Cover Page
Cover Page | 3 Months Ended |
Mar. 31, 2024 shares | |
Document Information [Line Items] | |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Period End Date | Mar. 31, 2024 |
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 $0.01 per share |
Trading Symbol | SSP |
Security Exchange Name | NASDAQ |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Accelerated Filer |
Entity Emerging Growth Company | false |
Entity Small Business | false |
Entity Shell Company | false |
Amendment Flag | false |
Entity Central Index Key | 0000832428 |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2024 |
Document Fiscal Period Focus | Q1 |
Common stock, Class A | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 73,457,243 |
Common stock, Voting | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 11,932,722 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 30,229 | $ 35,319 |
Accounts receivable (less allowances — $5,317 and $5,041) | 566,706 | 610,541 |
Miscellaneous | 42,504 | 30,233 |
Total current assets | 639,439 | 676,093 |
Investments | 23,689 | 23,265 |
Property and equipment | 457,181 | 455,255 |
Operating lease right-of-use assets | 101,676 | 99,194 |
Goodwill | 1,968,574 | 1,968,574 |
Other intangible assets | 1,704,532 | 1,727,178 |
Programming | 421,735 | 449,943 |
Miscellaneous | 10,999 | 10,618 |
Total Assets | 5,327,825 | 5,410,120 |
Current liabilities: | ||
Accounts payable | 90,969 | 76,383 |
Unearned revenue | 13,875 | 12,181 |
Current portion of long-term debt | 15,612 | 15,612 |
Accrued liabilities: | ||
Employee compensation and benefits | 44,412 | 60,869 |
Programming liability | 154,672 | 171,860 |
Accrued interest | 16,288 | 32,030 |
Miscellaneous | 47,299 | 43,934 |
Other current liabilities | 63,674 | 64,950 |
Total current liabilities | 446,801 | 477,819 |
Long-term debt (less current portion) | 2,855,258 | 2,896,824 |
Deferred income taxes | 309,987 | 307,399 |
Operating lease liabilities | 91,241 | 87,714 |
Other liabilities (less current portion) | 462,576 | 484,181 |
Equity: | ||
Total preferred and common stock | 415,979 | 415,397 |
Additional paid-in capital | 1,442,055 | 1,438,518 |
Accumulated deficit | (620,596) | (622,222) |
Accumulated other comprehensive loss, net of income taxes | (75,476) | (75,510) |
Total equity | 1,161,962 | 1,156,183 |
Total Liabilities and Equity | 5,327,825 | 5,410,120 |
Preferred stock | ||
Equity: | ||
Preferred stock | 0 | 0 |
Preferred stock, Series A | ||
Equity: | ||
Preferred stock | 415,125 | 414,549 |
Common stock, Class A | ||
Equity: | ||
Common stock | 735 | 729 |
Common stock, Voting | ||
Equity: | ||
Common stock | $ 119 | $ 119 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Allowance for doubtful accounts | $ 5,317 | $ 5,041 |
Redemption value of preferred stock | $ 644,000 | |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 25,000,000 | 25,000,000 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Preferred stock, Series A | ||
Preferred stock, par value (in dollars per share) | $ 100,000 | $ 100,000 |
Preferred stock, shares outstanding (in shares) | 6,000 | 6,000 |
Redemption value of preferred stock | $ 643,801 | |
Common stock, Class A | ||
Common stock, shares authorized (in shares) | 240,000,000 | 240,000,000 |
Common stock, shares issued (in shares) | 73,457,243 | 72,843,881 |
Common stock, shares outstanding (in shares) | 73,457,243 | 72,843,881 |
Common stock, Voting | ||
Common stock, shares authorized (in shares) | 60,000,000 | 60,000,000 |
Common stock, shares issued (in shares) | 11,932,722 | 11,932,722 |
Common stock, shares outstanding (in shares) | 11,932,722 | 11,932,722 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Operating Revenues: | ||
Total operating revenues | $ 561,464 | $ 527,778 |
Operating Expenses: | ||
Cost of revenues, excluding depreciation and amortization | 328,533 | 308,460 |
Selling, general and administrative expenses, excluding depreciation and amortization | 145,693 | 146,886 |
Restructuring costs | 5,015 | 16,511 |
Depreciation | 15,120 | 15,053 |
Amortization of intangible assets | 23,568 | 23,490 |
Losses (gains), net on disposal of property and equipment | 147 | 896 |
Total operating expenses | 518,076 | 511,296 |
Operating income | 43,388 | 16,482 |
Interest expense | (54,917) | (48,838) |
Defined benefit pension plan income | 177 | 134 |
Miscellaneous, net | 16,821 | (503) |
Income (loss) from operations before income taxes | 5,469 | (32,725) |
Provision (benefit) for income taxes | 3,843 | (14,185) |
Net income (loss) | 1,626 | (18,540) |
Preferred stock dividends | (14,377) | (12,576) |
Net loss attributable to the shareholders of The E.W. Scripps Company | $ (12,751) | $ (31,116) |
Net loss per basic share of common stock attributable to the shareholders of The E.W. Scripps Company (in dollars per share) | $ (0.15) | $ (0.37) |
Net loss per diluted share of common stock attributable to the shareholders of The E.W. Scripps Company (in dollars per share) | $ (0.15) | $ (0.37) |
Advertising | ||
Operating Revenues: | ||
Total operating revenues | $ 349,758 | $ 352,099 |
Distribution | ||
Operating Revenues: | ||
Total operating revenues | 202,560 | 166,559 |
Other | ||
Operating Revenues: | ||
Total operating revenues | $ 9,146 | $ 9,120 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Comprehensive Income [Abstract] | ||
Net income (loss) | $ 1,626 | $ (18,540) |
Changes in defined benefit pension plans, net of tax of $11 and $8 | 29 | 25 |
Other | 5 | 0 |
Total comprehensive income (loss) attributable to preferred and common stockholders | $ 1,660 | $ (18,515) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Comprehensive Income [Abstract] | ||
Tax on changes in defined benefit pension plans | $ 11 | $ 8 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash Flows from Operating Activities: | ||
Net income (loss) | $ 1,626 | $ (18,540) |
Adjustments to reconcile net income (loss) to net cash flows from operating activities: | ||
Depreciation and amortization | 38,688 | 38,543 |
Losses (gains), net on disposal of property and equipment | 147 | 896 |
Programming assets and liabilities | (5,227) | (6,924) |
Restructuring impairment charges | 0 | 13,608 |
Losses (gains) on sale of investments | (18,018) | 0 |
Deferred income taxes | 2,577 | 6,852 |
Stock and deferred compensation plans | 7,502 | 5,389 |
Pension contributions, net of income/expense | (503) | (411) |
Other changes in certain working capital accounts, net | 15,226 | (26,713) |
Miscellaneous, net | 3,418 | 2,527 |
Net operating activities | 45,436 | 15,227 |
Cash Flows from Investing Activities: | ||
Additions to property and equipment | (22,145) | (7,782) |
Purchase of investments | (1,055) | (142) |
Proceeds from sale of investments | 18,108 | 0 |
Miscellaneous, net | 7 | 3 |
Net investing activities | (5,085) | (7,921) |
Cash Flows from Financing Activities: | ||
Net borrowings (payments) under revolving credit facility | (40,000) | 20,000 |
Payments on long-term debt | (3,903) | (4,653) |
Preferred stock dividends | 0 | (12,000) |
Tax payments related to shares withheld for vested stock and RSUs | (1,001) | (4,558) |
Miscellaneous, net | (537) | (7,646) |
Net cash used in financing activities | (45,441) | (8,857) |
Decrease in cash and cash equivalents | (5,090) | (1,551) |
Cash and cash equivalents: | ||
Beginning of year | 35,319 | 18,027 |
End of period | 30,229 | 16,476 |
Supplemental Cash Flow Disclosures | ||
Interest paid | 67,347 | 61,973 |
Income taxes paid (refunded) | 182 | (7,679) |
Non-cash investing information | ||
Accrued capital expenditures | $ 882 | $ 2,769 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Equity (Unaudited) - USD ($) $ in Thousands | Total | Preferred Stock | Common Stock | Additional Paid-in Capital | Retained Earnings (Accumulated Deficit) | Accumulated Other Comprehensive Income (Loss) ("AOCI") | |
Equity, beginning 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] | |||||||
Comprehensive income (loss) | (18,515) | (18,540) | 25 | ||||
Preferred stock dividends | (12,000) | 576 | (12,576) | ||||
Compensation plans: shares issued | [1] | (502) | 7 | (509) | |||
Equity, ending balance at Mar. 31, 2023 | 2,099,808 | 412,820 | 843 | 1,443,992 | 319,599 | (77,446) | |
Equity, beginning 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] | |||||||
Comprehensive income (loss) | 1,660 | 1,626 | 34 | ||||
Preferred stock dividends | 0 | 576 | (576) | ||||
Compensation plans: shares issued | [2] | 4,119 | 6 | 4,113 | |||
Equity, ending balance at Mar. 31, 2024 | $ 1,161,962 | $ 415,125 | $ 854 | $ 1,442,055 | $ (620,596) | $ (75,476) | |
[1]Net of tax payments related to shares withheld for vested RSUs of $4,558 for the three months ended March 31, 2023.[2]Net of tax payments related to shares withheld for vested RSUs of $1,001 for the three months ended March 31, 2024. |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Equity (Unaudited) (Parenthetical) - USD ($) $ / shares in Thousands, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Statement of Stockholders' Equity [Abstract] | |||
Amortization of Debt Issuance Costs | $ 576 | $ 576 | |
Preferred stock dividends (in dollars per share) | $ 2 | ||
Net shares issued (in shares) | 613,362 | 728,266 | |
Tax payments related to shares withheld for vested stock and RSUs | $ 1,001 | $ 4,558 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies As used in the Notes to Condensed 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. Basis of Presentation — The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. The interim financial statements should be read in conjunction with the audited consolidated financial statements, including the notes thereto included in our 2023 Annual Report on Form 10-K. In management's opinion, all adjustments (consisting of normal recurring accruals) necessary for a fair presentation of the interim periods have been made. Results of operations are not necessarily indicative of the results that may be expected for future interim periods or for the full year. Additionally, certain amounts in prior periods have been reclassified to conform to the current period's presentation. Principles of 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 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 Note 11. Segment Information. 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. 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 11. 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. 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. 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 estimate the allowance based on expected credit losses, including our historical experience of actual losses and known troubled accounts. The allowance for doubtful accounts totaled $5.3 million at March 31, 2024 and $5.0 million at December 31, 2023. We record unearned revenue when cash payments are received in advance of our performance, including amounts which are refundable. We generally require amounts payable under advertising contracts with political advertising customers to be paid in advance. Unearned revenue totaled $13.9 million at March 31, 2024 and substantially all is expected to be recognized within revenue or refunded over the next 12 months. Unearned revenue totaled $12.2 million at December 31, 2023. We recorded $4.8 million of revenue in the three months ended March 31, 2024 that was included in unearned revenue at December 31, 2023. 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 Condensed Consolidated Balance Sheets. Finance leases are included in property and equipment and other long-term liabilities in our Condensed 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. Share-Based Compensation — We have a Long-Term Incentive Plan (the “Plan”) which is described more fully in our 2023 Annual Report on Form 10-K. 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. Share-based compensation costs totaled $4.6 million and $3.5 million for the first quarter of 2024 and 2023, respectively. 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: Three Months Ended (in thousands) 2024 2023 Numerator (for basic and diluted earnings per share) Net income (loss) $ 1,626 $ (18,540) Less preferred stock dividends (14,377) (12,576) Numerator for basic and diluted earnings per share $ (12,751) $ (31,116) Denominator Basic weighted-average shares outstanding 84,891 83,751 Effect of dilutive securities — — Diluted weighted-average shares outstanding 84,891 83,751 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 March 31, 2024, 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. |
Recently Adopted and Issued Acc
Recently Adopted and Issued Accounting Standards | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [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 assessing the impact of this new guidance on our 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 assessing the impact of this new guidance on our disclosures. |
Restructuring Costs and Other C
Restructuring Costs and Other Charges and Credits | 3 Months Ended |
Mar. 31, 2024 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Costs and Other Charges and Credits | Restructuring Costs and Other Charges and Credits Restructuring and Reorganization 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 created 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 in the first quarter of 2024 and 2023 totaled $5.0 million and $16.5 million, respectively. Restructuring costs include severance charges and outside consulting fees associated with the ongoing strategic reorganization of the Company. First quarter of 2023 also included a $13.6 million charge related to the write-down of certain programming assets in connection with the shutdown of the TrueReal network. Three Months Ended March 31, 2024 and 2023 (in thousands) Severance and Employee Benefits Other Restructuring Charges Total Liability as of December 31, 2023 $ 6,735 $ 1,430 $ 8,165 Net charges 4,563 452 5,015 Payments (8,054) (452) (8,506) Non-cash (a) — — — Liability as of March 31, 2024 $ 3,244 $ 1,430 $ 4,674 Liability as of December 31, 2022 $ — $ — $ — Net charges 1,310 15,201 16,511 Payments — (1,593) (1,593) Non-cash (a) (289) (13,608) (13,897) Liability as of March 31, 2023 $ 1,021 $ — $ 1,021 (a) Represents share-based compensation costs and asset write-downs included in restructuring charges. Other Charges and Credits 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. This gain was included in Miscellaneous, net for the three months ended March 31, 2024. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes We file a consolidated federal income tax return, consolidated unitary tax returns in certain states and other separate state income tax returns for our subsidiary companies. The income tax provision for interim periods is determined based upon the expected effective income tax rate for the full year and the tax rate applicable to certain discrete transactions in the interim period. To determine the annual effective income tax rate, we must estimate both the total income (loss) before income tax for the full year and the jurisdictions in which that income (loss) is subject to tax. The actual effective income tax rate for the full year may differ from these estimates if income (loss) before income tax is greater than or less than what was estimated or if the allocation of income (loss) to jurisdictions in which it is taxed is different from the estimated allocations. We review and adjust our estimated effective income tax rate for the full year each quarter based upon our most recent estimates of income (loss) before income tax for the full year and the jurisdictions in which we expect that income will be taxed. The effective income tax rate for the three months ended March 31, 2024 and 2023 was 70% and 43%, respectively. Differences between our effective income tax rate and the U.S. federal statutory rate are the impact of state taxes, foreign taxes, non-deductible expenses, changes in reserves for uncertain tax positions, excess tax benefits or expense from the exercise and vesting of share-based compensation awards ($3.1 million expense in 2024 and $1.2 million expense in 2023), state deferred rate changes ($1.1 million expense in 2024) and state NOL valuation allowance changes. We recognize state NOL 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. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2024 | |
Leases [Abstract] | |
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 Condensed Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023 totaled $6.1 million and $6.8 million, respectively, including short-term lease costs of $1.0 million and $0.4 million, respectively. Amortization of the right-of-use asset for our finance leases totaled $0.2 million for both the three months ended March 31, 2024 and 2023. Interest expense on the finance leases liability totaled $0.5 million for both the three months ended March 31, 2024 and 2023. Other information related to our leases was as follows: (in thousands, except lease term and discount rate) As of As of Balance Sheet Information Operating Leases Right-of-use assets $ 101,676 $ 99,194 Other current liabilities 18,307 19,466 Operating lease liabilities 91,241 87,714 Finance Leases Property and equipment, at cost 28,321 28,321 Accumulated depreciation 1,061 862 Property and equipment, net 27,260 27,459 Other liabilities 30,470 30,146 Weighted Average Remaining Lease Term Operating leases 7.80 years 7.41 years Finance leases 34.25 years 34.50 years Weighted Average Discount Rate Operating leases 4.94 % 4.43 % Finance leases 7.10 % 7.10 % Three Months Ended (in thousands) 2024 2023 Supplemental Cash Flows Information Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 5,754 $ 6,379 Operating cash flows from finance leases 213 — Financing cash flows from finance leases — — Right-of-use assets obtained in exchange for operating lease obligations 10,095 2,439 Right-of-use assets obtained in exchange for finance lease obligations — — Future minimum lease payments under non-cancellable leases as of March 31, 2024 were as follows: (in thousands) Operating Finance Remainder of 2024 $ 18,349 $ 1,089 2025 22,368 1,776 2026 20,497 1,824 2027 17,571 1,875 2028 14,219 1,926 Thereafter 39,303 90,124 Total future minimum lease payments 132,307 98,614 Less: Imputed interest (22,759) (68,144) Total $ 109,548 $ 30,470 |
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 Condensed Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023 totaled $6.1 million and $6.8 million, respectively, including short-term lease costs of $1.0 million and $0.4 million, respectively. Amortization of the right-of-use asset for our finance leases totaled $0.2 million for both the three months ended March 31, 2024 and 2023. Interest expense on the finance leases liability totaled $0.5 million for both the three months ended March 31, 2024 and 2023. Other information related to our leases was as follows: (in thousands, except lease term and discount rate) As of As of Balance Sheet Information Operating Leases Right-of-use assets $ 101,676 $ 99,194 Other current liabilities 18,307 19,466 Operating lease liabilities 91,241 87,714 Finance Leases Property and equipment, at cost 28,321 28,321 Accumulated depreciation 1,061 862 Property and equipment, net 27,260 27,459 Other liabilities 30,470 30,146 Weighted Average Remaining Lease Term Operating leases 7.80 years 7.41 years Finance leases 34.25 years 34.50 years Weighted Average Discount Rate Operating leases 4.94 % 4.43 % Finance leases 7.10 % 7.10 % Three Months Ended (in thousands) 2024 2023 Supplemental Cash Flows Information Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 5,754 $ 6,379 Operating cash flows from finance leases 213 — Financing cash flows from finance leases — — Right-of-use assets obtained in exchange for operating lease obligations 10,095 2,439 Right-of-use assets obtained in exchange for finance lease obligations — — Future minimum lease payments under non-cancellable leases as of March 31, 2024 were as follows: (in thousands) Operating Finance Remainder of 2024 $ 18,349 $ 1,089 2025 22,368 1,776 2026 20,497 1,824 2027 17,571 1,875 2028 14,219 1,926 Thereafter 39,303 90,124 Total future minimum lease payments 132,307 98,614 Less: Imputed interest (22,759) (68,144) Total $ 109,548 $ 30,470 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 3 Months Ended |
Mar. 31, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill consisted of the following: (in thousands) Local Media Scripps Networks Other Total 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 Gross balance as of March 31, 2024 $ 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 March 31, 2024 $ 905,494 $ 1,055,890 $ 7,190 $ 1,968,574 Other intangible assets consisted of the following: (in thousands) As of As of Amortizable intangible assets: Carrying amount: Television affiliation relationships $ 1,060,244 $ 1,060,244 Customer lists and advertiser relationships 220,997 220,997 Other 137,372 136,452 Total carrying amount 1,418,613 1,417,693 Accumulated amortization: Television affiliation relationships (289,680) (276,163) Customer lists and advertiser relationships (138,455) (132,161) Other (65,361) (61,606) Total accumulated amortization (493,496) (469,930) Net amortizable intangible assets 925,117 947,763 Indefinite-lived intangible assets — FCC licenses 779,415 779,415 Total other intangible assets $ 1,704,532 $ 1,727,178 Estimated amortization expense of intangible assets for each of the next five years is $69.5 million for the remainder of 2024, $90.2 million in 2025, $86.1 million in 2026, $83.2 million in 2027, $62.0 million in 2028, $62.0 million in 2029 and $472.1 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, 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 reporting unit valuations used to test goodwill and intangible assets for impairment 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. Upon completing our annual impairment test in the fourth quarter of 2023, we determined that the fair value of our Local Media reporting unit exceeded its carrying value by more than 20% and that a goodwill impairment charge was necessary for the Scripps Networks reporting unit. 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. For example, a 50 basis point increase in the discount rate would reduce the fair value of the Scripps Networks reporting unit by approximately $90 million. |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt Long-term debt consisted of the following: (in thousands) As of As of Revolving credit facility $ 290,000 $ 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 2026 726,922 728,825 Term loan, due in 2028 549,000 551,000 Total outstanding principal 2,907,016 2,950,919 Less: Debt issuance costs and issuance discounts (36,146) (38,483) Less: Current portion (15,612) (15,612) Net carrying value of long-term debt $ 2,855,258 $ 2,896,824 Fair value of long-term debt * $ 2,549,369 $ 2,732,318 * 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 March 31, 2024, we had $290 million outstanding under the Revolving Credit Facility with an interest rate of 8.19%. The weighted-average interest rate over the period during which we had a drawn revolver balance in 2024 was 8.20%. As of March 31, 2024 and December 31, 2023, we had outstanding letters of credit totaling $6.9 million and $6.7 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. The weighted-average interest rate on the 2024 term loan was 6.53% for the three months ended March 31, 2023. 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 original issuance discount totaled approximately $23.0 million with this term loan, which are being amortized over the life of the loan. As of March 31, 2024 and December 31, 2023, the interest rate on the 2026 term loan was 8.00% and 8.03%, respectively. The weighted-average interest rate on the 2026 term loan was 8.02% and 7.10% for the three months ended March 31, 2024 and 2023, 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 March 31, 2024 and December 31, 2023, the interest rate on the 2028 term loan was 8.44% and 8.47%, respectively. The weighted-average interest rate on the 2028 term loan was 8.45% and 7.28% for the three months ended March 31, 2024 and 2023, 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 a 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 March 31, 2024, 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. We may 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 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. Debt Repurchase Transactions During the second quarter of 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. |
Other Liabilities
Other Liabilities | 3 Months Ended |
Mar. 31, 2024 | |
Other Liabilities Disclosure [Abstract] | |
Other Liabilities | Other Liabilities Other liabilities consisted of the following: (in thousands) As of As of Employee compensation and benefits $ 31,418 $ 29,249 Deferred FCC repack income 40,831 41,863 Programming liability 251,570 274,564 Liability for pension benefits 73,090 73,651 Liabilities for uncertain tax positions 16,760 16,334 Finance leases 30,470 30,146 Other 18,437 18,374 Other liabilities (less current portion) $ 462,576 $ 484,181 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 3 Months Ended |
Mar. 31, 2024 | |
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: Three Months Ended (in thousands) 2024 2023 Accounts receivable $ 43,835 $ 28,782 Other current assets (12,271) (15,453) Accounts payable 7,535 (4,100) Accrued employee compensation and benefits (17,168) (3,325) Accrued interest (15,742) (16,936) Other accrued liabilities 7,917 (12,216) Unearned revenue 1,694 504 Other, net (574) (3,969) Total $ 15,226 $ (26,713) |
Employee Benefit Plans
Employee Benefit Plans | 3 Months Ended |
Mar. 31, 2024 | |
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"). The accrual for future benefits has been frozen in our defined benefit pension plan and SERPs. 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. The components of the employee benefit plan expense consisted of the following: Three Months Ended (in thousands) 2024 2023 Interest cost $ 5,602 $ 5,935 Expected return on plan assets, net of expenses (6,018) (6,306) Amortization of actuarial loss and prior service cost 5 5 Total for defined benefit pension plan (411) (366) SERPs 234 232 Defined contribution plan 5,503 4,429 Net periodic benefit cost $ 5,326 $ 4,295 We contributed $0.3 million to fund current benefit payments for our SERPs during the three months ended March 31, 2024. During the remainder of 2024, we anticipate contributing an additional $1.1 million to fund the SERPs' benefit payments. We have met regulatory funding requirements for our qualified benefit pension plan and do not have a mandatory contribution in 2024. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information We determine our business segments based upon our management and internal reporting structures, as well as the basis on which 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, telecommunications 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: Three Months Ended (in thousands) 2024 2023 Segment operating revenues: Local Media $ 352,836 $ 311,923 Scripps Networks 209,278 216,473 Other 4,113 3,756 Intersegment eliminations (4,763) (4,374) Total operating revenues $ 561,464 $ 527,778 Segment profit (loss): Local Media $ 65,556 $ 45,843 Scripps Networks 49,654 51,526 Other (6,397) (1,532) Shared services and corporate (21,575) (23,405) Restructuring costs (5,015) (16,511) Depreciation and amortization of intangible assets (38,688) (38,543) Gains (losses), net on disposal of property and equipment (147) (896) Interest expense (54,917) (48,838) Defined benefit pension plan income 177 134 Miscellaneous, net 16,821 (503) Income (loss) from operations before income taxes $ 5,469 $ (32,725) Depreciation: Local Media $ 10,033 $ 9,853 Scripps Networks 4,825 4,736 Other 60 45 Shared services and corporate 202 419 Total depreciation $ 15,120 $ 15,053 Amortization of intangible assets: Local Media $ 8,945 $ 8,980 Scripps Networks 12,977 13,009 Other 451 449 Shared services and corporate 1,195 1,052 Total amortization of intangible assets $ 23,568 $ 23,490 Additions to property and equipment: Local Media $ 15,461 $ 7,267 Scripps Networks 2,316 194 Other 118 — Shared services and corporate 2 835 Total additions to property and equipment $ 17,897 $ 8,296 A disaggregation of the principal activities from which we generate revenue is as follows: Three Months Ended (in thousands) 2024 2023 Operating revenues: Core advertising $ 333,790 $ 348,574 Political 15,968 3,525 Distribution 202,560 166,559 Other 9,146 9,120 Total operating revenues $ 561,464 $ 527,778 |
Capital Stock
Capital Stock | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Capital Stock | Capital Stock 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 the Company pays quarterly dividends in cash on the preferred shares, the dividend rate will be 8% per annum. Preferred stock dividends declared and paid were $12.0 million during the first three months of 2023. 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. We did not declare or provide payment for the first quarter 2024 dividend. At March 31, 2024, aggregated undeclared and unpaid cumulative dividends totaled $13.5 million and the redemption value of the preferred stock totaled $644 million. 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. 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. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) Changes in accumulated other comprehensive income (loss) ("AOCI") by component, including items reclassified out of AOCI, were as follows: Three Months Ended March 31, 2024 (in thousands) Defined Benefit Pension Items Other Total Beginning balance, December 31, 2023 $ (75,247) $ (263) $ (75,510) Other comprehensive income (loss) before reclassifications — — — Amounts reclassified from AOCI, net of tax of $11 (a) 29 5 34 Net current-period other comprehensive income (loss) 29 5 34 Ending balance, March 31, 2024 $ (75,218) $ (258) $ (75,476) Three Months Ended March 31, 2023 (in thousands) Defined Benefit Pension Items Other Total Beginning balance, December 31, 2022 $ (77,327) $ (144) $ (77,471) Other comprehensive income (loss) before reclassifications — — — Amounts reclassified from AOCI, net of tax of $8 (a) 25 — 25 Net current-period other comprehensive income (loss) 25 — 25 Ending balance, March 31, 2023 $ (77,302) $ (144) $ (77,446) (a) Actuarial gain (loss) is included in defined benefit pension plan expense in the Condensed Consolidated Statements of Operations |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
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) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation — |
Reclassifications | Results of operations are not necessarily indicative of the results that may be expected for future interim periods or for the full year. Additionally, certain amounts in prior periods have been reclassified to conform to the current period's presentation. |
Principles of Consolidation | Principles of 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 Operations | 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 Note 11. Segment Information. |
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. |
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. 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. |
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 Condensed Consolidated Balance Sheets. Finance leases are included in property and equipment and other long-term liabilities in our Condensed 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. |
Share-Based Compensation | Share-Based Compensation — We have a Long-Term Incentive Plan (the “Plan”) which is described more fully in our 2023 Annual Report on Form 10-K. 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. |
Earnings Per Share (EPS) | Earnings Per Share (“EPS”) — |
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 assessing the impact of this new guidance on our 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 assessing the impact of this new guidance on our disclosures. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Components of basic and diluted weighted-average shares | The following table presents information about basic and diluted weighted-average shares outstanding: Three Months Ended (in thousands) 2024 2023 Numerator (for basic and diluted earnings per share) Net income (loss) $ 1,626 $ (18,540) Less preferred stock dividends (14,377) (12,576) Numerator for basic and diluted earnings per share $ (12,751) $ (31,116) Denominator Basic weighted-average shares outstanding 84,891 83,751 Effect of dilutive securities — — Diluted weighted-average shares outstanding 84,891 83,751 |
Restructuring Costs and Other_2
Restructuring Costs and Other Charges and Credits (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Restructuring and Related Activities [Abstract] | |
Changes in restructuring reserve | Three Months Ended March 31, 2024 and 2023 (in thousands) Severance and Employee Benefits Other Restructuring Charges Total Liability as of December 31, 2023 $ 6,735 $ 1,430 $ 8,165 Net charges 4,563 452 5,015 Payments (8,054) (452) (8,506) Non-cash (a) — — — Liability as of March 31, 2024 $ 3,244 $ 1,430 $ 4,674 Liability as of December 31, 2022 $ — $ — $ — Net charges 1,310 15,201 16,511 Payments — (1,593) (1,593) Non-cash (a) (289) (13,608) (13,897) Liability as of March 31, 2023 $ 1,021 $ — $ 1,021 (a) Represents share-based compensation costs and asset write-downs included in restructuring charges. |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Leases [Abstract] | |
Schedule of information related to operating leases | Other information related to our leases was as follows: (in thousands, except lease term and discount rate) As of As of Balance Sheet Information Operating Leases Right-of-use assets $ 101,676 $ 99,194 Other current liabilities 18,307 19,466 Operating lease liabilities 91,241 87,714 Finance Leases Property and equipment, at cost 28,321 28,321 Accumulated depreciation 1,061 862 Property and equipment, net 27,260 27,459 Other liabilities 30,470 30,146 Weighted Average Remaining Lease Term Operating leases 7.80 years 7.41 years Finance leases 34.25 years 34.50 years Weighted Average Discount Rate Operating leases 4.94 % 4.43 % Finance leases 7.10 % 7.10 % |
Schedule of lease cost information | Three Months Ended (in thousands) 2024 2023 Supplemental Cash Flows Information Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 5,754 $ 6,379 Operating cash flows from finance leases 213 — Financing cash flows from finance leases — — Right-of-use assets obtained in exchange for operating lease obligations 10,095 2,439 Right-of-use assets obtained in exchange for finance lease obligations — — |
Schedule of minimum lease payments under non-cancellable operating leases | Future minimum lease payments under non-cancellable leases as of March 31, 2024 were as follows: (in thousands) Operating Finance Remainder of 2024 $ 18,349 $ 1,089 2025 22,368 1,776 2026 20,497 1,824 2027 17,571 1,875 2028 14,219 1,926 Thereafter 39,303 90,124 Total future minimum lease payments 132,307 98,614 Less: Imputed interest (22,759) (68,144) Total $ 109,548 $ 30,470 |
Schedule of minimum lease payments under non-cancellable finance leases | Future minimum lease payments under non-cancellable leases as of March 31, 2024 were as follows: (in thousands) Operating Finance Remainder of 2024 $ 18,349 $ 1,089 2025 22,368 1,776 2026 20,497 1,824 2027 17,571 1,875 2028 14,219 1,926 Thereafter 39,303 90,124 Total future minimum lease payments 132,307 98,614 Less: Imputed interest (22,759) (68,144) Total $ 109,548 $ 30,470 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of goodwill | Goodwill consisted of the following: (in thousands) Local Media Scripps Networks Other Total 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 Gross balance as of March 31, 2024 $ 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 March 31, 2024 $ 905,494 $ 1,055,890 $ 7,190 $ 1,968,574 |
Summary of other finite-lived intangible assets | Other intangible assets consisted of the following: (in thousands) As of As of Amortizable intangible assets: Carrying amount: Television affiliation relationships $ 1,060,244 $ 1,060,244 Customer lists and advertiser relationships 220,997 220,997 Other 137,372 136,452 Total carrying amount 1,418,613 1,417,693 Accumulated amortization: Television affiliation relationships (289,680) (276,163) Customer lists and advertiser relationships (138,455) (132,161) Other (65,361) (61,606) Total accumulated amortization (493,496) (469,930) Net amortizable intangible assets 925,117 947,763 Indefinite-lived intangible assets — FCC licenses 779,415 779,415 Total other intangible assets $ 1,704,532 $ 1,727,178 |
Schedule of indefinite-lived intangible assets | Other intangible assets consisted of the following: (in thousands) As of As of Amortizable intangible assets: Carrying amount: Television affiliation relationships $ 1,060,244 $ 1,060,244 Customer lists and advertiser relationships 220,997 220,997 Other 137,372 136,452 Total carrying amount 1,418,613 1,417,693 Accumulated amortization: Television affiliation relationships (289,680) (276,163) Customer lists and advertiser relationships (138,455) (132,161) Other (65,361) (61,606) Total accumulated amortization (493,496) (469,930) Net amortizable intangible assets 925,117 947,763 Indefinite-lived intangible assets — FCC licenses 779,415 779,415 Total other intangible assets $ 1,704,532 $ 1,727,178 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Components of long-term debt | Long-term debt consisted of the following: (in thousands) As of As of Revolving credit facility $ 290,000 $ 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 2026 726,922 728,825 Term loan, due in 2028 549,000 551,000 Total outstanding principal 2,907,016 2,950,919 Less: Debt issuance costs and issuance discounts (36,146) (38,483) Less: Current portion (15,612) (15,612) Net carrying value of long-term debt $ 2,855,258 $ 2,896,824 Fair value of long-term debt * $ 2,549,369 $ 2,732,318 * 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. |
Other Liabilities (Tables)
Other Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of other liabilities | Other liabilities consisted of the following: (in thousands) As of As of Employee compensation and benefits $ 31,418 $ 29,249 Deferred FCC repack income 40,831 41,863 Programming liability 251,570 274,564 Liability for pension benefits 73,090 73,651 Liabilities for uncertain tax positions 16,760 16,334 Finance leases 30,470 30,146 Other 18,437 18,374 Other liabilities (less current portion) $ 462,576 $ 484,181 |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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: Three Months Ended (in thousands) 2024 2023 Accounts receivable $ 43,835 $ 28,782 Other current assets (12,271) (15,453) Accounts payable 7,535 (4,100) Accrued employee compensation and benefits (17,168) (3,325) Accrued interest (15,742) (16,936) Other accrued liabilities 7,917 (12,216) Unearned revenue 1,694 504 Other, net (574) (3,969) Total $ 15,226 $ (26,713) |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Retirement Benefits [Abstract] | |
Components of employee benefit plan expense | The components of the employee benefit plan expense consisted of the following: Three Months Ended (in thousands) 2024 2023 Interest cost $ 5,602 $ 5,935 Expected return on plan assets, net of expenses (6,018) (6,306) Amortization of actuarial loss and prior service cost 5 5 Total for defined benefit pension plan (411) (366) SERPs 234 232 Defined contribution plan 5,503 4,429 Net periodic benefit cost $ 5,326 $ 4,295 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
Information regarding business segments | Information regarding our business segments is as follows: Three Months Ended (in thousands) 2024 2023 Segment operating revenues: Local Media $ 352,836 $ 311,923 Scripps Networks 209,278 216,473 Other 4,113 3,756 Intersegment eliminations (4,763) (4,374) Total operating revenues $ 561,464 $ 527,778 Segment profit (loss): Local Media $ 65,556 $ 45,843 Scripps Networks 49,654 51,526 Other (6,397) (1,532) Shared services and corporate (21,575) (23,405) Restructuring costs (5,015) (16,511) Depreciation and amortization of intangible assets (38,688) (38,543) Gains (losses), net on disposal of property and equipment (147) (896) Interest expense (54,917) (48,838) Defined benefit pension plan income 177 134 Miscellaneous, net 16,821 (503) Income (loss) from operations before income taxes $ 5,469 $ (32,725) Depreciation: Local Media $ 10,033 $ 9,853 Scripps Networks 4,825 4,736 Other 60 45 Shared services and corporate 202 419 Total depreciation $ 15,120 $ 15,053 Amortization of intangible assets: Local Media $ 8,945 $ 8,980 Scripps Networks 12,977 13,009 Other 451 449 Shared services and corporate 1,195 1,052 Total amortization of intangible assets $ 23,568 $ 23,490 Additions to property and equipment: Local Media $ 15,461 $ 7,267 Scripps Networks 2,316 194 Other 118 — Shared services and corporate 2 835 Total additions to property and equipment $ 17,897 $ 8,296 |
Disaggregation of principal revenue generating activities | A disaggregation of the principal activities from which we generate revenue is as follows: Three Months Ended (in thousands) 2024 2023 Operating revenues: Core advertising $ 333,790 $ 348,574 Political 15,968 3,525 Distribution 202,560 166,559 Other 9,146 9,120 Total operating revenues $ 561,464 $ 527,778 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Schedule of accumulated other comprehensive income (loss) | Changes in accumulated other comprehensive income (loss) ("AOCI") by component, including items reclassified out of AOCI, were as follows: Three Months Ended March 31, 2024 (in thousands) Defined Benefit Pension Items Other Total Beginning balance, December 31, 2023 $ (75,247) $ (263) $ (75,510) Other comprehensive income (loss) before reclassifications — — — Amounts reclassified from AOCI, net of tax of $11 (a) 29 5 34 Net current-period other comprehensive income (loss) 29 5 34 Ending balance, March 31, 2024 $ (75,218) $ (258) $ (75,476) Three Months Ended March 31, 2023 (in thousands) Defined Benefit Pension Items Other Total Beginning balance, December 31, 2022 $ (77,327) $ (144) $ (77,471) Other comprehensive income (loss) before reclassifications — — — Amounts reclassified from AOCI, net of tax of $8 (a) 25 — 25 Net current-period other comprehensive income (loss) 25 — 25 Ending balance, March 31, 2023 $ (77,302) $ (144) $ (77,446) (a) Actuarial gain (loss) is included in defined benefit pension plan expense in the Condensed Consolidated Statements of Operations |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Accounting Policies [Abstract] | |||
Allowance for doubtful accounts | $ 5,317 | $ 5,041 | |
Unearned revenue | 13,875 | $ 12,181 | |
Prior year unearned revenue recognized in period | 4,800 | ||
Share-based compensation costs | $ 4,600 | $ 3,500 | |
Potentially dilutive shares (in shares) | 420,000 | ||
Antidilutive RSUs outstanding (in shares) | 4,400,000 | 1,400,000 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Earnings Per Share (Details) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Numerator (for basic and diluted earnings per share) | ||
Net income (loss) | $ 1,626 | $ (18,540) |
Less preferred stock dividends | (14,377) | (12,576) |
Numerator for basic earnings per share | (12,751) | (31,116) |
Numerator for diluted earnings per share | $ (12,751) | $ (31,116) |
Denominator | ||
Basic weighted-average shares outstanding (in shares) | 84,891 | 83,751 |
Effect of dilutive securities (in shares) | 0 | 0 |
Diluted weighted-average shares outstanding (in shares) | 84,891 | 83,751 |
Restructuring Costs and Other_3
Restructuring Costs and Other Charges and Credits - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Feb. 09, 2024 | Mar. 31, 2024 | Mar. 31, 2023 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Restructuring costs | $ 5,000 | $ 16,500 | |
Proceeds from sale of investments | $ 18,100 | $ 18,108 | 0 |
TrueReal Restructuring | Write-Down of Programming Assets | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Restructuring costs incurred | $ 13,600 |
Restructuring Costs and Other_4
Restructuring Costs and Other Charges and Credits - Changes in Restructuring Reserve (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Restructuring Reserve [Roll Forward] | ||
Net charges | $ 5,015 | $ 16,511 |
TrueReal Restructuring | ||
Restructuring Reserve [Roll Forward] | ||
Liability, beginning of period | 8,165 | 0 |
Net charges | 5,015 | 16,511 |
Payments | (8,506) | (1,593) |
Non-cash | 0 | (13,897) |
Liability, end of period | 4,674 | 1,021 |
Severance and Employee Benefits | TrueReal Restructuring | ||
Restructuring Reserve [Roll Forward] | ||
Liability, beginning of period | 6,735 | 0 |
Net charges | 4,563 | 1,310 |
Payments | (8,054) | 0 |
Non-cash | 0 | (289) |
Liability, end of period | 3,244 | 1,021 |
Other Restructuring | TrueReal Restructuring | ||
Restructuring Reserve [Roll Forward] | ||
Liability, beginning of period | 1,430 | 0 |
Net charges | 452 | 15,201 |
Payments | (452) | (1,593) |
Non-cash | 0 | (13,608) |
Liability, end of period | $ 1,430 | $ 0 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Operating Loss Carryforwards [Line Items] | ||
Effective income tax rate | 70% | 43% |
Net impact of various items effecting the income tax effective rate | $ 3.1 | $ 1.2 |
State jurisdiction | ||
Operating Loss Carryforwards [Line Items] | ||
Impact of change in state tax rate | $ 1.1 |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Lessee, Lease, Description [Line Items] | ||
Option to extend leases, term | 5 years | |
Option to terminate leases, term | 1 year | |
Operating lease costs | $ 6,100 | $ 6,800 |
Short-term lease costs | 1,000 | 400 |
Finance lease right-of-use asset amortization | 200 | 200 |
Finance lease interest expense | $ 500 | $ 500 |
Minimum | ||
Lessee, Lease, Description [Line Items] | ||
Remaining lease terms | 1 year | |
Maximum | ||
Lessee, Lease, Description [Line Items] | ||
Remaining lease terms | 35 years |
Leases - Information Related to
Leases - Information Related to Operating Leases (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Operating Leases | ||
Right-of-use assets | $ 101,676 | $ 99,194 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Other Liabilities, Current | |
Other current liabilities | $ 18,307 | 19,466 |
Operating lease liabilities | 91,241 | 87,714 |
Finance Leases | ||
Property and equipment, at cost | 28,321 | 28,321 |
Accumulated depreciation | 1,061 | 862 |
Property and equipment, net | 27,260 | 27,459 |
Other liabilities | $ 30,470 | $ 30,146 |
Weighted Average Remaining Lease Term | ||
Operating leases | 7 years 9 months 18 days | 7 years 4 months 28 days |
Finance leases | 34 years 3 months | 34 years 6 months |
Weighted Average Discount Rate | ||
Operating leases | 4.94% | 4.43% |
Finance leases | 7.10% | 7.10% |
Leases - Lease Cost Information
Leases - Lease Cost Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash paid for amounts included in the measurement of lease liabilities | ||
Operating cash flows from operating leases | $ 5,754 | $ 6,379 |
Operating cash flows from finance leases | 213 | 0 |
Financing cash flows from finance leases | 0 | 0 |
Right-of-use assets obtained in exchange for operating lease obligations | 10,095 | 2,439 |
Right-of-use assets obtained in exchange for finance lease obligations | $ 0 | $ 0 |
Leases - Minimum Lease Payments
Leases - Minimum Lease Payments (Details) $ in Thousands | Mar. 31, 2024 USD ($) |
Operating Leases | |
Remainder of 2024 | $ 18,349 |
2025 | 22,368 |
2026 | 20,497 |
2027 | 17,571 |
2028 | 14,219 |
Thereafter | 39,303 |
Total future minimum lease payments | 132,307 |
Less: Imputed interest | (22,759) |
Total | 109,548 |
Finance Leases | |
Remainder of 2024 | 1,089 |
2025 | 1,776 |
2026 | 1,824 |
2027 | 1,875 |
2028 | 1,926 |
Thereafter | 90,124 |
Total future minimum lease payments | 98,614 |
Less: Imputed interest | (68,144) |
Total | $ 30,470 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Goodwill (Details) $ in Thousands | Mar. 31, 2024 USD ($) |
Goodwill [Roll Forward] | |
Gross beginning balance | $ 3,158,488 |
Accumulated impairment losses, beginning balance | (1,189,914) |
Net balance, beginning of period | 1,968,574 |
Gross ending balance | 3,158,488 |
Accumulated impairment losses, ending balance | (1,189,914) |
Net balance, end of period | 1,968,574 |
Local Media | |
Goodwill [Roll Forward] | |
Gross beginning balance | 1,122,408 |
Accumulated impairment losses, beginning balance | (216,914) |
Net balance, beginning of period | 905,494 |
Gross ending balance | 1,122,408 |
Accumulated impairment losses, ending balance | (216,914) |
Net balance, end of period | 905,494 |
Scripps Networks | |
Goodwill [Roll Forward] | |
Gross beginning balance | 2,028,890 |
Accumulated impairment losses, beginning balance | (973,000) |
Net balance, beginning of period | 1,055,890 |
Gross ending balance | 2,028,890 |
Accumulated impairment losses, ending balance | (973,000) |
Net balance, end of period | 1,055,890 |
Other | |
Goodwill [Roll Forward] | |
Gross beginning balance | 7,190 |
Accumulated impairment losses, beginning balance | 0 |
Net balance, beginning of period | 7,190 |
Gross ending balance | 7,190 |
Accumulated impairment losses, ending balance | 0 |
Net balance, end of period | $ 7,190 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Summary of Other Intangible Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Carrying amount: | ||
Total carrying amount | $ 1,418,613 | $ 1,417,693 |
Accumulated amortization: | ||
Total accumulated amortization | (493,496) | (469,930) |
Net amortizable intangible assets | 925,117 | 947,763 |
Indefinite-lived intangible assets — FCC licenses | 779,415 | 779,415 |
Total other intangible assets | 1,704,532 | 1,727,178 |
Television affiliation relationships | ||
Carrying amount: | ||
Total carrying amount | 1,060,244 | 1,060,244 |
Accumulated amortization: | ||
Total accumulated amortization | (289,680) | (276,163) |
Customer lists and advertiser relationships | ||
Carrying amount: | ||
Total carrying amount | 220,997 | 220,997 |
Accumulated amortization: | ||
Total accumulated amortization | (138,455) | (132,161) |
Other | ||
Carrying amount: | ||
Total carrying amount | 137,372 | 136,452 |
Accumulated amortization: | ||
Total accumulated amortization | $ (65,361) | $ (61,606) |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2023 | Mar. 31, 2024 | |
Goodwill [Line Items] | ||
Estimated amortization expense, remainder of 2024 | $ 69.5 | |
Estimated amortization expense, 2025 | 90.2 | |
Estimated amortization expense, 2026 | 86.1 | |
Estimated amortization expense, 2027 | 83.2 | |
Estimated amortization expense, 2028 | 62 | |
Estimated amortization expense, 2029 | 62 | |
Estimated amortization expense, in later years | $ 472.1 | |
Fair value reduction in reporting unit, 50 basis point decrease in discount rate | $ 90 | |
Local Media | ||
Goodwill [Line Items] | ||
Percentage fair value in excess of carrying value | 20% |
Long-Term Debt - Components of
Long-Term Debt - Components of Long-Term Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | May 01, 2019 |
Components of Long-term debt | |||
Total outstanding principal | $ 2,907,016 | $ 2,950,919 | |
Less: Debt issuance costs and issuance discounts | (36,146) | (38,483) | |
Current portion of long-term debt | (15,612) | (15,612) | |
Net carrying value of long-term debt | 2,855,258 | 2,896,824 | |
Fair value of long-term debt | 2,549,369 | 2,732,318 | |
Senior secured notes, due in 2029 | Senior secured debt | |||
Components of Long-term debt | |||
Total outstanding principal | 523,356 | 523,356 | |
Senior unsecured notes, due in 2027 | Senior unsecured notes | |||
Components of Long-term debt | |||
Total outstanding principal | 425,667 | 425,667 | |
Senior unsecured notes, due in 2031 | Senior unsecured notes | |||
Components of Long-term debt | |||
Total outstanding principal | 392,071 | 392,071 | |
Term loan, due in 2026 | |||
Components of Long-term debt | |||
Total outstanding principal | 726,922 | 728,825 | |
Less: Debt issuance costs and issuance discounts | $ (23,000) | ||
Term loan, due in 2028 | |||
Components of Long-term debt | |||
Total outstanding principal | 549,000 | 551,000 | |
Revolving credit facility | Revolving credit facility | |||
Components of Long-term debt | |||
Total outstanding principal | $ 290,000 | $ 330,000 |
Long-Term Debt - Narrative (Det
Long-Term Debt - Narrative (Details) | 1 Months Ended | 3 Months Ended | |||||||||
Jul. 31, 2023 USD ($) | Jan. 07, 2021 USD ($) | Dec. 30, 2020 USD ($) | Jul. 26, 2019 USD ($) | May 01, 2019 USD ($) | Feb. 28, 2023 USD ($) | Mar. 31, 2024 USD ($) | Jun. 30, 2023 USD ($) | Mar. 31, 2023 | Dec. 31, 2023 USD ($) | Oct. 02, 2017 USD ($) | |
Debt Instrument [Line Items] | |||||||||||
Debt issuance costs | $ 36,146,000 | $ 38,483,000 | |||||||||
Aggregate amount of debt principal repurchase program authorized | $ 500,000,000 | ||||||||||
Revolving credit facility | Revolving credit facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Outstanding under revolving credit facility | $ 290,000,000 | ||||||||||
Interest rate on line of credit facility | 8.19% | ||||||||||
Revolving credit facility | Revolving credit facility | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Weighted average interest rate during the period | 8.20% | ||||||||||
Revolving credit facility | Revolving credit facility | Minimum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Percentage of commitment fees of total unused commitment under revolving credit facility | 0.30% | ||||||||||
Revolving credit facility | Revolving credit facility | Maximum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Percentage of commitment fees of total unused commitment under revolving credit facility | 0.50% | ||||||||||
Revolving credit facility | Letter of credit | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Letters of credit outstanding | $ 6,900,000 | $ 6,700,000 | |||||||||
Term loan, due in 2024 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt face value | $ 300,000,000 | ||||||||||
Weighted average interest rate, over the period | 6.53% | ||||||||||
Loan principal payment | $ 283,000,000 | ||||||||||
Written off deferred financing costs | $ 400,000 | ||||||||||
Term loan, due in 2026 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt face value | $ 765,000,000 | ||||||||||
Annual principal payments | 7,600,000 | ||||||||||
Variable interest rate | 8% | 8.03% | |||||||||
Weighted average interest rate, over the period | 8.02% | 7.10% | |||||||||
Minimum SOFR rate | 0.75% | ||||||||||
Debt issuance costs | $ 23,000,000 | ||||||||||
Term loan, due in 2026 | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | |||||||||||
Debt Instrument [Line Items] | |||||||||||
SOFR plus margin range | 2.56% | ||||||||||
Sixth Amendment Facility | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | |||||||||||
Debt Instrument [Line Items] | |||||||||||
SOFR plus margin range | 3% | ||||||||||
Sixth Amendment Facility | Term loans | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt issuance costs | $ 23,400,000 | ||||||||||
Sixth Amendment Facility | Term loans | ION Media | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt face value | 800,000,000 | ||||||||||
Term loan, due in 2028 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Annual principal payments | $ 8,000,000 | ||||||||||
Minimum SOFR rate | 0.75% | ||||||||||
Term loan, due in 2028 | Term loans | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Weighted average interest rate, over the period | 8.45% | 7.28% | |||||||||
Debt stated rate | 8.44% | 8.47% | |||||||||
Senior secured notes due 2029 | Senior notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt face value | $ 550,000,000 | ||||||||||
Debt issuance costs | $ 13,800,000 | ||||||||||
Debt stated rate | 3.875% | ||||||||||
Debt issuance price as a percentage of par | 100% | ||||||||||
Senior unsecured notes, due in 2027 | Senior notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt face value | $ 500,000,000 | ||||||||||
Debt issuance costs | $ 10,700,000 | ||||||||||
Debt stated rate | 5.875% | ||||||||||
Debt issuance price as a percentage of par | 100% | ||||||||||
Senior unsecured notes, due in 2031 | Senior notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt face value | $ 500,000,000 | ||||||||||
Debt issuance costs | $ 12,500,000 | ||||||||||
Debt stated rate | 5.375% | ||||||||||
Debt issuance price as a percentage of par | 100% | ||||||||||
Senior unsecured notes, due in 2031 | Senior notes | Redemption Period Two | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt redemption price | 100% | ||||||||||
Eighth amendment to revolving credit facility | Revolving credit facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Revolving credit borrowing capacity | 585,000,000 | $ 400,000,000 | |||||||||
Amount borrowed from revolving credit line | $ 283,000,000 | ||||||||||
Eighth amendment to revolving credit facility | Revolving credit facility | Through December 31, 2024 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Net leverage ratio requirement | 5 | ||||||||||
Eighth amendment to revolving credit facility | Revolving credit facility | Through September 30, 2025 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Net leverage ratio requirement | 4.75 | ||||||||||
Eighth amendment to revolving credit facility | Revolving credit facility | After September 30, 2025 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Net leverage ratio requirement | 4.50 | ||||||||||
Eighth amendment to revolving credit facility | Revolving credit facility | Minimum | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | |||||||||||
Debt Instrument [Line Items] | |||||||||||
SOFR plus margin range | 1.75% | ||||||||||
Eighth amendment to revolving credit facility | Revolving credit facility | Maximum | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | |||||||||||
Debt Instrument [Line Items] | |||||||||||
SOFR plus margin range | 2.75% |
Other Liabilities (Details)
Other Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Other liabilities | ||
Employee compensation and benefits | $ 31,418 | $ 29,249 |
Deferred FCC repack income | 40,831 | 41,863 |
Programming liability | 251,570 | 274,564 |
Liability for pension benefits | 73,090 | 73,651 |
Liabilities for uncertain tax positions | 16,760 | 16,334 |
Finance leases | 30,470 | 30,146 |
Other | 18,437 | 18,374 |
Other liabilities (less current portion) | $ 462,576 | $ 484,181 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Other Changes in Certain Working Capital Accounts, Net | ||
Accounts receivable | $ 43,835 | $ 28,782 |
Other current assets | (12,271) | (15,453) |
Accounts payable | 7,535 | (4,100) |
Accrued employee compensation and benefits | (17,168) | (3,325) |
Accrued interest | (15,742) | (16,936) |
Other accrued liabilities | 7,917 | (12,216) |
Unearned revenue | 1,694 | 504 |
Other, net | (574) | (3,969) |
Total | $ 15,226 | $ (26,713) |
Employee Benefit Plans - Compon
Employee Benefit Plans - Components of Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||
Net periodic benefit cost | $ 5,326 | $ 4,295 |
Defined benefit plans | ||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||
Interest cost | 5,602 | 5,935 |
Expected return on plan assets, net of expenses | (6,018) | (6,306) |
Amortization of actuarial loss and prior service cost | 5 | 5 |
Total for defined benefit pension plan | (411) | (366) |
SERPs | ||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||
Net periodic benefit cost | 234 | 232 |
Defined contribution plan | ||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||
Net periodic benefit cost | $ 5,503 | $ 4,429 |
Employee Benefit Plans - Narrat
Employee Benefit Plans - Narrative (Details) - SERPs $ in Millions | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |
Contributions to benefit plan | $ 0.3 |
Estimated future contributions | $ 1.1 |
Segment Information - Narrative
Segment Information - Narrative (Details) - Local Media | Mar. 31, 2024 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 affiliates | 18 |
NBC affiliates | |
Segment Reporting Information [Line Items] | |
Number of affiliates | 11 |
CBS affiliates | |
Segment Reporting Information [Line Items] | |
Number of affiliates | 9 |
FOX affiliates | |
Segment Reporting Information [Line Items] | |
Number of affiliates | 4 |
CW affiliates | |
Segment Reporting Information [Line Items] | |
Number of affiliates | 7 |
Number of full power stations | station | 4 |
Number of multicast | station | 3 |
Independent stations | |
Segment Reporting Information [Line Items] | |
Number of affiliates | 7 |
Segment Information - Schedule
Segment Information - Schedule of Business Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Information regarding business segments | ||
Total operating revenues | $ 561,464 | $ 527,778 |
Restructuring costs | (5,015) | (16,511) |
Depreciation and amortization of intangible assets | (38,688) | (38,543) |
Gains (losses), net on disposal of property and equipment | (147) | (896) |
Interest expense | (54,917) | (48,838) |
Defined benefit pension plan income | 177 | 134 |
Miscellaneous, net | 16,821 | (503) |
Income (loss) from operations before income taxes | 5,469 | (32,725) |
Depreciation: | ||
Total depreciation | 15,120 | 15,053 |
Amortization of intangible assets: | ||
Total amortization of intangible assets | 23,568 | 23,490 |
Additions to property and equipment: | ||
Total additions to property and equipment | 17,897 | 8,296 |
Intersegment eliminations | ||
Information regarding business segments | ||
Total operating revenues | (4,763) | (4,374) |
Shared services and corporate | ||
Information regarding business segments | ||
Segment profit (loss): | (21,575) | (23,405) |
Depreciation: | ||
Total depreciation | 202 | 419 |
Amortization of intangible assets: | ||
Total amortization of intangible assets | 1,195 | 1,052 |
Additions to property and equipment: | ||
Total additions to property and equipment | 2 | 835 |
Local Media | Operating segments | ||
Information regarding business segments | ||
Total operating revenues | 352,836 | 311,923 |
Segment profit (loss): | 65,556 | 45,843 |
Depreciation: | ||
Total depreciation | 10,033 | 9,853 |
Amortization of intangible assets: | ||
Total amortization of intangible assets | 8,945 | 8,980 |
Additions to property and equipment: | ||
Total additions to property and equipment | 15,461 | 7,267 |
Scripps Networks | Operating segments | ||
Information regarding business segments | ||
Total operating revenues | 209,278 | 216,473 |
Segment profit (loss): | 49,654 | 51,526 |
Depreciation: | ||
Total depreciation | 4,825 | 4,736 |
Amortization of intangible assets: | ||
Total amortization of intangible assets | 12,977 | 13,009 |
Additions to property and equipment: | ||
Total additions to property and equipment | 2,316 | 194 |
Other | Operating segments | ||
Information regarding business segments | ||
Total operating revenues | 4,113 | 3,756 |
Segment profit (loss): | (6,397) | (1,532) |
Depreciation: | ||
Total depreciation | 60 | 45 |
Amortization of intangible assets: | ||
Total amortization of intangible assets | 451 | 449 |
Additions to property and equipment: | ||
Total additions to property and equipment | $ 118 | $ 0 |
Segment Information - Disaggreg
Segment Information - Disaggregation of Revenue Generating Activities (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | $ 561,464 | $ 527,778 |
Core advertising | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | 333,790 | 348,574 |
Political | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | 15,968 | 3,525 |
Distribution | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | 202,560 | 166,559 |
Other | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | $ 9,146 | $ 9,120 |
Capital Stock (Details)
Capital Stock (Details) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | ||
Jan. 07, 2021 $ / shares shares | Mar. 31, 2024 USD ($) director classOfCommonShare | Mar. 31, 2023 USD ($) | |
Class of Stock [Line Items] | |||
Classes of common shares | classOfCommonShare | 2 | ||
Minimum number of directors up for election to entitle shareholders to vote | director | 3 | ||
Percentage of directors up for election if more than minimum number | 33.33% | ||
Preferred stock dividends | $ 0 | $ 12,000 | |
Undeclared cumulative dividends | 13,500 | ||
Redemption value of preferred stock | $ 644,000 | ||
Preferred stock | Berkshire Hathaway | ION Media | |||
Class of Stock [Line Items] | |||
Preferred shares issued (in shares) | shares | 6 | ||
Face value of preferred shares (in dollars per share) | $ / shares | $ 100,000 | ||
Preferred shares redemption price, as a percent | 105% | ||
Preferred stock dividend rate | 8% | ||
Preferred stock dividend rate if dividends not paid in cash | 9% | ||
Preferred stock dividends | $ 12,000 | ||
Common stock, Class A | Berkshire Hathaway | |||
Class of Stock [Line Items] | |||
Number of shares purchasable by warrant (up to) (in shares) | shares | 23,100 | ||
Exercise right of warrants (in dollars per share) | $ / shares | $ 13 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Accumulated Other Comprehensive Loss [Roll Forward] | ||
Equity, beginning balance | $ 1,156,183 | $ 2,130,825 |
Other comprehensive income (loss) before reclassifications | 0 | 0 |
Amounts reclassified from AOCI, net of tax | 34 | 25 |
Net current-period other comprehensive income (loss) | 34 | 25 |
Equity, ending balance | 1,161,962 | 2,099,808 |
Defined Benefit Pension Items | ||
Accumulated Other Comprehensive Loss [Roll Forward] | ||
Equity, beginning balance | (75,247) | (77,327) |
Other comprehensive income (loss) before reclassifications | 0 | 0 |
Amounts reclassified from AOCI, net of tax | 29 | 25 |
Net current-period other comprehensive income (loss) | 29 | 25 |
Equity, ending balance | (75,218) | (77,302) |
Tax on amount reclassified from AOCI | 11 | 8 |
Other | ||
Accumulated Other Comprehensive Loss [Roll Forward] | ||
Equity, beginning balance | (263) | (144) |
Other comprehensive income (loss) before reclassifications | 0 | 0 |
Amounts reclassified from AOCI, net of tax | 5 | 0 |
Net current-period other comprehensive income (loss) | 5 | 0 |
Equity, ending balance | (258) | (144) |
AOCI Attributable to Parent | ||
Accumulated Other Comprehensive Loss [Roll Forward] | ||
Equity, beginning balance | (75,510) | (77,471) |
Equity, ending balance | $ (75,476) | $ (77,446) |