Accounts receivable, less allowance for doubtful accountsof $1,667 and $730, respectively

Cash

$ 30,769

$ 13,478

106,692

70,047

Deferred tax asset

18,855

34,113

Prepaid and other current assets

2,223

5,293

Total current assets

168,304

130,587

Property and equipment, net

221,811

143,621

Deferred loan costs, net

18,651

17,293

Broadcast licenses

1,023,580

838,982

Goodwill

374,390

184,409

Other intangible assets, net

47,802

2,644

Investment in broadcasting company

13,599

Other

3,443

3,289

Total assets (1)

1,871,580

^[1]

1,334,424

^[1]

Employee compensation and benefits

Accounts payable

4,613

2,256

25,160

16,759

Accrued interest

17,623

12,703

Deferred revenue

7,486

2,522

Acquisition related liabilities

9,739

Current portion of long-term debt

224

Total current liabilities

80,022

63,085

Other accrued expenses

6,218

5,158

Federal and state income taxes

1,894

1,550

Long-term debt, less current portion

1,236,401

842,650

Program broadcast obligations, less current portion

2,000

1,520

Deferred income taxes

292,679

225,407

Accrued pension costs

43,334

26,925

Other

952

827

Total liabilities (1)

1,655,388

^[1]

1,160,414

^[1]

Stockholders’ equity:

Common stock

486,317

483,055

Accumulated deficit

(202,939)

(251,000)

Accumulated other comprehensive loss, net of income tax benefit

(20,812)

(10,409)

279,662

236,967

Treasury stock

(41,072)

(40,559)

Total stockholders’ equity

216,192

174,010

Total liabilities, preferred stock and stockholders’ equity

1,871,580

1,334,424

Common Class A [Member]

Stockholders’ equity:

Common stock

17,096

15,321

Treasury stock

(22,398)

Syndicated Program Film Rights Current [Member]

Current portion of program broadcast rights, net

9,765

7,656

Program broadcast rights and obligations

(9,765)

(7,656)

Network Programming Obligations Current [Member]

Current portion of program broadcast rights, net

(7,129)

(2,467)

Program broadcast rights and obligations

7,129

2,467

Syndicated Program Film Obligations Current Current [Member]

Current portion of program broadcast rights, net

(9,899)

(9,707)

Program broadcast rights and obligations

$ 9,899

$ 9,707

[1]

Our consolidated total assets as of December 31, 2013 included total assets of $6.8 million of a variable interest entity ("VIE"). Our consolidated total liabilities as of December 31, 2013 included total liabilities of $3.1 million of the VIE. Our consolidated total assets and total liabilities did not include a VIE as of December 31, 2014.

Consolidated Balance Sheets (Parentheticals) (USD $) In Thousands, except Share data, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Allowance for doubtful accounts (in Dollars)	$ 1,667	$ 730
VIE assets (in Dollars)	0	6,800
VIE liabilities (in Dollars)	$ 0	$ 3,100
Common stock, par value (in Dollars per share)	$ 0	$ 0
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	57,326,180	57,010,878
Treasury stock, shares	4,814,716	4,768,925
Common Class A [Member]
Common stock, par value (in Dollars per share)	$ 0	$ 0
Common stock, shares authorized	15,000,000	15,000,000
Common stock, shares issued	7,567,868	7,331,574
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, 2014	Dec. 31, 2013	Dec. 31, 2012
Revenue (less agency commissions)	$ 508,134	$ 346,298	$ 404,831
Operating expenses before depreciation, amortization, and loss on disposals of assets, net:
Broadcast	285,990	217,411	212,286
Corporate and administrative	29,203	19,810	15,927
Depreciation	30,248	24,096	23,133
Amortization of intangible assets	8,297	336	75
Loss (gain) on disposals of assets, net	623	765	(31)
Operating expenses	354,361	262,418	251,390
Operating income	153,773	83,880	153,441
Other income (expense):
Miscellaneous income, net	23		2
Interest expense	(68,913)	(52,445)	(59,443)
Loss from early extinguishment of debt	(5,086)		(46,683)
Income before income taxes	79,797	31,435	47,317
Income tax expense	31,736	13,147	19,188
Net income	48,061	18,288	28,129
Preferred stock dividends (includes accretion of issuance costs of $0, $0 and $1,081, respectively)			4,095
Net income available to common stockholders	$ 48,061	$ 18,288	$ 24,034
Basic per share information:
Net income available to common stockholders (in Dollars per share)	$ 0.83	$ 0.32	$ 0.42
Weighted average shares outstanding (in Shares)	57,862	57,630	57,170
Diluted per share information:
Net income available to common stockholders (in Dollars per share)	$ 0.82	$ 0.32	$ 0.42
Weighted average shares outstanding (in Shares)	58,364	57,972	57,262
Dividends declared per common share (in Dollars per share)	$ 0	$ 0	$ 0

Consolidated Statements of Comprehensive Income (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Net income	$ 48,061	$ 18,288	$ 28,129
Other comprehensive (loss) income:
Adjustment to pension liability	(17,053)	16,001	(6,176)
Income tax (benefit) expense	(6,650)	6,240	(2,408)
Other comprehensive (loss) income	(10,403)	9,761	(3,768)
Comprehensive income	$ 37,658	$ 28,049	$ 24,361

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

+ References+ Details

Consolidated Statement of Stockholders' Equity (USD $) In Thousands, except Share data, unless otherwise specified	Common Class A [Member] Common Stock [Member] Restricted Stock [Member] 2007 Incentive Plan [Member]	Common Class A [Member] Common Stock [Member] USD ($)	Common Class A [Member] Treasury Stock [Member] USD ($)	Common Stock [Member] Restricted Stock [Member] 2007 Incentive Plan [Member]	Common Stock [Member] Employee Stock Option [Member] 2007 Incentive Plan [Member] USD ($)	Common Stock [Member] 401(k) Plan [Member] USD ($)	Common Stock [Member] USD ($)	Retained Earnings [Member] USD ($)	Treasury Stock [Member] Restricted Stock [Member] 2007 Incentive Plan [Member] USD ($)	Treasury Stock [Member] USD ($)	Accumulated Other Comprehensive Income (Loss) [Member] USD ($)	Restricted Stock [Member] 2007 Incentive Plan [Member] USD ($)	Restricted Stock [Member] USD ($)	Employee Stock Option [Member] 2007 Incentive Plan [Member] USD ($)	401(k) Plan [Member] USD ($)	Total USD ($)
Balance at Dec. 31, 2011		$ 15,321	$ (22,398)				$ 479,869	$ (293,322)		$ (40,115)	$ (16,402)					$ 122,953
Balance (in Shares) at Dec. 31, 2011		7,331,574	(1,578,554)				56,057,070			(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:
Issuance of common stock						26			(188)			(188)			26	26
Issuance of common stock (in Shares)				432,396		14,293			(84,712)							14,293
Share-based compensation							878						400			878
Balance at Dec. 31, 2012		15,321	(22,398)				480,773	(269,288)		(40,303)	(20,170)					143,935
Balance (in Shares) at Dec. 31, 2012		7,331,574	(1,578,554)				56,503,759			(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:
Issuance of common stock					280	28			(256)			(256)		280	28	28
Issuance of common stock (in Shares)				382,062	119,822	5,235			(29,463)							5,235
Share-based compensation							1,974									1,974
Balance at Dec. 31, 2013		15,321	(22,398)				483,055	(251,000)		(40,559)	(10,409)					174,010
Balance (in Shares) at Dec. 31, 2013		7,331,574	(1,578,554)				57,010,878			(4,768,925)
Net income								48,061								48,061
Adjustment to pension liability, net of income tax											(10,403)					(10,403)
Issuance of common stock:
Issuance of common stock						25			(513)			(513)			25	25
Issuance of common stock (in Shares)	236,294			312,961		2,341			(45,791)							2,341
Share-based compensation		1,775					3,237									5,012
Balance at Dec. 31, 2014		$ 17,096	$ (22,398)				$ 486,317	$ (202,939)		$ (41,072)	$ (20,812)					$ 216,192
Balance (in Shares) at Dec. 31, 2014		7,567,868	(1,578,554)				57,326,180			(4,814,716)

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

+ References+ 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, 2014	Dec. 31, 2013	Dec. 31, 2012
Operating activities
Net income	$ 48,061	$ 18,288	$ 28,129
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	30,248	24,096	23,133
Amortization of intangible assets	8,297	336	75
Amortization of deferred loan costs	2,970	1,903	2,723
Net amortization of original issue discount and premium related long-term debt	(863)	(9)	1,127
Amortization of restricted stock and stock option awards	5,012	1,974	878
Loss from early extinguishment of debt	5,086		46,683
Amortization of program broadcast rights	12,871	11,367	11,081
Payments on program broadcast obligations	(15,087)	(11,433)	(11,839)
Common stock contributed to 401(k) plan	25	28	26
Deferred revenue, network compensation		(615)	(687)
Deferred income taxes	30,938	13,165	19,229
Loss (gain) on disposals of assets, net	623	765	(31)
Other	(778)	3,460	(1,806)
Changes in operating assets and liabilities:
Accounts receivable	(17,442)	(7,391)	(389)
Other current assets	4,898	(1,951)	(372)
Accounts payable	2,197	133	274
Employee compensation, benefits and pension costs	6,964	6,915	(1,775)
Accrued network fees and other expenses	1,685	(2,385)	5,716
Accrued interest	4,920	2,489	2,275
Income taxes payable	345	(362)	(883)
Deferred revenue, current portion	3,249	(534)	(176)
Net cash provided by operating activities	134,219	60,239	89,372
Investing activities
Acquisitions of television businesses and licenses	(461,185)	(36,623)
Purchases of property and equipment	(32,215)	(24,053)	(24,523)
Proceeds from asset sales	1,508	236	1,586
Payments of acquisition related liabilities	(10,000)	(93)	(129)
Other		6	(240)
Net cash used in investing activities	(501,892)	(60,527)	(23,306)
Financing activities
Proceeds from borrowings on long-term debt	644,000	390,926	855,798
Repayments of borrowings on long-term debt	(249,623)	(381,003)	(856,292)
Deferred and other loan costs	(9,413)	(7,504)	(17,042)
Series D perpetual preferred stock dividends paid			(16,731)
Proceeds from issuance of common stock		280
Repurchase of Series D perpetual preferred stock			(25,922)
Net cash provided by (used in) financing activities	384,964	2,699	(60,189)
Net increase in cash	17,291	2,411	5,877
Cash at beginning of period	13,478	11,067	5,190
Cash at end of period	$ 30,769	$ 13,478	$ 11,067

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

12 Months Ended

Dec. 31, 2014

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.

As of February 1, 2015, we owned and operated television stations in 44 television markets broadcasting a total of 140 programming streams, including 26 affiliates of CBS Network (“CBS”), 24 affiliates of the NBC Network (“NBC”), 16 affiliates of the ABC Network (“ABC”) and ten affiliates of the FOX Network (“FOX”).

Within a market, we broadcast secondary digital channels that are in addition to our primary broadcast channels. Our secondary digital 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, MyNetworkTV, the MeTV Network, This TV Network, Antenna TV, Telemundo, Heros and Icons, and MOVIES! Network. We also broadcast ten local news/weather channels in certain of our existing markets. Our combined TV station group reaches approximately 8.0% of total United States television households.

Principles of Consolidation

Gray’s consolidated financial statements include our accounts and those of our wholly-owned and majority-owned subsidiaries. During a portion of the year ended December 31, 2014, and as of, and for the year ended December 31, 2013, our financial statements included the accounts of a variable interest entity (“VIE”) for which we were the primary beneficiary. All intercompany accounts and transactions have been eliminated in consolidation.

Variable Interest Entity

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. 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 provided certain services, including back-office, engineering and sales support, and a lease agreement, pursuant to which we provided studio and office space, to Excalibur. In connection with the consummation of Excalibur’s acquisition of KJCT-TV’s license assets, Excalibur incurred approximately $3.0 million of debt that Gray guaranteed.

Based on the terms of our agreements with, the significance of our investment in, and our guarantee of the debt of, Excalibur, we determined that Excalibur was a VIE of Gray from October 2013 until December 15, 2014, the date that we exercised the option to acquire the assets of Excalibur (the “Excalibur Option”). Included in our consolidated statements of operations for the years ended December 31, 2014 and 2013 are revenue of $2.1 million and $0.4 million, respectively, attributable to Excalibur as a VIE. Upon our acquisition of the assets of Excalibur on December 15, 2014, those assets and Excalibur’s operations were included in our consolidated financial statements consistent with our ownership.

On December 15, 2014, we exercised the Excalibur Option for a purchase price equal to its outstanding indebtedness, including accrued interest, of $3.0 million, which was then retired, resulting in the termination of our guarantee of Excalibur’s debt.

The carrying amounts and classification of the assets and liabilities of Excalibur described above included in our consolidated balance sheet as of December 31, 2013, were 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

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.

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, 2014, 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 majority 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 that has not yet been recognized as revenue is presented as deferred revenue. Revenue that has been earned but not yet received is recognized as revenue and presented as a receivable.

Trade and Barter Transactions

We account for trade 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 revenue and expense recognized for each of the years ended December 31, 2014, 2013 and 2012 were as follows (amounts in thousands):

	Year Ended December 31,
	2014			2013			2012
Trade revenue	$	2,174		$	1,390		$	1,248
Trade expense		(2,287	)		(1,262	)		(1,267	)
Net trade (loss) income	$	(113	)	$	128		$	(19	)

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 $1.1 million, $0.9 million and $0.9 million for the years ended December 31, 2014, 2013 and 2012, 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 $1.3 million, $0.4 million and $0.1 million for the years ended December 31, 2014, 2013 and 2012, 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
	2014			2013			(in years)
Property and equipment:
Land	$	32,085		$	25,656
Buildings and improvements		77,477			59,021			7 to 40
Equipment		394,569			323,603			3 to 20
		504,131			408,280
Accumulated depreciation		(282,320	)		(264,659	)
Total property and equipment, net	$	221,811		$	143,621

For the year ended December 31, 2014, our total property and equipment balance, before accumulated depreciation, increased approximately $78.3 million as a result of acquisitions. The remaining change in the balances between December 31, 2013 and December 31, 2014 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 2015 through 2062. The liability recognized for our asset retirement obligations was approximately $600,000 and $516,000 as of December 31, 2014 and 2013, respectively. During the years ended December 31, 2014, 2013 and 2012, we recorded expenses of $6,000, $17,000 and $25,000, 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.

Excluding political advertisers, for the year ended December 31, 2014, approximately 26%, 11% 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, 2013 and 2012. 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, 2014, 2013 and 2012 (in thousands):

	Year Ended December 31,
	2014		2013		2012
Weighted-average shares outstanding – basic		57,862		57,630		57,170
Weighted-average shares underlying stock options and restricted shares		502		342		92
Weighted-average shares outstanding - diluted		58,364		57,972		57,262

Valuation of Broadcast Licenses, Goodwill and Other Intangible Assets

From January 1, 1994 through December 31, 2014, 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 that 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 test for impairment during the relevant reporting period. For goodwill, we have elected to bypass the qualitative assessment provisions and to perform the prescribed testing steps for goodwill on an annual basis.

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, 2014, our market capitalization was greater than the book value of our net assets.

Accumulated Other Comprehensive Loss

Our accumulated other comprehensive loss balances as of December 31, 2014 and 2013 consist of adjustments to our pension liabilities net of related income tax benefits as follows (in thousands):

	December 31,
	2014			2013
Accumulated balances of items included in accumulated other comprehensive loss:
Increase in pension liability	$	(34,117	)	$	(17,064	)
Income tax benefit		(13,305	)		(6,655	)
Accumulated other comprehensive loss	$	(20,812	)	$	(10,409	)

Recent Accounting Pronouncements

In May 2014, the Financial Accounting Standards Board (or “FASB”) issued Audit Standards Update (or “ASU”) No. 2014-09 - Revenue from Contracts with Customers (Topic 606). ASU 2014-09 provides new guidance on revenue recognition for revenue from contracts with customers and will replace most existing revenue recognition guidance when it becomes effective. This guidance requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The standard is intended to improve comparability of revenue recognition practices across entities and provide more useful information through improved financial statement disclosures. The standard is effective for annual reporting periods beginning after December 15, 2016. Early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. We are currently evaluating the impact of the requirements of this standard on our financial statements.

In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements - Going Concern (Subtopic 205-40) - Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. ASU 2014-15 defines management’s responsibility to evaluate whether there are conditions and events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern. This evaluation is required for each interim and annual period. The standard is intended to reduce diversity in the timing and content of footnote disclosures and require management to assess an entity’s ability to continue as a going concern by incorporating and expanding upon certain principles that are currently in U.S. auditing standards. The standard is effective for interim and annual periods ending after December 15, 2016. Early application is permitted. We do not expect the implementation of the amendments in this standard to have a material impact on our financial statements.

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, 2014

Business Combinations [Abstract]

2. Acquisitions

2014 Acquisitions:

Hoak Acquisition

On June 13, 2014, we completed the acquisition of 100% of the capital stock of certain wholly owned subsidiaries of Hoak Media, LLC (“Hoak”) for total purchase price of approximately $299.9 million (the “Hoak Acquisition”). The following stations were owned by the subsidiaries we acquired in the Hoak Acquisition:

Station	Network Affiliation	Market

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

The Hoak Acquisition also included our assumption of Hoak’s interest in certain operating agreements, and the acquisition of certain non-license assets, of KHAS-TV, which served the Lincoln-Hastings, Nebraska market. On June 13, 2014, we transferred the programing of KHAS-TV to KSNB-TV, a station owned by Gray that also serves the Lincoln-Hastings, Nebraska, market. We used borrowings under the 2014 Senior Credit Facility, defined below, to fund the purchase price to complete the Hoak Acquisition.

As a component of the Hoak Acquisition, Gray assumed Hoak’s rights under certain agreements with Parker Broadcasting, Inc. (“Parker”) to provide back-office services, sales support and limited programming to KXJB-TV and KAQY-TV (each, a “Parker Agreement”). The Parker Agreements terminated upon the completion of the Parker Acquisition (defined below).

The Hoak Acquisition also included two subsidiaries with television stations located in the Panama City, Florida (KREX) and Grand Junction, Colorado (WMBB) markets. In anticipation of potential regulatory concerns, shortly after entering into our definitive purchase agreements with Hoak, we entered into a separate agreement with Nexstar Broadcasting Group, Inc. (“Nexstar”), pursuant to which Nexstar agreed to purchase these subsidiaries through us concurrent with the closing of the Hoak Acquisition for approximately $33.5 million. Accordingly, on June 13, 2014 when we closed the Hoak Acquisition, Nexstar directly transferred the consideration for this agreement along with working capital adjustments to Hoak and we immediately divested those subsidiaries to Nexstar. Nexstar’s consideration paid directly to Hoak is not included in our total purchase price for Hoak of $299.9 million.

SJL Acquisition

On September 15, 2014, we acquired from SJL Holdings, LLC and SJL Holdings II, LLC, 100% of the capital stock of the entities that own and operate WJRT-TV and WTVG-TV, respectively, which are the ABC-affiliated television stations serving the Flint-Saginaw-Bay City, Michigan, and Toledo, Ohio, television markets, respectively, for total purchase price of $131.5 million (the “SJL Acquisition”). Of the total purchase price, $28.1 million was used to pay-off the sellers' debt. We funded the SJL Acquisition with a combination of cash from operations and borrowings under our 2014 Senior Credit Facility, defined below.

KEVN Acquisition

On May 1, 2014, we acquired from Mission TV, LLC 100% of the capital stock of the entity that operates KEVN-TV and its satellite station, KIVV-TV (collectively, the “KEVN Stations”) The KEVN Stations are affiliated with FOX and serve the Rapid City, South Dakota market. The total purchase price to complete the KEVN Acquisition was approximately $8.8 million (the “KEVN Acquisition”). Of the total purchase price, $3.6 million was used to pay-off the sellers' debt. The purchase price to complete the KEVN Acquisition was funded with a combination of cash from operations and borrowings under our 2012 Senior Credit Facility, defined below.

KNDX Acquisition

On May 1, 2014, we acquired from Prime Cities Broadcasting, Inc. (“Prime Cities”) certain assets of KNDX-TV and its satellite station KXND-TV, as well as certain non-license assets of low power stations KNDX-LP and KXND-LP. These four stations served as FOX affiliates for the Minot-Bismarck, North Dakota television market. On June 13, 2014, we transferred the programing of KNDX-TV and KXND-TV to the television stations that we acquired from Hoak in the Minot-Bismarck, North Dakota television market. On June 27, 2014, we acquired the low power FCC licenses of KNDX-LP and KXND-LP from Prime Cities. We refer to the acquisition of these assets from Prime Cities as the “KNDX Acquisition.” The total purchase price was $7.5 million, which was funded with a combination of cash from operations and borrowings under our 2012 Senior Credit Facility, defined below.

Parker Acquisition

Also in 2014, we acquired 100% of the capital stock of two of Parker’s subsidiaries, Parker Broadcasting of Dakota, LLC and Parker Broadcasting of Louisiana, LLC (collectively, the “Parker Acquisition”). Parker Broadcasting of Dakota, LLC owned certain non-license assets of KXJB-TV, which was affiliated with the CBS network and served the Fargo, North Dakota television market. Parker Broadcasting of Louisiana LLC owned certain non-license assets of KAQY-TV, which was affiliated with the ABC network and served the Monroe, Louisiana television market. On September 25, 2014, we completed the acquisition of the outstanding capital stock of Parker Broadcasting of Louisiana LLC and transferred the programing of KAQY-TV to KNOE-TV, a station owned by Gray that also serves the Monroe, Louisiana, television market. On December 1, 2014, we completed the acquisition of Parker Broadcasting of Dakota, LLC and transferred the programming of KXJB-TV to KVLY-TV, a station owned by us that also serves the Fargo, North Dakota television market. Upon the completion of the Parker Acquisition, the Parker Agreements were terminated.

The purchase price to complete the Parker Acquisition was $6.7 million, of which approximately $1.7 million was allocated to the Parker Broadcasting of Louisiana transaction, and $5.0 million was allocated to the Parker Broadcasting of Dakota transaction. The purchase price to complete the Parker Acquisition was funded with a combination of cash from operations and borrowings under our 2014 Senior Credit Facility, defined below.

WQCW Acquisition

On April 1, 2014, we acquired the assets of WQCW-TV, Portsmouth, Ohio from Lockwood Broadcast Group (the "WQCW Acquisition"). WQCW-TV serves as the CW affiliate for the Charleston/ Huntington, West Virginia television market, where we own and operate WSAZ-TV, the market's NBC affiliate. The purchase price of the WQCW Acquisition was approximately $5.5 million, which was funded with cash from operations.

Helena Acquisition

On November 1, 2014, we acquired from Beartooth Communications Company the assets of KTVH-TV and KBGF-LD, which are NBC affiliates in the Helena, Montana and Great Falls, Montana markets, respectively; and on December 1, 2014 we acquired from Rocky Mountain Broadcasting Company the assets of KMTF-TV the CW affiliate for the Helena, Montana market (collectively, the “Helena Acquisition”). Total purchase price for both acquisitions was approximately $1.9 million, which was funded with cash from operations.

For our 2014 Acquisitions, the estimated fair values as of the acquired assets, assumed liabilities and the resulting goodwill are summarized as follows (in thousands):

	Acquisition
	Hoak			SJL			KEVN			KNDX			Parker			WQCW			Helena

Cash	$	-		$	-		$	615		$	-		$	-		$	-		$	-
Accounts receivable		10,722			7,132			569			-			765			-			14
Other current assets		509			1,946			96			39			964			45			49
Property and equipment		45,382			23,508			3,888			2,576			722			991			1,230
Goodwill		131,632			50,941			2,717			1,839			1,932			802			70
Broadcast licenses		91,958			86,685			1,675			500			-			3,691			146
Other intangible assets		35,386			10,091			1,786			2,584			3,163			15			431
Other non-current assets		-			253			29			15			16			-			-
Current liabilities		(3,544	)		(4,936	)		(211	)		(36	)		(826	)		(45	)		(90	)
Other long-term liabilities		-			(379	)		(38	)		(17	)		(5	)		-			-
Deferred income tax liabilities		(12,188	)		(43,712	)		(2,341	)		-			-			-			-

Total	$	299,857		$	131,529		$	8,785		$	7,500		$	6,731		$	5,499		$	1,850

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.

Accounts receivable are recorded at their fair value that represents the amount we expect to collect. Gross contractual amounts receivable are approximately $0.3 million more than their recorded fair value.

Property and equipment are recorded at their fair value and are being depreciated over their estimated useful lives ranging from three years to 40 years.

The amount related to other intangible assets primarily represents the estimated fair values of retransmission agreements of $34.2 million; advertising client relationships of $13.1 million; and income leases of $4.1 million. These intangible assets are being amortized over the estimated remaining useful lives of 4.4 years for retransmission agreements; 5.5 years for advertising client relationships; and 8.3 years for income leases. 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 of $88.6 million related to asset acquisitions and for those stock acquisitions that are treated as asset acquisitions based on the tax elections made, will be deductible for tax purposes. We believe that the value of a television station is derived primarily from the attributes of its broadcast license rather than its network affiliation. Consistent with that determination, no fair value was separately allocated to the acquired network affiliation agreements in our 2014 acquisitions. The primary areas of the preliminary purchase price allocation included in the table above, which are not yet finalized, relate to the fair values of property and equipment, deferred income tax liabilities and residual goodwill. Management expects to continue to obtain information to assist in finalizing these preliminary valuations during the measurement period (up to one year from the acquisition date).

In connection with our acquisitions in 2014 we incurred transaction costs totaling $6.2 million that are included in our corporate and administrative expenses.

2013 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, which we exercised and completed on October 2, 2014, acquiring the remaining 1% of the equity of Yellowstone for $10.0 million. Accordingly, the letter of credit securing that obligation has since been terminated. The total consideration for this acquisition was approximately $32.7 million.

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, which broadcasts ABC, CW, Telemundo and local programming in the Grand Junction, Colorado, market. At that time, Excalibur acquired the license assets of KJCT-TV for approximately $3.0 million, and we 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 provided certain services, including back office, engineering and sales support, and a lease agreement pursuant to which we provided studio and office space to Excalibur. Also in connection with these arrangements, we paid $0.5 million to enter into a put and call option agreement with Excalibur, which we exercised on December 15, 2014, acquiring the assets of Excalibur for a purchase price equal to their outstanding indebtedness of $2.9 million, which was then retired, resulting in a loss on extinguishment of debt of $0.2 million and the termination of our guarantee of Excalibur’s debt. Upon the acquisition of those assets, the primary license of KJCT-TV, the related transmitter and tower were sold to a third party for $75,000, resulting in a loss on disposal of assets of $269,000 in the year ended December 31, 2014. In addition to the tangible assets acquired, we also acquired the various program streams and network affiliations formerly broadcast by Excalibur, which we have transferred to our existing operations the Grand Junction, Colorado market. The total consideration paid to acquire KJCT-TV was $12.0 million.

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.

For our 2013 Acquisitions, the estimated fair values as of the acquired assets, assumed liabilities and the resulting goodwill are summarized as follows (in thousands):

	Acquisition
	Yellowstone			Excalibur

Cash	$	95		$	-
Other current assets		280			91
Property and equipment		7,249			2,740
Goodwill		9,421			4,466
Broadcast licenses		14,305			4,161
Other intangible assets		1,709			633
Other non-current assets		70			-
Current liabilities		(304	)		(91	)
Longterm debt, less current portion		(86	)		-

Total	$	32,739		$	12,000

These amounts were 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 primarily the estimated fair values of retransmission agreements of $1.4 million and advertising client relationships of $0.6 million. These intangible assets are being amortized over the estimated remaining useful lives of 1.8 years for retransmission agreements and 7.1 years for advertising client relationships. 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. Goodwill will be deductible for tax purposes.

Preliminary Pro Forma Financial Information

The following table sets forth certain unaudited pro forma results of operations of the Company for the years ended December 31, 2014 and 2013 assuming that the Hoak Acquisition and the SJL Acquisition, along with transactions necessary to finance the Hoak Acquisition and the SJL Acquisition, occurred on January 1, 2013 (in thousands, except per share data):

	Year Ended December 31,
	2014		2013

Revenue (less agency commissions)	$	565,251	$	445,443
Net income	$	50,771	$	20,665

Basic net income per share	$	0.88	$	0.36
Diluted net income per share	$	0.87	$	0.36

This pro forma financial information is based on each of Gray’s, Hoak’s and SJL’s historical results of operations, adjusted for the effect of preliminary fair value estimates and other acquisition accounting adjustments, and is not necessarily indicative of what our results would have been had we completed each of the Hoak Acquisition and the SJL Acquisition on January 1, 2013 or on any other historical date, nor is it reflective of our expected results of operations for any future period. The pro forma adjustments for the years ended December 31, 2014 and 2013 reflect (i) depreciation expense and amortization of finite-lived intangible assets related to the fair value of the assets acquired, (ii) additional interest expense related to the financing of each of the Hoak Acquisition and the SJL Acquisition, (iii) the loss from early extinguishment of debt as if the amendment and restatement of our senior credit facility had ocurred on January 1, 2013, rather than in 2014, and (iv) the related tax effects of the adjustments. This pro forma financial information has been prepared based on estimates and assumptions that we believe are reasonable as of the date hereof, and are subject to change based on, among other things, changes in the fair value estimates or underlying assumptions.

In connection with completing the Hoak Acquisition and SJL Acquisition, in 2014 we incurred a total of $5.1 million of transaction related costs, primarily related to legal, consulting and other professional services. These costs were not included in the 2014 pro forma amounts presented above, but 2013 pro forma net income was adjusted to include these costs as if they were incurred in 2013 as they were directly attributable to the Hoak Acquisition and the SJL Acquisition.

Net revenues and operating income of the businesses acquired in the Hoak Acquisition and the SJL Acquisition included in our actual consolidated statements of operations for the year ended December 31, 2014 were $64.7 million and $25.8 million, respectively.

Pro forma financial information for each of the KEVN Acquisition, the KNDX Acquisition, the Parker Acquisition, the WQCW Acquisition, the Helena Acquisition, the Yellowstone Acquisition and the Excalibur Acquisition are not included, as such information is not material to our financial statements.

Debt Disclosure [Text Block]

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).

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+ Details

Note 3 - Long-term Debt

12 Months Ended

Dec. 31, 2014

Debt Disclosure [Abstract]

3. Long-term Debt

As of December 31, 2014, long-term debt balances consisted of the following (in thousands):

	December 31,
	2014		2013
Long-term debt:
2014 Senior Credit Facility	$	556,438	$	-
2012 Senior Credit Facility		-		159,000
2020 Notes		675,000		675,000
Excalibur Loan		-		3,000
Other		-		48
Total outstanding principal		1,231,438		837,048
Plus unamortized premium or less unamortized discount on our 2020 Notes		4,963		5,826
Less current portion		-		(224	)
Net carrying value	$	1,236,401	$	842,650

Borrowing availability under the 2014 Senior Credit Facility	$	50,000	$	-
Borrowing availability under the 2012 Senior Credit Facility	$	-	$	30,000

Senior Credit Facility

On June 13, 2014 (the “Closing Date”), Gray entered into an amendment and restatement of its then existing senior credit facility (the “2012 Senior Credit Facility”) in the form of a new agreement (the “2014 Senior Credit Facility”).

As of the Closing Date, the 2014 Senior Credit Facility provided total commitments of $575.0 million, consisting of a $525.0 million term loan facility (the “2014 Term Loan”) and a $50.0 million revolving credit facility (the “ 2014 Revolving Credit Facility”).

On the Closing Date, we borrowed $525.0 million under the 2014 Term Loan. Proceeds from borrowings under the 2014 Term Loan were used to repay all amounts outstanding under the 2012 Senior Credit Facility, to fund the cash purchase price to complete the Hoak Acquisition and to pay related fees and expenses, as well as for general corporate purposes.

On September 15, 2014, we amended the 2014 Senior Credit Facility to increase the commitments under the 2014 Term Loan to $625.0 million, and we borrowed an additional $100.0 million under the 2014 Term Loan. Proceeds from this borrowing were used to fund a portion of the cash purchase price to complete the SJL Acquisition.

2014 Term Loan borrowings bear interest, at our option, at either the Base Rate (as defined below) plus 1.75% to 2.0% or the London Interbank Offered Rate (“LIBOR”) plus 2.75% to 3.0%, subject to a LIBOR floor of 0.75%, in each case based on a first lien leverage ratio test as set forth in the 2014 Senior Credit Facility (the “First Lien Ratio Test”). The 2014 Term Loan also required us to make quarterly principal repayments equal to 0.25% of the outstanding principal amount of the 2014 Term Loan beginning September 30, 2014. However, in December 2014, we made voluntary principal pre-payments totaling $67.0 million on the outstanding balance of the 2014 Term Loan and as a result we are not required to make any additional principal payments until the 2014 Term Loan matures on June 13, 2021.

Borrowings under the 2014 Revolving Credit Facility bear interest, at our option, based on the Base Rate plus 1.0% to 1.5% or LIBOR plus 2.0% to 2.5%, in each case based on the First Lien Ratio Test. 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 2014 Revolving Credit Facility, which rate ranges from 0.375% to 0.50% on an annual basis, based on a first lien ratio test.

The 2014 Revolving Credit Facility matures on June 13, 2019 and the 2014 Term Loan matures on June 13, 2021.

Excluding accrued interest, the amount outstanding under our 2014 Senior Credit Facility as of December 31, 2014 consisted solely of a 2014 Term Loan balance of $556.4 million. As of December 31, 2014, the interest rate on the balance outstanding under the 2014 Senior Credit Facility was 3.8%.

Our maximum borrowing availability under the 2014 Senior Credit Facility as a whole is limited by our required compliance with certain restrictive covenants, including a first lien net leverage ratio covenant. As a part of the 2014 Senior Credit Facility, our borrowing availability under the 2014 Revolving Credit Facility was $50.0 million as of December 31, 2014. Also as of December 31, 2014, we had a deferred loan cost balance, net of accumulated amortization, of $7.4 million related to the 2014 Senior Credit Facility.

Prior to the entry into the 2014 Senior Credit Facility, the 2012 Senior Credit Facility consisted of a revolving loan (the “2012 Revolving Credit Facility”) and a term loan (the “2012 Term Loan”). Excluding accrued interest, the amount outstanding under our 2012 Senior Credit Facility as of December 31, 2013 consisted solely of a 2012 Term Loan balance of $159.0 million. As of December 31, 2013, the interest rate on the balance outstanding under the 2012 Senior Credit Facility was 4.8%.

In connection with the entry into the 2014 Senior Credit Facility on June 13, 2014, we incurred loan issuance costs of approximately $7.1 million, including bank fees and other professional fees. In connection with our amendment on September 15, 2014, we incurred loan issuance costs of approximately $2.1 million, including bank fees and other professional fees.

The amendment and restatement of the 2012 Senior Credit Facility on June 13, 2014 was determined to be a significant modification and, as a result, we recorded a related loss from early extinguishment of debt of $4.9 million in the year ended December 31, 2014. The amendment of the 2014 Senior Credit Facility on September 15, 2014 was determined not to be a significant modification.

2020 Notes

As of December 31, 2014 and 2013, we had $675.0 million of our 7½% Senior Notes due 2020 (the “2020 Notes”) outstanding. As of December 31, 2014, the coupon interest rate and the yield on the 2020 Notes were 7.5% and 7.3%, respectively. As of December 31, 2014 and 2013, we had a deferred loan cost balance, net of accumulated amortization, of $11.3 million and $13.2 million, related to our 2020 Notes.

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, 2014 and 2013, we were in compliance with all covenants required under the 2020 Notes.

Gray Television, Inc. is a holding company with no material 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 all of Gray Television, Inc.’s subsidiaries. As December 31, 2014, 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 Loan

Excalibur entered into a loan agreement for $3.0 million with a third party in order to finance its purchase of certain license assets of KXJB-TV in the Grand Junction, Colorado market as described in Note 2 “Acquisitions.” We guaranteed Excalibur’s obligations under the related loan agreement. From October 31, 2013 through December 15, 2014, Excalibur was considered to be a VIE whose financial condition and results of operations were consolidated with ours in accordance with GAAP. On December 15, 2014, we acquired the assets of KXJB-TV owned by Excalibur and the outstanding balance of the loan and all accrued interest thereon, in the total amount of $2.9 million, was repaid by Excalibur and our guarantee was terminated. As a result of this repayment and termination of the loan we recorded a loss on extinguishment of debt in the year ended December 31, 2014 of $0.2 million. Also see Note 1 “Description of Business and Summary of Significant Accounting Policies” for more information about Excalibur.

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 $375.0 million of our 2020 Notes in 2013, we incurred issuance costs of approximately $7.3 million, including bank fees and other professional fees. In connection with the issuance of $300.0 million of our 2020 Notes in 2012, we incurred issuance costs of approximately $7.3 million, including bank fees and other professional fees. Net proceeds from the sale of the $300.0 million of our 2020 Notes in 2012 were approximately $290.9 million, after deducting the initial purchasers’ discounts and fees and expenses. We used the net proceeds from the sale of $300.0 million of our 2020 Notes in 2012 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. 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, 2014 were as follows (in thousands):

	Minimum Principal Maturities
Year	2014 Senior Credit Facility		2020 Notes		Total
2015	$	-	$	-	$	-
2016		-		-		-
2017		-		-		-
2018		-		-		-
2019		-		-		-
Thereafter		556,438		675,000		1,231,438
Total	$	556,438	$	675,000	$	1,231,438

Interest Payments

For all of our interest bearing obligations, we made interest payments of approximately $61.9 million, $49.4 million and $53.3 million during 2014, 2013 and 2012, respectively. We did not capitalize any interest payments during the years ended December 31, 2014, 2013 or 2012.

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.

+ References+ Details

Note 4 - Fair Value Measurement

12 Months Ended

Dec. 31, 2014

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 was $1.2 billion and $842.9 million, respectively, and the fair value was $1.2 billion and $877.5 million, respectively, as December 31, 2014 and 2013. 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, 2014

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, 2014, 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 plans. Treasury stock is recorded at cost. During the years ended December 31, 2014, 2013 and 2012, we did not make any repurchases under these authorizations.

For the years ended December 31, 2014, 2013 and 2012, we did not declare or pay any common stock or Class A common stock dividends.

Except for the payment of dividends in the year ended December 31, 2012 in connection with repurchases of shares of our then outstanding 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, 2014, we had reserved 7,116,171 shares and 763,706 shares of our common stock and Class A common stock, respectively, for future issuance under various employee benefit plans. 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.

Disclosure Text Block Supplement [Abstract]

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.

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+ Details

Note 6 - Preferred Stock

12 Months Ended

Dec. 31, 2014

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 proceeds from the issuance of our 2020 Notes to fund these transactions. As of December 31, 2014 and 2013, 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 year ended December 31, 2012.

Note 7 - Stock-based Compensation

12 Months Ended

Dec. 31, 2014

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

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

7. Stock-Based Compensation

We recognize compensation expense for stock-based payment awards made to our employees and directors, including stock options and restricted shares under our 2007 Long-Term Incentive Plan, as amended (the “2007 Incentive Plan”) and our Directors’ Restricted Stock Plan. The following table presents our stock-based compensation expense and related income tax benefits for the years ended December 31, 2014, 2013 and 2012 (in thousands):

	Year Ended December 31,
	2014			2013			2012
Stock-based compensation expense, gross	$	5,012		$	1,974		$	878
Income tax benefit at our statutory rate associated with stock-based compensation		(1,955	)		(770	)		(342	)
Stock-based compensation expense, net	$	3,057		$	1,204		$	536

2007 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 acquire shares of our Class A common stock or common stock, or the receipt of other awards based on our performance, to our employees and non-employee directors.

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, 2014, 4.5 million shares of our common stock and 0.8 million shares of our Class A common stock were available for issuance under the 2007 Incentive Plan. Shares of common stock and Class A 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.

During the year ended December 31, 2014, we granted 312,961 shares of restricted common stock to our employees, of which 68,991 shares vested on the date of grant; 127,316 shares vested on January 17, 2015; and 58,327 shares will vest on each of January 17, 2016 and January 17, 2017. Also during the year ended December 31, 2014, we granted 194,413 shares of restricted Class A common stock to an employee, of which 31,821 shares vested on the date of grant; 75,412 shares vested on January 17, 2015; and 43,590 shares will vest on each of January 17, 2016 and January 17, 2017. Also during the year ended December 31, 2014, we granted 41,881 shares of restricted Class A common stock to our non-employee directors, all of which vested on January 1, 2015.

During the year ended December 31, 2013, we granted 318,852 shares of restricted common stock to our employees, of which 107,224 shares vested in the year ended December 31, 2013; 70,542 shares vested on March 19, 2014; and 70,542 will vest on each of March 19, 2015 and March 19, 2016. During the year ended December 31, 2013, we granted 63,210 shares of restricted common stock to our non-employee directors. These shares vested on January 1, 2014.

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 shares of restricted common stock 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.

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, 2014, 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. During the years ended December 31, 2014, 2013 and 2012, we did not grant any restricted stock awards under the Directors’ Restricted Stock Plan.

A summary of restricted stock activity related to our common stock for the years ended December 31, 2014, 2013 and 2012 under our 2007 Incentive Plan is as follows:

	Year Ended December 31,
	2014					2013					2012
				Weighted-					Weighted-					Weighted-
				Average					Average					Average
	Number			Grant Date		Number			Grant Date		Number			Grant Date
	of			Fair Value		of			Fair Value		of			Fair Value
	Shares			Per Share		Shares			Per Share		Shares			Per Share

Restricted stock - common:
Outstanding - beginning of period		274,838		$	4.43		-		$	-		-		$	-
Granted		312,961			11.78		382,062			5.20		432,396			1.65
Vested		(202,743	)		6.93		(107,224	)		7.16		(432,396	)		1.65
Outstanding - end of period		385,056		$	9.09		274,838		$	4.43		-		$	-

A summary of restricted stock activity related to our Class A common stock for the years ended December 31, 2014, 2013 and 2012 under our 2007 Incentive Plan is as follows:

	Year Ended December 31,
	2014					2013				2012
				Weighted-				Weighted-					Weighted-
				Average				Average					Average
	Number			Grant Date		Number		Grant Date		Number			Grant Date
	of			Fair Value		of		Fair Value		of			Fair Value
	Shares			Per Share		Shares		Per Share		Shares			Per Share

Restricted stock - common:
Outstanding - beginning of period		-		$	-		-	$	-		10,000		$	4.94
Granted		236,294			9.80		-		-		-			-
Vested		(31,821	)		9.75		-		-		(10,000	)		4.94
Outstanding - end of period		204,473		$	9.81		-	$	-		-		$	-

A summary of stock option activity related to our common stock for the years ended December 31, 2014, 2013 and 2012 under our 2007 Incentive Plan is as follows:

	Year Ended December 31,
	2014				2013					2012
	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		274,746	$	1.99		1,316,068		$	5.98		1,002,350		$	7.50
Options granted		-		-		-			-		359,568			1.99
Options exercised		-		-		(119,822	)		2.34		-			-
Options forfeited		-		-		-			-		(8,700	)		5.32
Options expired		-		-		(921,500	)		7.64		(37,150	)		8.72
Options outstanding - end of period		274,746	$	1.99		274,746		$	1.99		1,316,068		$	5.98

Options exercisable at end of period		137,376	$	1.99		68,688		$	1.99		956,500		$	7.48

The aggregate intrinsic value of outstanding stock options was $2.5 million based on the closing market price of our common stock on December 31, 2014.

As of December 31, 2014, we had $1.7 million of total unrecognized compensation expense related to all non-vested share based compensation arrangements. The expense 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.

+ References+ Details

Note 8 - Income Taxes

12 Months Ended

Dec. 31, 2014

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

	Year Ended December 31,
	2014			2013			2012
Current:
Federal	$	-		$	-		$	-
State and local		996			118			974
State and local - reserve for uncertain tax positions		(198	)		(136	)		(1,015	)
Current income tax expense (benefit)		798			(18	)		(41	)
Deferred:
Federal		28,231			12,218			16,854
State and local		2,707			947			2,375
Deferred income tax expense		30,938			13,165			19,229
Total income tax expense	$	31,736		$	13,147		$	19,188

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

	December 31,
	2014			2013
Deferred tax liabilities:
Net book value of property and equipment	$	20,195		$	9,797
Broadcast licenses, goodwill and other intangibles		341,654			285,553
Total deferred tax liabilities		361,849			295,350

Deferred tax assets:
Liability for accrued vacation		1,900			926
Liability for accrued bonus		3,440			2,401
Loan acquisition costs		447			1,664
Allowance for doubtful accounts		572			284
Liability under health and welfare plan		1,111			936
Liability for pension plan		16,900			10,501
Federal operating loss carryforwards		55,425			78,597
State and local operating loss carryforwards		7,102			9,922
Alternative minimum tax carryforwards		386			386
Unearned income		214			396
Network compensation		-			174
Stock options		119			76
Acquisition costs		776			300
Restricted stock		1,479			192
Other		206			49
Total deferred tax assets		90,077			106,804
Valuation allowance for deferred tax assets		(2,052	)		(2,748	)
Net deferred tax assets		88,025			104,056

Deferred tax liabilities, net of deferred tax assets	$	273,824		$	191,294

We have approximately $159.8 million in federal operating loss carryforwards, which expire during the years 2022 through 2031. Additionally, we have an aggregate of approximately $181.8 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, 2014 and 2013 was $2.1 million and $2.7 million, respectively.

Our total valuation allowance provided for deferred income tax assets decreased $0.7 million for the year ended December 31, 2014 due to changes in estimated utilization of state operating loss carryforwards. 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.

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, 2014, 2013 and 2012 is as follows (in thousands):

	Year Ended December 31,
	2014			2013			2012
Statutory federal rate applied to income before income tax expense	$	27,929		$	11,002		$	16,561
Current year permanent items		849			669			825
State and local taxes, net of federal tax benefit		4,050			1,432			4,191
Change in valuation allowance		(696	)		(409	)		(1,463	)
Reserve for uncertain tax positions		(198	)		(136	)		(1,015	)
Other items, net		(198	)		589			89
Income tax expense as recorded	$	31,736		$	13,147		$	19,188

Effective income tax rate		39.8	%		41.8	%		40.6	%

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 2014, we increased our recorded non-current pension liability by $17.1 million and recognized other comprehensive loss of $10.4 million, net of a $6.7 million tax benefit. 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.

In 2014, 2013 and 2012, we made income tax payments (net of refunds) of $0.4 million, $0.5 million and $0.8 million, respectively. At December 31, 2014 and 2013, we had current income taxes payable of approximately $1.9 million and $1.5 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, 2014 and 2013, we had approximately $1.3 million and $1.5 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, 2014 and 2013, we had recorded a liability for potential penalties and interest of approximately $0.6 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, 2014, 2013 and 2012 (in thousands):

	Year Ended December 31,
	2014			2013			2012
Balance at beginning of period	$	782		$	880		$	1,597
Reduction in benefit from lapse in statute of limitations		(125	)		(98	)		(717	)
Balance at end of period	$	657		$	782		$	880

While it is difficult to calculate with any certainty, we estimate a decrease of $0.5 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 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, 2014

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, 2014 and 2013, respectively. The following summarizes the active pension plan’s funded status and amounts recognized on our consolidated balance sheets at December 31, 2014 and 2013, respectively (dollars in thousands):

	December 31,
	2014			2013
Change in projected benefit obligation:
Projected benefit obligation at beginning of year	$	83,533		$	83,236
Service cost		5,162			5,165
Interest cost		4,106			3,553
Actuarial losses (gains)		16,712			(7,158	)
Benefits paid		(1,507	)		(1,263	)
Projected benefit obligation at end of year	$	108,006		$	83,533

Change in plan assets:
Fair value of pension plan assets at beginning of year	$	58,063		$	46,662
Actual return on plan assets		3,940			8,216
Company contributions		6,317			4,448
Benefits paid		(1,507	)		(1,263	)
Fair value of pension plan assets at end of year		66,813			58,063
Funded status of pension plan	$	(41,193	)	$	(25,470	)

Amounts recognized in our balance sheets consist of:
Accrued benefit cost	$	(10,057	)	$	(10,337	)
Accumulated other comprehensive income		(31,136	)		(15,133	)
Net liability recognized	$	(41,193	)	$	(25,470	)

The accumulated benefit obligation amounts for our active defined benefit pension plan were $92.8 million and $72.2 million at December 31, 2014 and 2013, respectively. The long-term rate of return on assets assumption of 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 estimated rate of increase in compensation levels of is based on historical compensation increases for our employees.

	Year Ended December 31,
	2014			2013
Weighted-average assumptions used to determine net periodic benefit cost for our active pension plan:
Discount rate		4.97	%		4.31	%
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,
	2014			2013
Weighted-average assumptions used to determine benefit obligations:
Discount rate		4.00	%		4.97	%
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,
	2014			2013			2012
Components of net periodic pension cost:
Service cost	$	5,162		$	5,165		$	4,452
Interest cost		4,106			3,553			3,315
Expected return on plan assets		(4,200	)		(3,400	)		(2,609	)
Recognized net actuarial loss		969			3,131			2,527
Net periodic pension cost	$	6,037		$	8,449		$	7,685

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

Years			Amount
2015			$	1,989
2016				2,218
2017				2,455
2018				2,695
2019				3,071
2020	-	2024		23,153

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

	As of December 31,
	2014			2013
Asset category:
Insurance general account		28	%		32	%
Cash management accounts		3	%		3	%
Equity accounts		64	%		60	%
Fixed income account		5	%		5	%
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, 2014 and 2013, respectively (in thousands):

Active Pension Plan Fair Value Measurements

	As of December 31, 2014
	Level 1		Level 2		Level 3		Total
Assets:
Insurance general account	$	-	$	18,598	$	-	$	18,598
Cash management accounts		-		2,319		-		2,319
Equity accounts		-		42,608		-		42,608
Fixed income account		-		3,288		-		3,288
Total	$	-	$	66,813	$	-	$	66,813

	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

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, 2014, the Acquired Pension Plans had combined plan assets of $5.9 million and combined projected benefit obligations of $8.0 million. 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. The net liability for the two Acquired Pension Plans is recorded as a liability in our financial statements as of December 31, 2014 and 2013.

Contributions

We expect to contribute a combined total of approximately $5.3 million to our active pension plan and the Acquired Pension Plans during the year ending December 31, 2015.

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, 2014, 1,593,412 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, 2014, 2013 and 2012, 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, 2014, 2013 and 2012 are as follows (dollars in thousands):

	Year Ended December 31,
	2014				2013				2012
	Shares		Amount		Shares		Amount		Shares		Amount
Matching contributions to the Capital Accumulation Plan		2,341	$	25		5,235	$	28		14,293	$	26

Commitments and Contingencies Disclosure [Abstract]

The entire disclosure for pension and other postretirement benefits.

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Note 10 - Commitments and Contingencies

12 Months Ended

Dec. 31, 2014

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 purchase equipment, under operating lease commitments for equipment, land and office space, and commitments for various syndicated television programs. Future minimum payments for these commitments as of December 31, 2014 are as follows (in thousands):

					Syndicated		Network
			Operating		Television		Affiliation
Year	Equipment		Leases		Programming		Agreements		Total
2015	$	443	$	2,092	$	3,601	$	73,351	$	79,487
2016		-		1,613		7,739		86,785		96,137
2017		-		1,283		1,969		102,993		106,245
2018		-		1,074		478		111,566		113,118
2019		-		913		265		40,171		41,349
Thereafter		-		2,395		350		-		2,745
Total	$	443	$	9,370	$	14,402	$	414,866	$	439,081

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, 2014.

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, 2014, 2013 and 2012 were $2.2 million, $1.6 million and $1.5 million, respectively.

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 that 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, 2014

Goodwill and Intangible Assets Disclosure [Text Block]

11. Goodwill and Intangible Assets

During the years ended December 31, 2014 and 2013, 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, 2014 and 2013 is as follows (in thousands):

	Net Balance at									Net Balance at
	December 31,									December 31,
	2013		Additions		Impairment		Amortization			2014
Goodwill	$	184,409	$	189,981	$	-	$	-		$	374,390
Broadcast licenses		838,982		184,598		-		-			1,023,580
Definite lived intangible assets		2,644		53,455		-		(8,297	)		47,802
Total intangible assets net of accumulated amortization	$	1,026,035	$	428,034	$	-	$	(8,297	)	$	1,445,772

	Net Balance at									Net Balance at
	December 31,									December 31,
	2012		Additions		Impairment		Amortization			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

A summary of changes in our goodwill, on a gross basis, for the years ended December 31, 2014 and 2013 is as follows (in thousands):

	As of							As of
	December 31, 2013			Additions		Impairment		December 31, 2014
Goodwill, gross	$	283,005		$	189,981	$	-	$	472,986
Accumulated goodwill impairment		(98,596	)		-		-		(98,596	)
Goodwill, net	$	184,409		$	189,981	$	-	$	374,390

	As of							As of
	December 31, 2012			Additions		Impairment		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, 2014 and 2013, our intangible assets and related accumulated amortization consisted of the following (in thousands):

	As of December 31, 2014							As of December 31, 2013
			Accumulated							Accumulated
	Gross		Amortization			Net		Gross		Amortization			Net
Intangible assets not subject to amortization:
Broadcast licenses	$	1,077,279	$	(53,699	)	$	1,023,580	$	892,681	$	(53,699	)	$	838,982
Goodwill		374,390		-			374,390		184,409		-			184,409
	$	1,451,669	$	(53,699	)	$	1,397,970	$	1,077,090	$	(53,699	)	$	1,023,391

Intangible assets subject to amortization:
Network affiliation agreements	$	1,264	$	(1,264	)	$	-	$	1,264	$	(1,264	)	$	-
Other definite lived intangible assets		69,281		(21,479	)		47,802		15,826		(13,182	)		2,644
	$	70,545	$	(22,743	)	$	47,802	$	17,090	$	(14,446	)	$	2,644

Total intangibles	$	1,522,214	$	(76,442	)	$	1,445,772	$	1,094,180	$	(68,145	)	$	1,026,035

Amortization expense for the years ended December 31, 2014, 2013 and 2012 was $8.3 million, $0.3 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: 2015, $10.9 million; 2016, $10.4 million; 2017, $9.8 million; 2018, $5.2 million; and 2019, $3.7 million. 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, 2014 and 2013, 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 2014, 2013 or 2012.

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 12 - Selected Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2014

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, 2014:
Revenue (less agency commissions)	$	91,297	$	107,249	$	131,702	$	177,886
Operating income		17,410		23,186		41,156		72,021
Net income		1,277		1,591		13,940		31,253

Basic net income per share	$	0.02	$	0.03	$	0.24	$	0.54

Diluted net income per share	$	0.02	$	0.03	$	0.24	$	0.53

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

Basic net income per share	$	0.02	$	0.09	$	0.12	$	0.09

Diluted net income per share	$	0.02	$	0.09	$	0.12	$	0.09

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.

+ References+ Details

Schedule II - Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2014

Schedule of Valuation and Qualifying Accounts Disclosure [Text Block]

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 (a)		Deductions(b)			Balance at End of Period

Year Ended December 31, 2014:
Allowance for doubtful accounts	$	730	$	1,356	$	290	$	(709	)	$	1,667
Valuation allowance for deferred tax assets	$	2,748	$	3	$	-	$	(699	)	$	2,052

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

(a)

In 2014, the change in the allowance for doubtful accounts represents the fair value of balances assumed in acquisition transactions. See Note 2 “Acquisitions” for further information.

(b)

Deductions from allowance for doubtful accounts represent write-offs of receivable balances not considered collectible. 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.

Accounting Policies, by Policy (Policies)

12 Months Ended

Dec. 31, 2014

Accounting Policies [Abstract]

Comprehensive Income, Policy [Policy Text Block]

Accumulated Other Comprehensive Loss

Our accumulated other comprehensive loss balances as of December 31, 2014 and 2013 consist of adjustments to our pension liabilities net of related income tax benefits as follows (in thousands):

	December 31,
	2014			2013
Accumulated balances of items included in accumulated other comprehensive loss:
Increase in pension liability	$	(34,117	)	$	(17,064	)
Income tax benefit		(13,305	)		(6,655	)
Accumulated other comprehensive loss	$	(20,812	)	$	(10,409	)

Advertising Barter Transactions, Policy [Policy Text Block]

Trade and Barter Transactions

	Year Ended December 31,
	2014			2013			2012
Trade revenue	$	2,174		$	1,390		$	1,248
Trade expense		(2,287	)		(1,262	)		(1,267	)
Net trade (loss) income	$	(113	)	$	128		$	(19	)

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
	2014			2013			(in years)
Property and equipment:
Land	$	32,085		$	25,656
Buildings and improvements		77,477			59,021			7 to 40
Equipment		394,569			323,603			3 to 20
		504,131			408,280
Accumulated depreciation		(282,320	)		(264,659	)
Total property and equipment, net	$	221,811		$	143,621

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

Variable Interest Entity

The carrying amounts and classification of the assets and liabilities of Excalibur described above included in our consolidated balance sheet as of December 31, 2013, were 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

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, 2014, 2013 and 2012 (in thousands):

	Year Ended December 31,
	2014		2013		2012
Weighted-average shares outstanding – basic		57,862		57,630		57,170
Weighted-average shares underlying stock options and restricted shares		502		342		92
Weighted-average shares outstanding - diluted		58,364		57,972		57,262

Consolidation, Policy [Policy Text Block]

Principles of Consolidation

Investment, Policy [Policy Text Block]

Investment in Broadcasting Company

Revenue Recognition, Policy [Policy Text Block]

Revenue Recognition

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

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

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

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

New Accounting Pronouncements, Policy [Policy Text Block]

Recent Accounting Pronouncements

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

12 Months Ended

Dec. 31, 2014

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,
	2014			2013			2012
Trade revenue	$	2,174		$	1,390		$	1,248
Trade expense		(2,287	)		(1,262	)		(1,267	)
Net trade (loss) income	$	(113	)	$	128		$	(19	)

Property, Plant and Equipment [Table Text Block]

	December 31,						Estimated Useful Lives
	2014			2013			(in years)
Property and equipment:
Land	$	32,085		$	25,656
Buildings and improvements		77,477			59,021			7 to 40
Equipment		394,569			323,603			3 to 20
		504,131			408,280
Accumulated depreciation		(282,320	)		(264,659	)
Total property and equipment, net	$	221,811		$	143,621

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

	Year Ended December 31,
	2014		2013		2012
Weighted-average shares outstanding – basic		57,862		57,630		57,170
Weighted-average shares underlying stock options and restricted shares		502		342		92
Weighted-average shares outstanding - diluted		58,364		57,972		57,262

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

	December 31,
	2014			2013
Accumulated balances of items included in accumulated other comprehensive loss:
Increase in pension liability	$	(34,117	)	$	(17,064	)
Income tax benefit		(13,305	)		(6,655	)
Accumulated other comprehensive loss	$	(20,812	)	$	(10,409	)

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [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, 2014

Business Combinations [Abstract]

	Acquisition
	Hoak			SJL			KEVN			KNDX			Parker			WQCW			Helena

Cash	$	-		$	-		$	615		$	-		$	-		$	-		$	-
Accounts receivable		10,722			7,132			569			-			765			-			14
Other current assets		509			1,946			96			39			964			45			49
Property and equipment		45,382			23,508			3,888			2,576			722			991			1,230
Goodwill		131,632			50,941			2,717			1,839			1,932			802			70
Broadcast licenses		91,958			86,685			1,675			500			-			3,691			146
Other intangible assets		35,386			10,091			1,786			2,584			3,163			15			431
Other non-current assets		-			253			29			15			16			-			-
Current liabilities		(3,544	)		(4,936	)		(211	)		(36	)		(826	)		(45	)		(90	)
Other long-term liabilities		-			(379	)		(38	)		(17	)		(5	)		-			-
Deferred income tax liabilities		(12,188	)		(43,712	)		(2,341	)		-			-			-			-

Total	$	299,857		$	131,529		$	8,785		$	7,500		$	6,731		$	5,499		$	1,850

Condensed Balance Sheet [Table Text Block]

	Acquisition
	Yellowstone			Excalibur

Cash	$	95		$	-
Other current assets		280			91
Property and equipment		7,249			2,740
Goodwill		9,421			4,466
Broadcast licenses		14,305			4,161
Other intangible assets		1,709			633
Other non-current assets		70			-
Current liabilities		(304	)		(91	)
Longterm debt, less current portion		(86	)		-

Total	$	32,739		$	12,000

Business Acquisition, Pro Forma Information [Table Text Block]

	Year Ended December 31,
	2014		2013

Revenue (less agency commissions)	$	565,251	$	445,443
Net income	$	50,771	$	20,665

Basic net income per share	$	0.88	$	0.36
Diluted net income per share	$	0.87	$	0.36

Note 3 - Long-term Debt (Tables)

12 Months Ended

Dec. 31, 2014

Debt Disclosure [Abstract]

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

	December 31,
	2014		2013
Long-term debt:
2014 Senior Credit Facility	$	556,438	$	-
2012 Senior Credit Facility		-		159,000
2020 Notes		675,000		675,000
Excalibur Loan		-		3,000
Other		-		48
Total outstanding principal		1,231,438		837,048
Plus unamortized premium or less unamortized discount on our 2020 Notes		4,963		5,826
Less current portion		-		(224	)
Net carrying value	$	1,236,401	$	842,650

Borrowing availability under the 2014 Senior Credit Facility	$	50,000	$	-
Borrowing availability under the 2012 Senior Credit Facility	$	-	$	30,000

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

	Minimum Principal Maturities
Year	2014 Senior Credit Facility		2020 Notes		Total
2015	$	-	$	-	$	-
2016		-		-		-
2017		-		-		-
2018		-		-		-
2019		-		-		-
Thereafter		556,438		675,000		1,231,438
Total	$	556,438	$	675,000	$	1,231,438

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

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.

+ References

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+ Details

Note 7 - Stock-based Compensation (Tables)

12 Months Ended

Dec. 31, 2014

Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block]

	Year Ended December 31,
	2014			2013			2012
Stock-based compensation expense, gross	$	5,012		$	1,974		$	878
Income tax benefit at our statutory rate associated with stock-based compensation		(1,955	)		(770	)		(342	)
Stock-based compensation expense, net	$	3,057		$	1,204		$	536

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

	Year Ended December 31,
	2014					2013					2012
				Weighted-					Weighted-					Weighted-
				Average					Average					Average
	Number			Grant Date		Number			Grant Date		Number			Grant Date
	of			Fair Value		of			Fair Value		of			Fair Value
	Shares			Per Share		Shares			Per Share		Shares			Per Share

Restricted stock - common:
Outstanding - beginning of period		274,838		$	4.43		-		$	-		-		$	-
Granted		312,961			11.78		382,062			5.20		432,396			1.65
Vested		(202,743	)		6.93		(107,224	)		7.16		(432,396	)		1.65
Outstanding - end of period		385,056		$	9.09		274,838		$	4.43		-		$	-

	Year Ended December 31,
	2014					2013				2012
				Weighted-				Weighted-					Weighted-
				Average				Average					Average
	Number			Grant Date		Number		Grant Date		Number			Grant Date
	of			Fair Value		of		Fair Value		of			Fair Value
	Shares			Per Share		Shares		Per Share		Shares			Per Share

Restricted stock - common:
Outstanding - beginning of period		-		$	-		-	$	-		10,000		$	4.94
Granted		236,294			9.80		-		-		-			-
Vested		(31,821	)		9.75		-		-		(10,000	)		4.94
Outstanding - end of period		204,473		$	9.81		-	$	-		-		$	-

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

	Year Ended December 31,
	2014				2013					2012
	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		274,746	$	1.99		1,316,068		$	5.98		1,002,350		$	7.50
Options granted		-		-		-			-		359,568			1.99
Options exercised		-		-		(119,822	)		2.34		-			-
Options forfeited		-		-		-			-		(8,700	)		5.32
Options expired		-		-		(921,500	)		7.64		(37,150	)		8.72
Options outstanding - end of period		274,746	$	1.99		274,746		$	1.99		1,316,068		$	5.98

Options exercisable at end of period		137,376	$	1.99		68,688		$	1.99		956,500		$	7.48

Note 8 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

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

	Year Ended December 31,
	2014			2013			2012
Current:
Federal	$	-		$	-		$	-
State and local		996			118			974
State and local - reserve for uncertain tax positions		(198	)		(136	)		(1,015	)
Current income tax expense (benefit)		798			(18	)		(41	)
Deferred:
Federal		28,231			12,218			16,854
State and local		2,707			947			2,375
Deferred income tax expense		30,938			13,165			19,229
Total income tax expense	$	31,736		$	13,147		$	19,188

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

	December 31,
	2014			2013
Deferred tax liabilities:
Net book value of property and equipment	$	20,195		$	9,797
Broadcast licenses, goodwill and other intangibles		341,654			285,553
Total deferred tax liabilities		361,849			295,350

Deferred tax assets:
Liability for accrued vacation		1,900			926
Liability for accrued bonus		3,440			2,401
Loan acquisition costs		447			1,664
Allowance for doubtful accounts		572			284
Liability under health and welfare plan		1,111			936
Liability for pension plan		16,900			10,501
Federal operating loss carryforwards		55,425			78,597
State and local operating loss carryforwards		7,102			9,922
Alternative minimum tax carryforwards		386			386
Unearned income		214			396
Network compensation		-			174
Stock options		119			76
Acquisition costs		776			300
Restricted stock		1,479			192
Other		206			49
Total deferred tax assets		90,077			106,804
Valuation allowance for deferred tax assets		(2,052	)		(2,748	)
Net deferred tax assets		88,025			104,056

Deferred tax liabilities, net of deferred tax assets	$	273,824		$	191,294

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

	Year Ended December 31,
	2014			2013			2012
Statutory federal rate applied to income before income tax expense	$	27,929		$	11,002		$	16,561
Current year permanent items		849			669			825
State and local taxes, net of federal tax benefit		4,050			1,432			4,191
Change in valuation allowance		(696	)		(409	)		(1,463	)
Reserve for uncertain tax positions		(198	)		(136	)		(1,015	)
Other items, net		(198	)		589			89
Income tax expense as recorded	$	31,736		$	13,147		$	19,188

Effective income tax rate		39.8	%		41.8	%		40.6	%

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

	Year Ended December 31,
	2014			2013			2012
Balance at beginning of period	$	782		$	880		$	1,597
Reduction in benefit from lapse in statute of limitations		(125	)		(98	)		(717	)
Balance at end of period	$	657		$	782		$	880

Note 9 - Retirement Plans (Tables)

12 Months Ended

Dec. 31, 2014

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

Schedule of Net Funded Status [Table Text Block]

	December 31,
	2014			2013
Change in projected benefit obligation:
Projected benefit obligation at beginning of year	$	83,533		$	83,236
Service cost		5,162			5,165
Interest cost		4,106			3,553
Actuarial losses (gains)		16,712			(7,158	)
Benefits paid		(1,507	)		(1,263	)
Projected benefit obligation at end of year	$	108,006		$	83,533

Change in plan assets:
Fair value of pension plan assets at beginning of year	$	58,063		$	46,662
Actual return on plan assets		3,940			8,216
Company contributions		6,317			4,448
Benefits paid		(1,507	)		(1,263	)
Fair value of pension plan assets at end of year		66,813			58,063
Funded status of pension plan	$	(41,193	)	$	(25,470	)

Amounts recognized in our balance sheets consist of:
Accrued benefit cost	$	(10,057	)	$	(10,337	)
Accumulated other comprehensive income		(31,136	)		(15,133	)
Net liability recognized	$	(41,193	)	$	(25,470	)

Schedule of Assumptions Used [Table Text Block]

	Year Ended December 31,
	2014			2013
Weighted-average assumptions used to determine net periodic benefit cost for our active pension plan:
Discount rate		4.97	%		4.31	%
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,
	2014			2013
Weighted-average assumptions used to determine benefit obligations:
Discount rate		4.00	%		4.97	%
Estimated rate of increase in compensation levels		5.63	%		5.63	%

Schedule of Net Benefit Costs [Table Text Block]

	Year Ended December 31,
	2014			2013			2012
Components of net periodic pension cost:
Service cost	$	5,162		$	5,165		$	4,452
Interest cost		4,106			3,553			3,315
Expected return on plan assets		(4,200	)		(3,400	)		(2,609	)
Recognized net actuarial loss		969			3,131			2,527
Net periodic pension cost	$	6,037		$	8,449		$	7,685

Schedule of Expected Benefit Payments [Table Text Block]

Years			Amount
2015			$	1,989
2016				2,218
2017				2,455
2018				2,695
2019				3,071
2020	-	2024		23,153

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

	As of December 31, 2014
	Level 1		Level 2		Level 3		Total
Assets:
Insurance general account	$	-	$	18,598	$	-	$	18,598
Cash management accounts		-		2,319		-		2,319
Equity accounts		-		42,608		-		42,608
Fixed income account		-		3,288		-		3,288
Total	$	-	$	66,813	$	-	$	66,813

	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

Capital Accumulation Plan [Member]

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

Defined Contribution Plan Disclosures [Table Text Block]

	Year Ended December 31,
	2014				2013				2012
	Shares		Amount		Shares		Amount		Shares		Amount
Matching contributions to the Capital Accumulation Plan		2,341	$	25		5,235	$	28		14,293	$	26

Asset Categories [Member]

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

Schedule of Allocation of Plan Assets [Table Text Block]

	As of December 31,
	2014			2013
Asset category:
Insurance general account		28	%		32	%
Cash management accounts		3	%		3	%
Equity accounts		64	%		60	%
Fixed income account		5	%		5	%
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%

Note 10 - Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2014

Commitments and Contingencies Disclosure [Abstract]

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

					Syndicated		Network
			Operating		Television		Affiliation
Year	Equipment		Leases		Programming		Agreements		Total
2015	$	443	$	2,092	$	3,601	$	73,351	$	79,487
2016		-		1,613		7,739		86,785		96,137
2017		-		1,283		1,969		102,993		106,245
2018		-		1,074		478		111,566		113,118
2019		-		913		265		40,171		41,349
Thereafter		-		2,395		350		-		2,745
Total	$	443	$	9,370	$	14,402	$	414,866	$	439,081

Note 11 - Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2014

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Changes in Goodwill and Other Intangible Assets [Table Text Block]

	Net Balance at									Net Balance at
	December 31,									December 31,
	2013		Additions		Impairment		Amortization			2014
Goodwill	$	184,409	$	189,981	$	-	$	-		$	374,390
Broadcast licenses		838,982		184,598		-		-			1,023,580
Definite lived intangible assets		2,644		53,455		-		(8,297	)		47,802
Total intangible assets net of accumulated amortization	$	1,026,035	$	428,034	$	-	$	(8,297	)	$	1,445,772

	Net Balance at									Net Balance at
	December 31,									December 31,
	2012		Additions		Impairment		Amortization			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

Schedule of Goodwill [Table Text Block]

	As of							As of
	December 31, 2013			Additions		Impairment		December 31, 2014
Goodwill, gross	$	283,005		$	189,981	$	-	$	472,986
Accumulated goodwill impairment		(98,596	)		-		-		(98,596	)
Goodwill, net	$	184,409		$	189,981	$	-	$	374,390

	As of							As of
	December 31, 2012			Additions		Impairment		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

Schedule of Intangible Assets and Goodwill [Table Text Block]

	As of December 31, 2014							As of December 31, 2013
			Accumulated							Accumulated
	Gross		Amortization			Net		Gross		Amortization			Net
Intangible assets not subject to amortization:
Broadcast licenses	$	1,077,279	$	(53,699	)	$	1,023,580	$	892,681	$	(53,699	)	$	838,982
Goodwill		374,390		-			374,390		184,409		-			184,409
	$	1,451,669	$	(53,699	)	$	1,397,970	$	1,077,090	$	(53,699	)	$	1,023,391

Intangible assets subject to amortization:
Network affiliation agreements	$	1,264	$	(1,264	)	$	-	$	1,264	$	(1,264	)	$	-
Other definite lived intangible assets		69,281		(21,479	)		47,802		15,826		(13,182	)		2,644
	$	70,545	$	(22,743	)	$	47,802	$	17,090	$	(14,446	)	$	2,644

Total intangibles	$	1,522,214	$	(76,442	)	$	1,445,772	$	1,094,180	$	(68,145	)	$	1,026,035

Note 12 - Selected Quarterly Financial Data (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2014

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, 2014:
Revenue (less agency commissions)	$	91,297	$	107,249	$	131,702	$	177,886
Operating income		17,410		23,186		41,156		72,021
Net income		1,277		1,591		13,940		31,253

Basic net income per share	$	0.02	$	0.03	$	0.24	$	0.54

Diluted net income per share	$	0.02	$	0.03	$	0.24	$	0.53

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

Basic net income per share	$	0.02	$	0.09	$	0.12	$	0.09

Diluted net income per share	$	0.02	$	0.09	$	0.12	$	0.09

Schedule II - Valuation and Qualifying Accounts (Tables)

12 Months Ended

Dec. 31, 2014

Valuation and Qualifying Accounts [Abstract]

Summary of Valuation Allowance [Table Text Block]

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 (a)		Deductions(b)			Balance at End of Period

Year Ended December 31, 2014:
Allowance for doubtful accounts	$	730	$	1,356	$	290	$	(709	)	$	1,667
Valuation allowance for deferred tax assets	$	2,748	$	3	$	-	$	(699	)	$	2,052

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

Note 1 - Description of Business and Summary of Significant Accounting Policies (Details) (USD $)	12 Months Ended				0 Months Ended	12 Months Ended					12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Oct. 31, 2013 Excalibur [Member] KJCT [Member] Broadcast Licenses [Member]	Dec. 15, 2014 Excalibur [Member]	Dec. 31, 2014 Excalibur [Member]	Dec. 31, 2013 Excalibur [Member]	Oct. 31, 2013 Excalibur [Member]	Jun. 30, 2014 Common Stock [Member] Tarzian Inc [Member]	Jun. 30, 2014 Dividends, Liquidation/Dissolution [Member] Tarzian Inc [Member]	Dec. 31, 2014 Automotive [Member] Sales Revenue, Services, Net [Member] Customer Concentration Risk [Member]	Dec. 31, 2014 Advertising [Member] Sales Revenue, Services, Net [Member] Customer Concentration Risk [Member]	Dec. 31, 2014 Medical [Member] Sales Revenue, Services, Net [Member] Customer Concentration Risk [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						2,100,000	400,000
Variable Interest Entity, Purchase of Assets by Reporting Entity					3,000,000
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	1,100,000	900,000	900,000
undefined	120 days
undefined	85.00%
Provision for Doubtful Accounts	1,300,000	400,000	100,000
Property, Plant and Equipment, Additions	78,300,000
Asset Retirement Obligation	600,000	516,000
Asset Retirement Obligation, Accretion Expense	$ 6,000	$ 17,000	$ 25,000
Concentration Risk, Percentage											26.00%	11.00%	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, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Current assets:
Cash	$ 30,769	$ 13,478	$ 11,067	$ 5,190
Accounts receivable	106,692	70,047
Prepaid and other current assets	2,223	5,293
Total current assets	168,304	130,587
Property and equipment, net	221,811	143,621
Deferred loan costs, net	18,651	17,293
Broadcast licenses	1,023,580	838,982
Total assets	0	6,800
Current liabilities:
Accounts payable	4,613	2,256
Employee compensation and benefits	25,160	16,759
Accrued interest	17,623	12,703
Current portion of long-term debt		224
Total current liabilities	80,022	63,085
Long-term debt, less current portion	1,236,401	842,650
Total liabilities	0	3,100
Variable Interest Entity, Primary Beneficiary [Member]
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
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

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, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Principal Transaction Revenue [Line Items]
Net trade (loss) income	$ 31,253	$ 13,940	$ 1,591	$ 1,277	$ 5,201	$ 7,073	$ 5,144	$ 870	$ 48,061	$ 18,288	$ 28,129
Advertising Barter Transactions [Member]
Principal Transaction Revenue [Line Items]
Trade revenue									2,174	1,390	1,248
Trade expense									(2,287)	(1,262)	(1,267)
Net trade (loss) income									$ (113)	$ 128	$ (19)

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

+ References+ 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, 2014	Dec. 31, 2013	Dec. 31, 2014 Land [Member]	Dec. 31, 2013 Land [Member]	Dec. 31, 2014 Building and Building Improvements [Member] Minimum [Member]	Dec. 31, 2014 Building and Building Improvements [Member] Maximum [Member]	Dec. 31, 2014 Building and Building Improvements [Member]	Dec. 31, 2013 Building and Building Improvements [Member]	Dec. 31, 2014 Equipment [Member] Minimum [Member]	Dec. 31, 2014 Equipment [Member] Maximum [Member]	Dec. 31, 2014 Equipment [Member]	Dec. 31, 2013 Equipment [Member]
Property and equipment:
Property, plant and equipment, gross	$ 504,131	$ 408,280	$ 32,085	$ 25,656			$ 77,477	$ 59,021			$ 394,569	$ 323,603
Property, plant and equipment, estimated useful life					7 years	40 years			3 years	20 years
Accumulated depreciation	(282,320)	(264,659)
Total property and equipment, net	$ 221,811	$ 143,621

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, 2014	Dec. 31, 2013	Dec. 31, 2012
Reconciliation of Basic Weighted-average Shares Outstanding to Diluted Weighted-average Shares Outstanding [Abstract]
Weighted-average shares outstanding – basic	57,862	57,630	57,170
Weighted-average shares underlying stock options and restricted shares	502	342	92
Weighted-average shares outstanding - diluted	58,364	57,972	57,262

Note 1 - Description of Business and Summary of Significant Accounting Policies (Details) - Accumulated Other Comprehensive Loss (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Accumulated balances of items included in accumulated other comprehensive loss:
Increase in pension liability	$ (34,117)	$ (17,064)
Income tax benefit	(13,305)	(6,655)
Accumulated other comprehensive loss	$ (20,812)	$ (10,409)

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				7 Months Ended	12 Months Ended							0 Months Ended		7 Months Ended	12 Months Ended	0 Months Ended		1 Months Ended		12 Months Ended	1 Months Ended	12 Months Ended		1 Months Ended	12 Months Ended	1 Months Ended	12 Months Ended				0 Months Ended	1 Months Ended	12 Months Ended	13 Months Ended	1 Months Ended		0 Months Ended	1 Months Ended		0 Months Ended	1 Months Ended	12 Months Ended
Note 2 - Acquisitions (Details) (USD $)	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2014 Corporate and Administrative Expenses [Member] 2014 Acquisitions [Member]	Dec. 31, 2014 Operating Expense [Member] Hoak Acquisition [Member]	Dec. 31, 2014 Allocated to Parker Broadcasting of Dakota [Member] Parker Acquisitions [Member]	Dec. 31, 2014 Allocated to Parker Broadcasting of Louisiana [Member] Parker Acquisitions [Member]	Dec. 31, 2014 Retransmission Agreements [Member] 2014 Acquisitions [Member]	Dec. 31, 2013 Retransmission Agreements [Member] 2013 Acquisitions [Member]	Dec. 31, 2014 Advertising Relationships [Member] 2014 Acquisitions [Member]	Dec. 31, 2013 Advertising Relationships [Member] 2013 Acquisitions [Member]	Dec. 31, 2014 Off-Market Favorable Lease [Member] 2014 Acquisitions [Member]	Jun. 13, 2014 Hoak Acquisition [Member] Nexstar [Member]	Jun. 13, 2014 Hoak Acquisition [Member]	Dec. 31, 2014 Hoak Acquisition [Member]	Dec. 31, 2014 Hoak Acquisition [Member]	Sep. 15, 2014 WJRT Acquisition, Inc. and WTVG Acquisition, Inc. [Member] Pay-off of Acquired Debt [Member]	Sep. 15, 2014 WJRT Acquisition, Inc. and WTVG Acquisition, Inc. [Member]	May 31, 2014 KEVN Acquisition [Member] Pay-off of Acquired Debt [Member]	May 31, 2014 KEVN Acquisition [Member]	Dec. 31, 2014 KEVN Acquisition [Member]	May 31, 2014 KNDX Acquisition [Member]	Dec. 31, 2014 KNDX Acquisition [Member]	Dec. 31, 2014 Parker Acquisitions [Member]	Apr. 30, 2014 WQCW Acquisition [Member]	Dec. 31, 2014 WQCW Acquisition [Member]	Nov. 30, 2014 Helena Acquisition [Member]	Dec. 31, 2014 Helena Acquisition [Member]	Dec. 31, 2014 2014 Acquisitions [Member] Minimum [Member]	Dec. 31, 2014 2014 Acquisitions [Member] Maximum [Member]	Dec. 31, 2014 2014 Acquisitions [Member]	Oct. 02, 2014 Yellowstone [Member]	Oct. 31, 2013 Yellowstone [Member]	Dec. 31, 2013 Yellowstone [Member]	Oct. 31, 2014 Yellowstone [Member]	Oct. 31, 2013 KJCT [Member] Non-license Assets [Member] Excalibur [Member]	Oct. 31, 2013 KJCT [Member] Non-license Assets [Member]	Dec. 15, 2014 KJCT [Member] Excalibur [Member]	Oct. 31, 2013 KJCT [Member] Excalibur [Member]	Dec. 15, 2014 KJCT [Member] Excalibur [Member]	Dec. 15, 2014 KJCT [Member]	Oct. 31, 2013 KJCT [Member]	Dec. 31, 2014 KJCT [Member]	Dec. 31, 2013 KJCT [Member]
Note 2 - Acquisitions (Details) [Line Items]
Business Acquisition, Percentage of Voting Interests Acquired																						100.00%				100.00%		100.00%				100.00%
Business Combination, Consideration Transferred														$ 5,000,000	$ 1,700,000							$ 299,900,000		$ 299,857,000	$ 28,100,000	$ 131,500,000	$ 3,600,000	$ 8,800,000	$ 8,785,000	$ 7,500,000	$ 7,500,000	$ 6,731,000	$ 5,500,000	$ 5,499,000	$ 1,900,000	$ 1,850,000				$ 10,000,000	$ 23,000,000	$ 32,739,000	$ 32,700,000							$ 12,000,000		$ 12,000,000
Consideration Not Included in Purchase Price, Paid by Another Entity																					33,500,000
Accounts Receivable, Contractual Amounts in Excess of Fair Value																																							300,000
Property, Plant and Equipment, Useful Life																																					3 years	40 years
Finite-lived Intangible Assets Acquired																34,200,000		13,100,000		4,100,000																								3,000,000	9,000,000
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life																4 years 146 days	1 year 292 days	5 years 6 months	7 years 36 days	8 years 109 days
Business Acquisition, Goodwill, Expected Tax Deductible Amount																																							88,600,000
Acquired Intangible Assets, Measurement Period for Finalization of Preliminary Valuations																																							1 year
Business Combination, Acquisition Related Costs												6,200,000	5,100,000																												200,000
Subsidiary or Equity Method Investee, Cumulative Percentage Ownership after All Transactions																																									99.00%
Subsidiary or Equity Method Investee, Additional Percentage Ownership from Transaction																																								1.00%
Revenues																																										2,400,000										400,000
Operating Income (Loss)	72,021,000	41,156,000	23,186,000	17,410,000	23,288,000	24,220,000	21,312,000	15,060,000	153,773,000	83,880,000	153,441,000																															700,000										200,000
Payments for (Proceeds from) Derivative Instrument, Investing Activities																																															500,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets																																													9,000,000			2,900,000
Gains (Losses) on Extinguishment of Debt									(5,086,000)		(46,683,000)																																			(200,000)
Proceeds from Sale of Machinery and Equipment																																																	75,000
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property									(623,000)	(765,000)	31,000																																								(269,000)
Finite-lived Intangible Assets, Fair Value Disclosure																	1,400,000		600,000
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual																							64,700,000
Business Acquisition, Pro Forma Income (Loss) from Continuing Operations before Changes in Accounting and Extraordinary Items, Net of Tax																							$ 25,800,000

Note 2 - Acquisitions (Details) - Preliminary Fair Value Estimates of Acquired Assets, Assumed Liabilities and Resulting Goodwill (USD $) In Thousands, unless otherwise specified				0 Months Ended	12 Months Ended		1 Months Ended	12 Months Ended	1 Months Ended	12 Months Ended		1 Months Ended	12 Months Ended	1 Months Ended	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Jun. 13, 2014 Hoak Acquisition [Member]	Dec. 31, 2014 Hoak Acquisition [Member]	Dec. 31, 2014 SJL Acquisition [Member]	May 31, 2014 KEVN Acquisition [Member]	Dec. 31, 2014 KEVN Acquisition [Member]	May 31, 2014 KNDX Acquisition [Member]	Dec. 31, 2014 KNDX Acquisition [Member]	Dec. 31, 2014 Parker Acquisitions [Member]	Apr. 30, 2014 WQCW Acquisition [Member]	Dec. 31, 2014 WQCW Acquisition [Member]	Nov. 30, 2014 Helena Acquisition [Member]	Dec. 31, 2014 Helena Acquisition [Member]
Note 2 - Acquisitions (Details) - Preliminary Fair Value Estimates of Acquired Assets, Assumed Liabilities and Resulting Goodwill [Line Items]
Cash								$ 615
Accounts receivable	106,692	70,047			10,722	7,132		569			765				14
Other current assets					509	1,946		96		39	964		45		49
Property and equipment	221,811	143,621			45,382	23,508		3,888		2,576	722		991		1,230
Goodwill	374,390	184,409	170,522		131,632	50,941		2,717		1,839	1,932		802		70
Broadcast licenses	1,023,580	838,982			91,958	86,685		1,675		500			3,691		146
Other intangible assets					35,386	10,091		1,786		2,584	3,163		15		431
Other non-current assets	3,443	3,289				253		29		15	16
Current liabilities	(80,022)	(63,085)			(3,544)	(4,936)		(211)		(36)	(826)		(45)		(90)
Other long-term liabilities	(952)	(827)				(379)		(38)		(17)	(5)
Deferred income tax liabilities	(292,679)	(225,407)			(12,188)	(43,712)		(2,341)
Total				$ 299,900	$ 299,857	$ 131,529	$ 8,800	$ 8,785	$ 7,500	$ 7,500	$ 6,731	$ 5,500	$ 5,499	$ 1,900	$ 1,850

Note 2 - Acquisitions (Details) - Allocated Fair Value of Acquired Assets and Assumed Liabilities (USD $) In Thousands, unless otherwise specified				0 Months Ended	1 Months Ended	12 Months Ended	13 Months Ended	1 Months Ended	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Oct. 02, 2014 Yellowstone [Member]	Oct. 31, 2013 Yellowstone [Member]	Dec. 31, 2013 Yellowstone [Member]	Oct. 31, 2014 Yellowstone [Member]	Oct. 31, 2013 KJCT [Member]	Dec. 31, 2013 KJCT [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Cash						$ 95
Other current assets						280			91
Property and equipment						7,249			2,740
Goodwill	374,390	184,409	170,522			9,421			4,466
Broadcast licenses	1,023,580	838,982				14,305			4,161
Other intangible assets						1,709			633
Other non-current assets	3,443	3,289				70
Current liabilities	(80,022)	(63,085)				(304)			(91)
Longterm debt, less current portion	(1,236,401)	(842,650)				(86)
Total				$ 10,000	$ 23,000	$ 32,739	$ 32,700	$ 12,000	$ 12,000

Note 2 - Acquisitions (Details) - Unaudited Pro Forma Results (USD $) In Thousands, except Per Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Unaudited Pro Forma Results [Abstract]
Revenue (less agency commissions)	$ 565,251	$ 445,443
Net income	$ 50,771	$ 20,665
Basic net income per share	$ 0.88	$ 0.36
Diluted net income per share	$ 0.87	$ 0.36

Note 3 - Long-term Debt (Details) (USD $)	12 Months Ended			9 Months Ended		0 Months Ended		9 Months Ended	0 Months Ended		3 Months Ended	7 Months Ended				0 Months Ended	1 Months Ended	7 Months Ended											12 Months Ended			12 Months Ended				12 Months Ended	0 Months Ended	12 Months Ended
Note 3 - Long-term Debt (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Sep. 30, 2015 Certain Equity Offerings [Member] Scenario, Forecast [Member] 2020 Notes [Member] Maximum [Member]	Sep. 15, 2014 Amended [Member] 2014 Term Loan [Member]	Sep. 15, 2014 Amended [Member] 2014 Senior Credit Facility [Member]	Sep. 15, 2014 Additional Borrowing [Member] 2014 Term Loan [Member]	Sep. 30, 2015 Scenario, Forecast [Member] 2020 Notes [Member]	Jun. 13, 2014 2014 Senior Credit Facility [Member]	Dec. 31, 2014 2014 Senior Credit Facility [Member]	Sep. 15, 2014 2014 Term Loan [Member] Base Rate [Member] Minimum [Member]	Dec. 31, 2014 2014 Term Loan [Member] Base Rate [Member] Maximum [Member]	Dec. 31, 2014 2014 Term Loan [Member] London Interbank Offered Rate (LIBOR) [Member] Minimum [Member]	Dec. 31, 2014 2014 Term Loan [Member] London Interbank Offered Rate (LIBOR) [Member] Maximum [Member]	Dec. 31, 2014 2014 Term Loan [Member] Minimum LIBOR Floor [Member]	Jun. 13, 2014 2014 Term Loan [Member]	Dec. 31, 2014 2014 Term Loan [Member]	Dec. 31, 2014 2014 Term Loan [Member]	Dec. 31, 2014 2014 Revolving Credit Facility [Member] Base Rate [Member] Minimum [Member]	Dec. 31, 2014 2014 Revolving Credit Facility [Member] Base Rate [Member] Maximum [Member]	Dec. 31, 2014 2014 Revolving Credit Facility [Member] London Interbank Offered Rate (LIBOR) [Member] Minimum [Member]	Dec. 31, 2014 2014 Revolving Credit Facility [Member] London Interbank Offered Rate (LIBOR) [Member] Maximum [Member]	Dec. 31, 2014 2014 Revolving Credit Facility [Member] Plus Overnight Federal Funds Rate [Member]	Dec. 31, 2014 2014 Revolving Credit Facility [Member] Plus One-Month LIBOR [Member]	Dec. 31, 2014 2014 Revolving Credit Facility [Member] Minimum [Member]	Dec. 31, 2014 2014 Revolving Credit Facility [Member] Maximum [Member]	Dec. 31, 2014 2014 Revolving Credit Facility [Member]	Jun. 13, 2014 2014 Revolving Credit Facility [Member]	Dec. 31, 2014 2012 Senior Credit Facility [Member]	Dec. 31, 2012 2012 Senior Credit Facility [Member]	Dec. 31, 2013 2012 Senior Credit Facility [Member]	Dec. 31, 2013 2020 Notes [Member]	Dec. 31, 2012 2020 Notes [Member]	Dec. 31, 2014 2020 Notes [Member]	Jul. 31, 2013 Excalibur Loan [Member]	Dec. 31, 2012 2015 Notes [Member]	Dec. 15, 2014 KXJB Acquisition [Member] Excalibur [Member]	Dec. 31, 2014 KXJB Acquisition [Member]
Note 3 - Long-term Debt (Details) [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity					$ 625,000,000				$ 575,000,000																			$ 50,000,000
Long-term Debt	1,200,000,000	842,900,000														525,000,000
Proceeds from Issuance of Long-term Debt	644,000,000	390,926,000	855,798,000													525,000,000																375,000,000	300,000,000
Proceeds from Lines of Credit							100,000,000
Debt Instrument, Basis Spread on Variable Rate											1.75%	2.00%	2.75%	3.00%	0.75%				1.00%	1.50%	2.00%	2.50%	0.50%	1.00%
Debt Instrument, Periodic Principal Payment, Principal																		0.25%
Repayments of Long-term Debt	249,623,000	381,003,000	856,292,000														67,000,000																				2,900,000
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage																									0.375%	0.50%
Long-term Line of Credit										556,438,000																	556,400,000				159,000,000
Line of Credit Facility, Interest Rate at Period End																											3.80%				4.80%
Line of Credit Facility, Remaining Borrowing Capacity										50,000,000																					30,000,000
Deferred Finance Costs, Net										7,400,000																						13,200,000		11,300,000
Debt Issuance Cost						2,100,000			7,100,000																					9,900,000		7,300,000	7,300,000
Gains (Losses) on Extinguishment of Debt	(5,086,000)		(46,683,000)																										(4,900,000)	(8,100,000)						(38,600,000)		(200,000)
Unsecured Debt																																675,000,000		675,000,000
Debt Instrument, Interest Rate, Stated Percentage																																		7.50%
Debt Instrument, Interest Rate, Effective Percentage																																		7.30%
Debt Instrument, Redemption Price, Percentage				35.00%				100.00%
Debt Instrument, Face Amount																																			3,000,000
Proceeds from Debt, Net of Issuance Costs																																	290,900,000
Interest Paid	61,900,000	49,400,000	53,300,000
Interest Costs Capitalized	$ 0	$ 0	$ 0

Note 3 - Long-term Debt (Details) - Long-term Debt Summary (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Long-term debt:
Outstanding principal	$ 1,231,438
Total outstanding principal	1,231,438	837,048
Less current portion		(224)
Net carrying value	1,236,401	842,650
2014 Senior Credit Facility [Member]
Long-term debt:
Credit facility	556,438
Outstanding principal	556,438
Borrowing availability, credit facility	50,000
2012 Senior Credit Facility [Member]
Long-term debt:
Credit facility		159,000
Borrowing availability, credit facility		30,000
2020 Notes [Member]
Long-term debt:
2020 Notes	675,000	675,000
Outstanding principal	675,000
Plus unamortized premium or less unamortized discount on our 2020 Notes	4,963	5,826
Excalibur Loan [Member]
Long-term debt:
Outstanding principal		3,000
Other Long-term Debt [Member]
Long-term debt:
Outstanding principal		$ 48

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References+ Details

Note 3 - Long-term Debt (Details) - Aggregate Minimum Principal Maturities on Long-term Debt (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014
Note 3 - Long-term Debt (Details) - Aggregate Minimum Principal Maturities on Long-term Debt [Line Items]
Thereafter	$ 1,231,438
Total	1,231,438
2014 Senior Credit Facility [Member]
Note 3 - Long-term Debt (Details) - Aggregate Minimum Principal Maturities on Long-term Debt [Line Items]
Thereafter	556,438
Total	556,438
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

Note 4 - Fair Value Measurement (Details) (USD $) In Millions, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Fair Value Disclosures [Abstract]
Long-term Debt	$ 1,200.0	$ 842.9
Long-term Debt, Fair Value	$ 1,200.0	$ 877.5

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 5 - Stockholders' Equity (Details)	Dec. 31, 2014	Dec. 31, 2013
Note 5 - Stockholders' Equity (Details) [Line Items]
Capital Units, Authorized	135,000,000
Common Stock, Shares Authorized	100,000,000	100,000,000
Preferred Stock, Shares Authorized	20,000,000
Stock Repurchase Program, Number of Shares Authorized to be Repurchased	5,000,000
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
Common Stock, Voting Rights, Votes Per Share	10
Common Stock, Capital Shares Reserved for Future Issuance	763,706	1,000,000
Common Class B [Member]
Note 5 - Stockholders' Equity (Details) [Line Items]
Common Stock, Shares Authorized	100,000,000
Common Stock, Voting Rights, Votes Per Share	1
Common Stock, Capital Shares Reserved for Future Issuance	7,116,171	7,431,473

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	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%
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				12 Months Ended					12 Months Ended											1 Months Ended	12 Months Ended
Note 7 - Stock-based Compensation (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2014 Director [Member] Common Class A [Member] Restricted Stock [Member] January 01, 2015 [Member]	Dec. 31, 2013 Director [Member] Restricted Stock [Member]	Dec. 31, 2012 Officer [Member]	Dec. 31, 2014 Common Class A [Member] Restricted Stock [Member] January 17, 2015 [Member] Employee [Member]	Dec. 31, 2014 Common Class A [Member] Restricted Stock [Member] January 17, 2017 [Member] Employee [Member]	Dec. 31, 2014 Common Class A [Member] Restricted Stock [Member] January 17, 2016 [Member] Employee [Member]	Dec. 31, 2014 Common Class A [Member] Restricted Stock [Member] Employee [Member]	Dec. 31, 2014 Common Class A [Member] Restricted Stock [Member]	Dec. 31, 2013 Common Class A [Member] Restricted Stock [Member]	Dec. 31, 2012 Common Class A [Member] Restricted Stock [Member]	Dec. 31, 2014 Common Class A [Member] 2007 Incentive Plan [Member]	Dec. 31, 2014 Common Class B [Member] 2007 Incentive Plan [Member]	Dec. 31, 2014 Restricted Stock [Member] January 17, 2015 [Member] Employee [Member]	Dec. 31, 2014 Restricted Stock [Member] January 17, 2017 [Member] Employee [Member]	Dec. 31, 2014 Restricted Stock [Member] January 17, 2016 [Member] Employee [Member]	Dec. 31, 2014 Restricted Stock [Member] March 19, 2016 [Member] Employee [Member]	Dec. 31, 2014 Restricted Stock [Member] March 19, 2015 [Member] Employee [Member]	Mar. 19, 2014 Restricted Stock [Member] Employee [Member]	Dec. 31, 2014 Restricted Stock [Member] Employee [Member]	Dec. 31, 2013 Restricted Stock [Member] Employee [Member]	Dec. 31, 2014 Restricted Stock [Member] Directors' Restricted Stock Plan [Member]	Dec. 31, 2013 Restricted Stock [Member] Directors' Restricted Stock Plan [Member]	Dec. 31, 2012 Restricted Stock [Member] Directors' Restricted Stock Plan [Member]	Dec. 31, 2014 Restricted Stock [Member]	Dec. 31, 2013 Restricted Stock [Member]	Dec. 31, 2012 Restricted Stock [Member]	Dec. 31, 2014 Maximum [Member] 2007 Incentive Plan [Member]	Dec. 31, 2014 Minimum [Member] 2007 Incentive Plan [Member]	Dec. 31, 2014 2007 Incentive Plan [Member]	Dec. 31, 2014 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																		6,000,000	1,000,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant														800,000	4,500,000																		770,000
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period																														4 years	2 years
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term																														8 years	3 years
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period			432,396		63,210					194,413	236,294	0										312,961	318,852	0	0	0	312,961	382,062	432,396
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period										31,821	31,821	0	10,000								70,542	68,991	107,224				202,743	107,224	432,396
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number				41,881			75,412	43,590	43,590							127,316	58,327	58,327	70,542	70,542
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	0	0	359,568			359,568
Share-based Compensation (in Dollars)	$ 5,012,000	$ 1,974,000	$ 878,000																										$ 400,000
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Number of Restricted Shares Authorized Yearly per Director	10,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value (in Dollars)	2,500,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized (in Dollars)	$ 1,700,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	2 years

Note 7 - Stock-based Compensation (Details) - Stock-based Compensation Expense and Related Income Tax Benefit (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Stock-based Compensation Expense and Related Income Tax Benefit [Abstract]
Stock-based compensation expense, gross	$ 5,012	$ 1,974	$ 878
Income tax benefit at our statutory rate associated with stock-based compensation	(1,955)	(770)	(342)
Stock-based compensation expense, net	$ 3,057	$ 1,204	$ 536

Note 7 - Stock-based Compensation (Details) - Summary of Restricted Common Stock Activity (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Note 7 - Stock-based Compensation (Details) - Summary of Restricted Common Stock Activity [Line Items]
Number of Shares, Granted			432,396
Common Class A [Member] \| Restricted Stock [Member]
Note 7 - Stock-based Compensation (Details) - Summary of Restricted Common Stock Activity [Line Items]
Number of Shares, Beginning of Period	0	0	10,000
Weighted- Average Grant Date Fair Value Per Share, Beginning of Period	$ 0	$ 0	$ 4.94
Number of Shares, Granted	236,294	0
Weighted- Average Grant Date Fair Value Per Share, Granted	$ 9.80	$ 0
Number of Shares, Vested	(31,821)	0	(10,000)
Weighted- Average Grant Date Fair Value Per Share, Vested	$ 9.75	$ 0	$ 4.94
Number of Shares, End of Period	204,473	0	0
Weighted- Average Grant Date Fair Value Per Share, End of Period	$ 9.81	$ 0	$ 0
Restricted Stock [Member]
Note 7 - Stock-based Compensation (Details) - Summary of Restricted Common Stock Activity [Line Items]
Number of Shares, Beginning of Period	274,838	0
Weighted- Average Grant Date Fair Value Per Share, Beginning of Period	$ 4.43	$ 0
Number of Shares, Granted	312,961	382,062	432,396
Weighted- Average Grant Date Fair Value Per Share, Granted	$ 11.78	$ 5.20	$ 1.65
Number of Shares, Vested	(202,743)	(107,224)	(432,396)
Weighted- Average Grant Date Fair Value Per Share, Vested	$ 6.93	$ 7.16	$ 1.65
Number of Shares, End of Period	385,056	274,838	0
Weighted- Average Grant Date Fair Value Per Share, End of Period	$ 9.09	$ 4.43	$ 0

Note 7 - Stock-based Compensation (Details) - Summary of Stock Option Activity (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Common stock:
Options outstanding - beginning of period	274,746	1,316,068	1,002,350
Options outstanding - beginning of period	$ 1.99	$ 5.98	$ 7.50
Options granted	0	0	359,568
Options granted	$ 0	$ 0	$ 1.99
Options exercised	0	(119,822)
Options exercised	$ 0	$ 2.34
Options forfeited	0		(8,700)
Options forfeited	$ 0		$ 5.32
Options expired	0	(921,500)	(37,150)
Options expired	$ 0	$ 7.64	$ 8.72
Options outstanding - end of period	274,746	274,746	1,316,068
Options outstanding - end of period	$ 1.99	$ 1.99	$ 5.98
Options exercisable at end of period	137,376	68,688	956,500
Options exercisable at end of period	$ 1.99	$ 1.99	$ 7.48

Note 8 - Income Taxes (Details) (USD $)	12 Months Ended							12 Months Ended
Note 8 - Income Taxes (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2014 Domestic Tax Authority [Member]	Dec. 31, 2014 State and Local Jurisdiction [Member] Valuation Allowance, Operating Loss Carryforwards [Member]	Dec. 31, 2013 State and Local Jurisdiction [Member] Valuation Allowance, Operating Loss Carryforwards [Member]	Dec. 31, 2014 State and Local Jurisdiction [Member]	Dec. 31, 2015 Scenario, Forecast [Member]	Dec. 31, 2014 Capital Loss Carryforward [Member]	Dec. 31, 2013 Capital Loss Carryforward [Member]
Note 8 - Income Taxes (Details) [Line Items]
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration				$ 159,800,000			$ 181,800,000
Deferred Tax Assets, Valuation Allowance	2,052,000	2,748,000			2,100,000	2,700,000
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount									(700,000)	(400,000)
Increase (Decrease) in Pension Plan Obligations	(17,100,000)	16,000,000	6,200,000
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax	10,403,000	(9,761,000)	3,768,000
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Tax	(6,700,000)	6,200,000	2,400,000
Income Taxes Paid, Net	400,000	500,000	800,000
Accrued Income Taxes	1,900,000	1,500,000
Unrecognized Tax Benefits that Would Impact Effective Tax Rate	1,300,000	1,500,000
Liability for Uncertain Tax Positions, Current	600,000	700,000
Unrecognized Tax Benefits, Period Increase (Decrease)								$ (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, 2014	Dec. 31, 2013	Dec. 31, 2012
Current:
Federal	$ 0	$ 0	$ 0
State and local	996	118	974
State and local - reserve for uncertain tax positions	(198)	(136)	(1,015)
Current income tax expense (benefit)	798	(18)	(41)
Deferred:
Federal	28,231	12,218	16,854
State and local	2,707	947	2,375
Deferred income tax expense	30,938	13,165	19,229
Total income tax expense	$ 31,736	$ 13,147	$ 19,188

Note 8 - Income Taxes (Details) - Significant Components of Deferred Tax Liabilities and Assets (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Deferred tax liabilities:
Net book value of property and equipment	$ 20,195	$ 9,797
Broadcast licenses, goodwill and other intangibles	341,654	285,553
Total deferred tax liabilities	361,849	295,350
Deferred tax assets:
Liability for accrued vacation	1,900	926
Liability for accrued bonus	3,440	2,401
Loan acquisition costs	447	1,664
Allowance for doubtful accounts	572	284
Liability under health and welfare plan	1,111	936
Liability for pension plan	16,900	10,501
Federal operating loss carryforwards	55,425	78,597
State and local operating loss carryforwards	7,102	9,922
Alternative minimum tax carryforwards	386	386
Unearned income	214	396
Network compensation		174
Stock options	119	76
Acquisition costs	776	300
Restricted stock	1,479	192
Other	206	49
Total deferred tax assets	90,077	106,804
Valuation allowance for deferred tax assets	(2,052)	(2,748)
Net deferred tax assets	88,025	104,056
Deferred tax liabilities, net of deferred tax assets	$ 273,824	$ 191,294

Note 8 - Income Taxes (Details) - Reconciliation of Income Tax Expense (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Reconciliation of Income Tax Expense [Abstract]
Statutory federal rate applied to income before income tax expense	$ 27,929	$ 11,002	$ 16,561
Current year permanent items	849	669	825
State and local taxes, net of federal tax benefit	4,050	1,432	4,191
Change in valuation allowance	(696)	(409)	(1,463)
Reserve for uncertain tax positions	(198)	(136)	(1,015)
Other items, net	(198)	589	89
Income tax expense as recorded	$ 31,736	$ 13,147	$ 19,188
Effective income tax rate	39.80%	41.80%	40.60%

Note 8 - Income Taxes (Details) - Summary of Unrecognized Tax Benefits (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Summary of Unrecognized Tax Benefits [Abstract]
Balance at beginning of period	$ 782	$ 880	$ 1,597
Reduction in benefit from lapse in statute of limitations	(125)	(98)	(717)
Balance at end of period	$ 657	$ 782	$ 880

Note 9 - Retirement Plans (Details) (USD $)	12 Months Ended		0 Months Ended		12 Months Ended								12 Months Ended
Note 9 - Retirement Plans (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013	Dec. 09, 2008 Capital Accumulation Plan [Member]	May 02, 2007 Capital Accumulation Plan [Member]	Dec. 31, 2014 Capital Accumulation Plan [Member]	Dec. 31, 2014 Collective Bargaining [Member]	Dec. 31, 2013 Collective Bargaining [Member]	Dec. 31, 2012 Collective Bargaining [Member]	Dec. 31, 2014 Minimum [Member]	Dec. 31, 2014 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, 2014 Acquired Pension Plans [Member]	Dec. 31, 2013 Acquired Pension Plans [Member]	Dec. 31, 2014 Capital Accumulation Plan [Member]
Note 9 - Retirement Plans (Details) [Line Items]
Defined Benefit Plan, Accumulated Benefit Obligation										$ 92,800,000	$ 72,200,000
Number of Underfunded Pension Plans													2
Defined Benefit Plan, Fair Value of Plan Assets	66,813,000	58,063,000								66,813,000	58,063,000	46,662,000	5,900,000	5,500,000
Defined Benefit Plan, Benefit Obligation										108,006,000	83,533,000	83,236,000	8,000,000	6,900,000
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year									$ 5,300,000
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)															1,593,412
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay					6.00%
Defined Contribution Plan, Employer Matching Contribution, Percent of Match						50.00%	50.00%	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, 2014	Dec. 31, 2013	Dec. 31, 2012
Change in projected benefit obligation:
Service cost	$ 5,162	$ 5,165	$ 4,452
Interest cost	4,106	3,553	3,315
Change in plan assets:
Fair value of pension plan assets at	58,063
Fair value of pension plan assets at	66,813	58,063
Active Defined Benefit Pension Plan [Member]
Change in projected benefit obligation:
Projected benefit obligation at	83,533	83,236
Service cost	5,162	5,165
Interest cost	4,106	3,553
Actuarial losses (gains)	16,712	(7,158)
Benefits paid	(1,507)	(1,263)
Projected benefit obligation at	108,006	83,533
Change in plan assets:
Fair value of pension plan assets at	58,063	46,662
Funded status of pension plan	(41,193)	(25,470)
Actual return on plan assets	3,940	8,216
Company contributions	6,317	4,448
Benefits paid	(1,507)	(1,263)
Fair value of pension plan assets at	66,813	58,063
Amounts recognized in our balance sheets consist of:
Accrued benefit cost	(10,057)	(10,337)
Accumulated other comprehensive income	(31,136)	(15,133)
Net liability recognized	$ (41,193)	$ (25,470)

Note 9 - Retirement Plans (Details) - Estimated Rate of Increase in Compensation Levels	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Weighted-average assumptions used to determine net periodic benefit cost for our active pension plan:
Discount rate	4.97%	4.31%
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	4.00%	4.97%
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, 2014	Dec. 31, 2013	Dec. 31, 2012
Components of net periodic pension cost:
Service cost	$ 5,162	$ 5,165	$ 4,452
Interest cost	4,106	3,553	3,315
Expected return on plan assets	(4,200)	(3,400)	(2,609)
Recognized net actuarial loss	969	3,131	2,527
Net periodic pension cost	$ 6,037	$ 8,449	$ 7,685

Note 9 - Retirement Plans (Details) - Estimated Future Benefit Payments for Subsequent Years (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014
Estimated Future Benefit Payments for Subsequent Years [Abstract]
2015	$ 1,989
2016	2,218
2017	2,455
2018	2,695
2019	3,071
2020	$ 23,153

Note 9 - Retirement Plans (Details) - Allocation of Plan Assets	Dec. 31, 2014	Dec. 31, 2013
Asset category:
Defined benefit plan, weighted average asset allocations	100.00%	100.00%
Insurance General Account [Member]
Asset category:
Defined benefit plan, weighted average asset allocations	28.00%	32.00%
Cash Equivalents [Member]
Asset category:
Defined benefit plan, weighted average asset allocations	3.00%	3.00%
Equity Securities [Member]
Asset category:
Defined benefit plan, weighted average asset allocations	64.00%	60.00%
Fixed Income Securities [Member]
Asset category:
Defined benefit plan, weighted average asset allocations	5.00%	5.00%

Note 9 - Retirement Plans (Details) - Target Asset Allocation	12 Months Ended
	Dec. 31, 2014
Large Cap Equities [Member]
Asset class:
Asset allocations, minimum	23.00%
Asset allocations, maximum	91.00%
Mid Cap Equities [Member]
Asset class:
Asset allocations, minimum	0.00%
Asset allocations, maximum	15.00%
Small Cap Equities [Member]
Asset class:
Asset allocations, minimum	0.00%
Asset allocations, maximum	16.00%
International Equities [Member]
Asset class:
Asset allocations, minimum	5.00%
Asset allocations, maximum	25.00%
Fixed Income Securities [Member]
Asset class:
Asset allocations, minimum	0.00%
Asset allocations, maximum	30.00%
Cash [Member]
Asset class:
Asset allocations, minimum	0.00%
Asset allocations, maximum	20.00%

Note 9 - Retirement Plans (Details) - Active Pension Plan Fair Value Measurements (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Assets:
Active pension plan's assets	$ 66,813	$ 58,063
Insurance General Account [Member] \| Fair Value, Inputs, Level 2 [Member]
Assets:
Active pension plan's assets	18,598	18,759
Insurance General Account [Member]
Assets:
Active pension plan's assets	18,598	18,759
Cash Equivalents [Member] \| Fair Value, Inputs, Level 2 [Member]
Assets:
Active pension plan's assets	2,319	1,959
Cash Equivalents [Member]
Assets:
Active pension plan's assets	2,319	1,959
Equity Securities [Member] \| Fair Value, Inputs, Level 2 [Member]
Assets:
Active pension plan's assets	42,608	34,603
Equity Securities [Member]
Assets:
Active pension plan's assets	42,608	34,603
Fixed Income Securities [Member] \| Fair Value, Inputs, Level 2 [Member]
Assets:
Active pension plan's assets	3,288	2,742
Fixed Income Securities [Member]
Assets:
Active pension plan's assets	3,288	2,742
Fair Value, Inputs, Level 2 [Member]
Assets:
Active pension plan's assets	$ 66,813	$ 58,063

Note 10 - Commitments and Contingencies (Details) - Future Minimum Payments of Operating Lease Commitments (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014
Note 10 - Commitments and Contingencies (Details) - Future Minimum Payments of Operating Lease Commitments [Line Items]
2015	$ 79,487
2016	96,137
2017	106,245
2018	113,118
2019	41,349
Thereafter	2,745
Total	439,081
Equipment [Member]
Note 10 - Commitments and Contingencies (Details) - Future Minimum Payments of Operating Lease Commitments [Line Items]
2015	443
Total	443
Operating Lease [Member]
Note 10 - Commitments and Contingencies (Details) - Future Minimum Payments of Operating Lease Commitments [Line Items]
2015	2,092
2016	1,613
2017	1,283
2018	1,074
2019	913
Thereafter	2,395
Total	9,370
Syndicated Television Programming [Member]
Note 10 - Commitments and Contingencies (Details) - Future Minimum Payments of Operating Lease Commitments [Line Items]
2015	3,601
2016	7,739
2017	1,969
2018	478
2019	265
Thereafter	350
Total	14,402
Network Affiliation Agreements [Member]
Note 10 - Commitments and Contingencies (Details) - Future Minimum Payments of Operating Lease Commitments [Line Items]
2015	73,351
2016	86,785
2017	102,993
2018	111,566
2019	40,171
Total	$ 414,866

Note 11 - Goodwill and Intangible Assets (Details) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of Intangible Assets	$ 8,297,000	$ 336,000	$ 75,000
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months	10,900,000
Finite-Lived Intangible Assets, Amortization Expense, Year Two	10,400,000
Finite-Lived Intangible Assets, Amortization Expense, Year Three	9,800,000
Finite-Lived Intangible Assets, Amortization Expense, Year Four	5,200,000
Finite-Lived Intangible Assets, Amortization Expense, Year Five	3,700,000
Goodwill and Intangible Asset Impairment	$ 0	$ 0	$ 0

Note 11 - Goodwill and Intangible Assets (Details) - Changes in Goodwill and Other Intangible Assets (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Note 11 - Goodwill and Intangible Assets (Details) - Changes in Goodwill and Other Intangible Assets [Line Items]
Beginning Balance	$ 184,409	$ 170,522
Additions	189,981	13,887
Ending Balance	374,390	184,409	170,522
Beginning Balance Broadcast licenses	838,982
Additions	428,034	36,024
Ending Blance Broadcast licenses	1,023,580	838,982
Beginning Balance Definite lived intangible assets	2,644
Amortization	(8,297)	(336)	(75)
Ending Balance Definite lived intangible assets	47,802	2,644
Beginning Balance Intangible assets net of accumulated amortization	1,026,035	990,347
Additions	428,034	36,024
Amortization	(8,297)	(336)	(75)
Ending Balance Intangible assets net of accumulated amortization	1,445,772	1,026,035	990,347
Broadcast Licenses [Member]
Note 11 - Goodwill and Intangible Assets (Details) - Changes in Goodwill and Other Intangible Assets [Line Items]
Beginning Balance Broadcast licenses	838,982	819,188
Additions	184,598	19,794
Ending Blance Broadcast licenses	1,023,580	838,982
Additions	184,598	19,794
Other Intangible Assets [Member]
Note 11 - Goodwill and Intangible Assets (Details) - Changes in Goodwill and Other Intangible Assets [Line Items]
Additions	53,455	2,343
Beginning Balance Definite lived intangible assets	2,644	637
Amortization	(8,297)	(336)
Ending Balance Definite lived intangible assets	47,802	2,644
Beginning Balance Intangible assets net of accumulated amortization	2,644
Additions	53,455	2,343
Amortization	(8,297)	(336)
Ending Balance Intangible assets net of accumulated amortization	$ 47,802	$ 2,644

Note 11 - Goodwill and Intangible Assets (Details) - Summary of Changes in Goodwill (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Summary of Changes in Goodwill [Abstract]
Goodwill, gross	$ 472,986	$ 283,005	$ 269,118
Goodwill, gross	189,981	13,887
Accumulated goodwill impairment	(98,596)	(98,596)	(98,596)
Goodwill, net	374,390	184,409	170,522
Goodwill, net	$ 189,981	$ 13,887

Note 11 - Goodwill and Intangible Assets (Details) - Intangible Assets and Related Accumulated Amortization (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Intangible assets not subject to amortization:
Broadcast licenses	$ (76,442)	$ (68,145)
Broadcast licenses	1,023,580	838,982
Goodwill	472,986	283,005	269,118
Goodwill	374,390	184,409	170,522
Gross	1,522,214	1,094,180
Accumulated amortization	(76,442)	(68,145)
Net	1,445,772	1,026,035	990,347
Broadcast Licenses [Member]
Intangible assets not subject to amortization:
Broadcast licenses	1,077,279	892,681
Broadcast licenses	(53,699)	(53,699)
Broadcast licenses	1,023,580	838,982	819,188
Accumulated amortization	(53,699)	(53,699)
Goodwill Not Amortizable [Member]
Intangible assets not subject to amortization:
Goodwill	374,390	184,409
Goodwill	374,390	184,409
Intangible Assets Not Subject to Amortization [Member]
Intangible assets not subject to amortization:
Broadcast licenses	(53,699)	(53,699)
Gross	1,451,669	1,077,090
Accumulated amortization	(53,699)	(53,699)
Net	1,397,970	1,023,391
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)
Other Intangible Assets [Member]
Intangible assets not subject to amortization:
Broadcast licenses	(21,479)	(13,182)
Gross	69,281	15,826
Accumulated amortization	(21,479)	(13,182)
Net	47,802	2,644
Intangible Assets Subject to Amortization [Member]
Intangible assets not subject to amortization:
Broadcast licenses	(22,743)	(14,446)
Gross	70,545	17,090
Accumulated amortization	(22,743)	(14,446)
Net	$ 47,802	$ 2,644

Note 12 - 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, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Selected Quarterly Financial Data [Abstract]
Revenue (less agency commissions)	$ 177,886	$ 131,702	$ 107,249	$ 91,297	$ 95,556	$ 88,288	$ 84,285	$ 78,169	$ 508,134	$ 346,298	$ 404,831
Operating income	72,021	41,156	23,186	17,410	23,288	24,220	21,312	15,060	153,773	83,880	153,441
Net income	$ 31,253	$ 13,940	$ 1,591	$ 1,277	$ 5,201	$ 7,073	$ 5,144	$ 870	$ 48,061	$ 18,288	$ 28,129
Basic net income per share (in Dollars per share)	$ 0.54	$ 0.24	$ 0.03	$ 0.02	$ 0.09	$ 0.12	$ 0.09	$ 0.02	$ 0.83	$ 0.32	$ 0.42
Diluted net income per share (in Dollars per share)	$ 0.53	$ 0.24	$ 0.03	$ 0.02	$ 0.09	$ 0.12	$ 0.09	$ 0.02	$ 0.82	$ 0.32	$ 0.42

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