||
Provision for income taxes | (2,159) | ||
Income from discontinued operations, net of tax | $ 6,813 |
Assets Held for Sale and Disc_4
Assets Held for Sale and Discontinued Operations - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Gain on sale of Triton business | $ 0 | $ 0 | $ 81,784 | ||
Stitcher Podcasting Business | Discontinued Operations, Disposed of by Sale | Earnout Contingent Consideration | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Increase in earnout consideration | 9,100 | ||||
Proceeds from previous acquisition | $ 19,100 | ||||
Earnout based on financial results | $ 0 | ||||
Triton Digital Canada, Inc. | Discontinued Operations, Disposed of by Sale | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Consideration received for business | $ 225,000 | ||||
Gain on sale of Triton business | $ 81,800 |