Accumulated other comprehensive loss, net of income tax benefit

Accumulated deficit

(251,000)

(269,288)

(10,409)

(20,170)

236,967

206,636

Total stockholders’ equity

174,010

143,935

Total liabilities, preferred stock and stockholders’ equity

1,334,424

1,249,788

Common Class B [Member]

Common stock

483,055

480,773

Common Class A [Member]

Common stock

15,321

Class B Treasury Stock [Member]

Treasury stock

(40,559)

(40,303)

Class A Treasury Stock [Member]

Other intangible assets, net

Treasury stock

(22,398)

Other Intangible Assets [Member]

Current assets:

$ 2,644

$ 637

[1]

Our consolidated total assets as of December 31, 2013 included total assets of $6.8 million of a variable interest entity ("VIE"). These assets can only be used to settle the obligations of the VIE. Our consolidated total liabilities as of December 31, 2013 included total liabilities of $3.1 million of the VIE. The creditors of the VIE may have recourse against Gray for $3.0 million of these liabilities.

Consolidated Balance Sheets (Parentheticals) (USD $) In Thousands, except Share data, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Allowance for doubtful accounts (in Dollars)	$ 730	$ 2,064
Common Class B [Member]
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	57,010,878	56,503,759
Common stock, par value (in Dollars per share)	$ 0	$ 0
Common Class A [Member]
Common stock, shares authorized	15,000,000	15,000,000
Common stock, shares issued	7,331,574	7,331,574
Common stock, par value (in Dollars per share)	$ 0	$ 0
Class B Treasury Stock [Member]
Treasury stock, shares	4,768,925	4,739,462
Class A Treasury Stock [Member]
Treasury stock, shares	1,578,554	1,578,554

Consolidated Statements of Operations (USD $) In Thousands, except Per Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Revenue (less agency commissions)	$ 346,298	$ 404,831	$ 307,131
Operating expenses before depreciation, amortization, and gain on disposals of assets, net:
Broadcast	217,411	212,286	194,196
Corporate and administrative	19,810	15,927	14,173
Depreciation	24,096	23,133	26,183
Amortization of intangible assets	336	75	125
Loss (gain) on disposals of assets, net	765	(31)	(2,894)
Operating expenses	262,418	251,390	231,783
Operating income	83,880	153,441	75,348
Other income (expense):
Miscellaneous income, net		2	3
Interest expense	(52,445)	(59,443)	(61,777)
Loss from early extinguishment of debt		(46,683)
Income before income taxes	31,435	47,317	13,574
Income tax expense	13,147	19,188	4,539
Net income	18,288	28,129	9,035
Preferred stock dividends (includes accretion of issuance costs of $0, $1,081 and $1,045, respectively)		4,095	7,240
Net income available to common stockholders	$ 18,288	$ 24,034	$ 1,795
Basic per share information:
Net income available to common stockholders (in Dollars per share)	$ 0.32	$ 0.42	$ 0.03
Weighted average shares outstanding (in Shares)	57,630	57,170	57,117
Diluted per share information:
Net income available to common stockholders (in Dollars per share)	$ 0.32	$ 0.42	$ 0.03
Weighted average shares outstanding (in Shares)	57,972	57,262	57,118

Consolidated Statements of Comprehensive Income (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Net income	$ 18,288	$ 28,129	$ 9,035
Other comprehensive income (loss):
Adjustment to pension liability	16,001	(6,176)	(13,793)
Income tax expense (benefit)	6,240	(2,408)	(5,379)
Other comprehensive income (loss)	9,761	(3,768)	(8,414)
Comprehensive income	$ 28,049	$ 24,361	$ 621

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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-Name Accounting Standards Codification

-Glossary Net Income

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+ Details

Consolidated Statements of Stockholders' Equity (USD $) In Thousands, except Share data, unless otherwise specified	Restricted Stock [Member] Common Class B [Member] 2007 Incentive Plan [Member]	Restricted Stock [Member] Class B Treasury Stock [Member] 2007 Incentive Plan [Member] USD ($)	Restricted Stock [Member] 2007 Incentive Plan [Member] USD ($)	Restricted Stock [Member] USD ($)	Employee Stock Option [Member] Common Class B [Member] 2007 Incentive Plan [Member] USD ($)	Employee Stock Option [Member] 2007 Incentive Plan [Member] USD ($)	Common Class A [Member] USD ($)	Common Class B [Member] 401(k) Plan [Member] USD ($)	Common Class B [Member] USD ($)	Retained Earnings [Member] USD ($)	Class A Treasury Stock [Member] USD ($)	Class B Treasury Stock [Member] USD ($)	Accumulated Other Comprehensive Income (Loss) [Member] USD ($)	401(k) Plan [Member] USD ($)	Total USD ($)
Ending balance at Dec. 31, 2010							$ 15,321		$ 479,704	$ (295,117)	$ (22,398)	$ (40,115)	$ (7,988)		$ 129,407
Ending balance (in Shares) at Dec. 31, 2010							7,331,574		56,043,317		(1,578,554)	(4,654,750)
Net income										9,035					9,035
Adjustment to pension liability, net of income tax													(8,414)		(8,414)
Preferred stock dividends (including accretion of original issuance costs)										(7,240)					(7,240)
Issuance of common stock:
Common shares issued (in Shares)									13,753
Common shares issued, value									29						29
Share-based compensation									136						136
Ending balance at Dec. 31, 2011							15,321		479,869	(293,322)	(22,398)	(40,115)	(16,402)		122,953
Ending balance (in Shares) at Dec. 31, 2011							7,331,574		56,057,070		(1,578,554)	(4,654,750)
Net income										28,129					28,129
Adjustment to pension liability, net of income tax													(3,768)		(3,768)
Preferred stock dividends (including accretion of original issuance costs)										(4,095)					(4,095)
Issuance of common stock:
Common shares issued (in Shares)	432,396	(84,712)						14,293
Common shares issued, value		(188)	(188)					26						26
Share-based compensation				400					878						878
Ending balance at Dec. 31, 2012							15,321		480,773	(269,288)	(22,398)	(40,303)	(20,170)		143,935
Ending balance (in Shares) at Dec. 31, 2012							7,331,574		56,503,759		(1,578,554)	(4,739,462)
Net income										18,288					18,288
Adjustment to pension liability, net of income tax													9,761		9,761
Issuance of common stock:
Common shares issued (in Shares)	382,062	(29,463)			119,822			5,235
Common shares issued, value		(256)	(256)		280	280		28						28
Share-based compensation									1,974						1,974
Ending balance at Dec. 31, 2013							$ 15,321		$ 483,055	$ (251,000)	$ (22,398)	$ (40,559)	$ (10,409)		$ 174,010
Ending balance (in Shares) at Dec. 31, 2013							7,331,574		57,010,878		(1,578,554)	(4,768,925)

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ Details

Significant Accounting Policies [Text Block]

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References+ Details

Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Operating activities
Net income	$ 18,288	$ 28,129	$ 9,035
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	24,096	23,133	26,183
Amortization of intangible assets	336	75	125
Amortization of deferred loan costs	1,903	2,723	2,943
Net amortization of original issue discount and premium related long-term debt	(9)	1,127	1,353
Amortization of restricted stock and stock option awards	1,974	878	136
Loss from early extinguishment of debt		12,664
Amortization of program broadcast rights	11,367	11,081	13,484
Payments on program broadcast obligations	(11,433)	(11,839)	(15,915)
Common stock contributed to 401(k) plan	28	26	29
Deferred revenue, network compensation	(615)	(687)	(938)
Deferred income taxes	13,165	19,229	5,085
Loss (gain) on disposals of assets, net	765	(31)	(2,894)
Other	3,460	(1,806)	1,815
Changes in operating assets and liabilities:
Accounts receivable	(7,391)	(389)	2,401
Other current assets	(1,951)	(372)	934
Accounts payable	133	274	(3,666)
Employee compensation, benefits and pension costs	6,915	(1,775)	(743)
Accrued network fees and other expenses	(2,385)	5,716	191
Accrued interest	2,489	2,275	108
Income taxes payable	(362)	(883)	(1,008)
Deferred revenue, current portion	(534)	(176)	(485)
Net cash provided by operating activities	60,239	89,372	38,173
Investing activities
Acquisitions of television businesses and licenses	(36,623)
Purchases of property and equipment	(24,053)	(24,523)	(24,274)
Proceeds from asset sales	236	1,586	3,324
Payments of acquisition related liabilities	(93)	(129)	(587)
Other	6	(240)	(332)
Net cash used in investing activities	(60,527)	(23,306)	(21,869)
Financing activities
Proceeds from borrowings on long-term debt	390,926	855,798	25,500
Repayments of borrowings on long-term debt	(381,003)	(856,292)	(21,323)
Deferred and other loan costs	(7,504)	(17,042)	(741)
Series D perpetual preferred stock dividends paid		(16,731)	(6,596)
Proceeds from issuance of common stock	280
Repurchase of Series D perpetual preferred stock		(25,922)	(13,385)
Net cash provided by (used in) financing activities	2,699	(60,189)	(16,545)
Net increase (decrease) in cash	2,411	5,877	(241)
Cash at beginning of period	11,067	5,190	5,431
Cash at end of period	$ 13,478	$ 11,067	$ 5,190

Note 1 - Description of Business and Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2013

Accounting Policies [Abstract]

1. Description of Business and Summary of Significant Accounting Policies

Description of Business

Gray Television, Inc. (and its consoldiated subsidiaries, except as the context othewise provides, “Gray,” the “Company,” “we,” “us” or “our”) is a television broadcast company headquartered in Atlanta, Georgia, that owns and/or operates television stations in the United States.

We are a television broadcast company headquartered in Atlanta, Georgia, that owns and operates television stations and digital properties in markets throughout the United States. As of February 1, 2014, we owned and/or operated television stations in 34 television markets broadcasting a total of 110 programming streams, including 24 affiliates of CBS Network (“CBS”), 14 affiliates of the NBC Network (“NBC”), nine affiliates of the ABC Network (“ABC”) and five affiliates of the FOX Network (“FOX”). We have pending acquisitions of television stations broadcasting a total of 26 programming streams in six additional markets and three of our existing markets in the United States.

Within a market, we broadcast secondary digital channels that are in addition to our primary broadcast channels. Our secondary broadcast channels are generally affiliated with networks different from those affiliated with our primary broadcast channels, and are operated by us to make better use of our broadcast spectrum by providing supplemental and/or alternative programming to our primary channels. Certain of our secondary channels are affiliated with more than one network simultaneously. In addition to affiliations with ABC, CBS and FOX, our secondary channels are affiliated with the following networks: the CW Network or the CW Plus Network (collectively, “CW”), MyNetworkTV (“MyNet.”), the MeTV Network (“MeTV”), This TV Network (“This TV”), Antenna TV (“Ant.”), Live Well Network (“LW”) and Telemundo (“Tel.”). We also broadcast nine local news/weather channels in certain of our existing markets. Our combined TV station group reaches approximately 6.4% of total United States households. Following completion of our announced and pending transactions, we expect to reach approximately 7.3% of total United States households.

Principles of Consolidation

Gray’s consolidated financial statements include our accounts and those of our wholly-owned and majority-owned subsidiaries and a variable interest entity (“VIE”) for which we are the primary beneficiary. All intercompany accounts and transactions have been eliminated in consolidation.

Variable Interest Entity

In October 2013, we entered into a series of transactions with the News-Press Gazette Company and Excalibur Broadcasting, LLC (collectively with its subsidiaries, “Excalibur”), pursuant to which we acquired the non-license assets for $9.0 million, and Excalibur acquired the license assets for $3.0 million, of KJCT-TV and associated low power stations (collectively, “KJCT-TV”), in the Grand Junction, Colorado market. In connection therewith, we entered into a shared services agreement, pursuant to which we provide certain services, including back-office, engineering and sales support, and a lease agreement, pursuant to which we provide studio and office space, to Excalibur. We have also entered into a put and call option agreement with Excalibur, pursuant to which we have the right to purchase, and Excalibur has the right to require us to purchase, the license assets of KJCT-TV, upon receipt of Federal Communications Commission (“FCC”) approval (the “Excalibur Option”). In

connection with the consummation of Excalibur’s acquisition of KJCT-TV’s license assets, Excalibur incurred approximately $3.0 million of debt which Gray has guaranteed. The assets of Excalibur can only be used to settle the obligations of Excalibur. In compliance with FCC regulations, Excalibur maintains complete responsibility for and control over programming, finances, personnel and operations of KJCT-TV. See Note 2 “Acquisitions” and Note 3 “Long-Term Debt” for more information.

We consolidate a VIE when we are determined to be the primary beneficiary. In accordance with accounting principles generally accepted in the United States (“GAAP”), in determining whether we are the primary beneficiary of a VIE for financial reporting purposes, we consider whether we have the power to direct the activities of the VIE that most significantly impact the economic performance of the VIE and whether we have the obligation to absorb losses or the right to receive returns that would be significant to the VIE. Based on the terms of our agreements with, the significance of our investment in, and our guarantee of the debt of, Excalibur, we have determined that Excalibur is a VIE of Gray. We believe we are the primary beneficiary of the VIE because, subject to the ultimate control of the licensees, we have the power to direct the activities which significantly impact the economic performance of Excalibur through the services we provide, and our obligation to absorb losses and earn returns that would be considered significant to Excalibur. Included in our consolidated statements of operations for the year ended December 31, 2013 is net revenue of $0.4 million attributable to Excalibur.

The carrying amounts and classification of the assets and liabilities of Excalibur mentioned above have been included in our consolidated balance sheet as of December 31, 2013 as follows (in thousands):

	December 31, 2013
Assets:
Current assets:
Cash	$	473
Accounts receivable		524
Current portion of program broadcast rights, net		42
Prepaid and other current assets		7
Total current assets		1,046

Property and equipment, net		883
Deferred loan costs, net		174
Broadcast licenses		4,161
Other intangible assets, net		575
Total assets	$	6,839

Liabilities:
Current liabilities:
Accounts payable	$	14
Employee compensation and benefits		8
Accrued interest		2
Other accrued expenses		13
Accrued expenses due to Gray		651
Current portion of program broadcast obligations		45
Current portion of long-term debt		200
Total current liabilities		933

Long-term debt, less current portion		2,800
Other long-term liabilities		3,106
Total liabilities	$	6,839

The assets of Excalibur can only be used to settle the obligations of Excalibur and may not be sold, or otherwise disposed of, except for assets sold or replaced with others of like kind or value. Other long-term liabilities of $3.1 million representing the fair value of the Excalibur Option and accrued expenses due to Gray of $0.7 million as of December 31, 2013 were eliminated in our consolidated financial statements. The Excalibur Option would allow Gray to acquire the license assets of KJCT-TV for an exercise price that was less than the carrying value of such assets as of December 31, 2013.

Investment in Broadcasting Company

We have an investment in Sarkes Tarzian, Inc. (“Tarzian”) whose principal business is the ownership and operation of two television stations. As of June 30, 2013, the most recent period for which we have Tarzian’s financial statements, our investment represented 32.4% of the total outstanding common stock of Tarzian (both in terms of the number of shares of common stock outstanding and in terms of voting rights), but such investment represented 67.9% of the equity of Tarzian for purposes of dividends, if paid, as well as distributions in the event of any liquidation, dissolution or other sale of

Tarzian. This investment is accounted for under the cost method of accounting and reflected as a non-current asset on our balance sheet. We have no commitment to fund the operations of Tarzian nor do we have any representation on Tarzian’s board of directors or any other influence over Tarzian’s management. We believe the cost method is appropriate to account for this investment given the existence of a single voting stockholder and our lack of management influence.

Revenue Recognition

Broadcast advertising revenue is generated primarily from the sale of television advertising time to local, national and political advertisers. Internet advertising revenue is generated from the sale of advertisements associated with our stations’ websites. Our aggregate internet revenue is derived from two sources. The first is advertising or sponsorship opportunities directly on our websites, referred to as “direct internet revenue.” The other source is television advertising time purchased by our clients to directly promote their involvement in our websites, referred to as “internet-related commercial time sales.”Advertising revenue is billed to the customer and recognized when the advertisement is broadcast or appears on our stations’ websites. Retransmission consent revenue consists of payments to us from cable, satellite and other multiple video program distribution systems for their retransmission of our broadcast signals. Retransmission consent revenue is recognized as earned over the life of the retransmission consent contract. Other revenue consists primarily of revenue earned from the production of programming and payments from tower space rent. Revenue from the production of programming is recognized as the programming is produced. Tower rent is recognized over the life of the rental agreements. Consulting revenue, if any, is generated from consulting services provided and typically includes a base and an incentive component. Revenue from the base component is fixed and is recognized on a straight line basis over the term of the consulting agreement. Revenue from the incentive component, if any, is variable and is typically determined by performance. Revenue from the incentive component of a consulting agreement is recognized when the amount earned becomes estimable and payment is probable.

Cash received which has not yet been recognized as revenue is presented as deferred revenue. Revenue which has been earned but not yet received is recognized as revenue and presented as a receivable.

Barter Transactions

We account for trade barter transactions involving the exchange of tangible goods or services with our customers as revenue. The revenue is recorded at the time the advertisement is broadcast and the expense is recorded at the time the goods or services are used. The revenue and expense associated with these transactions are based on the fair value of the assets or services involved in the transaction. Trade barter revenue and expense recognized for each of the years ended December 31, 2013, 2012 and 2011 were as follows (amounts in thousands):

	Year Ended December 31,
	2013			2012			2011
Trade barter revenue	$	1,390		$	1,248		$	1,529
Trade barter expense		(1,262	)		(1,267	)		(1,421	)
Net trade barter income (loss)	$	128		$	(19	)	$	108

We do not account for barter revenue and related barter expense generated from network or syndicated programming as such amounts are not material. Furthermore, any such barter revenue

recognized would then require the recognition of an equal amount of barter expense. The recognition of these amounts would not have a material effect upon net income.

Advertising Expense

We recorded advertising expense of $0.9 million, $0.9 million and $0.8 million for the years ended December 31, 2013, 2012 and 2011, respectively. We expense all advertising expenditures as they are incurred.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Our actual results could differ materially from these estimated amounts. Our most significant estimates are used for our allowance for doubtful accounts in receivables, valuation of goodwill and intangible assets, amortization of program rights and intangible assets, pension costs, income taxes, employee medical insurance claims, useful lives of property and equipment and contingencies.

Allowance for Doubtful Accounts

Our allowance for doubtful accounts is equal to at least 85% of our receivable balances that are 120 days old or older. We may provide allowances for certain receivable balances that are less than 120 days old when warranted by specific facts and circumstances. We recorded expenses for this allowance of $0.4 million, $0.1 million and $1.9 million for the years ended December 31, 2013, 2012 and 2011, respectively. We generally write-off accounts receivable balances when the customer files for bankruptcy or when all commonly used methods of collection have been exhausted.

Program Broadcast Rights

The total license fee payable under a program license agreement allowing us to broadcast programs is recorded at the beginning of the license period and is charged to operating expense over the period that the programs are broadcast. The portion of the unamortized balance expected to be charged to operating expense in the succeeding year is classified as a current asset, with the remainder classified as a non-current asset. The liability for license fees payable under program license agreements is classified as current or long-term, in accordance with the payment terms of the various license agreements.

Property and Equipment

Property and equipment are carried at cost. Depreciation is computed principally by the straight-line method. Maintenance, repairs and minor replacements are charged to operations as incurred; the purchase of new assets, major replacements and betterments are capitalized. The cost of any assets sold or retired and related accumulated depreciation are removed from the accounts at the time of disposition, and any resulting profit or loss is reflected in income or expense for the period.

The following table lists components of property and equipment by major category (dollars in thousands):

	December 31,						Estimated Useful Lives
	2013			2012			(in years)
Property and equipment:
Land	$	25,656		$	24,383
Buildings and improvements		59,021			55,709		7	to	40
Equipment		323,603			313,761		3	to	20
		408,280			393,853
Accumulated depreciation		(264,659	)		(258,715	)
Total property and equipment, net	$	143,621		$	135,138

For the year ended December 31, 2013, our total property and equipment balance, excluding accumulated depreciation, increased approximately $10.0 million as a result of acquisitions. The remaining change in the balances between December 31, 2013 and December 31, 2012 was due to routine purchases of equipment, less retirements.

Deferred Loan Costs

Loan acquisition costs are amortized over the life of the applicable indebtedness using a straight-line method that approximates the effective interest method.

Asset Retirement Obligations

We own office equipment, broadcasting equipment, leasehold improvements and transmission towers, some of which are located on, or are housed in, leased property or facilities. At the conclusion of several of these leases we are obligated to dismantle, remove and otherwise properly dispose of and remediate the facility or property. We estimate our asset retirement obligations based upon the cash flows of the costs expected to be incurred and the net present value of those estimated amounts. The asset retirement obligation is recognized as a non-current liability and as a component of the cost of the related asset. Changes to our asset retirement obligation resulting from revisions to the timing or the amount of the original undiscounted cash flow estimates are recognized as an increase or decrease to the carrying amount of the asset retirement obligation and the related asset retirement cost capitalized as part of the related property, plant, or equipment. Changes in the asset retirement obligation resulting from accretion of the net present value of the estimated cash flows are recognized as operating expenses. We recognize depreciation expense of the capitalized cost over the estimated life of the lease. Our estimated obligations become due at varying times during the years 2013 through 2059. The liability recognized for our asset retirement obligations was approximately $516,000 and $505,000 as of December 31, 2013 and 2012, respectively. During the years ended December 31, 2013, 2012 and 2011, we recorded an expense of $17,000, $25,000 and $5,000, respectively, related to our asset retirement obligations.

Concentration of Credit Risk

We sell advertising air-time on our broadcasts and advertising space on our websites to national and local advertisers within the geographic areas in which we operate. Credit is extended based on an evaluation of the customer’s financial condition, and generally advance payment is not required except for political advertising. Credit losses are provided for in the financial statements and consistently have been within our expectations that are based upon our prior experience.

For the year ended December 31, 2013, approximately 25%, 10% and 9% of our broadcast advertising revenue was obtained from advertising sales to advertising customers in the automotive, medical and restaurant industries, respectively. We experienced similar industry-based concentrations of revenue in the years ended December 31, 2012 and 2011. Although our revenues can be affected by changes within these industries, we believe this risk is in part mitigated due to the fact that no one customer accounted for in excess of 5% of our broadcast advertising revenue in any of these periods. Furthermore, we believe that our large geographic operating area partially mitigates the potential effect of regional economic changes.

Earnings Per Share

We compute basic earnings per share by dividing net income available to common stockholders by the weighted-average number of common shares outstanding during the relevant period. The weighted-average number of common shares outstanding does not include restricted shares. These shares, although classified as issued and outstanding, are considered contingently returnable until the restrictions lapse and, in accordance with GAAP, are not included in the basic earnings per share calculation until the shares vest. Diluted earnings per share is computed by including all potentially dilutive common shares, including restricted stock and shares underlying stock options, in the diluted weighted-average shares outstanding calculation, unless their inclusion would be antidilutive.

The following table reconciles basic weighted-average shares outstanding to diluted weighted-average shares outstanding for the years ended December 31, 2013, 2012 and 2011 (in thousands):

	Year Ended December 31,
	2013		2012		2011
Weighted-average shares outstanding – basic		57,630		57,170		57,117
Weighted-average shares underlying stock options and restricted shares		342		92		1
Weighted-average shares outstanding - diluted		57,972		57,262		57,118

Valuation of Broadcast Licenses, Goodwill and Other Intangible Assets

From January 1, 1994 through December 31, 2013, we acquired a significant number of television stations. Among the assets acquired in these transactions were broadcast licenses issued by the FCC, goodwill and other intangible assets.

For broadcast licenses acquired prior to January 1, 2002, we recorded their respective values using a residual method (analogous to “goodwill”) where the excess of the purchase price paid in the acquisition over the fair value of all identified tangible and intangible assets acquired was attributed to the broadcast license. This residual basis approach generally produces higher valuations of broadcast licenses when compared to applying an income method as discussed below.

For broadcast licenses acquired after December 31, 2001, we recorded their respective values using an income approach. Under this approach, a broadcast license is valued based on analyzing the estimated after-tax discounted future cash flows of the acquired station, assuming an initial hypothetical start-up operation maturing into an average performing station in a specific television market and giving consideration to other relevant factors such as the technical qualities of the broadcast license and the number of competing broadcast licenses within that market. The income approach generally produces lower valuations of broadcast licenses when compared to applying the residual method. For television stations acquired after December 31, 2001, we allocate the residual value of the station to goodwill.

When renewing broadcast licenses, we incur regulatory filing fees and legal fees. We expense these fees as they are incurred.

Other intangible assets that we have acquired include network affiliation agreements, retransmission agreements, advertising contracts, client lists, talent contracts and leases. Each of our stations is affiliated with at least one broadcast network. We believe that the value of a television station is derived primarily from the attributes of its broadcast license rather than its network affiliation agreement. As a result, we have allocated only minimal values to our network affiliation agreements. We have classified our other intangible assets as definite-lived intangible assets. The amortization period of our other intangible assets is equal to the shorter of their estimated useful life or contract period. When renewing other intangible asset contracts, we incur legal fees which are expensed as incurred.

Annual Impairment Testing of Intangible Assets

We test for impairment of our intangible assets on an annual basis on the last day of each fiscal year. However, if certain triggering events occur, we will test for impairment during the relevant reporting period.

For purposes of testing goodwill for impairment, each of our individual television stations is considered a separate reporting unit. We review each television station for possible goodwill impairment by comparing the estimated fair value of each respective reporting unit to the recorded value of that reporting unit’s net assets. If the estimated fair value exceeds the recorded net asset value, no goodwill impairment is deemed to exist. If the estimated fair value of the reporting unit does not exceed the recorded value of that reporting unit’s net assets, we then perform, on a notional basis, a purchase price allocation by allocating the reporting unit’s fair value to the fair value of all tangible and identifiable intangible assets with residual fair value representing the implied fair value of goodwill of that reporting unit. The recorded value of goodwill for the reporting unit is written down to this implied value.

To estimate the fair value of our reporting units, we utilize a discounted cash flow model supported by a market multiple approach. We believe that a discounted cash flow analysis is the most appropriate methodology to test the recorded value of long-term assets with a demonstrated long-lived / enduring franchise value. We believe the results of the discounted cash flow and market multiple approaches provide reasonable estimates of the fair value of our reporting units because these approaches are based on our actual results and reasonable estimates of future performance, and also take into consideration a number of other factors deemed relevant by us, including but not limited to, expected future market revenue growth, market revenue shares and operating profit margins. We have historically used these approaches in determining the value of our goodwill. We also consider a market multiple approach utilizing market multiples to corroborate our discounted cash flow analysis. We believe that this methodology is consistent with the approach that a strategic market participant would utilize if they were to value one of our television stations.

For testing of our broadcast licenses and other intangible assets for potential impairment of their recorded asset values, we compare their estimated fair value to the respective asset’s recorded value. If the fair value is greater than the asset’s recorded value, no impairment expense is recorded. If the fair value does not exceed the asset’s recorded value, we record an impairment expense equal to the amount that the asset’s recorded value exceeded the asset’s fair value. We use the income method to estimate the fair value of all broadcast licenses irrespective of whether they were initially recorded using the residual or income methods.

For further discussion of our goodwill, broadcast licenses and other intangible assets, see Note 11 “Goodwill and Intangible Assets”.

Market Capitalization

When we test our broadcast licenses and goodwill for impairment, we also consider our market capitalization. As of December 31, 2013, our market capitalization was greater than our book value.

Accumulated Other Comprehensive Loss

Our accumulated other comprehensive loss balances as of December 31, 2013 and 2012 consist of adjustments to our pension liabilities net of related income tax benefits as follows (in thousands):

	December 31,
	2013			2012
Accumulated balances of items included in accumulated other comprehensive loss:
Increase in pension liability	$	(17,064	)	$	(33,065	)
Income tax benefit		(6,655	)		(12,895	)
Accumulated other comprehensive loss	$	(10,409	)	$	(20,170	)

Recent Accounting Pronouncements

We have reviewed all recently issued accounting pronouncements. Of those pronouncements that have been issued but are not yet effective, we do not anticipate a material impact upon our financial statements upon our adoption of those pronouncements.

In July 2013, the FASB issued ASU No. 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. This ASU clarifies guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The amendments in this ASU are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. We are currently evaluating the expected effects of this ASU; however, we do not anticipate that our adoption of this ASU will result in a material change in our financial statement presentation.

In January 2013, the FASB issued ASU No. 2013-01, Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities. ASU No. 2013-01 clarifies that ordinary trade receivables and receivables are not in the scope of ASU No. 2011-11, Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities. Specifically, ASU No. 2011-11 applies only to

derivatives, repurchase agreements and reverse purchase agreements, and securities borrowing and securities lending transactions that are either offset in accordance with specific criteria contained in the FASB Accounting Standards Codification or subject to a master netting arrangement or similar agreement.

Entities were required to apply the amendments in ASU No. 2013-01 for fiscal years beginning on or after January 1, 2013, and interim periods within those annual periods. An entity was required to provide the required disclosures retrospectively for all periods presented. The effective date is the same as the effective date of ASU No. 2011-11. Effective January 1, 2013, we implemented this ASU without any impact to our financial statements.

Reclassifications

Certain reclassifications have been made in the current liability and the long-term liability sections of our consolidated balance sheet as of December 31, 2012 in order to conform to the presentation as of December 31, 2013. The reclassifications did not change our total current liabilities or total long-term liabilities as of December 31, 2012.

Business Combination Disclosure [Text Block]

The entire disclosure for all significant accounting policies of the reporting entity.

+ References+ Details

Note 2 - Acquisitions

12 Months Ended

Dec. 31, 2013

Business Combinations [Abstract]

2. Acquisitions

Acquisition of Yellowstone Television, LLC

Effective October 31, 2013, we entered into an agreement to acquire Yellowstone Television, LLC (“Yellowstone”).

On November 1, 2013, Yellowstone acquired the following television stations:

●

KGNS-TV in the Laredo, Texas market. Its channels are affiliated with NBC, CW, and Telemundo;

●

KGWN-TV in the Cheyenne, Wyoming-Scottsbluff, Nebraska market. Its channels are affiliated with CBS and CW. KGWN-TV extends throughout the market on KSTF (TV) in Scottsbluff, Nebraska, and K19FX in Laramie, Wyoming;

●

KCHY-LP is the NBC affiliate for the Cheyenne-Scottsbluff market.; and

●

KCWY-TV in the Casper, Wyoming market. Its primary channel is affiliated with NBC.

We paid $23.0 million for 99% of the outstanding equity interests in Yellowstone and incurred fees of approximately $0.2 million in connection with this acquisition, which fees were expensed upon incurrence. The acquisition was financed with cash from operations. In connection therewith, we entered into a put and call option agreement with the owner of Yellowstone, under which we can, at any time beginning October 2, 2014 and ending November 16, 2014, exercise an option to purchase the remaining 1% of the equity of Yellowstone for $10.0 million. If we do not exercise this option, the owner of Yellowstone’s remaining equity interest can, at any time beginning December 15, 2014 and ending December 15, 2015, exercise a right to require us to purchase these interests for an amount equal to the trailing twelve-month gross revenue (excluding political advertising revenue) as calculated as of the last day of the month prior to the delivery of notice by the owner of the exercise of its right to sell. As of December 31, 2013, we have recorded a liability of $9.7 million for the net present value of our estimated $10.0 million obligation under this option agreement. The $0.3 million difference between the net present value and the future value of the liability is being amortized over a period beginning October 31, 2013

and ending October 2, 2014. We have entered into a letter of credit to secure this obligation. Including the $23.0 million paid for 99% of the outstanding equity interests in Yellowstone and the $9.7 million liability for the option agreement, the total consideration transferred, or purchase price, was approximately $32.7 million.

The estimated fair values as of the acquired assets, assumed liabilities and the resulting goodwill are summarized as follows (in thousands):

Description	Amount
Cash	$	95
Current portion of program broadcast rights		123
Other current assets		157
Property and equipment		7,249
Broadcast licenses		14,305
Goodwill		9,421
Other intangible assets		1,709
Other		70
Employee compensation and benefits		(109	)
Other accrued expenses		(48	)
Current portion of program broadcast obligations		(123	)
Current portion of long-term debt		(24	)
Long-term debt, less current portion		(86	)
	$	32,739

The amounts are based upon management’s estimate of the fair values using valuation techniques including income, cost and market approaches. In estimating the fair value of the acquired assets and assumed liabilities, the fair value estimates are based on, but not limited to, expected future revenue and cash flows, expected future growth rates, and estimated discount rates. The amount related to other intangible assets represents the estimated fair values of retransmission agreements of $0.9 million, the advertiser base of $0.6 million, and other intangible assets of $0.2 million. These intangible assets are being amortized over the estimated remaining useful lives of 1.2 years for retransmission agreements, 7.1 years for the advertiser base and a weighted average of 0.4 years for the other intangible assets. Acquired property and equipment are being depreciated on a straight-line basis over the respective estimated remaining useful lives. Goodwill is calculated as the excess of the consideration transferred over the fair value of the identifiable net assets acquired and liabilities assumed, and represents the future economic benefits expected to arise from other intangible assets acquired that do not qualify for separate recognition, including assembled workforce, as well as expected future synergies. We expect that goodwill will be deductible for tax purposes.

The Company’s consolidated results of operations for the year ended December 31, 2013 include the results of Yellowstone since October 31, 2013. Revenue (less agency commissions) and operating income of Yellowstone included in our consolidated statements of operations were $2.4 million and $0.7 million, respectively, for the year ended December 31, 2013.

Transactions with Excalibur

On October 31, 2013, Gray and Excalibur consummated the acquisition of KJCT-TV, broadcasting ABC, CW, Telemundo and local programming in the Grand Junction, Colorado, market. In that

transaction, Excalibur acquired the license assets of KJCT-TV for approximately $3.0 million, and Gray acquired various non-license assets related to KJCT-TV for approximately $9.0 million. Gray financed this acquisition with cash from operations. In connection therewith, we entered into a shared services agreement pursuant to which we provide certain services, including back office, engineering and sales support, and a lease agreement pursuant to which we provide studio and office space to Excalibur. Also in connection with these arrangements, we entered into a put and call option agreement with Excalibur, pursuant to which we have the right to purchase, and Excalibur’s has the right to require us to purchase the license assets of KJCT-TV, subject to FCC consent. Gray paid $0.5 million to Excalibur for this put and call option agreement.

In connection with the acquisition of KJCT-TV’s license assets, Excalibur incurred approximately $3.0 million of debt, which Gray has guaranteed. In compliance with FCC regulations, Excalibur maintains complete responsibility for and control over programming, finances, personnel and operations of KJCT-TV.

The total consideration, or purchase price, paid to acquire KJCT-TV was $12.0 million. The estimated fair values of the acquired assets, assumed liabilities and the resulting goodwill are summarized as follows (in thousands):

Description	Amount
Current portion of program broadcast rights	$	53
Other current assets		38
Property and equipment		2,740
Broadcast licenses		4,161
Goodwill		4,466
Other intangible assets		633
Other accrued expenses		(38	)
Current portion of program broadcast obligations		(53	)
	$	12,000

These amounts are based upon management’s estimate of the fair values using valuation techniques including income, cost and market approaches. In estimating the fair value of the acquired assets and assumed liabilities, the fair value estimates are based on, but not limited to, expected future revenue and cash flows, expected future growth rates, and estimated discount rates. The amount related to other intangible assets represents the estimated fair values of retransmission agreements of $0.5 million and income leases of $0.1 million. These intangible assets are being amortized over the estimated remaining useful lives of 2.3 years for retransmission agreements and 10.2 years for income leases. Acquired property and equipment is being depreciated on a straight-line basis over the respective estimated remaining useful lives. Goodwill is calculated as the excess of the consideration transferred over the fair value of the identifiable net assets acquired and liabilities assumed, and represents the future economic benefits expected to arise from other intangible assets acquired that do not qualify for separate recognition, including assembled workforce, as well as expected future synergies. We expect that goodwill will be deductible for tax purposes.

The Company’s consolidated results of operations for the year ended December 31, 2013 include the results of Excalibur since October 31, 2013. Revenue (less agency commissions) and operating income attributable to Excalibur included in our consolidated statements of operations were $0.4 million and $0.2 million, respectively, for the year ended December 31, 2013.

Purchases of Other Broadcast Licenses

In addition to the transactions described above, we acquired other broadcast licenses for a total of $1.3 million during the year ended December 31, 2013. These purchases were financed with cash from operations.

Pending Acquisitions

In addition to the transactions described above, we are also party to a number of agreements relating to additional acquisitions, which transactions remain subject to FCC or other regulatory approvals. We currently anticipate that these transactions will be completed in the first half of 2014 but we cannot provide any assurance the transactions will be consummated within the time frame anticipated, or at all.

Pending Acquisition of WQCW-TV

We have entered into an agreement to acquire WQCW(TV), Portsmouth, Ohio and WOCW-LP, Charleston, West Virginia (collectively, “WQCW-TV”) for $5.5 million. As of December 31, 2013, $0.5 million was being held in escrow, with the remainder of the purchase price payable at closing. As of the date hereof, we have advanced $4.5 million of the purchase price to the seller of WQCW-TV, including the $500,000 previously held in escrow. WQCW-TV serves as the CW affiliate for the Charleston/Huntington, West Virginia television market, where Gray owns and operates WSAZ-TV, the market’s NBC affiliate. We entered into a local marketing agreement with WQCW effective as of February 1, 2014. We intend to finance the acquisition of WQCW with cash from operations.

Pending Acquisitions from Hoak Media, LLC, Parker Broadcasting, Inc. and Prime Cities Broadcasting, Inc.

On November 20, 2013, we entered into a series of transactions through which Gray and Excalibur have agreed to acquire from Hoak Media, LLC (“Hoak”) and Parker Broadcasting, Inc. (“Parker”) a total of 15 network-affiliated television stations, including satellite stations, in seven markets (after giving effect to stations required to be divested) for $335.0 million in cash, plus a working capital adjustment. In order to comply with regulatory requirements, Gray and Excalibur have entered into agreements to sell Hoak/Parker’s television stations in the Panama City and Grand Junction markets to third parties for an aggregate purchase price of $37.5 million plus a working capital adjustment.

Pursuant to the agreement with Hoak, Gray will acquire the following television stations:

Station	Affiliation	Market
KSFY	ABC/CW	Sioux Falls, SD
KABY*	ABC	Sioux Falls, SD
KPRY*	ABC	Sioux Falls, SD
KVLY	NBC	Fargo-Valley City, ND
KNOE	CBS/CW	Monroe- El Dorado, LA
KFYR	NBC	Minot-Bismarck-Dickinson, ND
KMOT*	NBC	Minot-Bismarck-Dickinson, ND
KUMV*	NBC	Minot-Bismarck-Dickinson, ND
KQCD*	NBC	Minot-Bismarck-Dickinson, ND
KALB	NBC/CBS	Alexandria, LA
KNOP	NBC	North Platte, NE
KIIT-LP	FOX	North Platte, NE
* satellite station

Excalibur’s agreements with Hoak and Parker provide that it will acquire the following television stations:

Station	Affiliation	Market
KHAS	NBC	Lincoln-Hastings-Kearney, NE
KXJB	CBS	Fargo-Valley City, ND
KAQY	ABC	Monroe-El Dorado, LA

Pursuant to the agreement with Hoak, Gray will not acquire the following Hoak television stations, and it has assigned the purchase rights for these stations to a third party:

Station	Affiliation	Market
WMBB	ABC	Panama City, FL
KREX	CBS	Grand Junction-Montrose, CO
KREY*	CBS	Grand Junction-Montrose, CO
KREG*	CBS	Grand Junction-Montrose, CO
* satellite station

Excalibur’s agreement with Parker also provides that it will not acquire KFQX, a FOX affiliate in the Grand Junction-Montrose, CO market, and it instead has assigned the purchase right thereto to a third party.

Separately from the Hoak and Parker transactions, but also on November 20, 2013, Excalibur entered into an agreement to acquire from Prime Cities Broadcasting, Inc. (“Prime Cities”), a company that is unrelated to Hoak and Parker, two Fox-affiliated television stations in one of the markets served by Hoak for $7.5 million in cash, $0.4 million of which is currently being held in escrow, with the remainder of the purchase price payable at closing. The stations to be acquired from Prime Cities are as follows:

Station	Affiliation	Market
KNDX	FOX	Minot-Bismarck-Dickinson, ND
KXND*	FOX	Minot-Bismarck-Dickinson, ND
* satellite station

For each of these transactions, Gray and Excalibur have agreed to enter into industry standard shared services agreements through which Gray will provide back-office services and limited programming to Excalibur’s stations. The shared services arrangements will commence upon the completion of Excalibur’s purchase of those stations. Gray and Excalibur will enter into put and call option agreements through which Gray could thereafter acquire these stations when permitted by applicable law.

Gray currently expects that it will fund the purchase price payable to complete the acquisition of stations from Hoak through a combination of cash on hand and from one or more financing sources, depending on the cost and availability of any such financing. Excalibur intends to seek external financing to obtain the funds necessary to complete these acquisitions, which financing may include the incurrence of additional indebtedness. Although no assurances can be provided as to the form, availability or costs of any financing arrangements, if Excalibur incurs indebtedness to finance these acquisitions, Gray expects that it would provide a guarantee of this indebtedness.

Acquisition of KEVN-TV

On December 18, 2013, we entered into an agreement to acquire KEVN-TV (and its satellite station KIVV-TV), a television station serving Rapid City, South Dakota for $7.8 million, $0.8 million of which is currently being held in escrow, with the remainder of the purchase price payable at closing. We intend to fund the remainder of the purchase price to complete this acquisition through cash on hand and from one or more financing sources, depending on the cost and availability of any such financing.

The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).

Debt Disclosure [Text Block]

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+ Details

Note 3 - Long-term Debt

12 Months Ended

Dec. 31, 2013

Debt Disclosure [Abstract]

3. Long-term Debt

As of December 31, 2013, long-term debt balances consisted of the following (in thousands):

	December 31,
	2013			2012
Long-term debt:
2012 Senior Credit Facility	$	159,000		$	535,000
2020 Notes		675,000			300,000
Excalibur Loan		3,000			-
Other		48			-
Total outstanding principal		837,048			835,000
Plus unamortized premium or less unamortized discount on our 2020 Notes		5,826			(2,133	)
Less current portion		(224	)		-
Net carrying value	$	842,650		$	832,867

Borrowing availability under the 2012 Senior Credit Facility	$	30,000		$	40,000

2012 Senior Credit Facility

Gray’s 2012 Senior Credit Facility consists of a $40.0 million revolving credit facility (the “2012 Revolving Credit Facility”) and a term loan facility (the “2012 Term Loan”) having an original commitment amount of $555.0 million. Excluding accrued interest, the amount outstanding under the 2012 Senior Credit Facility as of December 31, 2013 and 2012 was $159.0 million and $535.0 million, respectively, consisting solely of term loan balances. The interest rate on the outstanding balance under the 2012 Senior Credit Facility was 4.8% as of both December 31, 2013 and 2012. Also as of December 31, 2013 and 2012, we had a deferred loan cost balance, net of accumulated amortization, of $3.9 million and $4.6 million, respectively, related to the 2012 Senior Credit Facility.

Borrowings under the 2012 Revolving Credit Facility and the 2012 Term Loan bear interest, at our option, based on the Base Rate (as defined below) or the London Interbank Offered Rate (“LIBOR”), in each case plus an applicable margin based on a first lien leverage ratio test as set forth in the 2012 Senior Credit Facility (the “First Lien Ratio Test”). The applicable margin for Base Rate Loans is 1.00% – 1.50% for the 2012 Revolving Credit Facility and 2.50% - 2.75% for the 2012 Term Loan and the applicable margin for LIBOR loans is 2.00% - 2.50% for the 2012 Revolving Credit Facility and 3.50% - 3.75% for the 2012 Term Loan, each subject to a LIBOR floor of 1.0%. Base Rate is defined as the greatest of (i) the administrative agent’s prime rate, (ii) the overnight federal funds rate plus 0.50% and (iii) one-month LIBOR plus 1.0%. We are required to pay a commitment fee on the average daily unused portion of the 2012 Revolving Credit Facility, which rate may range from 0.375% to 0.50% on an annual basis, based on the First Lien Ratio Test. In addition, the 2012 Term Loan also requires us to make quarterly principal repayments equal to 0.25% of the outstanding principal amount of the 2012 Term Loan, which payments began December 31, 2012. However, due to our having made certain additional principal repayments in 2013 and 2012, we are not required to make a principal payment on the 2012 Senior Credit Facility until the year ending December 31, 2019.

As of December 31, 2013, we had a $10.0 million letter of credit outstanding under the 2012 Revolving Credit Facility, which reduced our borrowing availability thereunder to $30 million as of that date.

The 2012 Revolving Credit Facility matures on October 12, 2017 and the 2012 Term Loan matures on October 12, 2019.

Our obligations under the 2012 Senior Credit Facility are secured by substantially all of our and our consolidated subsidiaries' assets, including real estate. In addition, substantially all of our subsidiaries are joint and several guarantors of, and our ownership interests in those subsidiaries are pledged to collateralize, our obligations under the 2012 Senior Credit Facility. Excalibur is not a guarantor of, and its assets are not pledged to secure our obligations under, the 2012 Senior Credit Facility. The 2012 Senior Credit Facility contains affirmative and restrictive covenants that we must comply with, including (a) limitations on additional indebtedness, (b) limitations on liens, (c) limitations on the sale of assets, (d) limitations on guarantees, (e) limitations on investments and acquisitions, (f) limitations on the payment of dividends and share repurchases, (g) limitations on mergers, and (h) maintenance of a total leverage ratio not to exceed certain maximum limits, as well as other customary covenants for credit facilities of this type.

As of December 31, 2013 and 2012, we were in compliance with all covenants required under the 2012 Senior Credit Facility.

2020 Notes

As of December 31, 2013 and 2012, we had $675.0 million and $300.0 million, respectively, of our 7 ½% Senior Notes due 2020 (the “2020 Notes”) outstanding. As of December 31, 2013, the coupon interest rate and the yield on the 2020 Notes were 7.5% and 7.3%, respectively. As of December 31, 2013 and 2012, we had a deferred loan cost balance, net of accumulated amortization, of $13.2 million and $7.1 million, related to our 2020 Notes.

On October 18, 2013, we issued $375.0 million of 2020 Notes (the "Additional Notes"). The Additional Notes are an additional issuance of, and rank equally and form a single series with, the 2020 Notes that were issued on October 9, 2012 (the “Original Notes”). The Additional Notes have the same terms as the Original Notes, including being senior unsecured obligations of the Company. The Additional Notes were issued at a price of 102.125%, resulting in aggregate gross proceeds of approximately $383.0 million, plus accrued and unpaid interest from and including October 1, 2013. The Company used the net proceeds therefrom to repay $376.0 million outstanding under the 2012 Term Loan.

We may redeem some or all of the 2020 Notes at any time after October 1, 2015 at specified redemption prices. We may also redeem up to 35% of the aggregate principal amount of the 2020 Notes using the proceeds from certain equity offerings completed before October 1, 2015. In addition, we may redeem some or all of the 2020 Notes at any time prior to October 1, 2015 at a price equal to 100% of the principal amount thereof plus a make whole premium, and accrued and unpaid interest. If we sell certain of our assets or experience specific kinds of changes of control, we must offer to repurchase the 2020 Notes.

The 2020 Notes mature on October 1, 2020. Interest on the 2020 Notes is payable semiannually, on April 1 and October 1 of each year. As of December 31, 2013 and 2012, we were in compliance with all covenants required under the 2020 Notes.

Gray Television, Inc. is a holding company with no independent assets or operations. For all periods presented, the 2020 Notes have been fully and unconditionally guaranteed, on a joint and several, senior unsecured basis, by substantially all of Gray Television, Inc.’s subsidiaries. Any subsidiaries which do not guarantee such notes are “minor” (as defined in Rule 3-10(h) of Regulation S-X). As December 31, 2013, there were no significant restrictions on the ability of Gray Television, Inc.’s subsidiaries to distribute cash to Gray or to the guarantor subsidiaries. Excalibur is not a guarantor of the 2020 Notes.

Excalibur Loan

Excalibur, a VIE whose financial condition and results we consolidate with ours in accordance with GAAP, is party to a $3.0 million loan agreement entered into with a third party on July 31, 2013 (the “Excalibur Loan”). Proceeds from the Excalibur Loan were used by it to purchase the license assets of certain stations. As of December 31, 2013, $3.0 million was outstanding under the Excalibur Loan at an interest rate of 4.75%. As of December 31, 2013, the Excalibur Loan had a deferred loan cost balance, net of accumulated amortization, of $0.2 million.

The Excalibur Loan matures on October 12, 2017.

We have jointly and severally guaranteed Excalibur’s obligations under the Excalibur Loan, including the payment of all unpaid principal and interest thereon.

During the year ended December 31, 2013, interest expense relating to the Excalibur Loan was approximately $30,000.

See Note 1 “Description of Business and Summary of Significant Accounting Policies” and Note 2 “Acquisitions” for more information about Excalibur and these station acquisitions.

Other Costs Relating to Long-term Debt

During the year ended December 31, 2012, we redeemed all of our then-outstanding 10½% Senior Notes due 2015 (the “2015 Notes”) pursuant to a tender offer (the “Tender Offer”) and related redemption (the “Redemption”). In connection with the completion of the Tender Offer and Redemption, we recorded a loss from early extinguishment of debt of approximately $38.6 million in the year ended December 31, 2012.

In connection with the issuance of the Additional Notes in 2013, we incurred estimated issuance costs of approximately $7.3 million, including bank fees and other professional fees. In connection with the issuance of the Original Notes in 2012, we incurred estimated issuance costs of approximately $7.3 million, including bank fees and other professional fees. Net proceeds from the sale of the Original Notes were approximately $290.9 million, after deducting the initial purchasers’ discounts and fees and expenses. We used the net proceeds from the sale of the Original Notes to (i) repurchase all of the 2015 Notes validly tendered and not properly withdrawn in the Tender Offer on or before the early tender deadline thereof, (ii) pay related fees and expenses, including applicable Tender Offer premiums, and (iii) repurchase the outstanding shares of our Series D perpetual preferred stock, including paying accrued dividends thereon.

On October 12, 2012, we amended and restated our prior senior credit facility (the “Prior Credit Facility”) in the form of the 2012 Senior Credit Facility, with Wells Fargo Bank, National Association, as administrative agent, Bank of America, N.A., as syndication agent, Wells Fargo Securities, LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated, as joint lead arrangers and joint bookrunners,

and the other lenders party thereto. Proceeds from borrowings under the 2012 Senior Credit Facility, together with cash on hand, were used to repay all remaining amounts outstanding under the Prior Credit Facility and to pay related fees and expenses.

In connection with the entry into the 2012 Senior Credit Facility, during the year ended December 31, 2012 we incurred loan issuance costs of approximately $9.9 million, including bank fees and other professional fees. The amendment and restatement of Prior Credit Facility was determined to be a significant modification and, as a result, we recorded a related loss from early extinguishment of debt of approximately $8.1 million in the year ended December 31, 2012.

Maturities

Aggregate minimum principal maturities on long-term debt as of December 31, 2013 were as follows (in thousands):

	Minimum Principal Maturities
Year	2012 Senior Credit Facility		2020 Notes		Excalibur Loan		Other		Total
2014	$	-	$	-	$	200	$	24	$	224
2015		-		-		200		24	$	224
2016		-		-		200		-	$	200
2017		-		-		2,400		-	$	2,400
2018		-		-		-		-	$	-
Thereafter		159,000		675,000		-		-	$	834,000
Total	$	159,000	$	675,000	$	3,000	$	48	$	837,048

Interest Payments

For all of our interest bearing obligations, we made interest payments of approximately $49.4 million, $53.3 million and $57.4 million during 2013, 2012 and 2011, respectively. We did not capitalize any interest payments during the years ended December 31, 2013, 2012 or 2011.

Fair Value Disclosures [Text Block]

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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Note 4 - Fair Value Measurement

12 Months Ended

Dec. 31, 2013

Fair Value Disclosures [Abstract]

4. Fair Value Measurement

For purposes of determining a fair value measurement, we utilize market data or assumptions that market participants would use in pricing an asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated or generally unobservable. We utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. These inputs are prioritized into a hierarchy that gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (“Level 1”) and the lowest priority to unobservable inputs that require assumptions to measure fair value (“Level 3”). Level 2 inputs are those that are other than quoted prices on national exchanges included within Level 1 that are observable for the asset or liability either directly or indirectly (“Level 2”).

Fair Value of Financial Instruments

The estimated fair value of financial instruments is determined using market information and appropriate valuation methodologies. Interpreting market data to develop fair value estimates involves considerable judgment. The use of different market assumptions or methodologies could have a material effect on the estimated fair value amounts. Accordingly, the estimates presented are not necessarily indicative of the amounts that we could realize in a current market exchange, or the value that ultimately will be realized upon maturity or disposition.

The carrying amounts of the following instruments approximate fair value due to their short term to maturity: (i) accounts receivable, (ii) prepaid and other current assets, (iii) accounts payable, (iv) accrued employee compensation and benefits, (v) accrued interest, (vi) other accrued expenses, (vii) acquisition-related liabilities and (viii) deferred revenue.

The carrying amount of our long-term debt, including the Excalibur Loan, was $842.9 million and $832.9 million, respectively, and the fair value was $877.5 million and $844.0 million, respectively, as of December 31, 2013 and 2012. We classify our long-term debt within Level 2 of the fair value hierarchy.

Stockholders' Equity Note [Abstract]

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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Note 5 - Stockholders' Equity

12 Months Ended

Dec. 31, 2013

Stockholders' Equity Note Disclosure [Text Block]

5. Stockholders’ Equity

We are authorized to issue 135 million shares of all classes of stock, of which 15 million shares are designated Class A common stock, 100 million shares are designated common stock, and 20 million shares are designated “blank check” preferred stock for which our Board of Directors has the authority to determine the rights, powers, limitations and restrictions. The rights of our common stock and Class A common stock are identical, except that our Class A common stock has 10 votes per share and our common stock has one vote per share. Our common stock and Class A common stock are entitled to receive cash dividends if decided, on an equal per-share basis.

Our Board of Directors has authorized Gray to repurchase an aggregate of up to 5,000,000 shares of its common stock and Class A common stock at times as management deems appropriate, subject to any contractual or other restrictions. As of December 31, 2013, 279,200 shares of our common stock and Class A common stock remain available for repurchase under these authorizations. There is no expiration date for these authorizations. Shares repurchased are held as treasury shares and used for general corporate purposes including, but not limited to, satisfying obligations under our employee benefit plans and long term incentive plan. Treasury stock is recorded at cost. During the years ended December 31, 2013, 2012 and 2011, we did not make any repurchases under these authorizations.

For the years ended December 31, 2013, 2012 and 2011, we did not declare or pay any common stock or Class A common stock dividends.

Except for the payment of dividends in connection with repurchases of shares of our Series D Perpetual Preferred Stock, we did not pay any cash dividends on our Series D Perpetual Preferred Stock in any period presented. See Note 6 “Preferred Stock” for further discussion of our Series D Perpetual Preferred Stock dividend payments and repurchases.

Under our various employee benefit plans, we may, at our discretion, issue authorized and unissued shares, or previously issued shares held in treasury, of our Class A common stock or common stock. As of December 31, 2013, we had reserved 7,431,473 shares and 1,000,000 shares of our common stock and Class A common stock, respectively, for future issuance under various employee benefit plans. As of

December 31, 2012, we had reserved 7,892,742 shares and 1,000,000 shares of our common stock and Class A common stock, respectively, for future issuance under various employee benefit plans.

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

Disclosure Text Block Supplement [Abstract]

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+ Details

Note 6 - Preferred Stock

12 Months Ended

Dec. 31, 2013

Preferred Stock [Text Block]

6. Preferred Stock

In 2008, we issued an aggregate of 1,000 shares of our Series D Perpetual Preferred Stock, no par value. Until the completion of the redemption of all of such shares described below, $8.4 million of original issue discount, transaction fees and expenses related thereto were being accreted over a seven-year period ending June 30, 2015.

In 2012, we repurchased the remaining approximately $25.9 million in face amount of outstanding Series D Perpetual Preferred Stock, and paid $16.7 million in accrued dividends thereon. We used cash on hand and borrowings under our 2020 Notes to fund these transactions. As of December 31, 2013 and 2012, we did not have any shares of our Series D Perpetual Preferred Stock outstanding.

Except for the payment of dividends in connection with the repurchases of shares of our Series D Perpetual Preferred Stock, we did not pay cash dividends on the Series D Perpetual Preferred Stock in any period presented. In accordance with the terms of the Series D Perpetual Preferred Stock, the dividend rate thereon was at 17.0% per annum for the years ended December 31, 2012 and 2011.

Note 7 - Stock-based Compensation

12 Months Ended

Dec. 31, 2013

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

7. Stock-Based Compensation

Long Term Incentive Plan

The 2007 Long Term Incentive Plan, as amended, (the “2007 Incentive Plan”) provides for the grant of incentive stock options, nonqualified stock options, restricted stock awards, stock appreciation rights, and performance awards to our officers, employees and non-employee directors to acquire shares of our Class A common stock or common stock or to receive other awards based on our performance. We recognize the fair value of stock options granted on the date of grant as compensation expense, and such expense is amortized over the vesting period of the stock option. The 2007 Incentive Plan allows us to grant share-based awards for up to 6.0 million shares of stock, with not more than 1.0 million out of that 6.0 million being Class A common stock and the remaining shares being common stock. As of December 31, 2013, 5.0 million shares were available for issuance under the 2007 Incentive Plan. Shares of common stock underlying outstanding options and performance awards are counted as issued under the 2007 Incentive Plan. Under the 2007 Incentive Plan, the options granted typically vest after a two- to four-year period and expire three to eight years after vesting. However, options will vest immediately upon a “change in control” as such term is defined in the 2007 Incentive Plan. All options have been granted with purchase prices that equal the market value of the underlying stock at the close of business on the date of the grant.

Included in corporate and administrative expenses in the years ended December 31, 2013, 2012 and 2011 were $2.0 million, $0.9 million and $0.1 million, respectively, of non-cash expense for stock-based compensation which included amortization of restricted stock and stock option expense.

During the year ended December 31, 2013, we granted 318,852 shares of restricted common stock to our executive officers and as described below, 107,224 of these shares vested in the year ended December 31, 2013. Of the remaining shares granted to our executive officers, 70,542 shares will vest on each of March 19, 2014, March 19, 2015 and March 19, 2016. Also during the year ended December 31, 2013, we granted 63,210 shares of restricted common stock to our non-employee directors. These 63,210 shares vested on January 1, 2014.

During the year ended December 31, 2013, the vesting dates of 107,224 previously granted shares of restricted common stock and stock options to purchase 63,616 shares of common stock held by a former employee were accelerated, resulting in $1.0 million of stock-based compensation expense being recognized by the Company in 2013. Had the vesting dates of these stock awards not been accelerated, these shares of restricted common stock and stock options would have fully vested by March 19, 2016 and April 2, 2016, respectively.

During the year ended December 31, 2012, we granted 432,396 shares of restricted common stock to our executive officers and non-employee directors, and we also granted options to acquire 359,568 shares of our common stock to our executive officers. We later modified the terms of these shares of restricted stock. As a result of the modification, these 432,396 shares of restricted common stock became fully vested on December 14, 2012 and $0.4 million in stock-based compensation expense was recognized during the year ended December 31, 2012 that otherwise would have been recognized in later periods. Had these agreements not been modified, these shares of restricted common stock would have fully vested by April 2, 2015. The modifications affected the restricted stock granted to four executive officers and nine non-employee directors. During the year ended December 31, 2011, we did not grant any stock-based awards under this plan.

A summary of stock option activity related to our common stock for the years ended December 31, 2013, 2012 and 2011 under our 2007 Incentive Plan is as follows:

	Year Ended December 31,
	2013					2012					2011
	Number of Shares Underlying Options			Weighted Average Exercise Price		Number of Shares Underlying Options			Weighted Average Exercise Price		Number of Shares Underlying Options			Weighted Average Exercise Price
Common stock:
Options outstanding - beginning of period		1,316,068		$	5.98		1,002,350		$	7.50		1,004,750		$	7.51
Options granted		-			-		359,568			1.99		-			-
Options exercised		(119,822	)		2.34		-			-		-			-
Options forfeited		-			-		(8,700	)		5.32		(2,400	)		8.61
Options expired		(921,500	)		7.64		(37,150	)		8.72		-			-
Options outstanding - end of period		274,746		$	1.99		1,316,068		$	5.98		1,002,350		$	7.50

Options exercisable at end of period		68,688		$	1.99		956,500		$	7.48		1,002,350		$	7.50

Information concerning common stock options outstanding as of December 31, 2013 is as follows:

As of December 31, 2013
Number of Options Outstanding		Exercise Price Per Share		Remaining Contractual Life		Number of Options Outstanding That Are Exercisable		Exercise Price per Share of Options That Are Exercisable
				(in years)
	274,746	$	1.99		7.3		68,688	$	1.99
	274,746						68,688

The aggregate intrinsic value of outstanding stock options was $3.5 million based on the closing market price of our common stock on December 31, 2013. The aggregate intrinsic value of stock options exercised during the year ended December 31, 2013 was $0.6 million.

A summary of restricted stock activity related to our common stock for the years ended December 31, 2013, 2012 and 2011 under our 2007 Incentive Plan is as follows:

	Year Ended December 31,
	2013					2012					2011
	Number of Shares			Weighted- Average Grant Date Fair Value Per Share		Number of Shares			Weighted- Average Grant Date Fair Value Per Share		Number of Shares		Weighted- Average Grant Date Fair Value Per Share

Restricted stock - common:
Outstanding - beginning of period		-		$	-		-		$	-		-	$	-
Granted		382,062			5.20		432,396			1.65		-		-
Vested		(107,224	)		7.16		(432,396	)		1.65		-		-
Outstanding - end of period		274,838		$	4.43		-		$	-		-	$	-

Directors’ Restricted Stock Plan

On May 14, 2003, our stockholders approved a restricted stock equity incentive plan for our Board of Directors (the “Directors’ Restricted Stock Plan”). We have reserved 1.0 million shares of our common stock for issuance under this plan and, as of December 31, 2013, there were 770,000 shares available for future award. Under the Directors’ Restricted Stock Plan, each director can be awarded up to 10,000 shares of restricted stock each calendar year. We did not grant any shares of restricted common stock to our directors under this plan during the years ended December 31, 2013, 2012 or 2011; however, we did grant certain awards under our 2007 Incentive Plan to members of our Board of Directors. All of the shares granted to the directors under the Directors’ Restricted Stock Plan since its inception were vested as of December 31, 2013.

A summary of restricted stock activity related to our common stock for the years ended December 31, 2013, 2012 and 2011 under our Directors’ Restricted Stock Plan is as follows:

	Year Ended December 31,
	2013				2012					2011
	Number of Shares		Weighted- Average Grant Date Fair Value Per Share		Number of Shares			Weighted- Average Grant Date Fair Value Per Share		Number of Shares			Weighted- Average Grant Date Fair Value Per Share

Restricted stock - common:
Outstanding - beginning of period		-	$	-		10,000		$	4.94		33,000		$	5.74
Granted		-		-		-			-		-			-
Vested		-		-		(10,000	)		4.94		(23,000	)		6.08
Outstanding - end of period		-	$	-		-		$	-		10,000		$	4.94

As of December 31, 2013, we had $710,434 of total unrecognized compensation cost related to all non-vested share based compensation arrangements. The cost is expected to be recognized over a period of 2.0 years.

Income Tax Disclosure [Text Block]

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

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Note 8 - Income Taxes

12 Months Ended

Dec. 31, 2013

Income Tax Disclosure [Abstract]

8. Income Taxes

We recognize deferred tax assets and liabilities for future tax consequences attributable to differences between our financial statement carrying amounts of existing assets and liabilities and their respective tax bases. We measure deferred tax assets and liabilities using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to reverse. We recognize the effect on deferred tax assets and liabilities resulting from a change in tax rates in income in the period that includes the date of the change.

Under certain circumstances, we recognize liabilities in our financial statements for positions taken on uncertain tax issues. When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others may be subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, we believe it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50 percent likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits on the balance sheet along with any associated interest and penalties that would be payable to the taxing authorities upon examination. Interest and penalties associated with unrecognized tax benefits are classified as income tax expense in the statement of operations.

Federal and state income tax expense (benefit) is summarized as follows (in thousands):

	2013			2012			2011
Current:
Federal	$	-		$	-		$	-
State and local		118			974			359
State and local - reserve for uncertain tax positions		(136	)		(1,015	)		(905	)
Current income tax benefit		(18	)		(41	)		(546	)
Deferred:
Federal		12,218			16,854			4,860
State and local		947			2,375			225
Deferred income tax expense		13,165			19,229			5,085
Total income tax expense	$	13,147		$	19,188		$	4,539

Significant components of our deferred tax liabilities and assets are as follows (in thousands):

	December 31,
	2013			2012
Deferred tax liabilities:
Net book value of property and equipment	$	9,797		$	10,656
Broadcast licenses, goodwill and other intangibles		285,553			277,939
Total deferred tax liabilities		295,350			288,595

Deferred tax assets:
Liability for accrued consulting		-			118
Liability for accrued vacation		926			850
Liability for accrued bonus		2,401			347
Loan acquisition costs		1,664			1,902
Allowance for doubtful accounts		284			309
Liability under health and welfare plan		936			636
Liability for pension plan		10,501			15,228
Federal operating loss carryforwards		78,597			87,585
State and local operating loss carryforwards		9,922			10,886
Alternative minimum tax carryforwards		386			386
Unearned income		396			613
Network compensation		174			414
Stock options		76			508
Acquisition costs		300			-
Restricted stock		192			-
Other		49			80
Total deferred tax assets		106,804			119,862
Valuation allowance for deferred tax assets		(2,748	)		(3,157	)
Net deferred tax assets		104,056			116,705

Deferred tax liabilities, net of deferred tax assets	$	191,294		$	171,890

We have approximately $225.1 million in federal operating loss carryforwards, which expire during the years 2022 through 2031. Additionally, we have an aggregate of approximately $245.0 million of various state operating loss carryforwards. We project to have taxable income in the carryforward periods. Therefore, we believe that it is more likely than not that the federal net operating loss carryforwards will be fully utilized.

A valuation allowance has been provided for a portion of the state net operating loss carryforwards. We believe that we will not meet the more likely than not threshold in certain states due to the uncertainty of generating sufficient income. Therefore, the state valuation allowance at December 31, 2013 and 2012 was $2.7 million and $3.2 million, respectively.

Our total valuation allowance provided for deferred income tax assets decreased $0.4 million for the year ended December 31, 2013 due to changes in estimated utilization of state operating loss carryforwards. Our total valuation allowance provided for deferred income tax assets decreased $1.5

million for the year ended December 31, 2012 due to changes in estimated utilization of state operating loss carryforwards and the full utilization of our operating loss carryforwards.

A reconciliation of income tax expense at the statutory federal income tax rate and income taxes as reflected in the consolidated financial statements for the years ended December 31, 2013, 2012 and 2011 is as follows (in thousands):

	Year Ended December 31,
	2013			2012			2011
Statutory federal rate applied to income before income tax expense	$	11,002		$	16,561		$	4,751
Current year permanent items		669			825			229
State and local taxes, net of federal tax benefit		1,432			4,191			710
Change in valuation allowance		(409	)		(1,463	)		(252	)
Reserve for uncertain tax positions		(136	)		(1,015	)		(905	)
Other items, net		589			89			6
Income tax expense as recorded	$	13,147		$	19,188		$	4,539

Effective income tax rate		41.8	%		40.6	%		33.4	%

As of each year end, we are required to adjust our pension liability to an amount equal to the funded status of our pension plans with a corresponding adjustment to other comprehensive income on a net of tax basis. During 2013, we decreased our recorded non-current pension liability by $16.0 million and recognized other comprehensive gain of $9.8 million, net of a $6.2 million tax expense. During 2012, we increased our recorded non-current pension liability by $6.2 million and recognized other comprehensive loss of $3.8 million, net of a $2.4 million tax benefit. During 2011, we increased our recorded non-current pension liability by $13.8 million and recognized other comprehensive loss of $8.4 million, net of a $5.4 million tax benefit.

In 2013, 2012 and 2011, we made income tax payments (net of refunds) of $0.5 million, $0.8 million and $0.5 million, respectively. At December 31, 2013 and 2012, we had current income taxes payable of approximately $1.5 million and $1.9 million, respectively.

We prescribe a recognition threshold and measurement attribution for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. For benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities.

As of December 31, 2013 and 2012, we had approximately $1.5 million and $1.6 million, respectively, of unrecognized tax benefits. All of these unrecognized tax benefits would impact our effective tax rate if recognized. The liability for unrecognized tax benefits is recorded net of any federal tax benefit that would result from payment.

We have accrued estimates of interest and penalties related to unrecognized tax benefits in income tax expense. As of December 31, 2013 and 2012, we had recorded a liability for potential penalties and interest of approximately $0.7 million and $0.7 million, respectively, related to uncertain tax positions.

The following table summarizes the activity related to our unrecognized tax benefits, net of federal benefit, excluding interest and penalties for the years ended December 31, 2013, 2012 and 2011 (in thousands):

	Year Ended December 31,
	2013			2012			2011
Balance at beginning of period	$	880		$	1,597		$	2,342
Reduction in benefit from lapse in statute of limitations		(98	)		(717	)		(745	)
Balance at end of period	$	782		$	880		$	1,597

While it is difficult to calculate with any certainty, we estimate a decrease of $0.1 million, exclusive of interest and penalties, will be recorded for uncertain tax positions over the next twelve months resulting from expiring statutes of limitations for state tax issues.

We file income tax returns in the U.S. federal and multiple state jurisdictions. With few exceptions, we are no longer subject to U.S. federal, or state and local tax examinations by tax authorities for years prior to 2001. This extended open adjustment period is due to material amounts of net operating loss carryforwards, which exist at the federal level and in multiple-state jurisdictions arising from the 2001, 2002 and 2003 tax years.

Compensation and Retirement Disclosure [Abstract]

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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Note 9 - Retirement Plans

12 Months Ended

Dec. 31, 2013

Pension and Other Postretirement Benefits Disclosure [Text Block]

9. Retirement Plans

We sponsor and contribute to defined benefit and defined contribution retirement plans covering substantially all of our full time employees. Our defined benefit pension plans include our active plan as well as two frozen plans that we assumed when we acquired the related businesses. The Gray Television, Inc. Capital Accumulation Plan (“the Capital Accumulation Plan”) is a defined contribution plan that is intended to meet the requirements of section 401(k) of the Internal Revenue Code.

Gray Pension Plan

Our active defined benefit plan covers substantially all of our full-time employees. Retirement benefits are based on years of service and the employee’s highest average compensation for five consecutive years during the last ten years of employment. The funding policy is consistent with the funding requirements of existing federal laws and regulations under the Employee Retirement Income Security Act of 1974.

The measurement dates used to determine the benefit information for our active defined benefit pension plan were December 31, 2013 and 2012, respectively. The following summarizes the active pension plan’s funded status and amounts recognized on our consolidated balance sheets at December 31, 2013 and 2012, respectively (dollars in thousands):

	December 31,
	2013			2012
Change in projected benefit obligation:
Projected benefit obligation at beginning of year	$	83,236		$	67,033
Service cost		5,165			4,452
Interest cost		3,553			3,315
Actuarial (gains) losses		(7,158	)		9,546
Benefits paid		(1,263	)		(1,110	)
Projected benefit obligation at end of year	$	83,533		$	83,236

Change in plan assets:
Fair value of pension plan assets at beginning of year	$	46,662		$	35,011
Actual return on plan assets		8,216			3,728
Company contributions		4,448			9,033
Benefits paid		(1,263	)		(1,110	)
Fair value of pension plan assets at end of year		58,063			46,662
Funded status of pension plan	$	(25,470	)	$	(36,574	)

Amounts recognized in our balance sheets consist of:
Accrued benefit cost	$	(10,337	)	$	(6,336	)
Accumulated other comprehensive income		(15,133	)		(30,238	)
Net liability recognized	$	(25,470	)	$	(36,574	)

The accumulated benefit obligation amounts for our active defined benefit pension plan were $72.2 million and $71.8 million at December 31, 2013 and 2012, respectively. The long-term rate of return on assets assumption was chosen from a best estimate range based upon the anticipated long-term returns for asset categories in which the pension plan is invested. The long-term rate of return may be viewed as the sum of (i) 3% inflation, (ii) a 1% risk-free rate of return and (iii) a 3% risk premium. The estimated rate of increase in compensation levels is based on historical compensation increases for our employees.

	Year Ended December 31,
	2013			2012
Weighted-average assumptions used to determine net periodic benefit cost for our active pension plan:
Discount rate		4.31	%		4.84	%
Expected long-term rate of return on pension plan assets		7.00	%		7.00	%
Estimated rate of increase in compensation levels		5.63	%		5.63	%

	As of December 31,
	2013			2012
Weighted-average assumptions used to determine benefit obligations:
Discount rate		4.97	%		4.31	%
Estimated rate of increase in compensation levels		5.63	%		5.63	%

Pension expense is computed using the projected unit credit actuarial cost method. The net periodic pension cost for our active pension plan includes the following components (in thousands):

	Year Ended December 31,
	2013			2012			2011
Components of net periodic pension cost:
Service cost	$	5,165		$	4,452		$	3,447
Interest cost		3,553			3,315			2,943
Expected return on plan assets		(3,400	)		(2,609	)		(2,351	)
Recognized net actuarial loss		3,131			2,527			958
Net periodic pension cost	$	8,449		$	7,685		$	4,997

For our active pension plan, the estimated future benefit payments are as follows (in thousands):

Years	Amount
2014	$	1,838
2015		1,981
2016		2,216
2017		2,463
2018		2,730
2019 - 2023		20,973

The active pension plan’s weighted-average asset allocations by asset category were as follows:

	As of December 31,
	2013			2012
Asset category:
Insurance general account		32	%		37	%
Cash management accounts		3	%		3	%
Equity accounts		60	%		54	%
Fixed income account		5	%		6	%
Total		100	%		100	%

The investment objective is to achieve a consistent total rate of return (income, appreciation, and reinvested funds) that will equal or exceed the actuarial assumption with aversion to significant volatility. The following is the target asset allocation:

	Target Range
Asset class:
Large cap equities	23%	to	91%
Mid cap equities	0%	to	15%
Small cap equities	0%	to	16%
International equities	5%	to	25%
Fixed income	0%	to	30%
Cash	0%	to	20%

Our equity portfolio contains securities of companies necessary to build a diversified portfolio, and that we believe are financially sound. Our fixed income portfolio contains obligations generally rated A or better with no maturity restrictions and an actively managed duration. The cash equivalents strategy uses securities of the highest credit quality.

Fair Value of Active Pension Plan Assets

We calculate the fair value of our active pension plan’s assets based upon the observable and unobservable net asset value of its underlying investments. We utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. These inputs are prioritized by the fair value hierarchy proscribed by Accounting Standards Codification Topic 820, described in Note 4 “Fair Value Measurement.”

The following table presents the fair value of our active pension plan’s assets and classifies them by level within the fair value hierarchy as of December 31, 2013 and 2012, respectively (in thousands):

Active Pension Plan Fair Value Measurements

	As of December 31, 2013
	Level 1		Level 2		Level 3		Total
Assets:
Insurance general account	$	-	$	18,759	$	-	$	18,759
Cash management accounts		-		1,959		-		1,959
Equity accounts		-		34,603		-		34,603
Fixed income account		-		2,742		-		2,742
Total	$	-	$	58,063	$	-	$	58,063

	As of December 31, 2012
	Level 1		Level 2		Level 3		Total
Assets:
Insurance general account	$	-	$	17,381	$	-	$	17,381
Cash management accounts		-		1,457		-		1,457
Equity accounts		-		24,911		-		24,911
Fixed income account		-		2,913		-		2,913
Total	$	-	$	46,662	$	-	$	46,662

Acquired Pension Plans

In 2002 and 1998, we acquired companies with two underfunded pension plans (the “Acquired Pension Plans”). The Acquired Pension Plans were frozen by their prior plan sponsors and no new participants can be added to the Acquired Pension Plans. As of December 31, 2013, the Acquired Pension Plans had combined plan assets of $5.5 million and combined projected benefit obligations of $6.9 million. As of December 31, 2012, the Acquired Pension Plans had combined plan assets of $4.9 million and combined projected benefit obligations of $7.4 million. The net liability for the two Acquired Pension Plans is recorded as a liability in our financial statements as of December 31, 2013 and 2012.

Contributions

We expect to contribute a combined total of approximately $6.1 million to our active pension plan and the Acquired Pension Plans during the year ending December 31, 2014.

Capital Accumulation Plan

The Capital Accumulation Plan provides additional retirement benefits for substantially all employees. The Capital Accumulation Plan provides our employees with an investment option in our common stock and Class A common stock. It also allows for a matching contribution to be made by the Company in the form of our common stock. On December 9, 2008 and May 2, 2007, our Board of Directors increased the number of shares reserved for the Capital Accumulation Plan by 2,000,000 and 1,000,000 shares of our common stock, respectively. As of December 31, 2013, 1,595,753 shares remained available for issuance under the plan.

We may match employee contributions to the Capital Accumulation Plan, and such contributions may not exceed 6% of the employees’ gross pay. Our percentage match amount, if any, is determined by our Board of Directors before the beginning of each plan year and is made by a contribution of our common stock. Effective December 31, 2008, our Board of Directors suspended our matching contributions for the majority of our employees. For the years ended December 31, 2013, 2012 and 2011, our percentage match was 50% for certain employees included in a collective bargaining unit at one of our stations, although we did not match contributions for the remainder of our employees. Our contributions vest, based upon each employee’s number of years of service, over a period not to exceed five years.

Our matching contributions for the years ended December 31, 2013, 2012 and 2011 are as follows (in thousands):

	Year Ended December 31,
	2013				2012				2011
	Shares		Amount		Shares		Amount		Shares		Amount
Matching contributions to the Capital Accumulation Plan		5,235	$	28		14,293	$	26		13,753	$	29

Note 10 - Commitments and Contingencies

12 Months Ended

Dec. 31, 2013

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies Disclosure [Text Block]

10. Commitments and Contingencies

We have various contractual and other commitments requiring future payments. These commitments include amounts required to be paid to complete pending acquisitions, to purchase equipment, and under operating lease commitments for equipment, land and office space. We also have commitments for various syndicated television programs. Future minimum payments for these commitments as of December 31, 2013 are as follows (in thousands):

Year	Acquisition Commitments (1)		Equipment		Operating Leases		Syndicated Television Programming		Total
2014	$	317,950	$	592	$	1,679	$	3,344	$	323,565
2015		-		-		1,155		8,841		9,996
2016		-		-		978		5,817		6,795
2017		-		-		701		1,539		2,240
2018		-		-		639		420		1,059
Thereafter		-		-		2,716		579		3,295
Total	$	317,950	$	592	$	7,868	$	20,540	$	346,950

(1)

Gives effect to amounts receivable in connection with required station divestitures arising from such acquisitions.

The amounts in the table above are estimates of commitments that are in addition to the liabilities accrued for on our consolidated balance sheet as of December 31, 2013.

Acquisition Commitments

At December 31, 2013, we had various acquisitions pending approval of the FCC or other regulatory authority, all as described in Note 2 “Acquisitions – Pending Acquisitions.” The amounts in the table above include all amounts that would be payable in connection with the entry into various put and call options agreements between Gray and Excalibur totaling $1.4 million, which we anticipate would be paid at the closing of the respective acquisitions.

Leases

We have no material capital leases. Where leases include rent holidays, rent escalations, rent concessions and leasehold improvement incentives, the value of these incentives are amortized over the lease term including anticipated renewal periods. Leasehold improvements are depreciated over the associated lease term including anticipated renewal periods. Rent expense resulting from operating leases for the years ended December 31, 2013, 2012 and 2011 were $1.6 million, $1.5 million and $1.5 million, respectively.

Sports Marketing Agreement

On October 12, 2004, the University of Kentucky (“UK”) awarded a sports marketing agreement jointly to us and IMG Worldwide, Inc. (“IMG”) (the “UK Agreement”). The UK Agreement expires April 15, 2015.

The UK Agreement provides that we will share in profits in excess of certain amounts specified by the agreement, if any, but not losses. The agreement also provides that we will separately retain all local broadcast advertising revenue and pay all local broadcast expenses for activities under the agreement. Under the agreement, IMG agreed to make all license fee payments to UK. However, if IMG is unable to pay the license fee to UK, we will then be required to pay the unpaid portion of the license fee to UK. As of December 31, 2013, the aggregate license fee to be paid by IMG to UK over the remaining term of the agreement is approximately $13.3 million. If we make advances on behalf of IMG, IMG is required to reimburse us for the amount paid within 60 days after the close of each contract year, which ends on June 30th. IMG has also agreed to pay interest on any advance at a rate equal to the prime rate. During the year ended December 31, 2013, we did not advance any amounts to UK on behalf of IMG under this agreement. As of December 31, 2013, we do not consider the risk of non-performance by IMG to be high.

Legal Proceedings and Claims

We are subject to legal proceedings and claims that arise in the normal course of our business. In the opinion of management, the amount of ultimate liability, if any, with respect to these actions, will not materially affect our financial position, results of operations or cash flows, although legal proceedings are subject to inherent uncertainties, and unfavorable rulings or events could occur which could negatively affect us, possibly materially.

Goodwill and Intangible Assets Disclosure [Abstract]

The entire disclosure for commitments and contingencies.

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Note 11 - Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2013

Goodwill and Intangible Assets Disclosure [Text Block]

11. Goodwill and Intangible Assets

During the years ended December 31, 2013 and 2012, we acquired various television broadcast stations and broadcast licenses. As a result of these acquisitions, our goodwill and intangible balances increased during each of these years. See Note 2 “Acquisitions” for more information regarding these

transactions. A summary of changes in our goodwill and other intangible assets, on a net basis, for the years ended December 31, 2013 and 2012 is as follows (in thousands):

A summary of changes in our goodwill, on a gross basis, for the years ended December 31, 2013 and 2012 is as follows (in thousands):

	Net Balance at December 31, 2012		Additions		Impairment		Amortization			Net Balance at December 31, 2013
Goodwill	$	170,522	$	13,887	$	-	$	-		$	184,409
Broadcast licenses		819,188		19,794		-		-			838,982
Definite lived intangible assets		637		2,343		-		(336	)		2,644
Total intangible assets net of accumulated amortization	$	990,347	$	36,024	$	-	$	(336	)	$	1,026,035

	Net Balance at December 31, 2011		Additions		Impairment		Amortization			Net Balance at December 31, 2012
Goodwill		170,522	$	-	$	-	$	-		$	170,522
Broadcast licenses		818,981		207		-		-			819,188
Definite lived intangible assets		712		-		-		(75	)		637
Total intangible assets net of accumulated amortization	$	990,215	$	207	$	-	$	(75	)	$	990,347

	As of December 31, 2012			Additions		Impairment		As of December 31, 2013
Goodwill, gross	$	269,118		$	13,887	$	-	$	283,005
Accumulated goodwill impairment		(98,596	)		-		-		(98,596	)
Goodwill, net	$	170,522		$	13,887	$	-	$	184,409

	As of December 31, 2011			Additions		Impairment		As of December 31, 2012
Goodwill, gross	$	269,118		$	-	$	-	$	269,118
Accumulated goodwill impairment		(98,596	)		-		-		(98,596	)
Goodwill, net	$	170,522		$	-	$	-	$	170,522

As of December 31, 2013 and 2012, our intangible assets and related accumulated amortization consisted of the following (in thousands):

	As of December 31, 2013							As of December 31, 2012
	Gross		Accumulated Amortization			Net		Gross		Accumulated Amortization			Net
Intangible assets not subject to amortization:
Broadcast licenses	$	892,681	$	(53,699	)	$	838,982	$	872,887	$	(53,699	)	$	819,188
Goodwill		184,409		-			184,409		170,522		-			170,522
	$	1,077,090	$	(53,699	)	$	1,023,391	$	1,043,409	$	(53,699	)	$	989,710

Intangible assets subject to amortization:
Network affiliation agreements	$	1,264	$	(1,264	)	$	-	$	1,264	$	(1,264	)	$	-
Other definite lived intangible assets		15,826		(13,182	)		2,644		13,484		(12,847	)		637
	$	17,090	$	(14,446	)	$	2,644	$	14,748	$	(14,111	)	$	637

Total intangibles	$	1,094,180	$	(68,145	)	$	1,026,035	$	1,058,157	$	(67,810	)	$	990,347

Amortization expense for the years ended December 31, 2013, 2012 and 2011 was $0.3 million, $0.1 million and $0.1 million, respectively. Based on the current amount of intangible assets subject to amortization, we expect that amortization expense for the succeeding five years will be as follows: 2014, $972,000; 2015, $593,000; 2016, $157,000; 2017, $152,000; and 2018, $141,000. If and when acquisitions and dispositions occur in the future, actual amounts may vary from these estimates.

Impairment of goodwill and broadcast license

As of December 31, 2013 and 2012, we tested our goodwill, broadcast licenses and other intangible asset recorded values for potential impairment and concluded that the balances were reasonably stated. As a result, we did not record an impairment expense for our goodwill, broadcast licenses or other intangible assets during 2013, 2012 or 2011.

See Note 1 “Description of Business and Summary of Significant Accounting Policies” for further discussion of our accounting policies regarding goodwill, broadcast licenses and other intangible assets.

Quarterly Financial Information Disclosure [Abstract]

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

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Note 13 - Selected Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2013

Quarterly Financial Information [Text Block]

12. Selected Quarterly Financial Data (Unaudited)

	Fiscal Quarter
	First		Second		Third		Fourth
	(In thousands, except for per share data)
Year Ended December 31, 2013:
Revenue (less agency commissions)	$	78,169	$	84,285	$	88,288	$	95,556
Operating income		15,060		21,312		24,220		23,288
Net income		870		5,144		7,073		5,201
Net income available to common stockholders		870		5,144		7,073		5,201

Basic net income per share available to common stockholders	$	0.02	$	0.09	$	0.12	$	0.09

Diluted net income per share available to common stockholders	$	0.02	$	0.09	$	0.12	$	0.09

Year Ended December 31, 2012:
Revenue (less agency commissions)	$	80,674	$	94,691	$	102,879	$	126,587
Operating income		20,821		33,046		41,063		58,511
Net income (loss)		3,371		10,994		15,873		(2,109	)
Net income (loss) available to common stockholders		2,192		9,815		14,640		(2,613	)

Basic net income (loss) per share available to common stockholders	$	0.04	$	0.17	$	0.26	$	(0.05	)

Diluted net income (loss) per share available available to common stockholders	$	0.04	$	0.17	$	0.26	$	(0.05	)

Because of the method used in calculating per share data, the sum of the quarterly per share data will not necessarily equal the per share data as computed for the year.

Valuation and Qualifying Accounts [Abstract]

The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished.

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Schedule II - Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2013

Schedule of Valuation and Qualifying Accounts Disclosure [Text Block]

GRAY TELEVISION, INC.

SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS

(in thousands)

Col. A	Col. B		Col. C				Col. D			Col. E
			Additions
Description	Balance at Beginning of Period		(1) Charged to Costs and Expenses		(2) Charged to Other Accounts		Deductions (a)			Balance at End of Period

Year Ended December 31, 2013:
Allowance for doubtful accounts	$	2,064	$	432	$	-	$	(1,766	)	$	730
Valuation allowance for deferred tax assets	$	3,157	$	92	$	-	$	(501	)	$	2,748

Year Ended December 31, 2012:
Allowance for doubtful accounts	$	2,314	$	140	$	-	$	(390	)	$	2,064
Valuation allowance for deferred tax assets	$	4,620	$	4	$	-	$	(1,467	)	$	3,157

Year Ended December 31, 2011:
Allowance for doubtful accounts	$	1,051	$	1,853	$	-	$	(590	)	$	2,314
Valuation allowance for deferred tax assets	$	4,871	$	198	$	-	$	(449	)	$	4,620

(a)

Deductions from allowance for doubtful accounts represent write-offs of receivable balances not considered collectible. In 2013, the deduction from the valuation allowance for deferred tax assets represents changes in estimates of our future taxable income and our estimated future usage of certain net operating loss carryforwards, as well as expiration of certain net operating loss carryforwards. In 2012, the deduction from the valuation allowance for deferred tax assets represents changes in estimates of our future taxable income and our estimated future usage of certain net operating loss carryforwards as well as expiration of certain net operating loss carryforwards. In 2011, the deduction from the valuation allowance for deferred tax assets represents changes in estimates of our future taxable income and our estimated future usage of certain net operating loss carryforwards.

Accounting Policies, by Policy (Policies)

12 Months Ended

Dec. 31, 2013

Accounting Policies [Abstract]

Consolidation, Policy [Policy Text Block]

Principles of Consolidation

Consolidation, Variable Interest Entity, Policy [Policy Text Block]

Variable Interest Entity

	December 31, 2013
Assets:
Current assets:
Cash	$	473
Accounts receivable		524
Current portion of program broadcast rights, net		42
Prepaid and other current assets		7
Total current assets		1,046

Property and equipment, net		883
Deferred loan costs, net		174
Broadcast licenses		4,161
Other intangible assets, net		575
Total assets	$	6,839

Liabilities:
Current liabilities:
Accounts payable	$	14
Employee compensation and benefits		8
Accrued interest		2
Other accrued expenses		13
Accrued expenses due to Gray		651
Current portion of program broadcast obligations		45
Current portion of long-term debt		200
Total current liabilities		933

Long-term debt, less current portion		2,800
Other long-term liabilities		3,106
Total liabilities	$	6,839

Investment, Policy [Policy Text Block]

Investment in Broadcasting Company

Revenue Recognition, Policy [Policy Text Block]

Revenue Recognition

Cash received which has not yet been recognized as revenue is presented as deferred revenue. Revenue which has been earned but not yet received is recognized as revenue and presented as a receivable.

Advertising Barter Transactions, Policy [Policy Text Block]

Barter Transactions

	Year Ended December 31,
	2013			2012			2011
Trade barter revenue	$	1,390		$	1,248		$	1,529
Trade barter expense		(1,262	)		(1,267	)		(1,421	)
Net trade barter income (loss)	$	128		$	(19	)	$	108

We do not account for barter revenue and related barter expense generated from network or syndicated programming as such amounts are not material. Furthermore, any such barter revenue

recognized would then require the recognition of an equal amount of barter expense. The recognition of these amounts would not have a material effect upon net income.

Advertising Costs, Policy [Policy Text Block]

Advertising Expense

Use of Estimates, Policy [Policy Text Block]

Use of Estimates

Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block]

Allowance for Doubtful Accounts

Program Broadcast Rights [Policy Text Block]

Program Broadcast Rights

Property, Plant and Equipment, Policy [Policy Text Block]

Property and Equipment

The following table lists components of property and equipment by major category (dollars in thousands):

	December 31,						Estimated Useful Lives
	2013			2012			(in years)
Property and equipment:
Land	$	25,656		$	24,383
Buildings and improvements		59,021			55,709		7	to	40
Equipment		323,603			313,761		3	to	20
		408,280			393,853
Accumulated depreciation		(264,659	)		(258,715	)
Total property and equipment, net	$	143,621		$	135,138

Deferred Charges, Policy [Policy Text Block]

Deferred Loan Costs

Loan acquisition costs are amortized over the life of the applicable indebtedness using a straight-line method that approximates the effective interest method.

Asset Retirement Obligations, Policy [Policy Text Block]

Asset Retirement Obligations

Concentration Risk, Credit Risk, Policy [Policy Text Block]

Concentration of Credit Risk

Earnings Per Share, Policy [Policy Text Block]

Earnings Per Share

The following table reconciles basic weighted-average shares outstanding to diluted weighted-average shares outstanding for the years ended December 31, 2013, 2012 and 2011 (in thousands):

	Year Ended December 31,
	2013		2012		2011
Weighted-average shares outstanding – basic		57,630		57,170		57,117
Weighted-average shares underlying stock options and restricted shares		342		92		1
Weighted-average shares outstanding - diluted		57,972		57,262		57,118

Goodwill and Intangible Assets, Policy [Policy Text Block]

Valuation of Broadcast Licenses, Goodwill and Other Intangible Assets

When renewing broadcast licenses, we incur regulatory filing fees and legal fees. We expense these fees as they are incurred.

Impairment or Disposal of Long-Lived Assets, Including Intangible Assets, Policy [Policy Text Block]

Annual Impairment Testing of Intangible Assets

For further discussion of our goodwill, broadcast licenses and other intangible assets, see Note 11 “Goodwill and Intangible Assets”.

Market Capitalization, Policy [Policy Text Block]

Market Capitalization

When we test our broadcast licenses and goodwill for impairment, we also consider our market capitalization. As of December 31, 2013, our market capitalization was greater than our book value

Comprehensive Income, Policy [Policy Text Block]

Accumulated Other Comprehensive Loss

Our accumulated other comprehensive loss balances as of December 31, 2013 and 2012 consist of adjustments to our pension liabilities net of related income tax benefits as follows (in thousands):

	December 31,
	2013			2012
Accumulated balances of items included in accumulated other comprehensive loss:
Increase in pension liability	$	(17,064	)	$	(33,065	)
Income tax benefit		(6,655	)		(12,895	)
Accumulated other comprehensive loss	$	(10,409	)	$	(20,170	)

New Accounting Pronouncements, Policy [Policy Text Block]

Recent Accounting Pronouncements

Reclassification, Policy [Policy Text Block]

Reclassifications

Note 1 - Description of Business and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2013

Accounting Policies [Abstract]

Schedule of Variable Interest Entities [Table Text Block]

	December 31, 2013
Assets:
Current assets:
Cash	$	473
Accounts receivable		524
Current portion of program broadcast rights, net		42
Prepaid and other current assets		7
Total current assets		1,046

Property and equipment, net		883
Deferred loan costs, net		174
Broadcast licenses		4,161
Other intangible assets, net		575
Total assets	$	6,839

Liabilities:
Current liabilities:
Accounts payable	$	14
Employee compensation and benefits		8
Accrued interest		2
Other accrued expenses		13
Accrued expenses due to Gray		651
Current portion of program broadcast obligations		45
Current portion of long-term debt		200
Total current liabilities		933

Long-term debt, less current portion		2,800
Other long-term liabilities		3,106
Total liabilities	$	6,839

Schedule of Principal Transactions Revenue [Table Text Block]

	Year Ended December 31,
	2013			2012			2011
Trade barter revenue	$	1,390		$	1,248		$	1,529
Trade barter expense		(1,262	)		(1,267	)		(1,421	)
Net trade barter income (loss)	$	128		$	(19	)	$	108

Property, Plant and Equipment [Table Text Block]

	December 31,						Estimated Useful Lives
	2013			2012			(in years)
Property and equipment:
Land	$	25,656		$	24,383
Buildings and improvements		59,021			55,709		7	to	40
Equipment		323,603			313,761		3	to	20
		408,280			393,853
Accumulated depreciation		(264,659	)		(258,715	)
Total property and equipment, net	$	143,621		$	135,138

Schedule of Weighted Average Number of Shares [Table Text Block]

	Year Ended December 31,
	2013		2012		2011
Weighted-average shares outstanding – basic		57,630		57,170		57,117
Weighted-average shares underlying stock options and restricted shares		342		92		1
Weighted-average shares outstanding - diluted		57,972		57,262		57,118

Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]

	December 31,
	2013			2012
Accumulated balances of items included in accumulated other comprehensive loss:
Increase in pension liability	$	(17,064	)	$	(33,065	)
Income tax benefit		(6,655	)		(12,895	)
Accumulated other comprehensive loss	$	(10,409	)	$	(20,170	)

Condensed Balance Sheet [Table Text Block]

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References+ Details

Note 2 - Acquisitions (Tables)

12 Months Ended

Dec. 31, 2013

Business Combinations [Abstract]

Description	Amount
Cash	$	95
Current portion of program broadcast rights		123
Other current assets		157
Property and equipment		7,249
Broadcast licenses		14,305
Goodwill		9,421
Other intangible assets		1,709
Other		70
Employee compensation and benefits		(109	)
Other accrued expenses		(48	)
Current portion of program broadcast obligations		(123	)
Current portion of long-term debt		(24	)
Long-term debt, less current portion		(86	)
	$	32,739

Description	Amount
Current portion of program broadcast rights	$	53
Other current assets		38
Property and equipment		2,740
Broadcast licenses		4,161
Goodwill		4,466
Other intangible assets		633
Other accrued expenses		(38	)
Current portion of program broadcast obligations		(53	)
	$	12,000

Note 3 - Long-term Debt (Tables)

12 Months Ended

Dec. 31, 2013

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments [Table Text Block]

	December 31,
	2013			2012
Long-term debt:
2012 Senior Credit Facility	$	159,000		$	535,000
2020 Notes		675,000			300,000
Excalibur Loan		3,000			-
Other		48			-
Total outstanding principal		837,048			835,000
Plus unamortized premium or less unamortized discount on our 2020 Notes		5,826			(2,133	)
Less current portion		(224	)		-
Net carrying value	$	842,650		$	832,867

Borrowing availability under the 2012 Senior Credit Facility	$	30,000		$	40,000

Schedule of Maturities of Long-term Debt [Table Text Block]

	Minimum Principal Maturities
Year	2012 Senior Credit Facility		2020 Notes		Excalibur Loan		Other		Total
2014	$	-	$	-	$	200	$	24	$	224
2015		-		-		200		24	$	224
2016		-		-		200		-	$	200
2017		-		-		2,400		-	$	2,400
2018		-		-		-		-	$	-
Thereafter		159,000		675,000		-		-	$	834,000
Total	$	159,000	$	675,000	$	3,000	$	48	$	837,048

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Reference 1: http://www.xbrl.org/2003/role/presentationRef

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+ Details

Note 7 - Stock-based Compensation (Tables)

12 Months Ended

Dec. 31, 2013

Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]

	Year Ended December 31,
	2013					2012					2011
	Number of Shares Underlying Options			Weighted Average Exercise Price		Number of Shares Underlying Options			Weighted Average Exercise Price		Number of Shares Underlying Options			Weighted Average Exercise Price
Common stock:
Options outstanding - beginning of period		1,316,068		$	5.98		1,002,350		$	7.50		1,004,750		$	7.51
Options granted		-			-		359,568			1.99		-			-
Options exercised		(119,822	)		2.34		-			-		-			-
Options forfeited		-			-		(8,700	)		5.32		(2,400	)		8.61
Options expired		(921,500	)		7.64		(37,150	)		8.72		-			-
Options outstanding - end of period		274,746		$	1.99		1,316,068		$	5.98		1,002,350		$	7.50

Options exercisable at end of period		68,688		$	1.99		956,500		$	7.48		1,002,350		$	7.50

Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding [Table Text Block]

As of December 31, 2013
Number of Options Outstanding		Exercise Price Per Share		Remaining Contractual Life		Number of Options Outstanding That Are Exercisable		Exercise Price per Share of Options That Are Exercisable
				(in years)
	274,746	$	1.99		7.3		68,688	$	1.99
	274,746						68,688

Schedule of Nonvested Restricted Stock Units Activity [Table Text Block]

	Year Ended December 31,
	2013					2012					2011
	Number of Shares			Weighted- Average Grant Date Fair Value Per Share		Number of Shares			Weighted- Average Grant Date Fair Value Per Share		Number of Shares		Weighted- Average Grant Date Fair Value Per Share

Restricted stock - common:
Outstanding - beginning of period		-		$	-		-		$	-		-	$	-
Granted		382,062			5.20		432,396			1.65		-		-
Vested		(107,224	)		7.16		(432,396	)		1.65		-		-
Outstanding - end of period		274,838		$	4.43		-		$	-		-	$	-

	Year Ended December 31,
	2013				2012					2011
	Number of Shares		Weighted- Average Grant Date Fair Value Per Share		Number of Shares			Weighted- Average Grant Date Fair Value Per Share		Number of Shares			Weighted- Average Grant Date Fair Value Per Share

Restricted stock - common:
Outstanding - beginning of period		-	$	-		10,000		$	4.94		33,000		$	5.74
Granted		-		-		-			-		-			-
Vested		-		-		(10,000	)		4.94		(23,000	)		6.08
Outstanding - end of period		-	$	-		-		$	-		10,000		$	4.94

Note 8 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2013

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

	2013			2012			2011
Current:
Federal	$	-		$	-		$	-
State and local		118			974			359
State and local - reserve for uncertain tax positions		(136	)		(1,015	)		(905	)
Current income tax benefit		(18	)		(41	)		(546	)
Deferred:
Federal		12,218			16,854			4,860
State and local		947			2,375			225
Deferred income tax expense		13,165			19,229			5,085
Total income tax expense	$	13,147		$	19,188		$	4,539

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

	December 31,
	2013			2012
Deferred tax liabilities:
Net book value of property and equipment	$	9,797		$	10,656
Broadcast licenses, goodwill and other intangibles		285,553			277,939
Total deferred tax liabilities		295,350			288,595

Deferred tax assets:
Liability for accrued consulting		-			118
Liability for accrued vacation		926			850
Liability for accrued bonus		2,401			347
Loan acquisition costs		1,664			1,902
Allowance for doubtful accounts		284			309
Liability under health and welfare plan		936			636
Liability for pension plan		10,501			15,228
Federal operating loss carryforwards		78,597			87,585
State and local operating loss carryforwards		9,922			10,886
Alternative minimum tax carryforwards		386			386
Unearned income		396			613
Network compensation		174			414
Stock options		76			508
Acquisition costs		300			-
Restricted stock		192			-
Other		49			80
Total deferred tax assets		106,804			119,862
Valuation allowance for deferred tax assets		(2,748	)		(3,157	)
Net deferred tax assets		104,056			116,705

Deferred tax liabilities, net of deferred tax assets	$	191,294		$	171,890

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

	Year Ended December 31,
	2013			2012			2011
Statutory federal rate applied to income before income tax expense	$	11,002		$	16,561		$	4,751
Current year permanent items		669			825			229
State and local taxes, net of federal tax benefit		1,432			4,191			710
Change in valuation allowance		(409	)		(1,463	)		(252	)
Reserve for uncertain tax positions		(136	)		(1,015	)		(905	)
Other items, net		589			89			6
Income tax expense as recorded	$	13,147		$	19,188		$	4,539

Effective income tax rate		41.8	%		40.6	%		33.4	%

Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block]

	Year Ended December 31,
	2013			2012			2011
Balance at beginning of period	$	880		$	1,597		$	2,342
Reduction in benefit from lapse in statute of limitations		(98	)		(717	)		(745	)
Balance at end of period	$	782		$	880		$	1,597

Note 9 - Retirement Plans (Tables)

12 Months Ended

Dec. 31, 2013

Note 9 - Retirement Plans (Tables) [Line Items]

Schedule of Net Funded Status [Table Text Block]

	December 31,
	2013			2012
Change in projected benefit obligation:
Projected benefit obligation at beginning of year	$	83,236		$	67,033
Service cost		5,165			4,452
Interest cost		3,553			3,315
Actuarial (gains) losses		(7,158	)		9,546
Benefits paid		(1,263	)		(1,110	)
Projected benefit obligation at end of year	$	83,533		$	83,236

Change in plan assets:
Fair value of pension plan assets at beginning of year	$	46,662		$	35,011
Actual return on plan assets		8,216			3,728
Company contributions		4,448			9,033
Benefits paid		(1,263	)		(1,110	)
Fair value of pension plan assets at end of year		58,063			46,662
Funded status of pension plan	$	(25,470	)	$	(36,574	)

Amounts recognized in our balance sheets consist of:
Accrued benefit cost	$	(10,337	)	$	(6,336	)
Accumulated other comprehensive income		(15,133	)		(30,238	)
Net liability recognized	$	(25,470	)	$	(36,574	)

Schedule of Assumptions Used [Table Text Block]

	Year Ended December 31,
	2013			2012
Weighted-average assumptions used to determine net periodic benefit cost for our active pension plan:
Discount rate		4.31	%		4.84	%
Expected long-term rate of return on pension plan assets		7.00	%		7.00	%
Estimated rate of increase in compensation levels		5.63	%		5.63	%

	As of December 31,
	2013			2012
Weighted-average assumptions used to determine benefit obligations:
Discount rate		4.97	%		4.31	%
Estimated rate of increase in compensation levels		5.63	%		5.63	%

Schedule of Net Benefit Costs [Table Text Block]

	Year Ended December 31,
	2013			2012			2011
Components of net periodic pension cost:
Service cost	$	5,165		$	4,452		$	3,447
Interest cost		3,553			3,315			2,943
Expected return on plan assets		(3,400	)		(2,609	)		(2,351	)
Recognized net actuarial loss		3,131			2,527			958
Net periodic pension cost	$	8,449		$	7,685		$	4,997

Schedule of Expected Benefit Payments [Table Text Block]

Years	Amount
2014	$	1,838
2015		1,981
2016		2,216
2017		2,463
2018		2,730
2019 - 2023		20,973

Defined Benefit Plan, Fair Value of Plan Assets [Table Text Block]

	As of December 31, 2013
	Level 1		Level 2		Level 3		Total
Assets:
Insurance general account	$	-	$	18,759	$	-	$	18,759
Cash management accounts		-		1,959		-		1,959
Equity accounts		-		34,603		-		34,603
Fixed income account		-		2,742		-		2,742
Total	$	-	$	58,063	$	-	$	58,063

	As of December 31, 2012
	Level 1		Level 2		Level 3		Total
Assets:
Insurance general account	$	-	$	17,381	$	-	$	17,381
Cash management accounts		-		1,457		-		1,457
Equity accounts		-		24,911		-		24,911
Fixed income account		-		2,913		-		2,913
Total	$	-	$	46,662	$	-	$	46,662

Asset Categories [Member]

Note 9 - Retirement Plans (Tables) [Line Items]

Schedule of Allocation of Plan Assets [Table Text Block]

	As of December 31,
	2013			2012
Asset category:
Insurance general account		32	%		37	%
Cash management accounts		3	%		3	%
Equity accounts		60	%		54	%
Fixed income account		5	%		6	%
Total		100	%		100	%

Asset Classes [Member]

Note 9 - Retirement Plans (Tables) [Line Items]

Schedule of Allocation of Plan Assets [Table Text Block]

	Target Range
Asset class:
Large cap equities	23%	to	91%
Mid cap equities	0%	to	15%
Small cap equities	0%	to	16%
International equities	5%	to	25%
Fixed income	0%	to	30%
Cash	0%	to	20%

Capital Accumulation Plan [Member]

Note 9 - Retirement Plans (Tables) [Line Items]

Schedule of Changes in Projected Benefit Obligations [Table Text Block]

	Year Ended December 31,
	2013				2012				2011
	Shares		Amount		Shares		Amount		Shares		Amount
Matching contributions to the Capital Accumulation Plan		5,235	$	28		14,293	$	26		13,753	$	29

Note 10 - Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2013

Commitments and Contingencies Disclosure [Abstract]

Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]

Year	Acquisition Commitments (1)		Equipment		Operating Leases		Syndicated Television Programming		Total
2014	$	317,950	$	592	$	1,679	$	3,344	$	323,565
2015		-		-		1,155		8,841		9,996
2016		-		-		978		5,817		6,795
2017		-		-		701		1,539		2,240
2018		-		-		639		420		1,059
Thereafter		-		-		2,716		579		3,295
Total	$	317,950	$	592	$	7,868	$	20,540	$	346,950

Note 11 - Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2013

Note 11 - Goodwill and Intangible Assets (Tables) [Line Items]

Schedule of Finite-Lived Intangible Assets [Table Text Block]

	As of December 31, 2013							As of December 31, 2012
	Gross		Accumulated Amortization			Net		Gross		Accumulated Amortization			Net
Intangible assets not subject to amortization:
Broadcast licenses	$	892,681	$	(53,699	)	$	838,982	$	872,887	$	(53,699	)	$	819,188
Goodwill		184,409		-			184,409		170,522		-			170,522
	$	1,077,090	$	(53,699	)	$	1,023,391	$	1,043,409	$	(53,699	)	$	989,710

Intangible assets subject to amortization:
Network affiliation agreements	$	1,264	$	(1,264	)	$	-	$	1,264	$	(1,264	)	$	-
Other definite lived intangible assets		15,826		(13,182	)		2,644		13,484		(12,847	)		637
	$	17,090	$	(14,446	)	$	2,644	$	14,748	$	(14,111	)	$	637

Total intangibles	$	1,094,180	$	(68,145	)	$	1,026,035	$	1,058,157	$	(67,810	)	$	990,347

Schedule of Goodwill [Table Text Block]

	As of December 31, 2012			Additions		Impairment		As of December 31, 2013
Goodwill, gross	$	269,118		$	13,887	$	-	$	283,005
Accumulated goodwill impairment		(98,596	)		-		-		(98,596	)
Goodwill, net	$	170,522		$	13,887	$	-	$	184,409

	As of December 31, 2011			Additions		Impairment		As of December 31, 2012
Goodwill, gross	$	269,118		$	-	$	-	$	269,118
Accumulated goodwill impairment		(98,596	)		-		-		(98,596	)
Goodwill, net	$	170,522		$	-	$	-	$	170,522

Goodwill and Other Intangible Assets [Member]

Note 11 - Goodwill and Intangible Assets (Tables) [Line Items]

Schedule of Finite-Lived Intangible Assets [Table Text Block]

	Net Balance at December 31, 2012		Additions		Impairment		Amortization			Net Balance at December 31, 2013
Goodwill	$	170,522	$	13,887	$	-	$	-		$	184,409
Broadcast licenses		819,188		19,794		-		-			838,982
Definite lived intangible assets		637		2,343		-		(336	)		2,644
Total intangible assets net of accumulated amortization	$	990,347	$	36,024	$	-	$	(336	)	$	1,026,035

	Net Balance at December 31, 2011		Additions		Impairment		Amortization			Net Balance at December 31, 2012
Goodwill		170,522	$	-	$	-	$	-		$	170,522
Broadcast licenses		818,981		207		-		-			819,188
Definite lived intangible assets		712		-		-		(75	)		637
Total intangible assets net of accumulated amortization	$	990,215	$	207	$	-	$	(75	)	$	990,347

Note 13 - Selected Quarterly Financial Data (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2013

Quarterly Financial Information Disclosure [Abstract]

Schedule of Quarterly Financial Information [Table Text Block]

	Fiscal Quarter
	First		Second		Third		Fourth
	(In thousands, except for per share data)
Year Ended December 31, 2013:
Revenue (less agency commissions)	$	78,169	$	84,285	$	88,288	$	95,556
Operating income		15,060		21,312		24,220		23,288
Net income		870		5,144		7,073		5,201
Net income available to common stockholders		870		5,144		7,073		5,201

Basic net income per share available to common stockholders	$	0.02	$	0.09	$	0.12	$	0.09

Diluted net income per share available to common stockholders	$	0.02	$	0.09	$	0.12	$	0.09

Year Ended December 31, 2012:
Revenue (less agency commissions)	$	80,674	$	94,691	$	102,879	$	126,587
Operating income		20,821		33,046		41,063		58,511
Net income (loss)		3,371		10,994		15,873		(2,109	)
Net income (loss) available to common stockholders		2,192		9,815		14,640		(2,613	)

Basic net income (loss) per share available to common stockholders	$	0.04	$	0.17	$	0.26	$	(0.05	)

Diluted net income (loss) per share available available to common stockholders	$	0.04	$	0.17	$	0.26	$	(0.05	)

Note 1 - Description of Business and Summary of Significant Accounting Policies (Details) (USD $)	12 Months Ended									2 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2013 Automotive [Member] Sales Revenue, Services, Net [Member]	Dec. 31, 2013 Medical [Member] Sales Revenue, Services, Net [Member]	Dec. 31, 2013 Restaurant [Member] Sales Revenue, Services, Net [Member]	Dec. 31, 2013 Common Stock [Member] Tarzian Inc [Member]	Dec. 31, 2013 Dividends Liquidation Dissolution [Member]	Oct. 31, 2013 Excalibur [Member] KJCT [Member] Broadcast Licenses [Member]	Dec. 31, 2013 Excalibur [Member]	Oct. 31, 2013 Excalibur [Member]	Oct. 31, 2013 KJCT [Member] Non-license Assets [Member]
Note 1 - Description of Business and Summary of Significant Accounting Policies (Details) [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets									$ 3,000,000			$ 9,000,000
Guarantor Obligations, Current Carrying Value											3,000,000
Variable Interest Entity, Measure of Activity, Revenues										400,000
Liabilities of Business Transferred under Contractual Arrangement, Noncurrent										3,100,000
Due to Related Parties, Current										700,000
Cost Method Ownership Percentage							32.40%	67.90%
Advertising Expense	900,000	900,000	800,000
Minimum Percentage of Receivable Balances for creating Allowance for Doubtful Accounts	85.00%
Period for Creating Allowance for Doubtful Accounts	120
Provision for Doubtful Accounts	400,000	100,000	1,900,000
Property, Plant and Equipment, Additions	10,000,000
Asset Retirement Obligation	516,000	505,000
Asset Retirement Obligation, Accretion Expense	$ 17,000	$ 25,000	$ 5,000
Concentration Risk, Percentage				25.00%	10.00%	9.00%

Note 1 - Description of Business and Summary of Significant Accounting Policies (Details) - Carrying Amounts and Classification of Assets and Liabilities of VIE (USD $) In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Assets:
Cash	$ 13,478	$ 11,067	$ 5,190	$ 5,431
Accounts receivable	70,047	62,472
Current portion of program broadcast rights, net	7,656	7,463
Prepaid and other current assets	5,293	2,831
Total current assets	130,587	96,383
Property and equipment, net	143,621	135,138
Deferred loan costs, net	17,293	11,692
Broadcast licenses	838,982	819,188
Liabilities:
Accounts payable	2,256	2,379
Employee compensation and benefits	16,759	9,844
Accrued interest	12,703	10,214
Current portion of program broadcast obligations	2,467	5,422
Current portion of long-term debt	224
Total current liabilities	63,085	47,717
Long-term debt, less current portion	842,650	832,867
Variable Interest Entity, Primary Beneficiary [Member]
Assets:
Cash	473
Accounts receivable	524
Current portion of program broadcast rights, net	42
Prepaid and other current assets	7
Total current assets	1,046
Property and equipment, net	883
Deferred loan costs, net	174
Broadcast licenses	4,161
Other intangible assets, net	575
Total assets	6,839
Liabilities:
Accounts payable	14
Employee compensation and benefits	8
Accrued interest	2
Other accrued expenses	13
Accrued expenses due to Gray	651
Current portion of program broadcast obligations	45
Current portion of long-term debt	200
Total current liabilities	933
Long-term debt, less current portion	2,800
Other long-term liabilities	3,106
Total liabilities	$ 6,839

Note 1 - Description of Business and Summary of Significant Accounting Policies (Details) - Trader Barter Revenue and Expense Recognized (USD $) In Thousands, unless otherwise specified	3 Months Ended								12 Months Ended
	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Principal Transaction Revenue [Line Items]
Net trade barter income (loss)	$ 5,201	$ 7,073	$ 5,144	$ 870	$ (2,109)	$ 15,873	$ 10,994	$ 3,371	$ 18,288	$ 28,129	$ 9,035
Advertising Barter Transactions [Member]
Principal Transaction Revenue [Line Items]
Trade barter revenue									1,390	1,248	1,529
Trade barter expense									(1,262)	(1,267)	(1,421)
Net trade barter income (loss)									$ 128	$ (19)	$ 108

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ Details

Note 1 - Description of Business and Summary of Significant Accounting Policies (Details) - Property and Equipment (USD $) In Thousands, unless otherwise specified							12 Months Ended				12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013 Land [Member]	Dec. 31, 2012 Land [Member]	Dec. 31, 2013 Building and Building Improvements [Member]	Dec. 31, 2012 Building and Building Improvements [Member]	Dec. 31, 2013 Building and Building Improvements [Member] Minimum [Member]	Dec. 31, 2013 Building and Building Improvements [Member] Maximum [Member]	Dec. 31, 2013 Equipment [Member]	Dec. 31, 2012 Equipment [Member]	Dec. 31, 2013 Equipment [Member] Minimum [Member]	Dec. 31, 2013 Equipment [Member] Maximum [Member]
Property and equipment:
Property and Equipment	$ 408,280	$ 393,853	$ 25,656	$ 24,383	$ 59,021	$ 55,709			$ 323,603	$ 313,761
Estimated Useful Lives							7 years	40 years			3 years	20 years
Accumulated depreciation	(264,659)	(258,715)
Total property and equipment, net	$ 143,621	$ 135,138

Note 1 - Description of Business and Summary of Significant Accounting Policies (Details) - Reconciliation of Basic Weighted-average Shares Outstanding to Diluted Weighted-average Shares Outstanding In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Reconciliation of Basic Weighted-average Shares Outstanding to Diluted Weighted-average Shares Outstanding [Abstract]
Weighted-average shares outstanding – basic	57,630	57,170	57,117
Weighted-average shares underlying stock options and restricted shares	342	92	1
Weighted-average shares outstanding - diluted	57,972	57,262	57,118

Note 1 - Description of Business and Summary of Significant Accounting Policies (Details) - Accumulated Other Comprehensive Loss (USD $) In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Accumulated balances of items included in accumulated other comprehensive loss:
Increase in pension liability	$ (17,064)	$ (33,065)
Income tax benefit	(6,655)	(12,895)
Accumulated other comprehensive loss	$ (10,409)	$ (20,170)

Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.

+ References+ Details

Note 2 - Acquisitions (Details) (USD $)	3 Months Ended								12 Months Ended			0 Months Ended	1 Months Ended			2 Months Ended	1 Months Ended					2 Months Ended	12 Months Ended	1 Months Ended	12 Months Ended		12 Months Ended		1 Months Ended	2 Months Ended		1 Months Ended		12 Months Ended
Note 2 - Acquisitions (Details) (USD $)	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Nov. 16, 2014 Scenario, Forecast [Member] Yellowstone Television, LLC [Member]	Nov. 16, 2014 Scenario, Forecast [Member] Yellowstone Television, LLC [Member]	Oct. 31, 2013 Excalibur [Member] KJCT [Member] Licensing Agreements [Member]	Oct. 31, 2013 Excalibur [Member] KJCT [Member]	Mar. 11, 2014 Excalibur [Member] WQCW [Member]	Nov. 20, 2013 Excalibur [Member] Hoak and Parker [Member]	Oct. 31, 2013 Yellowstone Television, LLC [Member] Retransmission Agreements [Member]	Oct. 31, 2013 Yellowstone Television, LLC [Member] Decaying Advertiser Base [Member]	Oct. 31, 2013 Yellowstone Television, LLC [Member] Other Intangible Assets [Member]	Oct. 31, 2013 Yellowstone Television, LLC [Member]	Dec. 31, 2013 Yellowstone Television, LLC [Member]	Dec. 31, 2013 Yellowstone Television, LLC [Member]	Oct. 31, 2013 KJCT [Member] Non-license Assets [Member]	Dec. 31, 2013 KJCT [Member] Retransmission Agreements [Member]	Oct. 31, 2013 KJCT [Member] Retransmission Agreements [Member]	Dec. 31, 2013 KJCT [Member] Income Leases [Member]	Oct. 31, 2013 KJCT [Member] Income Leases [Member]	Oct. 31, 2013 KJCT [Member]	Dec. 31, 2013 KJCT [Member]	Dec. 31, 2013 WQCW [Member]	Nov. 20, 2013 Hoak and Parker [Member]	Dec. 18, 2013 KEVN-TV [Member]	Dec. 31, 2013 Licensing Agreements [Member]	Oct. 31, 2013 Excalibur [Member]
Note 2 - Acquisitions (Details) [Line Items]
Payments to Acquire Businesses, Gross													$ 10,000,000			$ 4,500,000	$ 7,500,000				$ 23,000,000		$ 10,000,000								$ 5,500,000	$ 335,000,000	$ 7,800,000
Subsidiary or Equity Method Investee, Cumulative Percentage Ownership after All Transactions												1.00%									99.00%
Business Combination, Acquisition Related Costs																					200,000
Derivative, Net Liability Position, Aggregate Fair Value																						9,700,000	9,700,000
Derivative Liabilities, Unamortized Intrinsic Value																						300,000	300,000
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable																					9,700,000
Business Combination, Consideration Transferred																					32,739,000								12,000,000			37,500,000
Finite-lived Intangible Assets, Fair Value Disclosure																		900,000	600,000	200,000						500,000		100,000
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life																		1 year 73 days	7 years 36 days	146 days					2 years 109 days		10 years 73 days
Revenues																						2,400,000								400,000
Operating Income (Loss)	23,288,000	24,220,000	21,312,000	15,060,000	58,511,000	41,063,000	33,046,000	20,821,000	83,880,000	153,441,000	75,348,000											700,000								200,000
Finite-lived Intangible Assets Acquired														3,000,000										9,000,000										1,300,000
Payments for (Proceeds from) Derivative Instrument, Investing Activities															500,000
Guarantor Obligations, Current Carrying Value																																			3,000,000
Escrow Deposit Disbursements Related to Property Acquisition																$ 500,000	$ 400,000														$ 500,000		$ 800,000

Note 2 - Acquisitions (Details) - Allocated Fair Value of Acquired Assets and Assumed Liabilities (USD $) In Thousands, unless otherwise specified				1 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Oct. 31, 2013 Yellowstone Television, LLC [Member]	Oct. 31, 2013 KJCT [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Cash				$ 95
Current portion of program broadcast rights	7,656	7,463		123	53
Other Current Assets				157	38
Property and equipment				7,249	2,740
Broadcast licenses	838,982	819,188		14,305	4,161
Goodwill	184,409	170,522	170,522	9,421	4,466
Other intangible assets				1,709	633
Other	3,289	2,629		70
Employee compensation and benefits				(109)
Other accrued expenses				(48)	(38)
Current portion of program broadcast obligations	2,467	5,422		(123)	(53)
Current portion of long-term debt	224			(24)
Long-term debt, less current portion	842,650	832,867		(86)
Total purchase price				$ 32,739	$ 12,000

Note 3 - Long-term Debt (Details) (USD $)	12 Months Ended			21 Months Ended		12 Months Ended				1 Months Ended		12 Months Ended		12 Months Ended		1 Months Ended	12 Months Ended		1 Months Ended	12 Months Ended					12 Months Ended
Note 3 - Long-term Debt (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Sep. 30, 2015 Scenario, Forecast [Member] Certain Equity Offering [Member] Maximum [Member] 2020 Notes [Member]	Sep. 30, 2015 Scenario, Forecast [Member] 2020 Notes [Member]	Dec. 31, 2013 London Interbank Offered Rate (LIBOR) [Member] 2012 Term Loan [Member]	Dec. 31, 2013 London Interbank Offered Rate (LIBOR) [Member] Excalibur Loan [Member]	Dec. 31, 2013 Federal Funds Rate [Member] Excalibur Loan [Member]	Dec. 31, 2013 2012 Senior Credit Facility [Member] Revolving Credit Facility [Member]	Oct. 18, 2013 2012 Senior Credit Facility [Member] 2012 Term Loan [Member]	Dec. 31, 2013 2012 Senior Credit Facility [Member] 2012 Term Loan [Member]	Dec. 31, 2012 2012 Senior Credit Facility [Member]	Dec. 31, 2013 2012 Senior Credit Facility [Member]	Dec. 31, 2013 Excalibur Loan [Member]	Jul. 31, 2013 Excalibur Loan [Member]	Oct. 18, 2013 2020 Notes [Member]	Dec. 31, 2012 2020 Notes [Member]	Dec. 31, 2013 2020 Notes [Member]	Oct. 18, 2013 2020 Additional Notes [Member]	Dec. 31, 2013 2020 Additional Notes [Member]	Dec. 31, 2012 2015 Notes [Member]	Dec. 31, 2013 2012 Senior Credit Facility [Member]	Dec. 31, 2012 2012 Senior Credit Facility [Member]	Dec. 31, 2013 Revolving Credit Facility [Member]	Dec. 31, 2013 Minimum [Member] Base Rate [Member] 2012 Senior Credit Facility [Member]	Dec. 31, 2013 Minimum [Member] Base Rate [Member] 2012 Term Loan [Member]	Dec. 31, 2013 Minimum [Member] London Interbank Offered Rate (LIBOR) [Member] 2012 Senior Credit Facility [Member]	Dec. 31, 2013 Minimum [Member] London Interbank Offered Rate (LIBOR) [Member] 2012 Term Loan [Member]	Dec. 31, 2013 Minimum [Member] 2012 Senior Credit Facility [Member]	Dec. 31, 2013 Maximum [Member] Base Rate [Member] 2012 Senior Credit Facility [Member]	Dec. 31, 2013 Maximum [Member] Base Rate [Member] 2012 Term Loan [Member]	Dec. 31, 2013 Maximum [Member] London Interbank Offered Rate (LIBOR) [Member] 2012 Senior Credit Facility [Member]	Dec. 31, 2013 Maximum [Member] London Interbank Offered Rate (LIBOR) [Member] 2012 Term Loan [Member]	Dec. 31, 2013 Maximum [Member] Revolving Loan [Member]
Note 3 - Long-term Debt (Details) [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity									$ 40,000,000		$ 555,000,000
Line of Credit Facility, Amount Outstanding												535,000,000	159,000,000										535,000,000
Line of Credit Facility, Interest Rate at Period End													4.80%
Deferred Finance Costs, Net												4,600,000		200,000			7,100,000	13,200,000				3,900,000
Debt Instrument, Basis Spread on Variable Rate																									1.00%	2.50%	2.00%	3.50%		1.50%	2.75%	2.50%	3.75%
Debt Instrument, Basis Spread on Variable Rate, Floor						1.00%
Debt Instrument, Basis Spread on Variable Rate, Base Rate Calculation							1.00%	0.50%
Line of Credit Facility, Commitment Fee Percentage																													0.375%					0.50%
Letters of Credit Outstanding, Amount													10,000,000
Line of Credit Facility, Remaining Borrowing Capacity	30,000,000	40,000,000																						30,000,000
Unsecured Debt																	300,000,000	675,000,000
Debt Instrument, Interest Rate, Effective Percentage														4.75%			7.30%	7.50%
Debt Instrument, Face Amount															3,000,000				375,000,000
Debt Instrument, Redemption Price, Percentage				35.00%	100.00%														102.125%
Proceeds from Unsecured Notes Payable																383,000,000
Repayments of Senior Debt										376,000,000
Long-term Debt, Gross	837,048,000												159,000,000	3,000,000				675,000,000
Interest Expense, Debt	52,445,000	59,443,000	61,777,000											30,000
Gains (Losses) on Extinguishment of Debt		(46,683,000)										(8,100,000)									(38,600,000)
Debt Issuance Cost												9,900,000					7,300,000			7,300,000
Proceeds from Debt, Net of Issuance Costs																	290,900,000
Interest Paid	$ 49,400,000	$ 53,300,000	$ 57,400,000

Note 3 - Long-term Debt (Details) - Long-term Debt Summary (USD $) In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Long-term debt:
Outstanding principal	$ 842,900	$ 832,900
Less current portion	(224)
Net carrying value	842,650	832,867
Borrowing availability under the 2012 Senior Credit Facility	30,000	40,000
2012 Senior Credit Facility [Member]
Long-term debt:
2012 Senior Credit Facility	159,000	535,000
2020 Notes [Member]
Long-term debt:
2020 Notes	675,000	300,000
Plus unamortized premium or less unamortized discount on our 2020 Notes	5,826	(2,133)
Excalibur Loan [Member]
Long-term debt:
Outstanding principal	3,000
Other Long-term Debt [Member]
Long-term debt:
Outstanding principal	48
Long-term Debt Before Unamortized Premium or Discount [Member]
Long-term debt:
Outstanding principal	$ 837,048	$ 835,000

Carrying amount of long-term debt, net of unamortized discount or premium, including current and noncurrent amounts. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.

+ References+ Details

Note 3 - Long-term Debt (Details) - Aggregate Minimum Principal Maturities on Long-term Debt (USD $) In Thousands, unless otherwise specified	Dec. 31, 2013
Note 3 - Long-term Debt (Details) - Aggregate Minimum Principal Maturities on Long-term Debt [Line Items]
2014	$ 224
2015	224
2016	200
2017	2,400
Thereafter	834,000
Total	837,048
2012 Senior Credit Facility [Member]
Note 3 - Long-term Debt (Details) - Aggregate Minimum Principal Maturities on Long-term Debt [Line Items]
Thereafter	159,000
Total	159,000
2020 Notes [Member]
Note 3 - Long-term Debt (Details) - Aggregate Minimum Principal Maturities on Long-term Debt [Line Items]
Thereafter	675,000
Total	675,000
Excalibur Loan [Member]
Note 3 - Long-term Debt (Details) - Aggregate Minimum Principal Maturities on Long-term Debt [Line Items]
2014	200
2015	200
2016	200
2017	2,400
Total	3,000
Other Long-term Debt [Member]
Note 3 - Long-term Debt (Details) - Aggregate Minimum Principal Maturities on Long-term Debt [Line Items]
2014	24
2015	24
Total	$ 48

Note 4 - Fair Value Measurement (Details) (USD $) In Millions, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Fair Value Disclosures [Abstract]
Long-term Debt	$ 842.9	$ 832.9
Long-term Debt, Fair Value	$ 877.5	$ 844.0

+ References+ Details

Note 5 - Stockholders' Equity (Details)	Dec. 31, 2013	Dec. 31, 2012
Note 5 - Stockholders' Equity (Details) [Line Items]
Capital Units, Authorized	135,000,000
Preferred Stock, Shares Authorized	20,000,000
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased	279,200
Common Class A [Member]
Note 5 - Stockholders' Equity (Details) [Line Items]
Common Stock, Shares Authorized	15,000,000	15,000,000
Stock Repurchase Program, Number of Shares Authorized to be Repurchased	5,000,000
Common Stock, Capital Shares Reserved for Future Issuance	1,000,000	1,000,000
Common Class B [Member]
Note 5 - Stockholders' Equity (Details) [Line Items]
Common Stock, Shares Authorized	100,000,000	100,000,000
Common Stock, Capital Shares Reserved for Future Issuance	7,431,473	7,892,742

Note 6 - Preferred Stock (Details) (USD $) In Millions, except Share data, unless otherwise specified	1 Months Ended	12 Months Ended
	Jul. 15, 2008	Dec. 31, 2012	Dec. 31, 2011	Jun. 26, 2008
Note 6 - Preferred Stock (Details) [Line Items]
Temporary Equity, Shares Issued (in Shares)				1,000
Stock Issue Discount, Fees and Expenses	$ 8.4
Preferred Stock, Dividend Rate, Percentage		17.00%	17.00%
Preferred Stock [Member]
Note 6 - Preferred Stock (Details) [Line Items]
Stock Repurchased and Retired During Period, Value		25.9
Payments of Dividends		$ 16.7

The number of securities classified as temporary equity that have been sold (or granted) to the entity's shareholders. Securities issued include securities outstanding and securities held in treasury. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. If convertible, the issuer does not control the actions or events necessary to issue the maximum number of shares that could be required to be delivered under the conversion option if the holder exercises the option to convert the stock to another class of equity. If the security is a warrant or a rights issue, the warrant or rights issue is considered to be temporary equity if the issuer cannot demonstrate that it would be able to deliver upon the exercise of the option by the holder in all cases. Includes stock with put option held by ESOP and stock redeemable by holder only in the event of a change in control of the issuer.

+ References+ Details

Note 7 - Stock-based Compensation (Details) (USD $)	12 Months Ended
Note 7 - Stock-based Compensation (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Note 7 - Stock-based Compensation (Details) [Line Items]
Share-based Compensation (in Dollars)	$ 1,974,000	$ 878,000	$ 136,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period		432,396
Share-based Compensation Arrangement by Share-based Payment Award Accelerated Compensation Cost (in Dollars)	1,000,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross		359,568
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value (in Dollars)	3,500,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value (in Dollars)	600,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized (in Dollars)	710,434
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	2 years
Restricted Stock [Member] \| Officer [Member]
Note 7 - Stock-based Compensation (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	318,852
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	107,224
Restricted Stock [Member] \| Director [Member]
Note 7 - Stock-based Compensation (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	63,210
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	63,210
Restricted Stock [Member]
Note 7 - Stock-based Compensation (Details) [Line Items]
Share-based Compensation (in Dollars)		400,000
Share-based Compensation Arrangement by Share-based Payment Award, Accelerated Vesting, Number	107,224
Employee Stock Option [Member]
Note 7 - Stock-based Compensation (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Shares Purchased for Award	63,616
General and Administrative Expense [Member]
Note 7 - Stock-based Compensation (Details) [Line Items]
Share-based Compensation (in Dollars)	$ 2,000,000	$ 900,000	$ 100,000
Officer [Member]
Note 7 - Stock-based Compensation (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross		359,568
Common Class A [Member] \| 2007 Incentive Plan [Member]
Note 7 - Stock-based Compensation (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	1,000,000
Common Class B [Member] \| Directors Restricted Stock Plan [Member]
Note 7 - Stock-based Compensation (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	1,000,000
2007 Incentive Plan [Member]
Note 7 - Stock-based Compensation (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	6,000,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	5,000,000
2007 Incentive Plan [Member] \| Minimum [Member]
Note 7 - Stock-based Compensation (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	2 years
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term	3 years
2007 Incentive Plan [Member] \| Maximum [Member]
Note 7 - Stock-based Compensation (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	4 years
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term	8 years
Directors Restricted Stock Plan [Member]
Note 7 - Stock-based Compensation (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	770,000

Note 7 - Stock-based Compensation (Details) - Summary of Award Activity Related to Our Common Stock (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Common stock:
Number of Shares Underlying Options	1,316,068	1,002,350	1,004,750
Weighted Average Exercise Price (in Dollars per share)	$ 5.98	$ 7.50	$ 7.51
Options exercisable at end of period	68,688	956,500	1,002,350
Options exercisable at end of period (in Dollars per share)	$ 1.99	$ 7.48	$ 7.50
Options granted		359,568
Options granted (in Dollars per share)		$ 1.99
Options exercised	(119,822)
Options exercised (in Dollars per share)	$ 2.34
Options forfeited		(8,700)	(2,400)
Options forfeited (in Dollars per share)		$ 5.32	$ 8.61
Options expired	(921,500)	(37,150)
Options expired (in Dollars per share)	$ 7.64	$ 8.72
Number of Shares Underlying Options	274,746	1,316,068	1,002,350
Weighted Average Exercise Price (in Dollars per share)	$ 1.99	$ 5.98	$ 7.50

Note 7 - Stock-based Compensation (Details) - Common Stock Options Outstanding (USD $)					12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2013 Price Range 1 [Member]
Note 7 - Stock-based Compensation (Details) - Common Stock Options Outstanding [Line Items]
Number of Options Outstanding	274,746	1,316,068	1,002,350	1,004,750	274,746
Exercise Price PerShare (in Dollars per share)	$ 1.99	$ 5.98	$ 7.50	$ 7.51	$ 1.99
Remaining Contractual Life					7 years 109 days
Numberof Options Outstanding That Are Exercisable	68,688	956,500	1,002,350		68,688
Exercise Price per Share of Options That Are Exercisable (in Dollars per share)	$ 1.99	$ 7.48	$ 7.50		$ 1.99

Note 7 - Stock-based Compensation (Details) - Summary of Restricted Shares (USD $)	12 Months Ended				12 Months Ended
	Dec. 31, 2012	Dec. 31, 2013 2007 Incentive Plan [Member]	Dec. 31, 2012 2007 Incentive Plan [Member]	Dec. 31, 2010 2007 Incentive Plan [Member]	Dec. 31, 2013 Directors Restricted Stock Plan [Member]	Dec. 31, 2012 Directors Restricted Stock Plan [Member]	Dec. 31, 2011 Directors Restricted Stock Plan [Member]
Note 7 - Stock-based Compensation (Details) - Summary of Restricted Shares [Line Items]
Number of Shares, Beginning of Period		0	0	0		10,000	33,000
Weighted- Average Grant Date Fair Value Per Share, Beginning of Period (in Dollars per share)		$ 0	$ 0	$ 0		$ 4.94	$ 5.74
Number of Shares, Granted	432,396	382,062	432,396		0	0	0
Weighted- Average Grant Date Fair Value Per Share, Granted (in Dollars per share)		$ 5.20	$ 1.65		$ 0	$ 0	$ 0
Number of Shares, Vested		(107,224)	(432,396)			(10,000)	(23,000)
Weighted- Average Grant Date Fair Value Per Share, Vested (in Dollars per share)		$ 7.16	$ 1.65			$ 4.94	$ 6.08
Number of Shares, End of Period		274,838	0	0			10,000
Weighted- Average Grant Date Fair Value Per Share, End of Period (in Dollars per share)		$ 4.43	$ 0	$ 0			$ 4.94

Note 8 - Income Taxes (Details) (USD $)	12 Months Ended
Note 8 - Income Taxes (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Note 8 - Income Taxes (Details) [Line Items]
Deferred Tax Assets, Valuation Allowance		$ 2,748,000	$ 3,157,000
Increase (Decrease) in Pension Plan Obligations		16,000,000	6,200,000	13,800,000
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax		9,761,000	(3,768,000)	(8,414,000)
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Tax		6,200,000	2,400,000	5,400,000
Income Taxes Paid, Net		500,000	800,000	500,000
Accrued Income Taxes		1,500,000	1,900,000
Unrecognized Tax Benefits that Would Impact Effective Tax Rate		1,500,000	1,600,000
Liability for Uncertain Tax Positions, Current		700,000	700,000
Unrecognized Tax Benefits, Period Increase (Decrease)	(100,000)
Domestic Tax Authority [Member]
Note 8 - Income Taxes (Details) [Line Items]
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration		225,100,000
State and Local Jurisdiction [Member] \| Valuation Allowance, Operating Loss Carryforwards [Member]
Note 8 - Income Taxes (Details) [Line Items]
Deferred Tax Assets, Valuation Allowance		2,700,000	3,200,000
State and Local Jurisdiction [Member]
Note 8 - Income Taxes (Details) [Line Items]
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration		245,000,000
Capital Loss Carryforward [Member]
Note 8 - Income Taxes (Details) [Line Items]
Valuation Allowance, Deferred Tax Asset, Change in Amount		$ 400,000	$ 1,500,000

Note 8 - Income Taxes (Details) - Federal and State Income Tax Expense (Benefit) Summary (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Current:
Federal	$ 0	$ 0	$ 0
State and local	118	974	359
State and local - reserve for uncertain tax positions	(136)	(1,015)	(905)
Current income tax benefit	(18)	(41)	(546)
Deferred:
Federal	12,218	16,854	4,860
State and local	947	2,375	225
Deferred income tax expense	13,165	19,229	5,085
Total income tax expense	$ 13,147	$ 19,188	$ 4,539

Note 8 - Income Taxes (Details) - Significant Components of Deferred Tax Liabilities and Assets (USD $) In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Deferred tax liabilities:
Net book value of property and equipment	$ 9,797	$ 10,656
Broadcast licenses, goodwill and other intangibles	285,553	277,939
Total deferred tax liabilities	295,350	288,595
Deferred tax assets:
Liability for accrued consulting		118
Liability for accrued vacation	926	850
Liability for accrued bonus	2,401	347
Loan acquisition costs	1,664	1,902
Allowance for doubtful accounts	284	309
Liability under health and welfare plan	936	636
Liability for pension plan	10,501	15,228
Federal operating loss carryforwards	78,597	87,585
State and local operating loss carryforwards	9,922	10,886
Alternative minimum tax carryforwards	386	386
Unearned income	396	613
Network compensation	174	414
Stock options	76	508
Acquisition costs	300	0
Restricted stock	192	0
Other	49	80
Total deferred tax assets	106,804	119,862
Valuation allowance for deferred tax assets	(2,748)	(3,157)
Net deferred tax assets	104,056	116,705
Deferred tax liabilities, net of deferred tax assets	$ 191,294	$ 171,890

Note 8 - Income Taxes (Details) - Reconciliation of Income Tax Expense (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Reconciliation of Income Tax Expense [Abstract]
Statutory federal rate applied to income before income tax expense	$ 11,002	$ 16,561	$ 4,751
Current year permanent items	669	825	229
State and local taxes, net of federal tax benefit	1,432	4,191	710
Change in valuation allowance	(409)	(1,463)	(252)
Reserve for uncertain tax positions	(136)	(1,015)	(905)
Other items, net	589	89	6
Income tax expense as recorded	$ 13,147	$ 19,188	$ 4,539
Effective income tax rate	41.80%	40.60%	33.40%

Note 8 - Income Taxes (Details) - Summary of Unrecognized Tax Benefits (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Summary of Unrecognized Tax Benefits [Abstract]
Balance at beginning of period	$ 880	$ 1,597	$ 2,342
Balance at end of period	782	880	1,597
Reduction in benefit from lapse in statute of limitations	$ (98)	$ (717)	$ (745)

Note 9 - Retirement Plans (Details) (USD $)	12 Months Ended		12 Months Ended								0 Months Ended			12 Months Ended
Note 9 - Retirement Plans (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013 Inflation [Member] Active Defined Benefit Pension Plan [Member]	Dec. 31, 2013 Risk-free Rate of Return [Member] Active Defined Benefit Pension Plan [Member]	Dec. 31, 2013 Risk Premium [Member] Active Defined Benefit Pension Plan [Member]	Dec. 31, 2013 Active Defined Benefit Pension Plan [Member]	Dec. 31, 2012 Active Defined Benefit Pension Plan [Member]	Dec. 31, 2011 Active Defined Benefit Pension Plan [Member]	Dec. 31, 2013 Acquired Pension Plans [Member]	Dec. 31, 2012 Acquired Pension Plans [Member]	Dec. 09, 2008 Capital Accumulation Plan [Member]	May 02, 2007 Capital Accumulation Plan [Member]	Dec. 31, 2013 Capital Accumulation Plan [Member]	Dec. 31, 2013 Collective Bargaining [Member]	Dec. 31, 2013 Minimum [Member]
Note 9 - Retirement Plans (Details) [Line Items]
Defined Benefit Plan, Accumulated Benefit Obligation						$ 72,200,000	$ 71,800,000
Inflation Rate			3.00%
Fair Value Assumptions, Risk Free Interest Rate				1.00%
Risk Premium Rate					3.00%
Number of Underfunded Pension Plans	2
Defined Benefit Plan, Fair Value of Plan Assets	58,063,000	46,662,000				58,063,000	46,662,000	35,011,000	5,500,000	4,900,000
Defined Benefit Plan, Benefit Obligation						83,533,000	83,236,000	67,033,000	6,900,000	7,400,000
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year															$ 6,100,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized (in Shares)											2,000,000	1,000,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in Shares)													1,595,753
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay	6.00%
Defined Contribution Plan, Employer Matching Contribution, Percent of Match														50.00%
Capital Accumulation Plan Contributions Vesting Period	5 years

Note 9 - Retirement Plans (Details) - Summary of Net Funded Status (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Change in projected benefit obligation:
Service cost	$ 5,165	$ 4,452	$ 3,447
Interest cost	3,553	3,315	2,943
Fair value of pension plan assets at beginning of year	46,662
Fair value of pension plan assets at end of year	58,063	46,662
Active Defined Benefit Pension Plan [Member]
Change in projected benefit obligation:
Projected benefit obligation at beginning of year	83,236	67,033
Service cost	5,165	4,452
Interest cost	3,553	3,315
Actuarial (gains) losses	(7,158)	9,546
Fair value of pension plan assets at beginning of year	46,662	35,011
Actual return on plan assets	8,216	3,728
Company contributions	4,448	9,033
Benefits paid	(1,263)	(1,110)
Fair value of pension plan assets at end of year	58,063	46,662
Funded status of pension plan	(25,470)	(36,574)
Projected benefit obligation at end of year	83,533	83,236
Amounts recognized in our balance sheets consist of:
Accrued benefit cost	(10,337)	(6,336)
Accumulated other comprehensive income	(15,133)	(30,238)
Net liability recognized	$ (25,470)	$ (36,574)

Note 9 - Retirement Plans (Details) - Estimated Rate of Increase in Compensation Levels	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Weighted-average assumptions used to determine net periodic benefit cost for our active pension plan:
Discount rate	4.31%	4.84%
Expected long-term rate of return on pension plan assets	7.00%	7.00%
Estimated rate of increase in compensation levels	5.63%	5.63%
Weighted-average assumptions used to determine benefit obligations:
Discount rate	4.97%	4.31%
Estimated rate of increase in compensation levels	5.63%	5.63%

Note 9 - Retirement Plans (Details) - Components of Net Periodic Benefit Cost for Pension Plans (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Components of net periodic pension cost:
Service cost	$ 5,165	$ 4,452	$ 3,447
Interest cost	3,553	3,315	2,943
Expected return on plan assets	(3,400)	(2,609)	(2,351)
Recognized net actuarial loss	3,131	2,527	958
Net periodic pension cost	$ 8,449	$ 7,685	$ 4,997

Note 9 - Retirement Plans (Details) - Estimated Future Benefit Payments for Subsequent Years (USD $) In Thousands, unless otherwise specified	Dec. 31, 2013
Estimated Future Benefit Payments for Subsequent Years [Abstract]
2014	$ 1,838
2015	1,981
2016	2,216
2017	2,463
2018	2,730
2019 - 2023	$ 20,973

Note 9 - Retirement Plans (Details) - Target Asset Allocation	12 Months Ended
	Dec. 31, 2013
Large Cap Equities [Member]
Asset class:
Target Plan Asset Allocations Range Minimum	23.00%
Target Plan Asset Allocations Range Maximum	91.00%
Mid Cap Equities [Member]
Asset class:
Target Plan Asset Allocations Range Minimum	0.00%
Target Plan Asset Allocations Range Maximum	15.00%
Small Cap Equities [Member]
Asset class:
Target Plan Asset Allocations Range Minimum	0.00%
Target Plan Asset Allocations Range Maximum	16.00%
International Equities [Member]
Asset class:
Target Plan Asset Allocations Range Minimum	5.00%
Target Plan Asset Allocations Range Maximum	25.00%
Fixed Income Securities [Member]
Asset class:
Target Plan Asset Allocations Range Minimum	0.00%
Target Plan Asset Allocations Range Maximum	30.00%
Cash [Member]
Asset class:
Target Plan Asset Allocations Range Minimum	0.00%
Target Plan Asset Allocations Range Maximum	20.00%

Note 9 - Retirement Plans (Details) - Active Pension Plan Fair Value Measurements (USD $) In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Assets:
Fair Value of Plan Assets	$ 58,063	$ 46,662
Insurance General Account [Member] \| Fair Value, Inputs, Level 1 [Member]
Assets:
Fair Value of Plan Assets	0	0
Insurance General Account [Member] \| Fair Value, Inputs, Level 2 [Member]
Assets:
Fair Value of Plan Assets	18,759	17,381
Insurance General Account [Member] \| Fair Value, Inputs, Level 3 [Member]
Assets:
Fair Value of Plan Assets	0	0
Insurance General Account [Member]
Assets:
Fair Value of Plan Assets	18,759	17,381
Cash Equivalents [Member] \| Fair Value, Inputs, Level 1 [Member]
Assets:
Fair Value of Plan Assets	0	0
Cash Equivalents [Member] \| Fair Value, Inputs, Level 2 [Member]
Assets:
Fair Value of Plan Assets	1,959	1,457
Cash Equivalents [Member] \| Fair Value, Inputs, Level 3 [Member]
Assets:
Fair Value of Plan Assets	0	0
Cash Equivalents [Member]
Assets:
Fair Value of Plan Assets	1,959	1,457
Equity Securities [Member] \| Fair Value, Inputs, Level 1 [Member]
Assets:
Fair Value of Plan Assets	0	0
Equity Securities [Member] \| Fair Value, Inputs, Level 2 [Member]
Assets:
Fair Value of Plan Assets	34,603	24,911
Equity Securities [Member] \| Fair Value, Inputs, Level 3 [Member]
Assets:
Fair Value of Plan Assets	0	0
Equity Securities [Member]
Assets:
Fair Value of Plan Assets	34,603	24,911
Fixed Income Securities [Member] \| Fair Value, Inputs, Level 1 [Member]
Assets:
Fair Value of Plan Assets	0	0
Fixed Income Securities [Member] \| Fair Value, Inputs, Level 2 [Member]
Assets:
Fair Value of Plan Assets	2,742	2,913
Fixed Income Securities [Member] \| Fair Value, Inputs, Level 3 [Member]
Assets:
Fair Value of Plan Assets	0	0
Fixed Income Securities [Member]
Assets:
Fair Value of Plan Assets	2,742	2,913
Fair Value, Inputs, Level 1 [Member]
Assets:
Fair Value of Plan Assets	0	0
Fair Value, Inputs, Level 2 [Member]
Assets:
Fair Value of Plan Assets	58,063	46,662
Fair Value, Inputs, Level 3 [Member]
Assets:
Fair Value of Plan Assets	$ 0	$ 0

Note 9 - Retirement Plans (Details) - Matching contributions (Capital Accumulation Plan [Member], USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Capital Accumulation Plan [Member]
Note 9 - Retirement Plans (Details) - Matching contributions [Line Items]
Matching contributions to the Capital Accumulation Plan	5,235	14,293	13,753
Matching contributions to the Capital Accumulation Plan (in Dollars)	$ 28	$ 26	$ 29

Note 10 - Commitments and Contingencies (Details) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Note 10 - Commitments and Contingencies (Details) [Line Items]
Operating Leases, Rent Expense	$ 1,600,000	$ 1,500,000	$ 1,500,000
Contractual Obligation	346,950,000
University of Kentucky [Member]
Note 10 - Commitments and Contingencies (Details) [Line Items]
Contractual Obligation	13,300,000
Equity Option [Member]
Note 10 - Commitments and Contingencies (Details) [Line Items]
Derivative Liability	$ 1,400,000

Note 10 - Commitments and Contingencies (Details) - Future Minimum Payments of Operating Lease Commitments [Line Items]

Fair value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset.

+ References+ Details

Note 10 - Commitments and Contingencies (Details) - Future Minimum Payments of Operating Lease Commitments (USD $)
In Thousands, unless otherwise specified

Dec. 31, 2013

$ 1,679

323,565

1,155

9,996

978

6,795

701

2,240

639

1,059

2,716

3,295

7,868

346,950

Acquisition Commitment [Member]

Note 10 - Commitments and Contingencies (Details) - Future Minimum Payments of Operating Lease Commitments [Line Items]

2014

317,950

^[1]

^[1]

^[1]

^[1]

^[1]

^[1]

317,950

^[1]

Equipment [Member]

Note 10 - Commitments and Contingencies (Details) - Future Minimum Payments of Operating Lease Commitments [Line Items]

2014

592

Total

592

Syndicated Television Programming [Member]

Note 10 - Commitments and Contingencies (Details) - Future Minimum Payments of Operating Lease Commitments [Line Items]

3,344

8,841

5,817

1,539

420

579

$ 20,540

[1]	Gives effect to amounts receivable in connection with required station divestitures arising from such acquisitions.

Note 11 - Goodwill and Intangible Assets (Details) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of Intangible Assets	$ 336,000	$ 75,000	$ 125,000
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months	972,000
Finite-Lived Intangible Assets, Amortization Expense, Year Two	593,000
Finite-Lived Intangible Assets, Amortization Expense, Year Three	157,000
Finite-Lived Intangible Assets, Amortization Expense, Year Four	152,000
Finite-Lived Intangible Assets, Amortization Expense, Year Five	$ 141,000

Note 11 - Goodwill and Intangible Assets (Details) - Summary of Changes in Goodwill and Other Intangible Assets (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Finite-Lived Intangible Assets [Line Items]
Beginning Balance, Goodwill	$ 170,522	$ 170,522
Adjustments, Goodwill	13,887	0
Impairment, Goodwill	0	0
Ending Balance, Goodwill	184,409	170,522	170,522
Beginning Balance	819,188
Adjustments	36,024	207
Impairment	0	0
Amortization	(336)	(75)	(125)
Ending Balance	838,982	819,188
Beginning Balance	990,347	990,215
Ending Balance	1,026,035	990,347	990,215
Broadcast Licenses [Member]
Finite-Lived Intangible Assets [Line Items]
Beginning Balance	819,188	818,981
Adjustments	19,794	207
Impairment	0	0
Amortization	0	0
Ending Balance	838,982	819,188
Other Intangible Assets [Member]
Finite-Lived Intangible Assets [Line Items]
Adjustments	2,343	0
Impairment	0	0
Amortization	(336)	(75)
Beginning Balance	637	712
Ending Balance	2,644	637
Beginning Balance	637
Ending Balance	$ 2,644	$ 637

Note 11 - Goodwill and Intangible Assets (Details) - Summary of Changes in Goodwill (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Summary of Changes in Goodwill [Abstract]
Goodwill, gross	$ 283,005	$ 269,118	$ 269,118
Goodwill, gross	13,887	0
Goodwill, gross	0	0
Accumulated goodwill impairment	(98,596)	(98,596)	(98,596)
Goodwill, net	184,409	170,522	170,522
Goodwill, net	13,887	0
Goodwill, net	$ 0	$ 0

Note 11 - Goodwill and Intangible Assets (Details) - Intangible Assets and Related Accumulated Amortization (USD $) In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Intangible assets not subject to amortization:
Broadcast licenses	$ (68,145)	$ (67,810)
Broadcast licenses	838,982	819,188
Goodwill	283,005	269,118	269,118
Goodwill	184,409	170,522	170,522
Gross	1,094,180	1,058,157
Accumulated Amortization	(68,145)	(67,810)
Net	1,026,035	990,347	990,215
Broadcast Licenses [Member]
Intangible assets not subject to amortization:
Broadcast licenses	892,681	872,887
Broadcast licenses	(53,699)	(53,699)
Broadcast licenses	838,982	819,188	818,981
Accumulated Amortization	(53,699)	(53,699)
Goodwill [Member]
Intangible assets not subject to amortization:
Goodwill	184,409	170,522
Goodwill	184,409	170,522
Intangible Assets Not Subject to Amortization [Member]
Intangible assets not subject to amortization:
Broadcast licenses	(53,699)	(53,699)
Gross	1,077,090	1,043,409
Accumulated Amortization	(53,699)	(53,699)
Net	1,023,391	989,710
Licensing Agreements [Member]
Intangible assets not subject to amortization:
Broadcast licenses	(1,264)	(1,264)
Gross	1,264	1,264
Accumulated Amortization	(1,264)	(1,264)
Net	0	0
Other Intangible Assets [Member]
Intangible assets not subject to amortization:
Broadcast licenses	(13,182)	(12,847)
Gross	15,826	13,484
Accumulated Amortization	(13,182)	(12,847)
Net	2,644	637
Intangible Assets Subject to Amortization [Member]
Intangible assets not subject to amortization:
Broadcast licenses	(14,446)	(14,111)
Gross	17,090	14,748
Accumulated Amortization	(14,446)	(14,111)
Net	$ 2,644	$ 637

Note 13 - Selected Quarterly Financial Data (Unaudited) (Details) - Selected Quarterly Financial Data (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended								12 Months Ended
	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Selected Quarterly Financial Data [Abstract]
Revenue (less agency commissions)	$ 95,556	$ 88,288	$ 84,285	$ 78,169	$ 126,587	$ 102,879	$ 94,691	$ 80,674	$ 346,298	$ 404,831	$ 307,131
Operating income	23,288	24,220	21,312	15,060	58,511	41,063	33,046	20,821	83,880	153,441	75,348
Net income	5,201	7,073	5,144	870	(2,109)	15,873	10,994	3,371	18,288	28,129	9,035
Net income available to common stockholders	$ 5,201	$ 7,073	$ 5,144	$ 870	$ (2,613)	$ 14,640	$ 9,815	$ 2,192	$ 18,288	$ 24,034	$ 1,795
Basic net income per share available to common stockholders (in Dollars per share)	$ 0.09	$ 0.12	$ 0.09	$ 0.02	$ (0.05)	$ 0.26	$ 0.17	$ 0.04	$ 0.32	$ 0.42	$ 0.03
Diluted net income per share available to common stockholders (in Dollars per share)	$ 0.09	$ 0.12	$ 0.09	$ 0.02	$ (0.05)	$ 0.26	$ 0.17	$ 0.04	$ 0.32	$ 0.42	$ 0.03

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References+ Details

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References+ Details

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.