Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block]

Description of Business and Summary of Significant Accounting Policies

Description of Business

Gray Television, Inc. (and its consolidated subsidiaries, except as the context otherwise 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

21,

2017

, we owned and/or operated television stations in

television markets broadcasting a total of over

200

programming streams, including

affiliates of the CBS Network (“CBS”),

affiliates of the NBC Network (“NBC”),

affiliates of the ABC Network (“ABC”) and

affiliates of the FOX Network (“FOX”).

In addition to our primary broadcast channels, each of our stations can also broadcast

secondary

digital channels within a market. Our

secondary

digital channels are generally affiliated with networks different from those affiliated with our primary broadcast channels, and they are operated by us to make better use of our broadcast spectrum by providing supplemental and/or alternative programming in addition to our primary channels. Certain of our

secondary

digital channels are affiliated with more than

one

network simultaneously. In addition to affiliations with ABC, CBS and FOX, our

secondary

channels are affiliated with numerous smaller networks and program services including, among others, the CW Network or the CW Plus Network, MY Network, the MeTV Network, This TV Network, Antenna TV, Telemundo, Cozi, Heroes and Icons and MOVIES! Network.

We also broadcast local news/weather channels in certain of our existing markets. Our combined TV station group reaches approximately

10.1%

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,

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.

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,

2016,

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 or any obligation to fund the operations of Tarzian.

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. 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.

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,

2016,

2015

and

2014

were as follows (amounts in thousands):

	Year Ended December 31,
	2016			2015			2014
Trade revenue	$	2,069		$	2,299		$	2,174
Trade expense		(1,997	)		(2,188	)		(2,287	)
Net trade income (loss)	$	72		$	111		$	(113	)

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

Our advertising expense was

$1.5

million,

$1.0

million and

$1.1

million for the years ended

December

31,

2016,

2015

and

2014,

respectively. We record as expense all advertising expenditures as they are incurred.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. 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 a portion 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

$1.9

million,

$0.6

million and

$1.3

million for the years ended

December

31,

2016,

2015

and

2014,

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

We have

two

types of syndicated television program contracts:

first

run programs and off network reruns. First run programs are programs such as

Wheel of Fortune

and off network reruns such as

Seinfeld

. First run programs have not been produced at the time the contract to air such programming is signed, and off network rerun programs have already been produced. We record an asset and corresponding liability for payments to be made only for the current year of the

first

run programming and for the entire contract period for off network programming. Only an estimate of the payments anticipated to be made in the year following the balance sheet date of the

first

run contracts are recorded on the current balance sheet, because the programs for the later years of the contract period have not been produced or delivered.

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 the components of property and equipment by major category (dollars in thousands):

							Estimated
	December 31,						Useful Lives
	2016			2015			(in years)
Property and equipment:
Land	$	44,611		$	36,529
Buildings and improvements		139,078			85,626			7	to	40
Equipment		471,798			420,380			3	to	20
		655,487			542,535
Accumulated depreciation		(329,394	)		(308,060	)
Total property and equipment, net	$	326,093		$	234,475

For the year ended

December

31,

2016,

our total property and equipment balance, before accumulated depreciation, increased approximately

$102.7

million primarily as the net result of acquisitions and dispositions. The remaining change in the balances between

December

31,

2015

and

December

31,

2016

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. In

April

2015,

the FASB issued ASU No.

2015

03,

Interest - Imputation of Interest (Subtopic

835

30)

Simplifying the Presentation of Debt Issuance Costs.

ASU

2015

amended previous guidance to require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs were not affected by the amendments in this ASU. In

August

2015,

the FASB issued ASU No.

2015

15,

Interest - Imputation of Interest (Subtopic

835

30)

Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements- Amendments to SEC Paragraphs Pursuant to Staff Announcement at

June

18,

2015

EITF Meeting.

ASU

2015

amended previous guidance to codify the

June

18,

2015

Staff Announcement that the SEC staff would not object to the deferral and presentation as an asset, and subsequent amortization of such asset, of deferred debt issuance costs related to line of credit arrangements. We adopted these standards as of

January

2016.

In accordance with these standards, we have reclassified our deferred loan costs to be presented as a reduction in the balance of our long-term debt, less current portion, in our balance sheets as of

December

31,

2016

and

2015.

Our deferred loan costs were previously presented as a non-current asset.

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 net present value of the cash flows of the costs expected to be incurred. Asset retirement obligations are recognized as a non-current liability and as a component of the cost of the related asset. Changes to our asset retirement obligations resulting from revisions to the timing or the amount of the original undiscounted cash flow estimates are recognized as an increase or decrease in 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 asset retirement obligations 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 are due at varying times through

2062.

The liability recognized for our asset retirement obligations was approximately

$793,000

and

$701,000

as of

December

31,

2016

and

2015,

respectively. During the years ended

December

31,

2016,

2015

and

2014,

we recorded expenses of

$15,000,

$34,000

and

$6,000,

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 advertising revenue, which is cyclical based on election cycles, for the year ended

December

31,

2016,

approximately

22%,

10%

and

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,

2015

and

2014.

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

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 impacts.

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 U.S. 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 shares 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,

2016,

2015

and

2014

(in thousands):

	Year Ended December 31,
	2016		2015		2014
Weighted-average shares outstanding – basic		71,848		68,330		57,862
Weighted-average shares underlying stock options and restricted shares		916		657		502
Weighted-average shares outstanding - diluted		72,764		68,987		58,364

Valuation of Broadcast Licenses, Goodwill and Other Intangible Assets

We have acquired a significant portion of our assets in acquisition transactions. 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

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 record 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. 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. Although 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 allocate only minimal values to our network affiliation agreements. We classify our other intangible assets as finite-lived intangible assets. The amortization period of our other intangible assets is equal to the shorter of their estimated useful life or contract period, including expected extensions thereof. When renewing other intangible asset contracts, we incur legal fees that are expensed as incurred.

Impairment Testing of Indefinite-Lived Intangible Assets

We test for impairment of our indefinite-lived 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 markets is considered a separate reporting unit. We review each television market 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 reporting units. 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 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

“Goodwill and Intangible Assets.”

Accumulated Other Comprehensive Loss

Our accumulated other comprehensive loss balances as of

December

31,

2016

and

2015

consist of adjustments to our pension liabilities net of related income tax benefits as follows (in thousands):

	December 31,
	2016			2015
Accumulated balances of items included in accumulated other comprehensive loss:
Increase in pension liability	$	(28,926	)	$	(28,334	)
Income tax benefit		(11,281	)		(11,050	)
Accumulated other comprehensive loss	$	(17,645	)	$	(17,284	)

Recent Accounting Pronouncements

May

2014,

the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No.

2014

09,

Revenue from Contracts with Customers (Topic

606).

ASU

2014

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. In

August

2015,

the FASB issued ASU

2015

14,

Revenue from Contracts with Customers (Topic

606):

Deferral of the Effective Date

. ASU

2015

deferred the effective date of ASU

2014

one

year to interim and annual reporting periods beginning after

December

15,

2017,

and permitted early adoption of the standard, but not before the original effective date of

December

15,

2016.

The standard permits the use of either the retrospective or cumulative effect transition method. In

April

2016,

the FASB issued ASU

2016

10,

Revenue from Contracts with Customers (Topic

606):

Identifying Performance Obligations and Licensing

. This ASU amends the guidance of ASU

2014

to clarify the identification of performance obligations and to provide additional licensing implementation guidance. In

May

2016,

the FASB issued ASU

2016

12,

Revenue from Contracts with Customers (Topic

606):

Narrow Scope Improvements and Practical Expedients

. This ASU was issued to provide guidance in assessing collectibility, presentation of sales taxes, noncash consideration, and completed contracts and contract modifications at transition, in order to reduce the potential for diversity in practice at initial application, and to reduce the cost and complexity of applying the standard. In

December

2016,

the FASB issued ASU

2016

20,

Revenue from Contracts with Customers (Topic

606):

Technical Corrections and Improvements

. This ASU was issued to clarify the standard and to correct unintended application of guidance. We have prepared an analyses of the effects of these standards on our financial statements and preliminarily determined that they will not have a material effect on our balance sheets and statements of operations. We have not yet determined if we will apply the new standard using the retroactive or prospective method. We are evaluating our footnote disclosure obligations and expect that the standards will have an effect on these disclosures. We will continue to develop these disclosures and the related tasks of, gathering data to be disclosed, assessing our internal controls and availing ourselves of broadcasting industry related guidance.

November

2015,

the FASB issued ASU No.

2015

17,

Income Taxes (Topic

740)

–

Balance Sheet Classification of Deferred Taxes

. ASU

2015

requires a “noncurrent” presentation of all deferred income taxes. Entities with publicly traded securities are required to apply the new guidance beginning in the annual reporting period beginning after

December

15,

2016,

and interim periods thereafter. We expect that the affected amounts on our balance sheets will be reclassified within our balance sheets to conform to this standard beginning in the

first

quarter of

2017.

January

2016,

the FASB issued ASU No.

2016

01,

Financial Instruments - Overall (Subtopic

825

10)

Recognition and Measurement of Financial Assets and Financial Liabilities

. ASU

2016

amends the guidance in U.S. GAAP regarding the classification and measurement of financial instruments. The new standard significantly revises an entity’s accounting related to the classification and measurement of investments in equity securities and the presentation of certain fair value changes for financial liabilities measured at fair value. The standard is effective for fiscal years beginning after

December

15,

2017,

including interim periods within those fiscal years. We do not expect that the adoption of this standard will have a material impact on our financial statements.

February

2016,

the FASB issued ASU

2016

02,

Leases (Topic

842).

ASU

2016

will supersede Topic

840,

Leases

, and thus will supersede nearly all existing lease guidance by requiring the reclassification of lease assets and lease liabilities on the balance sheet and requiring disclosure of key information about leasing arrangements. The standard will be effective for fiscal years beginning after

December

15,

2018.

We have prepared an analyses of the effects of this standard on our financial statements and preliminarily determined that it will not have a material effect on our statements of operations. However, this standard is expected to have a material effect on our balance sheets. Specifically, we expect that, once adopted we will record a right of use asset and lease obligation liability. Based on our current portfolio of lease obligations we expect that this asset and liability would each total approximately

$13.2

million. We are also evaluating our footnote disclosure obligations and expect that this standard will have an effect on these disclosures. We will continue to develop these disclosures and the related tasks of gathering data to be disclosed, assessing our internal controls and availing ourselves of broadcasting industry related guidance.

March

2016,

the FASB issued ASU

2016

09,

Compensation - Stock Compensation (Topic

718)

Improvements to Employee Share-Based Payment Accounting.

ASU

2016

amends the guidance in U.S. GAAP with the intent of simplifying several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards, and classification on the statement of cash flows. The standard is effective for fiscal years beginning after

December

15,

2016,

including interim periods within those fiscal years. We do not expect that the adoption of this ASU will have a material impact on our financial statements. We expect to conform to this standard beginning in the

first

quarter of

2017.

August

2016,

the FASB issued ASU

2016

15,

Statement of Cash Flows (Topic

230)

–

Classification of Certain Cash Receipts and Cash Payments

. ASU

2016

amends the guidance of U.S. GAAP with the intent of addressing

eight

specific cash flow issues with the objective of reducing the existing diversity in practice. One or more of these

eight

issues are applicable to our financial statements. The standard is effective for fiscal years beginning after

December

15,

2017,

including interim periods within those fiscal years. We do not expect that the adoption of this standard will have a material impact on our financial statements.

October

2016,

the FASB issued ASU

2016

17,

Consolidation (Topic

810)

– Interests Held through Related Parties That Are under Common Control

. ASU

2016

amends the guidance of U.S. GAAP on how a reporting entity that is the single decision maker of a VIE should treat indirect interests in the entity held through related parties that are under common control with the reporting entity when determining whether it is the primary beneficiary of that VIE. The standard is effective for fiscal years beginning after

December

15,

2016,

including interim periods within those fiscal years. We do not expect that the adoption of this standard will have a material impact on our financial statements. As explained more fully in Note

“Subsequent Events,” we have recently entered into a transaction with Gray Midwest EAT, LLC (“GME”). GME is a VIE and as a result of this transaction, we have determined that we are the primary beneficiary of this VIE. We will include the assets, liabilities and results of operations of GME in our consolidated financial statements beginning in

2017.

January

2017,

the FASB issued ASU

2017

01,

Business Combinations (Topic

805)

–

Clarifying the Definition of a Business

. ASU

2017

amends the guidance of U.S. GAAP with the intent of clarifying the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The standard is effective for fiscal years beginning after

December

15,

2017,

including interim periods within those fiscal years. We do not expect that the adoption of this standard will have a material impact on our financial statements.

January

2017,

the FASB issued ASU

2017

04,

Intangibles – Goodwill and Other (Topic

350)

–

Simplifying the Test for Goodwill Impairment

. ASU

2017

amends the guidance of U.S. GAAP with the intent of simplifying how an entity is required to test goodwill for impairment by eliminating Step

from the goodwill impairment test. Step

measures a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount of that goodwill. The standard is effective for fiscal years beginning after

December

15,

2019,

including interim periods within those fiscal years. The standard allows for early adoption, but we have not yet made that determination.

We do not expect that the adoption of this standard will have a material impact on our financial statements.

Reclassifications

Certain other current and non-current liabilities have been reclassified to conform to the current year presentation.

Note 2 - Acquisitions and Dispositions

12 Months Ended

Dec. 31, 2016

Mergers, Acquisitions and Dispositions Disclosures [Text Block]

Acquisitions and Dispositions

During

2016,

2015

and

2014,

we entered into a number of acquisition and disposition transactions. The acquisition transactions were and are expected to, among other things, increase our revenues and cash flows from operating activities, and allow us to operate more efficiently and effectively by increasing our scale and providing us with the ability to negotiate more favorable terms in our agreements with

third

parties.

During

2016,

we completed

three

acquisitions which added

television stations to our operations and

one

disposition, that divested

one

television station from our operations. In addition, at

December

31,

2016,

we had several pending transactions certain of which were completed in

January

2017.

For a discussion of the completed transactions see Note

“Subsequent Events.”

2016

Acquisitions

and Dispositions

February

16,

2016,

we completed the acquisition of the television and radio broadcast assets of Schurz Communications, Inc. (“Schurz”) for an adjusted

purchase price of

$443.1

million plus transaction related expenses (the “Schurz Acquisition”).

To facilitate regulatory approval for the Schurz Acquistion, on

February

2016,

we exchanged the assets of KAKE-TV (ABC) (and its satellite stations) in the Wichita, Kansas television market, for the assets of Lockwood Broadcasting, Inc.’s television station WBXX-TV (CW) in the Knoxville, Tennessee television market and

$11.2

million of cash (the “WBXX Acquisition”). In connection with the divestiture of KAKE-TV’s assets, we recorded a gain of approximately

$2.0

million, excluding transaction related expenses.

To further faciliate regulatory approvals for the Schurz Acquisition, on

February

16,

2016,

we exchanged the assets of WSBT-TV for the assets of Sinclair Broadcast Group, Inc.’s television station WLUC-TV (NBC/FOX) in the Marquette, Michigan television market (the “WLUC Acquisition”), and we sold the Schurz radio broadcast assets (the “Schurz Radio Stations”) for

$16.0

million to

three

third

-party radio broadcasters. We did not record a gain or loss related to the WLUC Acquisition or related to the divestiture of the Schurz Radio Stations because the fair value of the assets given were determined to be equal to the assets received.

The Schurz Acquisition, the WBXX Acquisition, the WLUC Acquisition, and the sale of the Schurz Radio Stations are referred to collectively as the “Schurz Acquisition and Related Transactions.” We used borrowings of

$425.0

million (the

“2016

Term Loan”) under our then-existing senior credit facility, as amended (the

“2014

Senior Credit Facility”), to fund a portion of the purchase price to complete the Schurz Acquisition and to pay a portion of the related fees and expenses, the remainder of which were paid from cash on hand. See Note

“Long-term Debt” for further information regarding our financing activities.

The net consideration to complete the Schurz Acquisition and Related Transactions was as follows (in thousands):

						Schurz
						Acquisition
						and the
	Divestiture			Acquisition		Acquisition
	of KAKE-TV			of WBXX-TV		of WLUC-TV			Total

Base purchase price	$	-		$	30,000	$	442,500		$	472,500
Purchase price adjustment		-			-		574			574
Adjusted purchase price		-			30,000		443,074			473,074
Cash consideration received from sale of Schurz Radio Stations		-			-		(16,000	)		(16,000	)
Net adjusted purchase price allocated to assets acquired and liabilities assumed		-			30,000		427,074			457,074
Non-cash consideration received		(30,000	)		-		-			(30,000	)
Cash consideration received		(11,200	)		-		-			(11,200	)
Net consideration - the Schurz Acquisition and Related Transactions	$	(41,200	)	$	30,000	$	427,074		$	415,874

June

27,

2016,

we completed the acquisition of KYES-TV (MY, Ant.), a television station serving the Anchorage, Alaska television market, from Fireweed Communications, LLC (the “KYES-TV Acquisition”). The purchase price of

$0.5

million, plus transaction related expenses, was paid with cash on hand.

May

13,

2016,

we announced that we agreed to acquire television stations WDTV-TV (CBS) and WVFX-TV (FOX, CW), a legal duopoly in the Clarksburg-Weston, West Virginia television market (the “Clarksburg Acquisition”) from Withers Broadcasting Company of West Virginia and Withers Broadcasting Company of Clarksburg, LLC (collectively “Withers”) for a maximum total purchase price of

$26.5

million in cash. On

June

2016,

we made a partial payment of

$16.5

million to Withers and acquired the non-license assets of these stations. Also, on that date we began to provide services to Withers under a local programming and marketing agreement (an “LMA”). Subject to regulatory approval, we currently expect to complete this acquisition later in the

first

quarter or in the

second

quarter of

2017.

Collectively, we refer to the stations acquired and retained in

2016,

as well as those which we began operating under an LMA in

2016,

as the

“2016

Acquired Stations.”

The fair values of the assets acquired, liabilities assumed and resulting goodwill of the television station acquisitions we completed in

2016,

are summarized as follows (in thousands):

						Schurz
						Acquisition
						and the
	Acquisition		Acquisition			Acquisition
	of KYES-TV		of WBXX-TV			of WLUC-TV			Total

Accounts receivable	$	-	$	-		$	19,226		$	19,226
Other current assets		-		429			4,606			5,035
Property and equipment		176		1,633			97,814			99,623
Goodwill		28		10,288			61,981			72,297
Broadcast licenses		254		18,199			231,391			249,844
Other intangible assets		42		-			19,523			19,565
Other non-current assets		-		408			3,028			3,436
Current liabilities		-		(460	)		(8,903	)		(9,363	)
Other long-term liabilities		-		(497	)		(1,592	)		(2,089	)

Total	$	500	$	30,000		$	427,074		$	457,574

These amounts are based upon management’s determination of the fair values using valuation techniques including income, cost and market approaches. In determining the fair value of the acquired assets and assumed liabilities, the fair values were determined based on, among other factors, expected future revenue and cash flows, expected future growth rates, and estimated discount rates. Actual results

may

differ materially from these estimates.

Accounts receivable are recorded at their fair value representing the amount we expect to collect. Gross contractual amounts receivable are approximately

$0.2

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

years.

Amounts related to other intangible assets represent primarily the estimated fair values of retransmission agreements of

$14.9

million; advertising client relationships of

$1.6

million; and favorable income leases of

$2.6

million. These intangible assets are being amortized over their estimated useful lives of approximately

4.9

years for retransmission agreements; approximately

5.5

years for advertising client relationships; and approximately

9.5

years for favorable 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 future synergies that we expect to generate from each acquisition. We have recorded

$72.3

million of goodwill related to stations acquired in

2016.

The goodwill recognized related to these acquisitions is deductible for income tax purposes.

The Company’s consolidated results of operations for year ended

December

31,

2016

include the results of the

2016

Acquired Stations from the date of each transaction. Revenues attributable thereto and included in our consolidated statements of operations for the year ended

December

31,

2016

were

$130.4

million. Operating income attributable thereto and included in our consolidated statements of operations for year ended

December

31,

2016

were

$55.8

million.

In connection with acquiring the

2016

Acquired Stations, we incurred a total of

$7.4

million of transaction related costs during the year ended

December

31,

2016,

primarily related to legal, consulting and other professional services.

2015

Acquisitions:

Cedar Rapids Acquisition

September

2015,

we entered into an asset purchase agreement with The Cedar Rapids Television Company and The Gazette Company to acquire the assets of KCRG-TV, which is affiliated with the ABC Network and serves the Cedar Rapids, Iowa television market (the “Cedar Rapids Acquisition”). Also on

September

2015,

we acquired certain non-license operating assets of this station and entered into an LMA with the licensee. Under the terms of the LMA, we operated the station subject to the control of the seller and its obligations under the station’s FCC license. As a result of the terms of the LMA, we included the operating results of the station in our financial statements beginning on

September

2015.

October

2015,

we acquired the non-license related real estate assets of KCRG-TV. The acquisition was completed on

November

2015,

with the acquisition of the FCC license and license related assets. The total purchase price for the station assets was

$100.0

million, and was funded with cash on hand.

Odessa Acquisition

July

2015,

we acquired from ICA Broadcasting I, LTD, the assets of KOSA-TV, whose digital channels are affiliated with the CBS and MY Networks and which station serves the Odessa-Midland, Texas television market (the “Odessa Acquisition”). The total purchase price paid was

$33.6

million and was funded with cash on hand.

Twin Falls Acquisition

July

2015,

we acquired from Neuhoff Media Twin Falls, LLC the assets of KMVT-TV, whose digital channels are affiliated with the CBS and CW Networks, as well as KSVT-LD, whose digital channel is affiliated jointly with the FOX and MY Networks. These stations serve the Twin Falls, Idaho television market (the “Twin Falls Acquisition”). The total purchase price paid was

$17.5

million, and was funded with cash on hand.

Wausau Acquisition

July

2015,

we acquired from Davis Television Wausau, LLC certain non-license assets of WFXS-TV, which had served as the FOX affiliate for the Wausau-Rhinelander, Wisconsin television market (the “Wausau Acquisition”). On that date WFXS-TV ceased operating, and we began broadcasting its former program streams on our digital low power television station in Wausau, WZAW-LD. The total purchase price paid was

$14.0

million, and was funded with cash on hand.

Presque Isle Acquisition

July

2015,

we acquired from NEPSK, Inc. the assets of WAGM-TV, whose digital channels are affiliated with the CBS and FOX Networks and which station serves the Presque Isle, Maine television market (the Presque Isle Acquisition”). The total purchase price paid was

$10.3

million, and was funded with cash on hand.

Laredo Acquisition

July

2015,

we acquired from Eagle Creek Broadcasting of Laredo, LLC certain non-license assets of KVTV-TV, which had served as the CBS affiliate for the Laredo, Texas television market (the “Laredo Acquisition”). On that date KVTV-TV ceased operating, and we began broadcasting its former program streams on our digital low power television station in Laredo, KYLX-LD. The total purchase price paid was

$9.0

million, and was funded with cash on hand.

The fair values of the acquired assets, assumed liabilities and the resulting goodwill from the

2015

Acquired Stations are summarized as follows (in thousands):

	Acquisition
	Cedar Rapids			Odessa			Twin Falls			Wausau			Presque Isle			Laredo

Other current assets	$	503		$	87		$	93		$	87		$	45		$	22
Property and equipment		13,754			4,629			5,172			1,985			2,822			1,411
Goodwill		25,006			3,719			2,587			11,616			245			5,154
Broadcast licenses		55,676			22,253			6,333			-			6,150			-
Other intangible assets		5,849			3,067			3,485			397			1,039			2,435
Other non-current assets		13			13			32			87			-			13
Current liabilities		(792	)		(155	)		(170	)		(85	)		(51	)		(22	)
Other long-term liabilities		(13	)		(13	)		(32	)		(87	)		-			(13	)

Total	$	99,996		$	33,600		$	17,500		$	14,000		$	10,250		$	9,000

may

differ materially from these estimates.

Property and equipment are recorded at their fair value and are being depreciated over their estimated useful lives ranging from

three

years to

years.

The amount related to other intangible assets primarily represents the estimated fair values of retransmission agreements of

$9.7

million; advertising client relationships of

$1.0

million; and income leases of

$5.4

million. These intangible assets are being amortized over the estimated remaining useful lives of

5.3

years for retransmission agreements;

9.6

years for advertising client relationships; and

16.9

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

$48.3

million 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.

Collectively, we refer to the stations acquired and retained in

2015

as the

“2015

Acquired Stations.” In connection with acquiring the

2015

Acquired Stations, we incurred transaction costs totaling

$6.5

million that are included in our corporate and administrative expenses in the year ended

December

31,

2015.

Montana

Dispositions

September

2015,

we donated the FCC license and certain other assets of KMTF-TV in Helena, Montana, which formerly simulcast the CW channel broadcast by our KTVH-

D2,

to Montana State University (“MSU”). This donation allowed MSU to operate a full power PBS affiliated television station in the state’s capital for the

first

time, augmenting the statewide PBS network that MSU operates. We recorded a loss on disposal of approximately

$0.1

million related to this donation.

November

2015,

we sold to Cordillera Communications, LLC television station KBGF-TV, the NBC affiliate for the Great Falls, Montana television market, and television station KTVH-TV, the NBC and CW affiliate for the Helena, Montana television market. Total consideration received was

$3.0

million, and we recorded a gain on disposal of approximately

$0.9

million related to this disposition in

2015.

2014

Acquisitions:

Hoak Acquisition

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 acquired in the Hoak Acquisition:

	Network
Station	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, 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. On

June

13,

2014,

in conection with the Hoak Acquisition, we divested those subsidiaries in exchange for

$33.5

million. This amount is not included in our total purchase price for Hoak.

SJL Acquisition

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”). We funded the SJL Acquisition with a combination of cash from operations and borrowings under our

2014

Senior Credit Facility.

KEVN Acquisition

May

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 television market. The total purchase price to complete the KEVN Acquisition was approximately

$8.8

million (the “KEVN Acquisition”). The purchase price to complete the KEVN Acquisition was funded with a combination of cash from operations and borrowings under our prior senior credit facility.

KNDX Acquisition

May

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 prior senior credit facility.

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

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.

WQCW Acquisition

April

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 to complete the WQCW Acquisition was approximately

$5.5

million, which was funded with cash from operations.

Helena Acquisition

November

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 television markets, respectively; and on

December

2014,

we acquired from Rocky Mountain Broadcasting Company the assets of KMTF-TV the CW affiliate for the Helena, Montana market (together, the “Helena Acquisition”). Total purchase price for both acquisitions was approximately

$1.9

million, which was funded with cash from operations

Collectively, we refer to the stations acquired and retained in

2014

as the

“2014

Acquired Stations.”

The fair values of the acquired assets, assumed liabilities and the resulting goodwill from the

2014

Acquired Stations 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, among other factors, expected future revenue and cash flows, expected future growth rates, and estimated discount rates. Actual results

may

differ materially from these estimates.

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

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. We expect that goodwill of

$88.6

million related to asset acquisitions and stock acquisitions that are treated as asset acquisitions based on the tax elections made relating to the

2014

Acquired Stations will be deductible for tax purposes. As described above, no fair value was separately allocated to the acquired network affiliation agreements in our

2014

Acquired Stations.

In connection with acquiring the

2014

Acquired Stations, we incurred transaction costs totaling

$6.2

million that are included in our corporate and administrative expenses in the year ended

December

31,

2014.

Unaudited Pro Forma Financial Information

Pro Forma Data – Acquisitions Completed in

2016

The following table sets forth certain unaudited pro forma information for the years ended

December

31,

2016

and

2015

assuming that the acquisitions completed in

2016

occurred on

January

2015

(in thousands, except per share data):

	Years Ended
	December 31,
	2016		2015

Revenue (less agency commissions)	$	825,787	$	701,550
Net income	$	57,795	$	39,360

Basic net income per share	$	0.80	$	0.58
Diluted net income per share	$	0.79	$	0.57

This pro forma financial information is based on Gray’s historical results of operations and the historical results of operations of the stations acquired in

2016,

adjusted for the effect of fair value estimates and other acquisition accounting adjustments, and is not necessarily indicative of what our results would have been had we acquired each of the stations acquired in

2016

January

2015

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,

2016

and

2015

reflect depreciation expense and amortization of finite-lived intangible assets related to the fair value of the assets acquired, and 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.

Pro Forma Data -

2015

Acquisitions

The following table sets forth certain unaudited pro forma information for the years ended

December

31,

2015

and

2014

assuming that the

2015

Acquisitions occurred on

January

2014

(in thousands, except per share data):

	Years Ended
	December 31,
	2015		2014

Revenue (less agency commissions)	$	621,530	$	559,538
Net income	$	46,181	$	59,342

Basic net income per share	$	0.68	$	1.03
Diluted net income per share	$	0.67	$	1.02

This pro forma financial information is based on Gray’s historical results of operations and the

2015

Acquisitions’ historical results of operations, adjusted for the effect of 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

2015

Acquisitions on

January

2014

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,

2015

and

2014

In connection with completing the

2015

Acquisitions, we incurred a total of

$6.5

million of transaction related costs in

2015,

primarily related to legal, consulting and other professional services.

Net revenues and operating income of the businesses acquired in the

2015

Acquisitions included in our audited consolidated statements of operations for the year ended

December

31,

2015

were

$23.2

million and

$8.6

million, respectively.

Pro Forma Data - Ho

ak Acquisition and SJL Acquisition

The following table sets forth certain unaudited pro forma results of operations of the Company for the year ended

December

31,

2014

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

2013

(in thousands, except per share data):

	Year Ended December 31, 2014

Revenue (less agency commissions)	$	565,251
Net income	$	50,771

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

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 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, the SJL Acquisition and the related financing transactions on

January

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 year ended

December

31,

2014

reflect depreciation expense and amortization of finite-lived intangible assets related to the fair value of the assets acquired, additional interest expense related to the financing of each of the Hoak Acquisition and the SJL Acquisition and 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.

Net revenues and operating income of the businesses acquired in the Hoak Acquisition and the SJL Acquisition included in our audited 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 the following stations acquired in

2014

is not included as such information is not material to our financial statements : the KEVN Acquisition; the KNDX Acquisition; the Parker Acquisition; the WQCW Acquisition and the Helena Acquisition.

Note 3 - Long-term Debt

12 Months Ended

Dec. 31, 2016

Debt Disclosure [Text Block]

Long-term Debt

As of

December

31,

2016

and

2015,

as applicable, long-term debt consisted of obligations under our

2014

Senior Credit Facility, our

7½%

senior notes due

2020

(the

“2020

Notes”), our

5.125%

senior notes due

2024

(the

“2024

Notes”) and our

5.875%

senior notes due

2026

(the

“2026

Notes”), as follows (in thousands):

	December 31,
	2016			2015
Long-term debt including current portion:
2014 Senior Credit Facility	$	556,438		$	556,438
2020 Notes		-			675,000
2024 Notes		525,000			-
2026 Notes		700,000			-
Total outstanding principal		1,781,438			1,231,438
Unamortized deferred loan costs - 2014 Senior Credit Facility		(12,158	)		(6,136	)
Unamortized deferred loan costs - 2020 Notes		-			(9,317	)
Unamortized deferred loan costs - 2024 Notes		(7,742	)		-
Unamortized deferred loan costs - 2026 Notes		(10,588	)		-
Unamortized premium - 2020 Notes		-			4,099
Unamortized premium - 2026 Notes		5,797			-
Net carrying value	$	1,756,747		$	1,220,084

Borrowing availability under the Revolving Credit Facility	$	60,000		$	50,000

February

2017,

Gray amended and restated the

2014

Senior Credit Facility (the

“2017

Senior Credit Facility”) to, among other things, reduce our interest rate under the term loan to LIBOR plus

2.50%,

increase our availability under the revolving credit facility from

$60.0

million to

$100.0

million, and extend the maturity of the revolving credit facility and term loan facility to

2022

and

2024,

respectively. See Note

“Subsequent Events” for more information on the

2017

Senior Credit Facility.

Prior to the entry in to the

2017

Senior Credit Facility, the

2014

Senior Credit Facility consisted of a revolving loan and a term loan. Excluding accrued interest, the amount outstanding under our

2014

Senior Credit Facility as of

December

31,

2016

and

2015

consisted solely of a term loan balance of

$556.4

million. As of

December

31,

2016

and

2015,

the interest rate on the balance outstanding under the

2014

Senior Credit Facility was

3.9%

and

3.8%,

respectively.

In connection with the consummation of the Schurz Acquisition and Related Transactions, effective

February

16,

2016,

we entered into the Second Amendment and Incremental Facility Agreement to our

2014

Senior Credit Facility (the “Second Amendment”). Pursuant to this Second Amendment, we borrowed

$425.0

million under the

2016

Term Loan to fund a portion of the purchase price of the Schurz Acquisition. The Second Amendment also increased our availability under the

2014

Senior Credit Facility by

$10.0

million to a total of

$60.0

million.

June

14,

2016,

we completed the private placement of

$500.0

million of our

2026

Notes (the “Original

2026

Notes”), at par. We used a portion of the proceeds of the Original

2026

Notes to repay the outstanding balance of the

2016

Term Loan, accrued interest thereon, and transaction related fees and expenses. On

September

14,

2016,

we completed the private placement of an additional

$200.0

million of our

2026

Notes (the “Additional

2026

Notes”). The Additional

2026

Notes were issued at a price of

103.0%,

resulting in aggregate gross proceeds of approximately

$206.0

million, plus accrued and unpaid interest from and including

June

14,

2016.

The Additional

2026

Notes are an additional issuance of, rank equally with and form a single series with the Original

2026

Notes. The

2026

Notes mature on

July

15,

2026.

Interest is payable semiannually, on

January

and

July

of each year.

Also on

September

14,

2016,

we completed the private placement of

$525.0

million of our

2024

Notes, at par. The

2024

Notes mature on

October

15,

2024.

Interest is payable semiannually, on

April

and

October

of each year, commencing on

April

15,

2017.

We used a portion of the proceeds from the sale of the

2026

Additional Notes and the

2024

Notes to complete the Tender Offer (discussed below). We used the remaining proceeds and cash on hand to redeem the

2020

Notes that remained outstanding after the completion of the Tender Offer.

As of

December

31,

2016,

we had

$700.0

million of

2026

Notes outstanding and

$525.0

million of

2024

Notes outstanding. The interest rate and yield on the Original

2026

Notes were each

5.875%.

The interest rate and yield on the Additional

2026

Notes were

5.875%

and

5.398%,

respectively. The interest rate and yield on the

2024

Notes were

5.125%.

September

2016,

we purchased approximately

$431.2

million in aggregate principal amount of the

2020

Notes validly

tendered

in connection with a previously announced cash

tender

offer (the “Tender Offer”).

Also in

September

2016,

and following the completion of the Tender Offer, we satisfied and discharged our obligations under the indenture governing the remaining

2020

Notes outstanding by depositing with the trustee thereunder the redemption price of

103.75%

of the principal amount thereunder, plus accrued and unpaid interest to, but not including, the date of redemption (the “Redemption”).

In connection with the completion of the Tender Offer and the Redemption, we recorded a loss from early extinguishment of debt of approximately

$32.0

million

($19.5

million net of tax) in year ended

December

31,

2016

consisting of Tender Offer premiums of

$18.2

million, redemption premiums of

$9.1

million, the write off of unamortized deferred financing costs of

$8.0

million and the payment of approximately

$0.2

million in legal and other professional fees; partially offset by the recognition of un-accreted net premium of

$3.5

million.

Collateral, Covenants and Restrictions

Our obligations under the

2017

Senior Credit Facility are secured by substantially all of the assets of Gray and substantially all of our subsidiaries, excluding real estate. In addition, substantially all of our subsidiaries are joint and several guarantors of, and our ownership interests in those subsidiaries are pledged to collateralize, our obligations under the

2017

Senior Credit Facility. Gray Television, Inc. is a holding company with no material independent assets or operations. For all applicable periods, the

2026

Notes and

2024

Notes have been fully and unconditionally guaranteed, on a joint and several, senior unsecured basis, by all of Gray Television, Inc.'s subsidiaries. As of

December

31,

2016,

there were no significant restrictions on the ability of Gray Television, Inc.'s subsidiaries to distribute cash to Gray or to the guarantor subsidiaries.

The

2017

Senior Credit Facility contains affirmative and restrictive covenants with which we must comply, including: (a) limitations on additional indebtedness; (b) limitations on liens; (c) limitations on the sale of assets; (d) limitations on guarantees; (e) limitations on investments and acquisitions; (f) limitations on the payment of dividends and share repurchases; (g) limitations on mergers; and (h) maintenance of a

first

lien leverage ratio not to exceed certain maximum limits while any amount is outstanding under the revolving credit facility, as well as other customary covenants for credit facilities of this type. The

2026

Notes and

2024

Notes include covenants with which we must comply which are typical for borrowing transactions of their nature. As of

December

31,

2016

and

2015,

we were in compliance with all required covenants under all our debt obligations.

may

redeem some or all of the

2026

Notes at any time after

July

15,

2021

at specified redemption prices. We

may

also redeem up to

35%

of the aggregate principal amount of the

2026

Notes using the proceeds from certain equity offerings completed before

July

15,

2019.

In addition, we

may

redeem some or all of the

2026

Notes at any time prior to

July

15,

2021

at a price equal to

100%

of the principal amount thereof plus a make whole premium, and accrued but unpaid interest. If we sell certain of our assets or experience specific kinds of changes of control, we must offer to repurchase the

2026

Notes.

may

redeem some or all of the

2024

Notes at any time after

October

15,

2019

at specified redemption prices. We

may

also redeem up to

35%

of the aggregate principal amount of the

2024

Notes using the proceeds from certain equity offerings completed before

October

15,

2019.

In addition, we

may

redeem some or all of the

2024

Notes at any time prior to

October

15,

2019

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

2024

Notes.

Maturities

Aggregate minimum principal maturities on long-term debt as of

December

31,

2016

were as follows (in thousands):

	Minimum Principal Maturities
	2014 Senior		2024		2026
Year	Credit Facility (1)		Notes		Notes		Total
2017	$	-	$	-	$	-	$	-
2018		-		-		-		-
2019		-		-		-		-
2020		-		-		-		-
2021		556,438		-		-		556,438
Thereafter		-		525,000		700,000		1,225,000
Total	$	556,438	$	525,000	$	700,000	$	1,781,438

(1)

Pursuant to the

2017

Senior Credit Facility, the maturity date of the term loan was extended to

February

2024.

Interest Payments

For all of our interest bearing obligations, we made interest payments of approximately

$76.2

million,

$76.9

million and

$61.9

million during

2016,

2015

and

2014,

respectively. We did

not

capitalize any interest payments during the years ended

December

31,

2016,

2015

2014.

Note 4 - Fair Value Measurement	12 Months Ended
Note 4 - Fair Value Measurement	Dec. 31, 2016
Notes to Financial Statements
Fair Value Disclosures [Text Block]	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 and fair value of our long-term debt were each $1.8 billion as December 31, 2016 and $1.2 billion as of December 31, 2015. We classify our long-term debt within Level 2 of the fair value hierarchy.

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.

+ References + Details

Note 5 - Stockholders' Equity	12 Months Ended
Note 5 - Stockholders' Equity	Dec. 31, 2016
Notes to Financial Statements
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 declared, on an equal per-share basis. For the years ended December 31, 2016, 2015 and 2014, we did not declare or pay any common stock or Class A common stock dividends. On March 31, 2015, we completed an underwritten offering of 13.5 million shares of our common stock at a price to the public of $13.00 per share pursuant to an effective shelf registration statement. The net proceeds from the offering were $167.3 million, after deducting underwriting discounts of $7.5 million and expenses of $0.9 million. We used the net proceeds from the offering to pay a significant portion of the consideration to acquire the 2015 Acquired Stations. In each of March and November 2004, the Board of Directors of the Company authorized the Company to repurchase up to 2.0 million shares of the Company's common stock and Class A common stock. In March 2006, this authorization was increased to an aggregate of 5.0 million shares (the “2004 - 2006 Repurchase Authorization”). As of December 31, 2016, 279,200 shares remain available for repurchase under this authorization, which has no expiration date. On November 6, 2016, the Board of Directors of the Company authorized the Company to purchase up to an additional $75.0 million of our outstanding common stock prior to December 31, 2019 (the “2016 Repurchase Authorization”). The extent to which the Company repurchases any of its shares, the number of shares and the timing of any repurchases will depend on general market conditions, regulatory requirements, alternative investment opportunities and other considerations. The Company is not required to repurchase a minimum number of shares thereunder, and the repurchase authorizations may be modified, suspended or terminated at any time without prior notice. The 2016 Repurchase Authorization prohibits the Company from purchasing shares directly from the Company’s officers, directors, or the Gray Television, Inc. Capital Accumulation Plan (401K plan). During the fourth quarter of 2016, under the 2016 Repurchase Authorization, we purchased 192,183 shares of our common stock at an average purchase price of $10.38 per share , or a total cost of $2.0 million. As of December 31, 2016 , $73.0 million remains available to purchase shares of our common stock under the 2016 Repurchase Authorization . 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, 2016, we had reserved 5,449,148 shares and 257,581 shares of our common stock and Class A common stock, respectively, for future issuance under various employee benefit plans. As of December 31, 2015, we had reserved 5,689,219 shares and 476,193 shares of our common stock and Class A common stock, respectively, for future issuance under various employee benefit plans.

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

+ References

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+ Details

Note 6 - Stock-based Compensation

12 Months Ended

Dec. 31, 2016

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

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 (as defined below). The following table presents our stock-based compensation expense and related income tax benefits for the years ended

December

31,

2016,

2015

and

2014

(in thousands):

	Year Ended December 31,
	2016			2015			2014
Stock-based compensation expense, gross	$	5,099		$	4,019		$	5,012
Income tax benefit at our statutory rate associated with stock-based compensation		(1,989	)		(1,567	)		(1,955	)
Stock-based compensation expense, net	$	3,110		$	2,452		$	3,057

2007

Long Term Incentive Plan

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 common stock or Class A 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,

2016,

3.9

million shares of our common stock and

0.3

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

four

-year period and expire

three

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,

2016,

we granted

218,452

shares of restricted common stock to certain employees, of which

72,816

shares vested on

January

31,

2017;

72,816

shares will vest on

January

31,

2018;

and

72,820

shares will vest on

January

31,

2019.

Also during the year ended

December

31,

2016,

we granted

166,677

shares of restricted Class A common stock to

one

employee, of which

55,559

shares vested on

January

31,

2017,

with the remainder to vest in equal amounts on each of

January

31,

2018

and

2019.

During the year ended

December

31,

2016,

we also granted

19,048

shares of restricted common stock to certain non-employee directors, which shares vested on

January

31,

2017.

Also the year ended

December

31,

2016,

we granted

51,935

shares of restricted Class A common stock to certain non-employee directors, which shares vested on

January

31,

2017.

During the year ended

December

31,

2015,

we granted

150,308

shares of restricted common stock to our employees, of which

50,102

shares vested on

January

31,

2016;

50,100

shares vested on

January

31,

2017;

and

50,106

shares will vest on

January

31,

2018.

Also during the year ended

December

31,

2015,

we granted

229,322

shares of restricted Class A common stock to our employees, of which

76,442

shares vested on each of

January

31,

2016

and

2017;

and

76,438

shares will vest on

January

31,

2018.

Also during the year ended

December

31,

2015,

we granted

58,191

shares of restricted Class A common stock to our non-employee directors, all of which vested on

January

31,

2016.

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 vested on each of

January

17,

2016

and

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 vested on each of

January

17,

2016

and

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

2015.

A summary of restricted common stock activity for the years ended

December

31,

2016,

2015

and

2014

under our

2007

Incentive Plan is as follows:

	Year Ended December 31,
	2016					2015					2014
				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		337,506		$	9.57		385,056		$	9.09		274,838		$	4.43
Granted		237,500			12.88		150,308			10.27		312,961			11.78
Vested		(178,973	)		8.46		(197,858	)		9.16		(202,743	)		6.93
Outstanding - end of period		396,033		$	12.06		337,506		$	9.57		385,056		$	9.09

A summary of restricted Class A common stock activity for the years ended

December

31,

2016,

2015

and

2014

under our

2007

Incentive Plan is as follows:

	Year Ended December 31,
	2016					2015					2014
				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 - Class A common:
Outstanding - beginning of period		374,693		$	9.46		204,473		$	9.81		-		$	-
Granted		218,612			11.25		287,513			9.37		236,294			9.80
Vested		(178,223	)		10.04		(117,293	)		9.85		(31,821	)		9.75
Outstanding - end of period		415,082		$	10.15		374,693		$	9.46		204,473		$	9.81

December

31,

2016,

2015

and

2014,

we had

274,746

stock options outstanding. At

December

31,

2016,

2015

and

2014,

the number of stock options that were exercisable were

274,746,

206,604

and

137,376,

respectively. The exercise price of all outstanding stock options is

$1.99

per share. The aggregate intrinsic value of our outstanding stock options was

$2.2

million based on the closing market price of our common stock on

December

31,

2016.

Directors’ Restricted Stock Plan

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,

2016,

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,

2016,

2015

and

2014,

we did not grant any restricted stock awards under the Directors’ Restricted Stock Plan.

As of

December

31,

2016,

we had

$2.3

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

1.4

years.

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 7 - Income Taxes

12 Months Ended

Dec. 31, 2016

Income Tax Disclosure [Text Block]

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

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,
	2016			2015			2014
Current:
Federal	$	-		$	-		$	-
State and local		2,730			1,259			996
State and local - reserve for uncertain tax positions		(698	)		(581	)		(198	)
Current income tax expense (benefit)		2,032			678			798
Deferred:
Federal		38,214			24,067			28,231
State and local		3,172			1,703			2,707
Deferred income tax expense		41,386			25,770			30,938
Total income tax expense	$	43,418		$	26,448		$	31,736

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

	December 31,
	2016			2015
Deferred tax liabilities:
Net book value of property and equipment	$	26,620		$	20,986
Broadcast licenses, goodwill and other intangibles		369,275			350,647
Total deferred tax liabilities		395,895			371,633

Deferred tax assets:
Liability for accrued vacation		2,232			2,172
Liability for accrued bonus		5,483			4,786
Loan acquisition costs		336			391
Allowance for doubtful accounts		1,168			700
Liability under health and welfare plan		1,201			1,108
Liability for pension plan		13,278			14,172
Federal operating loss carryforwards		20,401			38,466
State and local operating loss carryforwards		4,555			5,867
Alternative minimum tax carryforwards		386			386
Unearned income		3			73
Stock options		174			163
Acquisition costs		3,140			1,129
Restricted stock		1,950			1,875
Other		109			172
Total deferred tax assets		54,416			71,460
Valuation allowance for deferred tax assets		(1,532	)		(1,683	)
Net deferred tax assets		52,884			69,777

Deferred tax liabilities, net of deferred tax assets	$	343,011		$	301,856

We have approximately

$61.5

million in federal operating loss carryforwards, which expire during the years

2029

through

2031.

Additionally, we have an aggregate of approximately

$122.4

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,

2016

and

2015

was

$1.5

million and

$1.7

million, respectively.

Our total valuation allowance provided for deferred income tax assets decreased

$0.2

million for the year ended

December

31,

2016

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,

2015

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,

2016,

2015

and

2014

is as follows (in thousands):

	Year Ended December 31,
	2016			2015			2014
Statutory federal rate applied to income before income tax expense	$	36,992		$	23,012		$	27,929
Current year permanent items		1,830			1,192			849
State and local taxes, net of federal tax benefit		5,056			2,831			4,050
Change in valuation allowance		(151	)		(369	)		(696	)
Reserve for uncertain tax positions		(698	)		(581	)		(198	)
Other items, net		389			363			(198	)
Income tax expense as recorded	$	43,418		$	26,448		$	31,736

Effective income tax rate		41.1	%		40.2	%		39.8	%

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

2016,

we decreased our recorded non-current pension liability by

$0.6

million and recognized other comprehensive income of

$0.4

million, net of a

$0.2

million tax expense. During

2015,

we decreased our recorded non-current pension liability by

$5.8

million and recognized other comprehensive income of

$3.5

million, net of a

$2.3

million tax expense. 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.

2016,

2015

and

2014,

we made income tax payments (net of refunds) of

$14.6

million,

$1.8

million and

$0.4

million, respectively. At

December

31,

2016,

we had current prepaid income taxes of approximately

$14.6

million and at

December

31,

2015,

we had current income taxes payable of approximately

$0.8

million.

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.

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

2007.

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

2009

and

2011

tax years.

Note 8 - Retirement Plans

12 Months Ended

Dec. 31, 2016

Pension and Other Postretirement Benefits Disclosure [Text Block]

Retirement Plans

We sponsor and contribute to defined benefit and defined contribution retirement plans. During

2016,

our defined benefit pension plans were the Gray Television, Inc. Retirement Plan (the “Gray Pension Plan”) as well as

two

plans assumed (the “Assumed Plans”) when we acquired the related businesses in prior years, both of which were frozen plans. On

December

31,

2016,

the

two

Assumed Plans were merged into the Gray Pension Plan. Effective

December

31,

2016,

the Assumed Plans had combined plan assets of

$5.8

million and combined projected benefit obligations of

$8.3

million. Monthly plan benefits under the Gray Pension Plan are frozen and can no longer increase and no new participants can be added to the Gray Pension Plan.

The Gray Pension Plan’s 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 the Gray Pension Plan were

December

31,

2016

and

2015,

respectively. The following summarizes the Gray Pension Plan’s funded status and amounts recognized on our consolidated balance sheets at

December

31,

2016

and

2015,

respectively (dollars in thousands):

	December 31,
	2016			2015
Change in projected benefit obligation:
Projected benefit obligation at beginning of year	$	103,199		$	108,006
Service cost		-			3,130
Interest cost		4,398			4,159
Actuarial losses		1,839			420
Benefits paid		(2,790	)		(1,683	)
Effect of pension curtailment		-			(10,833	)
Merger of the Assumed Plans		8,330			-
Projected benefit obligation at end of year	$	114,976		$	103,199

Change in plan assets:
Fair value of pension plan assets at beginning of year	$	69,246		$	66,813
Actual return on plan assets		5,918			(1,034	)
Company contributions		2,775			5,150
Benefits paid		(2,790	)		(1,683	)
Merger of the Assumed Plans		5,780			-
Fair value of pension plan assets at end of year		80,929			69,246
Funded status of pension plan	$	(34,047	)	$	(33,953	)

Amounts recognized in our balance sheets consist of:
Accrued benefit cost	$	(5,121	)	$	(8,994	)
Accumulated other comprehensive loss		(28,926	)		(24,959	)
Net liability recognized	$	(34,047	)	$	(33,953	)

The accumulated benefit obligation amounts of the Gray Pension Plan are frozen and were

$115.0

million and

$103.2

million at

December

31,

2016

and

2015,

respectively. The long-term rate of return on assets assumption was chosen from a best estimate range based upon the anticipated long-term returns for asset categories in which the Gray Pension Plan is invested. The estimated rate of increase in compensation levels used to calculate the net periodic benefit cost for the year ended

December

31,

2015

applied only to the period prior to the Gray Pension Plan becoming frozen. This factor was not applicable after that time in the determination of the benefit obligation as of

December

31,

2016

and

2015:

	Year Ended December 31,
	2016		2015
Weighted-average assumptions used to determine net periodic benefit cost for the Gray pension plan:
Discount rate		4.31%		4.00%
Expected long-term rate of return on pension plan assets		7.00%		7.00%
Estimated rate of increase in compensation levels		N/A		5.63%

	As of December 31,
	2016		2015
Weighted-average assumptions used to determine benefit obligations:
Discount rate		4.11%		4.31%

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

	Year Ended December 31,
	2016			2015			2014
Components of net periodic pension cost:
Service cost	$	-		$	3,130		$	5,162
Interest cost		4,398			4,159			4,106
Expected return on plan assets		(4,836	)		(4,782	)		(4,200	)
Recognized net actuarial loss		406			1,580			969
Net periodic pension (benefit) cost	$	(32	)	$	4,087		$	6,037

For the Gray Pension Plan, the estimated future benefit payments are as follows (in thousands):

Years			Amount
	2017		$	2,722
	2018			2,933
	2019			3,299
	2020			3,790
	2021			4,090
2022	-	2026		25,216

The Gray Pension Plan’s weighted-average asset allocations by asset category were as follows:

	As of December 31,
	2016		2015
Asset category:
Insurance general account		23%		26%
Cash management accounts		6%		2%
Equity accounts		39%		54%
Fixed income accounts		28%		14%
Real estate accounts		4%		4%
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:	Strategic Allocation		Lower Limit		Upper Limit
Equities:
Large cap value		5%		0%		50%
Large cap blend		5%		0%		50%
Large cap growth		5%		0%		50%
Mid cap blend		15%		0%		40%
Small cap core		5%		0%		25%
Foreign large blend		10%		0%		40%
Emerging markets		10%		0%		25%
Real estate		5%		0%		20%
Fixed Income:
U.S. Treasury inflation protected		5%		0%		25%
Intermediate term bond		10%		0%		50%
Long term government bond		5%		0%		40%
High yield bond		10%		0%		25%
Emerging markets bond		10%		0%		20%
Money market taxable		0%		0%		100%

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 Gray Pension Plan Assets

We calculate the fair value of the Gray 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

“Fair Value Measurement.”

The following table presents the fair value of the Gray Pension Plan’s assets and classifies them by level within the fair value hierarchy as of

December

31,

2016

and

2015,

respectively (in thousands):

Gray Pension Plan Fair Value Measurements

	As of December 31, 2016
	Level 1		Level 2		Level 3		Total
Assets:
Insurance general account	$	-	$	18,357	$	-	$	18,357
Cash management accounts		5,089		-		-		5,089
Equity accounts		31,963		-		-		31,963
Fixed income accounts		22,544		-		-		22,544
Real estate accounts		2,976		-		-		2,976
Total	$	62,572	$	18,357	$	-	$	80,929

	As of December 31, 2015
	Level 1		Level 2		Level 3		Total
Assets:
Insurance general account	$	-	$	17,918	$	-	$	17,918
Cash management accounts		1,273		-		-		1,273
Equity accounts		37,621		-		-		37,621
Fixed income account		9,924		-		-		9,924
Real estate accounts		2,510		-		-		2,510
Total	$	51,328	$	17,918	$	-	$	69,246

Expected Pension

Contributions

We expect to contribute a combined total of approximately

$3.0

million to our frozen defined benefit pension plan during the year ending

December

31,

2017.

Capital Accumulation Plan

The Gray Television, Inc. Capital Accumulation Plan (the “Capital Accumulation Plan”) is a defined contribution plan intended to meet the requirements of Section

401(k)

of the Internal Revenue Code. Effective beginning on

July

2015,

employer contributions under the Capital Accumulation Plan include matching cash contributions at a rate of

100%

of the

first

of each employee’s salary deferral, and

50%

of the next

of each employee’s salary deferral. For the years ended

December

31,

2016

and

2015,

our matching cash contributions to our Capital Accumulation Plan were

$8.8

million and

$1.8

million, respectively. As of

February

21,

2017,

we estimate that our matching cash contributions to the Capital Accumulation Plan for year ending

December

31,

2017

will be approximately

$8.6

million.

In addition, the Company, at its discretion,

may

make an additional profit sharing contribution, based on annual Company performance, to those employees who meet certain criteria. In the years ended

December

31,

2016

and

2015,

the Company has accrued discretionary contributions of

$3.4

million and

$1.6

million, respectively, as profit sharing contributions. Also during the years ended

December

31,

2016,

2015

and

2014,

we made other matching contributions of our Common Stock to the Capital Accumulation Plan as follows (dollars in thousands):

	Year Ended December 31,
	2016				2015				2014
	Shares		Amount		Shares		Amount		Shares		Amount
Matching contributions to the Capital Accumulation Plan		2,571	$	29		1,898	$	26		2,341	$	25

Note 9 - Commitments and Contingencies

12 Months Ended

Dec. 31, 2016

Commitments and Contingencies Disclosure [Text Block]

Commitments and Contingencies

We have various contractual and other commitments requiring future payments. These commitments include amounts required to be paid for the acquisition of television stations; for the purchase of property and equipment; for service and other agreements; for operating lease commitments for equipment, land and office space; for commitments for various syndicated television programs; and for commitments under affiliation agreements with networks. Future minimum payments for these commitments as of

December

31,

2016

were as follows (in thousands):

			Property		Service and				Syndicated		Network
	Pending		and		Other		Operating		Television		Affiliation
Year	Acquisitions		Equipment		Agreements		Leases		Programming		Agreements		Total
2017	$	287,097	$	5,467	$	2,856	$	2,905	$	5,702	$	129,260	$	433,287
2018		-		-		2,856		2,178		12,550		137,228		154,812
2019		-		-		749		1,907		4,091		78,261		85,008
2020		-		-		-		1,362		2,872		31,370		35,604
2021		-		-		-		1,155		563		3,941		5,659
Thereafter		-		-		-		3,680		290		2,137		6,107
Total	$	287,097	$	5,467	$	6,461	$	13,187	$	26,068	$	382,197	$	720,477

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,

2016.

The amount presented for pending acquisitions represents our net obligations under our pending acquisitions as of

December

31,

2016.

Certain of these transactions were completed in

January

2017.

For additional information on these transactions see Note

“Acquisitions and Dispositions” and Note

“Subsequent Events.”

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,

2016,

2015

and

2014

were

$3.5

million,

$2.8

million and

$2.2

million, respectively.

Legal Proceedings and Claims

We are and expect to continue to be subject to legal actions, proceedings and claims that arise in the normal course of our business. In the opinion of management, the amount of ultimate liability, if any, with respect to these known actions, proceedings and claims 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.

Note 10 - Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2016

Goodwill and Intangible Assets Disclosure [Text Block]

. Goodwill and Intangible Assets

During the years ended

December

31,

2016

and

2015,

we acquired and disposed of various television broadcast stations and broadcast licenses. As a result of these transactions, our goodwill and intangible balances increased during each of these years. See Note

“Acquisitions and Dispositions” 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,

2016

and

2015

is as follows (in thousands):

	Net Balance at												Net Balance at
	December 31,												December 31,
	2015		Acquisitions		Dispositions			Impairment		Amortization			2016
Goodwill	$	423,236	$	72,296	$	(10,214	)	$	-	$	-		$	485,318
Broadcast licenses		1,114,626		251,035		(25,356	)		-		-			1,340,305
Finite-lived intangible assets		53,280		19,566		-			-		(16,596	)		56,250
Total intangible assets net of accumulated amortization	$	1,591,142	$	342,897	$	(35,570	)	$	-	$	(16,596	)	$	1,881,873

	Net Balance at												Net Balance at
	December 31,												December 31,
	2014		Acquisitions		Dispositions			Impairment		Amortization			2015
Goodwill	$	374,390	$	48,916	$	(70	)	$	-	$	-		$	423,236
Broadcast licenses		1,023,580		91,192		(146	)		-		-			1,114,626
Finite-lived intangible assets		47,802		17,845		(385	)		-		(11,982	)		53,280
Total intangible assets net of accumulated amortization	$	1,445,772	$	157,953	$	(601	)	$	-	$	(11,982	)	$	1,591,142

A summary of changes in our goodwill, on a gross basis, for the years ended

December

31,

2016

and

2015

is as follows (in thousands):

	As of										As of
	December 31, 2015			Acquisitions		Dispositions			Impairment		December 31, 2016
Goodwill, gross	$	521,832		$	72,296	$	(10,214	)	$	-	$	583,914
Accumulated goodwill impairment		(98,596	)		-		-			-		(98,596	)
Goodwill, net	$	423,236		$	72,296	$	(10,214	)	$	-	$	485,318

	As of										As of
	December 31, 2014			Acquisitions		Dispositions			Impairment		December 31, 2015
Goodwill, gross	$	472,986		$	48,916	$	(70	)	$	-	$	521,832
Accumulated goodwill impairment		(98,596	)		-		-			-		(98,596	)
Goodwill, net	$	374,390		$	48,916	$	(70	)	$	-	$	423,236

As of

December

31,

2016

and

2015,

our intangible assets and related accumulated amortization consisted of the following (in thousands):

	As of December 31, 2016							As of December 31, 2015
			Accumulated							Accumulated
	Gross		Amortization			Net		Gross		Amortization			Net
Intangible assets not currently subject to amortization:
Broadcast licenses	$	1,394,004	$	(53,699	)	$	1,340,305	$	1,168,325	$	(53,699	)	$	1,114,626
Goodwill		485,318		-			485,318		423,236		-			423,236
	$	1,879,322	$	(53,699	)	$	1,825,623	$	1,591,561	$	(53,699	)	$	1,537,862

Intangible assets subject to amortization:
Network affiliation agreements	$	1,264	$	(1,264	)	$	-	$	1,264	$	(1,264	)	$	-
Other finite-lived intangible assets		105,792		(49,542	)		56,250		86,696		(33,416	)		53,280
	$	107,056	$	(50,806	)	$	56,250	$	87,960	$	(34,680	)	$	53,280

Total intangibles	$	1,986,378	$	(104,505	)	$	1,881,873	$	1,679,521	$	(88,379	)	$	1,591,142

Amortization expense for the years ended

December

31,

2016,

2015

and

2014

was

$16.6

million,

$12.0

million and

$8.3

million, respectively. Based on the our intangible assets subject to amortization, as of

December

31,

2016,

we expect that amortization expense for the succeeding

five

years will be as follows:

2017,

$16.3

million;

2018,

$11.5

million;

2019,

$9.0

million;

2020,

$6.1

million; and

2021,

$3.2

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,

2016

and

2015,

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

2016,

2015

2014.

See Note

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

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.

+ References + Details

Note 11 - Subsequent Events

12 Months Ended

Dec. 31, 2016

Subsequent Events [Text Block]

11.

Subsequent Events

2017

Acquisitions

January

13,

2017,

we acquired KTVF-TV (NBC), KXDF-TV (CBS), and KFXF-TV (FOX) in the Fairbanks, Alaska television market, from Tanana Valley Television Company and Tanana Valley Holdings, LLC for

$8.0

million (the “Fairbanks Acquisition”). We completed the Fairbanks Acquisition with cash on hand.

January

17,

2017,

we acquired

two

television stations that were divested by Nextstar Broadcasting, Inc. (“Nexstar”) upon its merger with Media General, Inc. (“Media General”): WBAY-TV (ABC), in the Green Bay, Wisconsin television market (the “Green Bay Acquisition”), and KWQC-TV (NBC), in the Davenport, Iowa, Rock Island, Illinois, and Moline, Illinois (or “Quad Cities”) television market (the “Davenport Acquisition”), for an adjusted purchase price of

$269.9

million. We completed these acquisitions with cash on hand. The Green Bay Acquisition and the Davenport Acquisition were completed, in part, through a transaction with Gray Midwest EAT, LLC (“GME”), pursuant to which, we loaned GME

$106.0

million which GME in turn used to acquire the broadcast licenses of the stations. GME is a variable interest entity (“VIE”) for which we are the primary beneficiary. As a result, we will include the assets, liabilities and results of operations of GME in our consolidated financial statements beginning in

January

2017

and continuing for so long as we remain the primary beneficiary.

The preliminary fair value estimates of the assets acquired, liabilities assumed and resulting goodwill of our acquisitions completed in

2017

are summarized as follows (in thousands):

	Acquisition
	Fairbanks			Green Bay			Davenport

Other current assets	$	176		$	238		$	301
Property and equipment		2,868			10,133			10,276
Goodwill		251			44,055			45,305
Broadcast licenses		2,228			82,845			63,683
Other intangible assets		2,653			7,767			5,936
Current liabilities		(176	)		(238	)		(301	)

Total	$	8,000		$	144,800		$	125,200

Amounts in the table above are based upon management’s preliminary 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.

Property and equipment are recorded at their fair value and are being depreciated over their estimated useful lives ranging from

three

years to

years.

Amounts related to other intangible assets represent primarily the estimated fair values of retransmission agreements of

$14.0

million and favorable income leases of

$1.5

million. These intangible assets are being amortized over their estimated useful lives.

$89.6

million of goodwill related to

2017

Acquisitions. The goodwill recognized related to these acquisitions is deductible for income tax purposes.

February

16,

2017,

we announced that we had reached an agreement with Diversified Communications, Inc. to acquire

two

television stations: WABI-TV (CBS/CW) in the Bangor, Maine television market (DMA

156)

and WCJB-TV (ABC/CW) in the Gainesville, Florida television market (DMA

161)

for

$85.0

million. Subject to receipt of regulatory and other approvals, we expect this transaction will close in the

second

quarter of

2017

and will be completed with cash on hand and, if necessary, borrowings under our

2017

Senior Credit Facility

Amendment and Restatement of Senior Credit Facility

February

2017,

we entered into the

2017

Senior Credit Facility. The

2017

Senior Credit Facility provides total commitments of

$656.4

million, consisting of a

$556.4

million term loan facility (the

“2017

Term Loan”) and a

$100.0

million revolving credit facility (the

“2017

Revolving Credit Facility”). Amounts outstanding under the

2017

Term Loan were used to repay our prior term loan.

The

2017

Term Loan borrowings bear interest, at our option, of either LIBOR plus an applicable margin or the Base Rate (as defined below) plus an applicable margin. Until our results of operations for the quarter ending

September

30,

2017

have been certified, the applicable margin will be

2.50%

for all LIBOR borrowings and

1.50%

for all Base Rate borrowings (the “Initial Applicable Margin”). Thereafter, (i) if the leverage ratio as set forth in the

2017

Senior Credit Facility (the “Leverage Ratio”) is less than or equal to

5.25

1.00,

the applicable margin will be

2.25%

for all LIBOR borrowings and

1.25%

for all Base Rate borrowings and (ii) if the Leverage Ratio is greater than

5.25

1.00,

the Initial Applicable Margin will apply. The current interest rate on the

2017

Term Loan borrowings is LIBOR plus

2.50%.

The term loan also requires us to make quarterly principal reductions of

$1.4

million beginning

March

31,

2017.

Borrowings under the

2017

Revolving Credit Facility bear interest, at our option, based on LIBOR plus

1.50%

2.00%

or the Base Rate plus

0.50%

1.00%,

in each case based on a

first

lien leverage ratio test as set forth in the

2017

Senior Credit Facility (the “First Lien Leverage Ratio”). 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) LIBOR plus

1.00%.

We are required to pay a commitment fee on the average daily unused portion of the

2017

Revolving Credit Facility, which rate

may

range from

0.375%

0.50%

on an annual basis, based on the First Lien Leverage Ratio.

The

2017

Revolving Credit Facility matures on

February

2022,

and the

2017

Term Loan matures on

February

2024.

As a result of this amendment and restatement of our senior credit facility we expect to record a loss on extinguishment of debt of approximately

$4.5

million in the

first

quarter of

2017.

In connection with the amendment and restatement we incurred approximately

$3.0

million in deferred financing costs that will be amortized over the life of the

2017

Senior Credit Facility.

Results of FCC Spectrum Auction

February

2017,

we announced that we anticipate receiving $

90.8

million in proceeds from the FCC’s recently completed reverse auction for broadcast spectrum.

The anticipated proceeds reflect the FCC’s acceptance of

one

or more bids placed by us during the auction to modify and/or surrender spectrum used by certain of our television stations. We do not expect any material change in operations for us or for any individual market in which we operate.

We anticipate that the auction proceeds will be received in the

second

third

quarter of

2017.

Due to prior planning in connection with our recently completed acquisitions, we anticipate that we will be able to defer any related income tax payments on a long-term basis.

Note 12 - Selected Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2016

Quarterly Financial Information [Text Block]

. Selected Quarterly Financial Data (Unaudited)

	Fiscal Quarter
	First		Second		Third			Fourth
	(In thousands, except for per share data)
Year Ended December 31, 2016:
Revenue (less agency commissions)	$	173,723	$	196,633	$	204,490		$	237,619
Operating income		36,111		53,687		60,467			83,874
Net income		8,990		17,662		(213	)		35,834

Basic net income per share	$	0.13	$	0.25	$	-		$	0.50

Diluted net income per share	$	0.12	$	0.24	$	-		$	0.49

Year Ended December 31, 2015:
Revenue (less agency commissions)	$	133,303	$	143,464	$	151,102		$	169,487
Operating income		28,058		38,758		29,344			43,897
Net income		5,595		12,110		6,609			14,987

Basic net income per share	$	0.10	$	0.17	$	0.09		$	0.21

Diluted net income per share	$	0.10	$	0.17	$	0.09		$	0.21

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.

Schedule II - Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2016

Schedule of Valuation and Qualifying Accounts Disclosure [Text Block]

GRAY TELEVISION, INC.

SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS

(in thousands)

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

Year Ended December 31, 2016:
Allowance for doubtful accounts	$	1,794	$	1,917	$	167	$	(715	)	$	3,163
Valuation allowance for deferred tax assets	$	1,683	$	-	$	-	$	(151	)	$	1,532

Year Ended December 31, 2015:
Allowance for doubtful accounts	$	1,667	$	606	$	-	$	(479	)	$	1,794
Valuation allowance for deferred tax assets	$	2,052	$	-	$	-	$	(369	)	$	1,683

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

(a)

2016

and

2014,

the change in the allowance for doubtful accounts represents the fair value of balances assumed in acquisition transactions. See Note

“Acquisitions and Dispositions” 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.

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2016

Accounting Policies [Abstract]

Consolidation, Policy [Policy Text Block]

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,

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.

Investment, Policy [Policy Text Block]

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,

2016,

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%

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 Barter Transactions, Policy [Policy Text Block]

Trade and Barter Transactions

December

31,

2016,

2015

and

2014

were as follows (amounts in thousands):

	Year Ended December 31,
	2016			2015			2014
Trade revenue	$	2,069		$	2,299		$	2,174
Trade expense		(1,997	)		(2,188	)		(2,287	)
Net trade income (loss)	$	72		$	111		$	(113	)

Advertising Costs, Policy [Policy Text Block]

Advertising Expense

Our advertising expense was

$1.5

million,

$1.0

million and

$1.1

million for the years ended

December

31,

2016,

2015

and

2014,

respectively. We record as expense all advertising expenditures as they are incurred.

Use of Estimates, Policy [Policy Text Block]

Use of Estimates

Receivables, Trade and Other Accounts Receivable, Allowance for Doubtful Accounts, Policy [Policy Text Block]

Allowance for Doubtful Accounts

Our allowance for doubtful accounts is equal to a portion 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

$1.9

million,

$0.6

million and

$1.3

million for the years ended

December

31,

2016,

2015

and

2014,

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 [Policy Text Block]

Program Broadcast Rights

We have

two

types of syndicated television program contracts:

first

run programs and off network reruns. First run programs are programs such as

Wheel of Fortune

and off network reruns such as

Seinfeld

first

run programming and for the entire contract period for off network programming. Only an estimate of the payments anticipated to be made in the year following the balance sheet date of the

first

run contracts are recorded on the current balance sheet, because the programs for the later years of the contract period have not been produced or delivered.

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

Property and Equipment

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

							Estimated
	December 31,						Useful Lives
	2016			2015			(in years)
Property and equipment:
Land	$	44,611		$	36,529
Buildings and improvements		139,078			85,626			7	to	40
Equipment		471,798			420,380			3	to	20
		655,487			542,535
Accumulated depreciation		(329,394	)		(308,060	)
Total property and equipment, net	$	326,093		$	234,475

For the year ended

December

31,

2016,

our total property and equipment balance, before accumulated depreciation, increased approximately

$102.7

million primarily as the net result of acquisitions and dispositions. The remaining change in the balances between

December

31,

2015

and

December

31,

2016

was due to routine purchases of equipment, less retirements.

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. In

April

2015,

the FASB issued ASU No.

2015

03,

Interest - Imputation of Interest (Subtopic

835

30)

Simplifying the Presentation of Debt Issuance Costs.

ASU

2015

August

2015,

the FASB issued ASU No.

2015

15,

Interest - Imputation of Interest (Subtopic

835

30)

Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements- Amendments to SEC Paragraphs Pursuant to Staff Announcement at

June

18,

2015

EITF Meeting.

ASU

2015

amended previous guidance to codify the

June

18,

2015

January

2016.

In accordance with these standards, we have reclassified our deferred loan costs to be presented as a reduction in the balance of our long-term debt, less current portion, in our balance sheets as of

December

31,

2016

and

2015.

Our deferred loan costs were previously presented as a non-current asset.

Asset Retirement Obligations, Policy [Policy Text Block]

Asset Retirement Obligations

2062.

The liability recognized for our asset retirement obligations was approximately

$793,000

and

$701,000

as of

December

31,

2016

and

2015,

respectively. During the years ended

December

31,

2016,

2015

and

2014,

we recorded expenses of

$15,000,

$34,000

and

$6,000,

respectively, related to our asset retirement obligations.

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

Concentration of Credit Risk

Excluding political advertising revenue, which is cyclical based on election cycles, for the year ended

December

31,

2016,

approximately

22%,

10%

and

December

31,

2015

and

2014.

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

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 impacts.

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,

2016,

2015

and

2014

(in thousands):

	Year Ended December 31,
	2016		2015		2014
Weighted-average shares outstanding – basic		71,848		68,330		57,862
Weighted-average shares underlying stock options and restricted shares		916		657		502
Weighted-average shares outstanding - diluted		72,764		68,987		58,364

Goodwill and Intangible Assets, Policy [Policy Text Block]

Valuation of Broadcast Licenses, Goodwill and Other Intangible Assets

For broadcast licenses acquired prior to

January

2002,

For broadcast licenses acquired after

December

31,

2001,

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.

one

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

Impairment Testing of Indefinite-Lived Intangible Assets

one

of our television stations.

For further discussion of our goodwill, broadcast licenses and other intangible assets, see Note

“Goodwill and Intangible Assets.”

Comprehensive Income, Policy [Policy Text Block]

Accumulated Other Comprehensive Loss

Our accumulated other comprehensive loss balances as of

December

31,

2016

and

2015

consist of adjustments to our pension liabilities net of related income tax benefits as follows (in thousands):

	December 31,
	2016			2015
Accumulated balances of items included in accumulated other comprehensive loss:
Increase in pension liability	$	(28,926	)	$	(28,334	)
Income tax benefit		(11,281	)		(11,050	)
Accumulated other comprehensive loss	$	(17,645	)	$	(17,284	)

New Accounting Pronouncements, Policy [Policy Text Block]

Recent Accounting Pronouncements

May

2014,

the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No.

2014

09,

Revenue from Contracts with Customers (Topic

606).

ASU

2014

August

2015,

the FASB issued ASU

2015

14,

Revenue from Contracts with Customers (Topic

606):

Deferral of the Effective Date

. ASU

2015

deferred the effective date of ASU

2014

one

year to interim and annual reporting periods beginning after

December

15,

2017,

and permitted early adoption of the standard, but not before the original effective date of

December

15,

2016.

The standard permits the use of either the retrospective or cumulative effect transition method. In

April

2016,

the FASB issued ASU

2016

10,

Revenue from Contracts with Customers (Topic

606):

Identifying Performance Obligations and Licensing

. This ASU amends the guidance of ASU

2014

to clarify the identification of performance obligations and to provide additional licensing implementation guidance. In

May

2016,

the FASB issued ASU

2016

12,

Revenue from Contracts with Customers (Topic

606):

Narrow Scope Improvements and Practical Expedients

December

2016,

the FASB issued ASU

2016

20,

Revenue from Contracts with Customers (Topic

606):

Technical Corrections and Improvements

November

2015,

the FASB issued ASU No.

2015

17,

Income Taxes (Topic

740)

–

Balance Sheet Classification of Deferred Taxes

. ASU

2015

December

15,

2016,

and interim periods thereafter. We expect that the affected amounts on our balance sheets will be reclassified within our balance sheets to conform to this standard beginning in the

first

quarter of

2017.

January

2016,

the FASB issued ASU No.

2016

01,

Financial Instruments - Overall (Subtopic

825

10)

Recognition and Measurement of Financial Assets and Financial Liabilities

. ASU

2016

December

15,

2017,

including interim periods within those fiscal years. We do not expect that the adoption of this standard will have a material impact on our financial statements.

February

2016,

the FASB issued ASU

2016

02,

Leases (Topic

842).

ASU

2016

will supersede Topic

840,

Leases

December

15,

2018.

$13.2

March

2016,

the FASB issued ASU

2016

09,

Compensation - Stock Compensation (Topic

718)

Improvements to Employee Share-Based Payment Accounting.

ASU

2016

December

15,

2016,

first

quarter of

2017.

August

2016,

the FASB issued ASU

2016

15,

Statement of Cash Flows (Topic

230)

–

Classification of Certain Cash Receipts and Cash Payments

. ASU

2016

amends the guidance of U.S. GAAP with the intent of addressing

eight

specific cash flow issues with the objective of reducing the existing diversity in practice. One or more of these

eight

issues are applicable to our financial statements. The standard is effective for fiscal years beginning after

December

15,

2017,

including interim periods within those fiscal years. We do not expect that the adoption of this standard will have a material impact on our financial statements.

October

2016,

the FASB issued ASU

2016

17,

Consolidation (Topic

810)

– Interests Held through Related Parties That Are under Common Control

. ASU

2016

December

15,

2016,

including interim periods within those fiscal years. We do not expect that the adoption of this standard will have a material impact on our financial statements. As explained more fully in Note

2017.

January

2017,

the FASB issued ASU

2017

01,

Business Combinations (Topic

805)

–

Clarifying the Definition of a Business

. ASU

2017

December

15,

2017,

including interim periods within those fiscal years. We do not expect that the adoption of this standard will have a material impact on our financial statements.

January

2017,

the FASB issued ASU

2017

04,

Intangibles – Goodwill and Other (Topic

350)

–

Simplifying the Test for Goodwill Impairment

. ASU

2017

amends the guidance of U.S. GAAP with the intent of simplifying how an entity is required to test goodwill for impairment by eliminating Step

from the goodwill impairment test. Step

December

15,

2019,

including interim periods within those fiscal years. The standard allows for early adoption, but we have not yet made that determination.

We do not expect that the adoption of this standard will have a material impact on our financial statements.

Reclassification, Policy [Policy Text Block]

Reclassifications

Certain other current and non-current liabilities have been reclassified to conform to the current year presentation.

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

12 Months Ended

Dec. 31, 2016

Schedule of Principal Transactions Revenue [Table Text Block]

	Year Ended December 31,
	2016			2015			2014
Trade revenue	$	2,069		$	2,299		$	2,174
Trade expense		(1,997	)		(2,188	)		(2,287	)
Net trade income (loss)	$	72		$	111		$	(113	)

Property, Plant and Equipment [Table Text Block]

							Estimated
	December 31,						Useful Lives
	2016			2015			(in years)
Property and equipment:
Land	$	44,611		$	36,529
Buildings and improvements		139,078			85,626			7	to	40
Equipment		471,798			420,380			3	to	20
		655,487			542,535
Accumulated depreciation		(329,394	)		(308,060	)
Total property and equipment, net	$	326,093		$	234,475

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

	Year Ended December 31,
	2016		2015		2014
Weighted-average shares outstanding – basic		71,848		68,330		57,862
Weighted-average shares underlying stock options and restricted shares		916		657		502
Weighted-average shares outstanding - diluted		72,764		68,987		58,364

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

	December 31,
	2016			2015
Accumulated balances of items included in accumulated other comprehensive loss:
Increase in pension liability	$	(28,926	)	$	(28,334	)
Income tax benefit		(11,281	)		(11,050	)
Accumulated other comprehensive loss	$	(17,645	)	$	(17,284	)

Note 2 - Acquisitions and Dispositions (Tables)

12 Months Ended

Dec. 31, 2016

Schedule of Noncash or Part Noncash Acquisitions [Table Text Block]

						Schurz
						Acquisition
						and the
	Divestiture			Acquisition		Acquisition
	of KAKE-TV			of WBXX-TV		of WLUC-TV			Total

Base purchase price	$	-		$	30,000	$	442,500		$	472,500
Purchase price adjustment		-			-		574			574
Adjusted purchase price		-			30,000		443,074			473,074
Cash consideration received from sale of Schurz Radio Stations		-			-		(16,000	)		(16,000	)
Net adjusted purchase price allocated to assets acquired and liabilities assumed		-			30,000		427,074			457,074
Non-cash consideration received		(30,000	)		-		-			(30,000	)
Cash consideration received		(11,200	)		-		-			(11,200	)
Net consideration - the Schurz Acquisition and Related Transactions	$	(41,200	)	$	30,000	$	427,074		$	415,874

Business Acquisition, Pro Forma Information [Table Text Block]

	Years Ended
	December 31,
	2016		2015

Revenue (less agency commissions)	$	825,787	$	701,550
Net income	$	57,795	$	39,360

Basic net income per share	$	0.80	$	0.58
Diluted net income per share	$	0.79	$	0.57

	Years Ended
	December 31,
	2015		2014

Revenue (less agency commissions)	$	621,530	$	559,538
Net income	$	46,181	$	59,342

Basic net income per share	$	0.68	$	1.03
Diluted net income per share	$	0.67	$	1.02

	Year Ended December 31, 2014

Revenue (less agency commissions)	$	565,251
Net income	$	50,771

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

The 2014 Acquisitions [Member]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

	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

The 2015 Acquisitions [Member]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

	Acquisition
	Cedar Rapids			Odessa			Twin Falls			Wausau			Presque Isle			Laredo

Other current assets	$	503		$	87		$	93		$	87		$	45		$	22
Property and equipment		13,754			4,629			5,172			1,985			2,822			1,411
Goodwill		25,006			3,719			2,587			11,616			245			5,154
Broadcast licenses		55,676			22,253			6,333			-			6,150			-
Other intangible assets		5,849			3,067			3,485			397			1,039			2,435
Other non-current assets		13			13			32			87			-			13
Current liabilities		(792	)		(155	)		(170	)		(85	)		(51	)		(22	)
Other long-term liabilities		(13	)		(13	)		(32	)		(87	)		-			(13	)

Total	$	99,996		$	33,600		$	17,500		$	14,000		$	10,250		$	9,000

The 2016 Acquisitions [Member]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

						Schurz
						Acquisition
						and the
	Acquisition		Acquisition			Acquisition
	of KYES-TV		of WBXX-TV			of WLUC-TV			Total

Accounts receivable	$	-	$	-		$	19,226		$	19,226
Other current assets		-		429			4,606			5,035
Property and equipment		176		1,633			97,814			99,623
Goodwill		28		10,288			61,981			72,297
Broadcast licenses		254		18,199			231,391			249,844
Other intangible assets		42		-			19,523			19,565
Other non-current assets		-		408			3,028			3,436
Current liabilities		-		(460	)		(8,903	)		(9,363	)
Other long-term liabilities		-		(497	)		(1,592	)		(2,089	)

Total	$	500	$	30,000		$	427,074		$	457,574

Note 3 - Long-term Debt (Tables)

12 Months Ended

Dec. 31, 2016

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

	December 31,
	2016			2015
Long-term debt including current portion:
2014 Senior Credit Facility	$	556,438		$	556,438
2020 Notes		-			675,000
2024 Notes		525,000			-
2026 Notes		700,000			-
Total outstanding principal		1,781,438			1,231,438
Unamortized deferred loan costs - 2014 Senior Credit Facility		(12,158	)		(6,136	)
Unamortized deferred loan costs - 2020 Notes		-			(9,317	)
Unamortized deferred loan costs - 2024 Notes		(7,742	)		-
Unamortized deferred loan costs - 2026 Notes		(10,588	)		-
Unamortized premium - 2020 Notes		-			4,099
Unamortized premium - 2026 Notes		5,797			-
Net carrying value	$	1,756,747		$	1,220,084

Borrowing availability under the Revolving Credit Facility	$	60,000		$	50,000

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

	Minimum Principal Maturities
	2014 Senior		2024		2026
Year	Credit Facility (1)		Notes		Notes		Total
2017	$	-	$	-	$	-	$	-
2018		-		-		-		-
2019		-		-		-		-
2020		-		-		-		-
2021		556,438		-		-		556,438
Thereafter		-		525,000		700,000		1,225,000
Total	$	556,438	$	525,000	$	700,000	$	1,781,438

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

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=64930739&loc=d3e28878-108400

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21538-112644

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=64930785&loc=d3e28541-108399

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=64930785&loc=d3e28551-108399

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644

+ Details

Note 6 - Stock-based Compensation (Tables)

12 Months Ended

Dec. 31, 2016

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

	Year Ended December 31,
	2016			2015			2014
Stock-based compensation expense, gross	$	5,099		$	4,019		$	5,012
Income tax benefit at our statutory rate associated with stock-based compensation		(1,989	)		(1,567	)		(1,955	)
Stock-based compensation expense, net	$	3,110		$	2,452		$	3,057

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

	Year Ended December 31,
	2016					2015					2014
				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		337,506		$	9.57		385,056		$	9.09		274,838		$	4.43
Granted		237,500			12.88		150,308			10.27		312,961			11.78
Vested		(178,973	)		8.46		(197,858	)		9.16		(202,743	)		6.93
Outstanding - end of period		396,033		$	12.06		337,506		$	9.57		385,056		$	9.09

	Year Ended December 31,
	2016					2015					2014
				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 - Class A common:
Outstanding - beginning of period		374,693		$	9.46		204,473		$	9.81		-		$	-
Granted		218,612			11.25		287,513			9.37		236,294			9.80
Vested		(178,223	)		10.04		(117,293	)		9.85		(31,821	)		9.75
Outstanding - end of period		415,082		$	10.15		374,693		$	9.46		204,473		$	9.81

Note 7 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

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

	Year Ended December 31,
	2016			2015			2014
Current:
Federal	$	-		$	-		$	-
State and local		2,730			1,259			996
State and local - reserve for uncertain tax positions		(698	)		(581	)		(198	)
Current income tax expense (benefit)		2,032			678			798
Deferred:
Federal		38,214			24,067			28,231
State and local		3,172			1,703			2,707
Deferred income tax expense		41,386			25,770			30,938
Total income tax expense	$	43,418		$	26,448		$	31,736

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

	December 31,
	2016			2015
Deferred tax liabilities:
Net book value of property and equipment	$	26,620		$	20,986
Broadcast licenses, goodwill and other intangibles		369,275			350,647
Total deferred tax liabilities		395,895			371,633

Deferred tax assets:
Liability for accrued vacation		2,232			2,172
Liability for accrued bonus		5,483			4,786
Loan acquisition costs		336			391
Allowance for doubtful accounts		1,168			700
Liability under health and welfare plan		1,201			1,108
Liability for pension plan		13,278			14,172
Federal operating loss carryforwards		20,401			38,466
State and local operating loss carryforwards		4,555			5,867
Alternative minimum tax carryforwards		386			386
Unearned income		3			73
Stock options		174			163
Acquisition costs		3,140			1,129
Restricted stock		1,950			1,875
Other		109			172
Total deferred tax assets		54,416			71,460
Valuation allowance for deferred tax assets		(1,532	)		(1,683	)
Net deferred tax assets		52,884			69,777

Deferred tax liabilities, net of deferred tax assets	$	343,011		$	301,856

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

	Year Ended December 31,
	2016			2015			2014
Statutory federal rate applied to income before income tax expense	$	36,992		$	23,012		$	27,929
Current year permanent items		1,830			1,192			849
State and local taxes, net of federal tax benefit		5,056			2,831			4,050
Change in valuation allowance		(151	)		(369	)		(696	)
Reserve for uncertain tax positions		(698	)		(581	)		(198	)
Other items, net		389			363			(198	)
Income tax expense as recorded	$	43,418		$	26,448		$	31,736

Effective income tax rate		41.1	%		40.2	%		39.8	%

Note 8 - Retirement Plans (Tables)

12 Months Ended

Dec. 31, 2016

Schedule of Net Funded Status [Table Text Block]

	December 31,
	2016			2015
Change in projected benefit obligation:
Projected benefit obligation at beginning of year	$	103,199		$	108,006
Service cost		-			3,130
Interest cost		4,398			4,159
Actuarial losses		1,839			420
Benefits paid		(2,790	)		(1,683	)
Effect of pension curtailment		-			(10,833	)
Merger of the Assumed Plans		8,330			-
Projected benefit obligation at end of year	$	114,976		$	103,199

Change in plan assets:
Fair value of pension plan assets at beginning of year	$	69,246		$	66,813
Actual return on plan assets		5,918			(1,034	)
Company contributions		2,775			5,150
Benefits paid		(2,790	)		(1,683	)
Merger of the Assumed Plans		5,780			-
Fair value of pension plan assets at end of year		80,929			69,246
Funded status of pension plan	$	(34,047	)	$	(33,953	)

Amounts recognized in our balance sheets consist of:
Accrued benefit cost	$	(5,121	)	$	(8,994	)
Accumulated other comprehensive loss		(28,926	)		(24,959	)
Net liability recognized	$	(34,047	)	$	(33,953	)

Schedule of Assumptions Used [Table Text Block]

	Year Ended December 31,
	2016		2015
Weighted-average assumptions used to determine net periodic benefit cost for the Gray pension plan:
Discount rate		4.31%		4.00%
Expected long-term rate of return on pension plan assets		7.00%		7.00%
Estimated rate of increase in compensation levels		N/A		5.63%

	As of December 31,
	2016		2015
Weighted-average assumptions used to determine benefit obligations:
Discount rate		4.11%		4.31%

Schedule of Net Benefit Costs [Table Text Block]

	Year Ended December 31,
	2016			2015			2014
Components of net periodic pension cost:
Service cost	$	-		$	3,130		$	5,162
Interest cost		4,398			4,159			4,106
Expected return on plan assets		(4,836	)		(4,782	)		(4,200	)
Recognized net actuarial loss		406			1,580			969
Net periodic pension (benefit) cost	$	(32	)	$	4,087		$	6,037

Schedule of Expected Benefit Payments [Table Text Block]

Years			Amount
	2017		$	2,722
	2018			2,933
	2019			3,299
	2020			3,790
	2021			4,090
2022	-	2026		25,216

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

	As of December 31, 2016
	Level 1		Level 2		Level 3		Total
Assets:
Insurance general account	$	-	$	18,357	$	-	$	18,357
Cash management accounts		5,089		-		-		5,089
Equity accounts		31,963		-		-		31,963
Fixed income accounts		22,544		-		-		22,544
Real estate accounts		2,976		-		-		2,976
Total	$	62,572	$	18,357	$	-	$	80,929

	As of December 31, 2015
	Level 1		Level 2		Level 3		Total
Assets:
Insurance general account	$	-	$	17,918	$	-	$	17,918
Cash management accounts		1,273		-		-		1,273
Equity accounts		37,621		-		-		37,621
Fixed income account		9,924		-		-		9,924
Real estate accounts		2,510		-		-		2,510
Total	$	51,328	$	17,918	$	-	$	69,246

Asset Classes [Member]

Schedule of Allocation of Plan Assets [Table Text Block]

	Target Range
Asset class:	Strategic Allocation		Lower Limit		Upper Limit
Equities:
Large cap value		5%		0%		50%
Large cap blend		5%		0%		50%
Large cap growth		5%		0%		50%
Mid cap blend		15%		0%		40%
Small cap core		5%		0%		25%
Foreign large blend		10%		0%		40%
Emerging markets		10%		0%		25%
Real estate		5%		0%		20%
Fixed Income:
U.S. Treasury inflation protected		5%		0%		25%
Intermediate term bond		10%		0%		50%
Long term government bond		5%		0%		40%
High yield bond		10%		0%		25%
Emerging markets bond		10%		0%		20%
Money market taxable		0%		0%		100%

Asset Categories [Member]

Schedule of Allocation of Plan Assets [Table Text Block]

	As of December 31,
	2016		2015
Asset category:
Insurance general account		23%		26%
Cash management accounts		6%		2%
Equity accounts		39%		54%
Fixed income accounts		28%		14%
Real estate accounts		4%		4%
Total		100%		100%

Capital Accumulation Plan [Member]

Defined Contribution Plan Disclosures [Table Text Block]

	Year Ended December 31,
	2016				2015				2014
	Shares		Amount		Shares		Amount		Shares		Amount
Matching contributions to the Capital Accumulation Plan		2,571	$	29		1,898	$	26		2,341	$	25

Note 10 - Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2016

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

	Net Balance at												Net Balance at
	December 31,												December 31,
	2015		Acquisitions		Dispositions			Impairment		Amortization			2016
Goodwill	$	423,236	$	72,296	$	(10,214	)	$	-	$	-		$	485,318
Broadcast licenses		1,114,626		251,035		(25,356	)		-		-			1,340,305
Finite-lived intangible assets		53,280		19,566		-			-		(16,596	)		56,250
Total intangible assets net of accumulated amortization	$	1,591,142	$	342,897	$	(35,570	)	$	-	$	(16,596	)	$	1,881,873

	Net Balance at												Net Balance at
	December 31,												December 31,
	2014		Acquisitions		Dispositions			Impairment		Amortization			2015
Goodwill	$	374,390	$	48,916	$	(70	)	$	-	$	-		$	423,236
Broadcast licenses		1,023,580		91,192		(146	)		-		-			1,114,626
Finite-lived intangible assets		47,802		17,845		(385	)		-		(11,982	)		53,280
Total intangible assets net of accumulated amortization	$	1,445,772	$	157,953	$	(601	)	$	-	$	(11,982	)	$	1,591,142

Schedule of Goodwill [Table Text Block]

	As of										As of
	December 31, 2015			Acquisitions		Dispositions			Impairment		December 31, 2016
Goodwill, gross	$	521,832		$	72,296	$	(10,214	)	$	-	$	583,914
Accumulated goodwill impairment		(98,596	)		-		-			-		(98,596	)
Goodwill, net	$	423,236		$	72,296	$	(10,214	)	$	-	$	485,318

	As of										As of
	December 31, 2014			Acquisitions		Dispositions			Impairment		December 31, 2015
Goodwill, gross	$	472,986		$	48,916	$	(70	)	$	-	$	521,832
Accumulated goodwill impairment		(98,596	)		-		-			-		(98,596	)
Goodwill, net	$	374,390		$	48,916	$	(70	)	$	-	$	423,236

Schedule of Intangible Assets and Goodwill [Table Text Block]

	As of December 31, 2016							As of December 31, 2015
			Accumulated							Accumulated
	Gross		Amortization			Net		Gross		Amortization			Net
Intangible assets not currently subject to amortization:
Broadcast licenses	$	1,394,004	$	(53,699	)	$	1,340,305	$	1,168,325	$	(53,699	)	$	1,114,626
Goodwill		485,318		-			485,318		423,236		-			423,236
	$	1,879,322	$	(53,699	)	$	1,825,623	$	1,591,561	$	(53,699	)	$	1,537,862

Intangible assets subject to amortization:
Network affiliation agreements	$	1,264	$	(1,264	)	$	-	$	1,264	$	(1,264	)	$	-
Other finite-lived intangible assets		105,792		(49,542	)		56,250		86,696		(33,416	)		53,280
	$	107,056	$	(50,806	)	$	56,250	$	87,960	$	(34,680	)	$	53,280

Total intangibles	$	1,986,378	$	(104,505	)	$	1,881,873	$	1,679,521	$	(88,379	)	$	1,591,142

Schedule II - Valuation and Qualifying Accounts (Tables)

12 Months Ended

Dec. 31, 2016

Summary of Valuation Allowance [Table Text Block]

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

Year Ended December 31, 2016:
Allowance for doubtful accounts	$	1,794	$	1,917	$	167	$	(715	)	$	3,163
Valuation allowance for deferred tax assets	$	1,683	$	-	$	-	$	(151	)	$	1,532

Year Ended December 31, 2015:
Allowance for doubtful accounts	$	1,667	$	606	$	-	$	(479	)	$	1,794
Valuation allowance for deferred tax assets	$	2,052	$	-	$	-	$	(369	)	$	1,683

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

Note 1 - Description of Business and Summary of Significant Accounting Policies (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Jun. 30, 2016
Advertising Expense		$ 1,500,000	$ 1,000,000	$ 1,100,000
Period for Creating Allowance for Doubtful Accounts		120 days
Provision for Doubtful Accounts		$ 1,900,000	600,000	1,300,000
Property, Plant and Equipment, Additions		102,700,000
Asset Retirement Obligation		793,000	701,000
Asset Retirement Obligation, Accretion Expense		$ 15,000	$ 34,000	$ 6,000
Scenario, Forecast [Member] \| Accounting Standards Update 2016-02 [Member]
New Accounting Pronouncement Effect, Right of Use Assets	$ 13,200,000
New Accounting Pronouncement Effect, Lease Obligation Liability	$ 13,200,000
Sales Revenue, Services, Net [Member] \| Customer Concentration Risk [Member] \| Automotive [Member]
Concentration Risk, Percentage		22.00%
Sales Revenue, Services, Net [Member] \| Customer Concentration Risk [Member] \| Medical [Member]
Concentration Risk, Percentage		10.00%
Sales Revenue, Services, Net [Member] \| Customer Concentration Risk [Member] \| Restaurant [Member]
Concentration Risk, Percentage		7.00%
Tarzian [Member] \| Common Stock [Member]
Cost Method Investments, Ownership Percentage					32.40%
Tarzian [Member] \| Dividends Liquidation Dissolution [Member]
Cost Method Investments, Ownership Percentage					67.90%

Note 1 - Description of Business and Summary of Significant Accounting Policies - Trade Revenue and Expense (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Net trade income (loss)	$ 35,834	$ (213)	$ 17,662	$ 8,990	$ 14,987	$ 6,609	$ 12,110	$ 5,595	$ 62,273	$ 39,301	$ 48,061
Advertising Barter Transactions [Member]
Trade revenue									2,069	2,299	2,174
Trade expense									(1,997)	(2,188)	(2,287)
Net trade income (loss)									$ 72	$ 111	$ (113)

Note 1 - Description of Business and Summary of Significant Accounting Policies - Property and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Property and equipment, gross	$ 655,487	$ 542,535
Accumulated depreciation	(329,394)	(308,060)
Total property and equipment, net	326,093	234,475
Land [Member]
Property and equipment, gross	44,611	36,529
Building and Building Improvements [Member]
Property and equipment, gross	$ 139,078	85,626
Building and Building Improvements [Member] \| Minimum [Member]
Estimated useful lives (Year)	7 years
Building and Building Improvements [Member] \| Maximum [Member]
Estimated useful lives (Year)	40 years
Equipment [Member]
Property and equipment, gross	$ 471,798	$ 420,380
Equipment [Member] \| Minimum [Member]
Estimated useful lives (Year)	3 years
Equipment [Member] \| Maximum [Member]
Estimated useful lives (Year)	20 years

Note 1 - Description of Business and Summary of Significant Accounting Policies - Reconciliation of Basic to Diluted Weighted-average Shares Outstanding (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Weighted-average shares outstanding – basic (in shares)	71,848	68,330	57,862
Weighted-average shares underlying stock options and restricted shares (in shares)	916	657	502
Weighted-average shares outstanding - diluted (in shares)	72,764	68,987	58,364

Note 1 - Description of Business and Summary of Significant Accounting Policies - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Accumulated balances of items included in accumulated other comprehensive loss:
Increase in pension liability	$ (28,926)	$ (28,334)
Income tax benefit	(11,281)	(11,050)
Accumulated other comprehensive loss	$ (17,645)	$ (17,284)

Note 2 - Acquisitions and Dispositions (Details Textual) - USD ($) $ in Thousands													12 Months Ended
	Jun. 27, 2016	Jun. 01, 2016	May 13, 2016	Feb. 16, 2016	Feb. 01, 2016	Sep. 01, 2015	Jul. 02, 2015	Nov. 01, 2014	Sep. 15, 2014	Jun. 13, 2014	May 01, 2014	Apr. 01, 2014	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Business Combination, Consideration Transferred													$ 473,074
Proceeds from Divestiture of Businesses													11,200	$ 0
Long-term Debt													1,800,000	1,200,000
Finite-lived Intangible Assets Acquired													19,566	17,845
Goodwill, Acquired During Period													72,296	48,916
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual													130,400
Business Acquisition, Operating Income (Loss) from Continuing Operations Before Changes in Accounting and Extraordinary Items, Net of Tax													55,800
Business Combination, Acquisition Related Costs													7,400
2016 Term Loan [Member]
Long-term Debt				$ 425,000
KAKE-TV [Member]
Business Combination, Consideration Transferred
Proceeds from Divestiture of Businesses					$ 11,200								11,200
Gain (Loss) on Disposition of Business					$ 2,000
Helena Montana Disposition [Member]
Gain (Loss) on Disposition of Assets						$ (100)
NBC Affiliate and Television Station KTVH-TV [Member]
Gain (Loss) on Disposition of Assets														900
Disposal Group, Including Discontinued Operation, Consideration														3,000
Schurz Acquisition [Member]
Business Combination, Consideration Transferred				443,100
Proceeds from Divestiture of Businesses				$ 16,000
KYES-TV Acquisition [Member]
Payments to Acquire Businesses, Gross	$ 500
Clarksburg Acquisition [Member]
Business Combination, Consideration Transferred			$ 26,500
Payments to Acquire Businesses, Gross		$ 16,500
WBXX Acquisition [Member]
Business Combination, Consideration Transferred													30,000
Proceeds from Divestiture of Businesses
Accounts Receivable Contractual Amounts in Excess of Fair Value													200
Schurz Acquisition and Related Transaction [Member] \| Retransmission Agreements [Member]
Finite-lived Intangible Assets Acquired													$ 14,900
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life													4 years 328 days
Schurz Acquisition and Related Transaction [Member] \| Advertising Relationships [Member]
Finite-lived Intangible Assets Acquired													$ 1,600
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life													5 years 182 days
Schurz Acquisition and Related Transaction [Member] \| Off-Market Favorable Lease [Member]
Finite-lived Intangible Assets Acquired													$ 2,600
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life													9 years 182 days
Schurz Acquisition and Related Transaction [Member] \| Minimum [Member]
Property, Plant and Equipment, Useful Life													3 years
Schurz Acquisition and Related Transaction [Member] \| Maximum [Member]
Property, Plant and Equipment, Useful Life													40 years
Cedar Rapids [Member]
Business Combination, Consideration Transferred						$ 100,000
Odessa [Member]
Business Combination, Consideration Transferred							$ 33,600
Twin Falls [Member]
Business Combination, Consideration Transferred							17,500
Wausau [Member]
Business Combination, Consideration Transferred							14,000
Presque Isle [Member]
Business Combination, Consideration Transferred							10,300
Laredo [Member]
Business Combination, Consideration Transferred							$ 9,000
The 2015 Acquisitions [Member]
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual														23,200
Business Acquisition, Goodwill, Expected Tax Deductible Amount														48,300
Business Acquisition, Pro Forma Income (Loss) from Continuing Operations, Net of Tax														8,600
The 2015 Acquisitions [Member] \| General and Administrative Expense [Member]
Business Combination, Acquisition Related Costs														6,500
The 2015 Acquisitions [Member] \| Retransmission Agreements [Member]
Finite-lived Intangible Assets Acquired														$ 9,700
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life														5 years 109 days
The 2015 Acquisitions [Member] \| Advertising Relationships [Member]
Finite-lived Intangible Assets Acquired														$ 1,000
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life														9 years 219 days
The 2015 Acquisitions [Member] \| Income Leases [Member]
Finite-lived Intangible Assets Acquired														$ 5,400
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life														16 years 328 days
The 2015 Acquisitions [Member] \| Minimum [Member]
Property, Plant and Equipment, Useful Life														3 years
The 2015 Acquisitions [Member] \| Maximum [Member]
Property, Plant and Equipment, Useful Life														40 years
Hoak Acquisition [Member]
Business Combination, Consideration Transferred										$ 299,900
Business Acquisition, Percentage of Voting Interests Acquired										100.00%
Proceeds from Divestiture of Businesses and Interests in Affiliates										$ 33,500
SJL Acquisition [Member]
Business Combination, Consideration Transferred									$ 131,500
Business Acquisition, Percentage of Voting Interests Acquired									100.00%
KEVN Acquisition [Member]
Business Combination, Consideration Transferred											$ 8,800
Business Acquisition, Percentage of Voting Interests Acquired											100.00%
KNDX Acquisition [Member]
Business Combination, Consideration Transferred											$ 7,500
Parker Acquisition [Member]
Business Combination, Consideration Transferred															$ 6,700
Business Acquisition, Percentage of Voting Interests Acquired															100.00%
Parker Acquisition [Member] \| Allocated to the Parker Broadcasting of Louisiana [Member]
Business Combination, Consideration Transferred															$ 1,700
Parker Acquisition [Member] \| Allocated to the Parker Broadcasting of Dakota [Member]
Business Combination, Consideration Transferred															5,000
WQCW Acquisition [Member]
Business Combination, Consideration Transferred												$ 5,500
Helena Acquisition [Member]
Business Combination, Consideration Transferred								$ 1,900
The 2014 Acquisitions [Member]
Accounts Receivable Contractual Amounts in Excess of Fair Value															300
Business Combination, Acquisition Related Costs															6,200
Business Acquisition, Goodwill, Expected Tax Deductible Amount															88,600
The 2014 Acquisitions [Member] \| Retransmission Agreements [Member]
Finite-lived Intangible Assets Acquired															$ 34,200
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life															4 years 146 days
The 2014 Acquisitions [Member] \| Advertising Relationships [Member]
Finite-lived Intangible Assets Acquired															$ 13,100
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life															5 years 182 days
The 2014 Acquisitions [Member] \| Income Leases [Member]
Finite-lived Intangible Assets Acquired															$ 4,100
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life															8 years 109 days
The 2014 Acquisitions [Member] \| Minimum [Member]
Property, Plant and Equipment, Useful Life															3 years
The 2014 Acquisitions [Member] \| Maximum [Member]
Property, Plant and Equipment, Useful Life															40 years
Hoak and SJL [Member]
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual															$ 64,700
Business Combination, Acquisition Related Costs															5,100
Business Acquisition, Pro Forma Income (Loss) from Continuing Operations, Net of Tax															$ 25,800

Note 2 - Acquisitions and Dispositions - Purchase Consideration in Acquisition (Details) - USD ($) $ in Thousands		12 Months Ended
	Feb. 01, 2016	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Base purchase price		$ 472,500
Purchase price adjustment		574
Business Combination, Consideration Transferred		473,074
Cash consideration received from sale of Schurz Radio Stations		(16,000)
Net adjusted purchase price allocated to assets acquired and liabilities assumed		457,074
Non-cash consideration received		(30,000)
Cash consideration received		(11,200)	$ 0
Net consideration - the Schurz Acquisition and Related Transactions		415,874
WBXX Acquisition [Member]
Base purchase price		30,000
Purchase price adjustment
Business Combination, Consideration Transferred		30,000
Cash consideration received from sale of Schurz Radio Stations
Net adjusted purchase price allocated to assets acquired and liabilities assumed		30,000
Non-cash consideration received
Cash consideration received
Net consideration - the Schurz Acquisition and Related Transactions		30,000
Schurz Acquisition and the Acquisition of WLUC-TV [Member]
Base purchase price		442,500
Purchase price adjustment		574
Business Combination, Consideration Transferred		443,074
Cash consideration received from sale of Schurz Radio Stations		(16,000)
Net adjusted purchase price allocated to assets acquired and liabilities assumed		427,074
Non-cash consideration received
Cash consideration received
Net consideration - the Schurz Acquisition and Related Transactions		427,074
KAKE-TV [Member]
Base purchase price
Purchase price adjustment
Business Combination, Consideration Transferred
Cash consideration received from sale of Schurz Radio Stations
Net adjusted purchase price allocated to assets acquired and liabilities assumed
Non-cash consideration received		(30,000)
Cash consideration received	$ (11,200)	(11,200)
Net consideration - the Schurz Acquisition and Related Transactions		$ (41,200)

Note 2 - Acquisitions and Dispositions - Fair Value of Assets Acquired, Liabilities Assumed, and Goodwill from 2016 Acquisitions (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Goodwill	$ 485,318	$ 423,236	$ 374,390
KYES-TV Acquisition [Member]
Accounts receivable
Other current assets
Property and equipment	176
Goodwill	28
Broadcast licenses	254
Other intangible assets	42
Other non-current assets
Current liabilities
Other long-term liabilities
Total	500
WBXX Acquisition [Member]
Accounts receivable
Other current assets	429
Property and equipment	1,633
Goodwill	10,288
Broadcast licenses	18,199
Other intangible assets
Other non-current assets	408
Current liabilities	(460)
Other long-term liabilities	(497)
Total	30,000
Schurz Acquisition and the Acquisition of WLUC-TV [Member]
Accounts receivable	19,226
Other current assets	4,606
Property and equipment	97,814
Goodwill	61,981
Broadcast licenses	231,391
Other intangible assets	19,523
Other non-current assets	3,028
Current liabilities	(8,903)
Other long-term liabilities	(1,592)
Total	427,074
2016 Acquisitions [Member]
Accounts receivable	19,226
Other current assets	5,035
Property and equipment	99,623
Goodwill	72,297
Broadcast licenses	249,844
Other intangible assets	19,565
Other non-current assets	3,436
Current liabilities	(9,363)
Other long-term liabilities	(2,089)
Total	$ 457,574

Note 2 - Acquisitions and Dispositions - Fair Value of Assets Acquired, Liabilities Assumed, and Goodwill from 2015 Acquisitions (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Goodwill	$ 485,318	$ 423,236	$ 374,390
Cedar Rapids [Member]
Other current assets		503
Property and equipment		13,754
Goodwill		25,006
Broadcast licenses		55,676
Other intangible assets		5,849
Other non-current assets		13
Current liabilities		(792)
Other long-term liabilities		(13)
Total		99,996
Odessa [Member]
Other current assets		87
Property and equipment		4,629
Goodwill		3,719
Broadcast licenses		22,253
Other intangible assets		3,067
Other non-current assets		13
Current liabilities		(155)
Other long-term liabilities		(13)
Total		33,600
Twin Falls [Member]
Other current assets		93
Property and equipment		5,172
Goodwill		2,587
Broadcast licenses		6,333
Other intangible assets		3,485
Other non-current assets		32
Current liabilities		(170)
Other long-term liabilities		(32)
Total		17,500
Wausau [Member]
Other current assets		87
Property and equipment		1,985
Goodwill		11,616
Broadcast licenses		0
Other intangible assets		397
Other non-current assets		87
Current liabilities		(85)
Other long-term liabilities		(87)
Total		14,000
Presque Isle [Member]
Other current assets		45
Property and equipment		2,822
Goodwill		245
Broadcast licenses		6,150
Other intangible assets		1,039
Other non-current assets		0
Current liabilities		(51)
Other long-term liabilities		0
Total		10,250
Laredo [Member]
Other current assets		22
Property and equipment		1,411
Goodwill		5,154
Broadcast licenses		0
Other intangible assets		2,435
Other non-current assets		13
Current liabilities		(22)
Other long-term liabilities		(13)
Total		$ 9,000

Note 2 - Acquisitions and Dispositions - Fair Value of Assets Acquired, Liabilities Assumed, and Goodwill from 2014 Acquisitions (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Goodwill	$ 485,318	$ 423,236	$ 374,390
Hoak Acquisition [Member]
Cash			0
Accounts receivable			10,722
Other current assets			509
Property and equipment			45,382
Goodwill			131,632
Broadcast licenses			91,958
Other intangible assets			35,386
Other non-current assets			0
Current liabilities			(3,544)
Other long-term liabilities			0
Deferred income tax liabilities			(12,188)
Total			299,857
SJL Acquisition [Member]
Cash			0
Accounts receivable			7,132
Other current assets			1,946
Property and equipment			23,508
Goodwill			50,941
Broadcast licenses			86,685
Other intangible assets			10,091
Other non-current assets			253
Current liabilities			(4,936)
Other long-term liabilities			(379)
Deferred income tax liabilities			(43,712)
Total			131,529
KEVN Acquisition [Member]
Cash			615
Accounts receivable			569
Other current assets			96
Property and equipment			3,888
Goodwill			2,717
Broadcast licenses			1,675
Other intangible assets			1,786
Other non-current assets			29
Current liabilities			(211)
Other long-term liabilities			(38)
Deferred income tax liabilities			(2,341)
Total			8,785
KNDX Acquisition [Member]
Cash			0
Accounts receivable			0
Other current assets			39
Property and equipment			2,576
Goodwill			1,839
Broadcast licenses			500
Other intangible assets			2,584
Other non-current assets			15
Current liabilities			(36)
Other long-term liabilities			(17)
Deferred income tax liabilities			0
Total			7,500
Parker Acquisition [Member]
Cash			0
Accounts receivable			765
Other current assets			964
Property and equipment			722
Goodwill			1,932
Broadcast licenses			0
Other intangible assets			3,163
Other non-current assets			16
Current liabilities			(826)
Other long-term liabilities			(5)
Deferred income tax liabilities			0
Total			6,731
WQCW Acquisition [Member]
Cash			0
Accounts receivable			0
Other current assets			45
Property and equipment			991
Goodwill			802
Broadcast licenses			3,691
Other intangible assets			15
Other non-current assets			0
Current liabilities			(45)
Other long-term liabilities			0
Deferred income tax liabilities			0
Total			5,499
Helena Acquisition [Member]
Cash			0
Accounts receivable			14
Other current assets			49
Property and equipment			1,230
Goodwill			70
Broadcast licenses			146
Other intangible assets			431
Other non-current assets			0
Current liabilities			(90)
Other long-term liabilities			0
Deferred income tax liabilities			0
Total			$ 1,850

Note 2 - Acquisitions and Dispositions - Unaudited Pro Forma Results (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
The 2016 Acquisitions [Member]
Revenue (less agency commissions)	$ 825,787	$ 701,550
Net income	$ 57,795	$ 39,360
Basic net income per share (in dollars per share)	$ 0.80	$ 0.58
Diluted net income per share (in dollars per share)	$ 0.79	$ 0.57
The 2015 Acquisitions [Member]
Revenue (less agency commissions)		$ 621,530	$ 559,538
Net income		$ 46,181	$ 59,342
Basic net income per share (in dollars per share)		$ 0.68	$ 1.03
Diluted net income per share (in dollars per share)		$ 0.67	$ 1.02
Hoak and SJL [Member]
Revenue (less agency commissions)			$ 565,251
Net income			$ 50,771
Basic net income per share (in dollars per share)			$ 0.88
Diluted net income per share (in dollars per share)			$ 0.87

Note 3 - Long-term Debt (Details Textual) - USD ($)
$ in Thousands

1 Months Ended

12 Months Ended

Feb. 07, 2017

Sep. 14, 2016

Feb. 16, 2016

Sep. 30, 2016

Dec. 31, 2016

Dec. 31, 2015

Dec. 31, 2014

Jun. 14, 2016

Proceeds from Issuance of Long-term Debt

$ 1,781,438

1,656,000

$ 0

$ 644,000

Gain (Loss) on Extinguishment of Debt

(31,987)

(5,086)

Interest Paid

76,200

76,900

61,900

Interest Costs Capitalized

$ 0

The 2017 Senior Credit Facility [Member] | Subsequent Event [Member] | Revolving Credit Facility [Member]

Line of Credit Facility, Maximum Borrowing Capacity

$ 100,000

The 2017 Senior Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Subsequent Event [Member]

Debt Instrument, Basis Spread on Variable Rate

2.50%

2014 Senior Credit Facility [Member]

$ 556,438

^[1]

$ 556,438

2014 Senior Credit Facility [Member] | Revolving Credit Facility [Member]

3.90%

3.80%

Line of Credit Facility, Maximum Borrowing Capacity

$ 60,000

Line of Credit Facility, Increase

10,000

2016 Term Loan [Member]

$ 425,000

2026 Notes [Member]

$ 700,000

5.875%

$ 500,000

Debt Instrument, Redemption Price, Percentage

$ 700,000

100.00%

Debt Instrument, Redemption Price, Net Proceeds from Equity Offerings, Percentage

35.00%

The Additional 2026 Notes [Member]

5.875%

Debt Instrument, Issueing Price, Percentage

$ 200,000

103.00%

Proceeds from Issuance of Long-term Debt

$ 206,000

Debt Instrument, Interest Rate, Effective Percentage

5.398%

2024 Notes [Member]

$ 525,000

5.125%

$ 525,000

Debt Instrument, Redemption Price, Percentage

$ 525,000

100.00%

Debt Instrument, Redemption Price, Net Proceeds from Equity Offerings, Percentage

35.00%

2020 Notes [Member]

$ 431,200

Debt Instrument, Redemption Price, Percentage

$ 675,000

103.75%

Gain (Loss) on Extinguishment of Debt

(32,000)

Extinguishment of Debt, Gain (Loss), Net of Tax

(19,500)

Payments of Tender Offer Premiums

18,200

Payments for Debt Instrument, Debt Extinguishment, Call Premium

9,100

Write off of Deferred Debt Issuance Cost

8,000

Payments of Debt Extinguishment Costs

200

Un-accredited Net Premium, Recognized

$ 3,500

[1]	Pursuant to the 2017 Senior Credit Facility, the maturity date of the term loan was extended to February 7, 2024.

Note 3 - Long-term Debt - Long-term Debt Summary (Details) - USD ($)
$ in Thousands

Dec. 31, 2016

Dec. 31, 2015

Total outstanding principal

$ 1,781,438

1,781,438

$ 1,231,438

Net carrying value

1,756,747

1,220,084

2014 Senior Credit Facility [Member]

556,438

^[1]

556,438

Borrowing availability under the Revolving Credit Facility

(12,158)

(6,136)

60,000

50,000

2020 Notes [Member]

675,000

(9,317)

Unamortized premium

4,099

2024 Notes [Member]

525,000

525,000

(7,742)

2026 Notes [Member]

700,000

700,000

2014 Senior Credit Facility [Member]

(10,588)

Unamortized premium

$ 5,797

[1]	Pursuant to the 2017 Senior Credit Facility, the maturity date of the term loan was extended to February 7, 2024.

Note 3 - Long-term Debt - Aggregate Minimum Principal Maturities on Long-term Debt (Details) - USD ($)
$ in Thousands

Dec. 31, 2016

Dec. 31, 2015

2021

$ 556,438

Thereafter

1,225,000

Total

1,781,438

2021

^[1]

556,438

Thereafter

^[1]

Total

556,438

^[1]

$ 556,438

525,000

525,000

700,000

$ 700,000

[1]	Pursuant to the 2017 Senior Credit Facility, the maturity date of the term loan was extended to February 7, 2024.

Note 5 - Stockholders' Equity (Details Textual) $ / shares in Units, $ in Thousands		3 Months Ended	12 Months Ended
	Mar. 31, 2015 USD ($) $ / shares shares	Dec. 31, 2016 USD ($) shares	Dec. 31, 2016 USD ($) $ / shares shares	Dec. 31, 2015 USD ($) shares	Dec. 31, 2014 USD ($)	Nov. 06, 2016 shares	Mar. 31, 2006 shares	Nov. 30, 2004 shares	Mar. 31, 2004 shares
Capital Units, Authorized		135,000,000	135,000,000
Common Stock, Shares Authorized		100,000,000	100,000,000	100,000,000
Common Stock, Voting Rights, Votes Per Share		1	1
Proceeds from Issuance of Common Stock \| $			$ 0	$ 167,313
Treasury Stock, Value, Acquired, Cost Method \| $			$ 2,000
Common Stock, Capital Shares Reserved for Future Issuance		5,449,148	5,449,148	5,689,219
Dividends, Common Stock \| $			$ 0	$ 0	0
Payments of Dividends \| $			$ 0	$ 0	$ 0
March 2004 Authorization [Member]
Stock Repurchase Program, Number of Shares Authorized to be Repurchased									2,000,000
The 2004-2006 Repurchase Authorization [Member]
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	279,200
The 2016 Repurchase Authorization [Member]
Stock Repurchase Program, Number of Shares Authorized to be Repurchased						75,000,000
Treasury Stock, Shares, Acquired		192,183
Treasury Stock Acquired, Average Cost Per Share \| $ / shares			$ 10.38
Treasury Stock, Value, Acquired, Cost Method \| $		$ 2,000
Stock Repurchase Program, Remaining Authorized Repurchase Amount \| $		$ 73,000	$ 73,000
November 2004 Authorization [Member]
Stock Repurchase Program, Number of Shares Authorized to be Repurchased								2,000,000
Underwritten Offering [Member]
Stock Issued During Period, Shares, New Issues	13,500,000
Share Price \| $ / shares	$ 13
Proceeds from Issuance of Common Stock \| $	$ 167,300
Issuance of Stock, Underwriting Discount \| $	7,500
Issuance of Stock, Underwriting Expenses \| $	$ 900
Common Class A [Member]
Common Stock, Shares Authorized		15,000,000	15,000,000	15,000,000
Common Stock, Voting Rights, Votes Per Share		10	10
Common Stock, Capital Shares Reserved for Future Issuance		257,581	257,581	476,193
Blank Check Preferred Stock [Member]
Preferred Stock, Shares Authorized		20,000,000	20,000,000

Note 6 - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Millions				12 Months Ended
	Jan. 31, 2016	Jan. 17, 2016	Jan. 17, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number				274,746		274,746
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number					206,604	137,376
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price				$ 1.99
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value				$ 2.2
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized				$ 2.3
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition				1 year 146 days
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period				237,500	150,308	312,961
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period				178,973	197,858	202,743
Restricted Stock [Member] \| Employee [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period				218,452	150,308	312,961
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period		58,327	127,316			68,991
Restricted Stock [Member] \| Employee [Member] \| Share-based Compensation Award, Tranche One, Vesting January 31, 2017 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number				72,816
Restricted Stock [Member] \| Employee [Member] \| Share-based Compensation Award, Tranche Two, Vesting January 31, 2018 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number				72,816
Restricted Stock [Member] \| Employee [Member] \| Share-based Compensation Award, Tranche Three, Vesting January 31, 2019 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number				72,820
Restricted Stock [Member] \| Employee [Member] \| Share-based Compensation Award, Tranche Four, Vested on January 31, 2016 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	50,102
Restricted Stock [Member] \| Employee [Member] \| Share-based Compensation Award, Tranche Five, Vesting on January 31, 2017 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number					50,100
Restricted Stock [Member] \| Employee [Member] \| Share-based Compensation Award, Tranche Six, Vesting on January 31, 2018 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number					50,106
Restricted Stock [Member] \| Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period				19,048
Common Class A [Member] \| Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period				218,612	287,513	236,294
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period				178,223	117,293	31,821
Common Class A [Member] \| Restricted Stock [Member] \| Employee [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period				166,677	229,322	194,413
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period		43,590	75,412			31,821
Common Class A [Member] \| Restricted Stock [Member] \| Employee [Member] \| Share-based Compensation Award, Tranche One, Vesting January 31, 2017 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number				55,559
Common Class A [Member] \| Restricted Stock [Member] \| Employee [Member] \| Share-based Compensation Award, Tranche Four, Vested on January 31, 2016 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	76,442
Common Class A [Member] \| Restricted Stock [Member] \| Employee [Member] \| Share-based Compensation Award, Tranche Six, Vesting on January 31, 2018 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number					76,438
Common Class A [Member] \| Restricted Stock [Member] \| Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period				51,935	58,191	41,881
2007 Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized				6,000,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant				3,900,000
2007 Incentive Plan [Member] \| Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period				2 years
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term				3 years
2007 Incentive Plan [Member] \| Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period				4 years
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term				8 years
2007 Incentive Plan [Member] \| Common Class A [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized				1,000,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant				300,000
Directors Restricted Stock Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized				1,000,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant				770,000
Share-based Compensation Arrangement by Share-based Payment Award Maximum Number of Restricted Shares Authorized Yearly Per Director				10,000

Note 6 - Stock-based Compensation - Stock-based Compensation Expense and Related Income Tax Benefit (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Stock-based compensation expense, gross	$ 5,099	$ 4,019	$ 5,012
Income tax benefit at our statutory rate associated with stock-based compensation	(1,989)	(1,567)	(1,955)
Stock-based compensation expense, net	$ 3,110	$ 2,452	$ 3,057

Note 6 - Stock-based Compensation - Summary of Restricted Common Stock Activity (Details) - Restricted Stock [Member] - $ / shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Outstanding - beginning of period (in shares)	337,506	385,056	274,838
Outstanding - beginning of period (in dollars per share)	$ 9.57	$ 9.09	$ 4.43
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	237,500	150,308	312,961
Granted (in dollars per share)	$ 12.88	$ 10.27	$ 11.78
Vested (in shares)	(178,973)	(197,858)	(202,743)
Vested (in dollars per share)	$ 8.46	$ 9.16	$ 6.93
Vested (in shares)	(178,973)	(197,858)	(202,743)
Outstanding - end of period (in shares)	396,033	337,506	385,056
Outstanding - end of period (in dollars per share)	$ 12.06	$ 9.57	$ 9.09
Common Class A [Member]
Outstanding - beginning of period (in shares)	374,693	204,473
Outstanding - beginning of period (in dollars per share)	$ 9.46	$ 9.81
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	218,612	287,513	236,294
Granted (in dollars per share)	$ 11.25	$ 9.37	$ 9.80
Vested (in shares)	(178,223)	(117,293)	(31,821)
Vested (in dollars per share)	$ 10.04	$ 9.85	$ 9.75
Vested (in shares)	(178,223)	(117,293)	(31,821)
Outstanding - end of period (in shares)	415,082	374,693	204,473
Outstanding - end of period (in dollars per share)	$ 10.15	$ 9.46	$ 9.81

Note 7 - Income Taxes (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Deferred Tax Assets, Valuation Allowance	$ 1,532	$ 1,683
Increase (Decrease) in Pension Plan Obligations	(600)	(5,800)	$ 17,100
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax	361	3,528	10,403
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Tax	200	2,300	6,700
Income Taxes Paid, Net	14,600	1,800	$ 400
Accrued Income Taxes	14,600	800
Capital Loss Carryforward [Member]
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount	(200)	(400)
Domestic Tax Authority [Member]
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration	61,500
State and Local Jurisdiction [Member]
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration	122,400
State and Local Jurisdiction [Member] \| Valuation Allowance, Operating Loss Carryforwards [Member]
Deferred Tax Assets, Valuation Allowance	$ 1,500	$ 1,700

Note 7 - Income Taxes - Federal and State Income Tax Expense (Benefit) Summary (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Federal
State and local	2,730	1,259	996
State and local - reserve for uncertain tax positions	(698)	(581)	(198)
Current income tax expense (benefit)	2,032	678	798
Federal	38,214	24,067	28,231
State and local	3,172	1,703	2,707
Deferred income tax expense	41,386	25,770	30,938
Income tax expense as recorded	$ 43,418	$ 26,448	$ 31,736

Note 7 - Income Taxes - Significant Components of Deferred Tax Liabilities and Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Deferred tax liabilities:
Net book value of property and equipment	$ 26,620	$ 20,986
Broadcast licenses, goodwill and other intangibles	369,275	350,647
Total deferred tax liabilities	395,895	371,633
Deferred tax assets:
Liability for accrued vacation	2,232	2,172
Liability for accrued bonus	5,483	4,786
Loan acquisition costs	336	391
Allowance for doubtful accounts	1,168	700
Liability under health and welfare plan	1,201	1,108
Liability for pension plan	13,278	14,172
Federal operating loss carryforwards	20,401	38,466
State and local operating loss carryforwards	4,555	5,867
Alternative minimum tax carryforwards	386	386
Unearned income	3	73
Stock options	174	163
Acquisition costs	3,140	1,129
Restricted stock	1,950	1,875
Other	109	172
Total deferred tax assets	54,416	71,460
Valuation allowance for deferred tax assets	(1,532)	(1,683)
Net deferred tax assets	52,884	69,777
Deferred tax liabilities, net of deferred tax assets	$ 343,011	$ 301,856

Note 7 - Income Taxes - Reconciliation of Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Statutory federal rate applied to income before income tax expense	$ 36,992	$ 23,012	$ 27,929
Current year permanent items	1,830	1,192	849
State and local taxes, net of federal tax benefit	5,056	2,831	4,050
Change in valuation allowance	(151)	(369)	(696)
Reserve for uncertain tax positions	(698)	(581)	(198)
Other items, net	389	363	(198)
Income tax expense as recorded	$ 43,418	$ 26,448	$ 31,736
Effective income tax rate	41.10%	40.20%	39.80%

Note 8 - Retirement Plans (Details Textual) $ in Thousands		12 Months Ended
Note 8 - Retirement Plans (Details Textual) $ in Thousands	Feb. 28, 2017 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)
Defined Benefit Plan, Fair Value of Plan Assets		$ 80,929	$ 69,246	$ 66,813
Defined Benefit Plan, Benefit Obligation		114,976	103,199	$ 108,006
Defined Benefit Plan, Accumulated Benefit Obligation		115,000	103,200
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year		3,000
Profit Sharing Contribution [Member]
Defined Contribution Plan, Employer Discretionary Contribution Amount		3,400	1,600
Capital Accumulation Plan [Member]
Defined Contribution Plan, Employer Discretionary Contribution Amount		$ 8,800	$ 1,800
Capital Accumulation Plan [Member] \| Subsequent Event [Member]
Defined Contribution Plan, Expected Contributions In Next Twelve Months	$ 8,600
Capital Accumulation Plan [Member] \| First 3% of Each Employee's Salary Deferral [Member]
Defined Contribution Plan, Employer Matching Contribution, Percent of Match		100.00%
Capital Accumulation Plan [Member] \| Matched by the Company at the Rate of 100% [Member]
Defined Contribution Plan, Employer Matching Contribution, Percent of Match		3.00%
Capital Accumulation Plan [Member] \| Next 2% of Each Employee's Salary Deferral [Member]
Defined Contribution Plan, Employer Matching Contribution, Percent of Match		50.00%
Capital Accumulation Plan [Member] \| Matched by the Company at the Rate of 50% [Member]
Defined Contribution Plan, Employer Matching Contribution, Percent of Match		2.00%
Acquired Pension Plans [Member]
Number of Underfunded Pension Plans		2
Defined Benefit Plan, Fair Value of Plan Assets		$ 5,800
Defined Benefit Plan, Benefit Obligation		$ 8,300

Note 8 - Retirement Plans - Summary of Funded Status and Amounts Recognized on Balance Sheets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Projected benefit obligation at beginning of year	$ 103,199	$ 108,006
Service cost		3,130	$ 5,162
Interest cost	4,398	4,159	4,106
Actuarial losses	1,839	420
Benefits paid	(2,790)	(1,683)
Effect of pension curtailment		(10,833)
Merger of the Assumed Plans	8,330
Projected benefit obligation at end of year	114,976	103,199	108,006
Fair value of pension plan assets at beginning of year	69,246	66,813
Actual return on plan assets	5,918	(1,034)
Company contributions	2,775	5,150
Merger of the Assumed Plans	5,780
Fair value of pension plan assets at end of year	80,929	69,246	$ 66,813
Funded status of pension plan	(34,047)	(33,953)
Accrued benefit cost	(5,121)	(8,994)
Accumulated other comprehensive loss	(28,926)	(24,959)
Net liability recognized	$ (34,047)	$ (33,953)

Note 8 - Retirement Plans - Estimated Rate of Increase in Compensation Levels (Details)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Weighted-average assumptions used to determine net periodic benefit cost for the Gray pension plan:
Discount rate	4.31%	4.00%
Expected long-term rate of return on pension plan assets	7.00%	7.00%
Estimated rate of increase in compensation levels		5.63%
Weighted-average assumptions used to determine benefit obligations:
Discount rate	4.11%	4.31%

Note 8 - Retirement Plans - Components of Net Periodic Benefit Cost for Pension Plans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Components of net periodic pension cost:
Service cost		$ 3,130	$ 5,162
Interest cost	4,398	4,159	4,106
Expected return on plan assets	(4,836)	(4,782)	(4,200)
Recognized net actuarial loss	406	1,580	969
Net periodic pension (benefit) cost	$ (32)	$ 4,087	$ 6,037

Note 8 - Retirement Plans - Estimated Future Benefit Payments for Subsequent Years (Details) $ in Thousands	Dec. 31, 2016 USD ($)
2017	$ 2,722
2018	2,933
2019	3,299
2020	3,790
2021	4,090
2022 - 2026	$ 25,216

Note 8 - Retirement Plans - Allocation of Plan Assets (Details)	Dec. 31, 2016	Dec. 31, 2015
Asset category:
Plan assets, percent	100.00%	100.00%
Insurance General Account [Member]
Asset category:
Plan assets, percent	23.00%	26.00%
Cash and Cash Equivalents [Member]
Asset category:
Plan assets, percent	6.00%	2.00%
Equity Securities [Member]
Asset category:
Plan assets, percent	39.00%	54.00%
Fixed Income Securities [Member]
Asset category:
Plan assets, percent	28.00%	14.00%
Real Estate [Member]
Asset category:
Plan assets, percent	4.00%	4.00%

Note 8 - Retirement Plans - Target Asset Allocation (Details)	12 Months Ended
	Dec. 31, 2016
Large Cap Value [Member]
Target range, strategic allocation	5.00%
Target range, lower limit	0.00%
Target range, upper limit	50.00%
Large Cap Blend [Member]
Target range, strategic allocation	5.00%
Target range, lower limit	0.00%
Target range, upper limit	50.00%
Large Cap Growth [Member]
Target range, strategic allocation	5.00%
Target range, lower limit	0.00%
Target range, upper limit	50.00%
Mid-cap Blend [Member]
Target range, strategic allocation	15.00%
Target range, lower limit	0.00%
Target range, upper limit	40.00%
Small Cap Core [Member]
Target range, strategic allocation	5.00%
Target range, lower limit	0.00%
Target range, upper limit	25.00%
Foreign Large Blend [Member]
Target range, strategic allocation	10.00%
Target range, lower limit	0.00%
Target range, upper limit	40.00%
Emerging Markets [Member]
Target range, strategic allocation	10.00%
Target range, lower limit	0.00%
Target range, upper limit	25.00%
Real Estate [Member]
Target range, strategic allocation	5.00%
Target range, lower limit	0.00%
Target range, upper limit	20.00%
US Treasury Securities [Member]
Target range, strategic allocation	5.00%
Target range, lower limit	0.00%
Target range, upper limit	25.00%
Intermediate Term Bond [Member]
Target range, strategic allocation	10.00%
Target range, lower limit	0.00%
Target range, upper limit	50.00%
US Government Agencies Debt Securities [Member]
Target range, strategic allocation	5.00%
Target range, lower limit	0.00%
Target range, upper limit	40.00%
High Yield Bond [Member]
Target range, strategic allocation	10.00%
Target range, lower limit	0.00%
Target range, upper limit	25.00%
Emerging Markets Bond [Member]
Target range, strategic allocation	10.00%
Target range, lower limit	0.00%
Target range, upper limit	20.00%
Money Market Funds [Member]
Target range, strategic allocation	0.00%
Target range, lower limit	0.00%
Target range, upper limit	100.00%

Note 8 - Retirement Plans - Pension Plan Fair Value Measurements (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Defined benefit plan, fair value of plan assets	$ 80,929	$ 69,246	$ 66,813
Fair Value, Inputs, Level 2 [Member]
Defined benefit plan, fair value of plan assets	18,357	17,918
Fair Value, Inputs, Level 1 [Member]
Defined benefit plan, fair value of plan assets	62,572	51,328
Insurance General Account [Member]
Defined benefit plan, fair value of plan assets	18,357	17,918
Insurance General Account [Member] \| Fair Value, Inputs, Level 2 [Member]
Defined benefit plan, fair value of plan assets	18,357	17,918
Cash and Cash Equivalents [Member]
Defined benefit plan, fair value of plan assets	5,089	1,273
Cash and Cash Equivalents [Member] \| Fair Value, Inputs, Level 1 [Member]
Defined benefit plan, fair value of plan assets	5,089	1,273
Equity Securities [Member]
Defined benefit plan, fair value of plan assets	31,963	37,621
Equity Securities [Member] \| Fair Value, Inputs, Level 1 [Member]
Defined benefit plan, fair value of plan assets	31,963	37,621
Fixed Income Securities [Member]
Defined benefit plan, fair value of plan assets	22,544	9,924
Fixed Income Securities [Member] \| Fair Value, Inputs, Level 1 [Member]
Defined benefit plan, fair value of plan assets	22,544	9,924
Real Estate [Member]
Defined benefit plan, fair value of plan assets	2,976	2,510
Real Estate [Member] \| Fair Value, Inputs, Level 1 [Member]
Defined benefit plan, fair value of plan assets	$ 2,976	$ 2,510

Note 9 - Commitments and Contingencies - Commitments Summary (Details) $ in Thousands	Dec. 31, 2016 USD ($)
2017	$ 2,905
Contractual obligations	433,287
2018	2,178
Contractual obligations	154,812
2019	1,907
Contractual obligations	85,008
2020	1,362
Contractual obligations	35,604
2021	1,155
Contractual obligations	5,659
Thereafter	3,680
Contractual obligations	6,107
Total	13,187
Contractual obligations	720,477
Service and Other Agreements [Member]
Purchase obligations	2,856
Purchase obligations	2,856
Purchase obligations	749
Purchase obligations	6,461
Equipment [Member]
Purchase obligations	5,467
Purchase obligations	5,467
Syndicated Television Programming [Member]
Purchase obligations	5,702
Purchase obligations	12,550
Purchase obligations	4,091
Purchase obligations	2,872
Purchase obligations	563
Purchase obligations	290
Purchase obligations	26,068
Network Affiliation Agreements [Member]
Purchase obligations	129,260
Purchase obligations	137,228
Purchase obligations	78,261
Purchase obligations	31,370
Purchase obligations	3,941
Purchase obligations	2,137
Purchase obligations	382,197
2017 Acquisitions [Member]
Purchase obligations	287,097
Purchase obligations	$ 287,097

Note 10 - Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Amortization of Intangible Assets	$ 16,596	$ 11,982	$ 8,297
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months	16,300
Finite-Lived Intangible Assets, Amortization Expense, Year Two	11,500
Finite-Lived Intangible Assets, Amortization Expense, Year Three	9,000
Finite-Lived Intangible Assets, Amortization Expense, Year Four	6,100
Finite-Lived Intangible Assets, Amortization Expense, Year Five	3,200
Goodwill, Impairment Loss	0	0	0
Impairment of Intangible Assets (Excluding Goodwill)	$ 0	$ 0	$ 0

Note 10 - Goodwill and Intangible Assets - Changes in Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Goodwill, net	$ 423,236	$ 374,390
Goodwill, Acquired During Period	72,296	48,916
Goodwill	(10,214)	(70)
Goodwill	485,318	423,236	$ 374,390
Broadcast licenses	1,114,626
Broadcast licenses	1,340,305	1,114,626
Finite-lived intangible assets	53,280	47,802
Finite-lived Intangible Assets Acquired	19,566	17,845
Finite-lived intangible assets	(16,596)	(11,982)	(8,297)
Finite-lived intangible assets	56,250	53,280	47,802
Total intangible assets net of accumulated amortization	1,591,142	1,445,772
Total intangible assets net of accumulated amortization	342,897	157,953
Total intangible assets net of accumulated amortization	(35,570)	(601)
Total intangible assets net of accumulated amortization	1,881,873	1,591,142	1,445,772
Finite-lived intangible assets		(385)
Broadcast Licenses [Member]
Broadcast licenses	1,114,626	1,023,580
Broadcast licenses	251,035	91,192
Broadcast licenses	(25,356)	(146)
Broadcast licenses	$ 1,340,305	$ 1,114,626	$ 1,023,580

Note 10 - Goodwill and Intangible Assets - Summary of Changes in Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Goodwill, gross	$ 521,832	$ 472,986
Goodwill, Acquired During Period	72,296	48,916
Goodwill	(10,214)	(70)
Goodwill, gross	583,914	521,832
Accumulated goodwill impairment	(98,596)
Accumulated goodwill impairment	(98,596)	(98,596)
Goodwill, net	423,236	374,390
Goodwill	$ 485,318	$ 423,236

Note 10 - Goodwill and Intangible Assets - Intangible Assets and Related Accumulated Amortization (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Accumulated Amortization	$ (104,505)	$ (88,379)
Net	1,340,305	1,114,626
Gross	583,914	521,832	$ 472,986
Net	485,318	423,236	374,390
Gross	1,986,378	1,679,521
Net	1,881,873	1,591,142	1,445,772
Other finite-lived intangible assets	1,881,873	1,591,142
Network Affiliate [Member]
Accumulated Amortization	(1,264)	(1,264)
Gross	1,264	1,264
Other Intangible Assets [Member]
Accumulated Amortization	(49,542)	(33,416)
Gross	105,792	86,696
Other finite-lived intangible assets	56,250	53,280
Intangible Assets Subject to Amortization [Member]
Accumulated Amortization	(50,806)	(34,680)
Gross	107,056	87,960
Other finite-lived intangible assets	56,250	53,280
Broadcast Licenses [Member]
Gross	1,394,004	1,168,325
Accumulated Amortization	(53,699)	(53,699)
Net	1,340,305	1,114,626	$ 1,023,580
Goodwill Not Amortizable [Member]
Gross	485,318	423,236
Net	485,318	423,236
Intangible Assets Not Subject to Amortization [Member]
Accumulated Amortization	(53,699)	(53,699)
Gross	1,879,322	1,591,561
Net	$ 1,825,623	$ 1,537,862

Note 11 - Subsequent Events (Details Textual) - USD ($)					3 Months Ended		12 Months Ended
Note 11 - Subsequent Events (Details Textual) - USD ($)	Feb. 07, 2017	Feb. 06, 2017	Feb. 01, 2017	Jan. 17, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Feb. 28, 2017
Business Combination, Consideration Transferred							$ 473,074,000
Goodwill							485,318,000	$ 423,236,000	$ 374,390,000
Long-term Debt, Gross							1,781,438,000
Gain (Loss) on Extinguishment of Debt							$ (31,987,000)		$ (5,086,000)
The 2017 Senior Credit Facility [Member] \| The 2017 Term Loan [Member]
Debt Instrument, Quarterly Principal Payment	$ 1,400,000
Scenario, Forecast [Member] \| The 2017 Senior Credit Facility [Member]
Gain (Loss) on Extinguishment of Debt						$ (4,500,000)
FCC [Member] \| Scenario, Forecast [Member]
Proceeds from Reverse Auction for Broadcast Spectrum		$ 90,800,000
Variable Interest Entity, Primary Beneficiary [Member] \| GME [Member]
Variable Interest Entity, Financial or Other Support, Amount				$ 106,000,000
Subsequent Event [Member] \| The 2017 Senior Credit Facility [Member]
Debt Agreement, Maximum Borrowing Capacity	656,400,000
Debt Issuance Costs, Gross	$ 3,000,000
Subsequent Event [Member] \| The 2017 Senior Credit Facility [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate	2.50%
Subsequent Event [Member] \| The 2017 Senior Credit Facility [Member] \| Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 100,000,000
Subsequent Event [Member] \| The 2017 Senior Credit Facility [Member] \| Revolving Credit Facility [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread Used to Define Base Rate	1.00%
Subsequent Event [Member] \| The 2017 Senior Credit Facility [Member] \| Revolving Credit Facility [Member] \| Federal Funds Effective Swap Rate [Member]
Debt Instrument, Basis Spread Used to Define Base Rate	0.50%
Subsequent Event [Member] \| The 2017 Senior Credit Facility [Member] \| The 2017 Term Loan [Member]
Long-term Debt, Gross	$ 556,400,000
Subsequent Event [Member] \| The 2017 Senior Credit Facility [Member] \| The 2017 Term Loan [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate	2.50%
Debt Instrument, Basis Spread on Variable Rate if Leverage Ratio is Less Than or Equal to 5.25	$ 2.25
Subsequent Event [Member] \| The 2017 Senior Credit Facility [Member] \| The 2017 Term Loan [Member] \| Base Rate [Member]
Debt Instrument, Basis Spread on Variable Rate	1.50%
Debt Instrument, Basis Spread on Variable Rate if Leverage Ratio is Less Than or Equal to 5.25	$ 1.25
Subsequent Event [Member] \| Minimum [Member] \| The 2017 Senior Credit Facility [Member] \| Revolving Credit Facility [Member]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	0.375%
Subsequent Event [Member] \| Minimum [Member] \| The 2017 Senior Credit Facility [Member] \| Revolving Credit Facility [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate	1.50%
Subsequent Event [Member] \| Minimum [Member] \| The 2017 Senior Credit Facility [Member] \| Revolving Credit Facility [Member] \| Base Rate [Member]
Debt Instrument, Basis Spread on Variable Rate	0.50%
Subsequent Event [Member] \| Maximum [Member] \| The 2017 Senior Credit Facility [Member] \| Revolving Credit Facility [Member]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	0.50%
Subsequent Event [Member] \| Maximum [Member] \| The 2017 Senior Credit Facility [Member] \| Revolving Credit Facility [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate	2.00%
Subsequent Event [Member] \| Maximum [Member] \| The 2017 Senior Credit Facility [Member] \| Revolving Credit Facility [Member] \| Base Rate [Member]
Debt Instrument, Basis Spread on Variable Rate	1.00%
Fairbanks Acquistion [Member] \| Subsequent Event [Member]
Payments to Acquire Businesses, Gross			$ 8,000,000
Goodwill										$ 251,000
Green Bay Acquisition and Davenport Acquisition [Member] \| Subsequent Event [Member]
Business Combination, Consideration Transferred				269,900,000
2017 Acquisitions [Member] \| Subsequent Event [Member]
Goodwill				89.60
2017 Acquisitions [Member] \| Subsequent Event [Member] \| Retransmission Agreements [Member]
Finite-Lived Intangible Assets, Gross				14
2017 Acquisitions [Member] \| Subsequent Event [Member] \| Income Leases [Member]
Finite-Lived Intangible Assets, Gross				$ 1.50
2017 Acquisitions [Member] \| Subsequent Event [Member] \| Minimum [Member]
Property, Plant and Equipment, Useful Life				3 years
2017 Acquisitions [Member] \| Subsequent Event [Member] \| Maximum [Member]
Property, Plant and Equipment, Useful Life				40 years
Bangor Acquisition and Gainesville Acquisition [Member] \| Scenario, Forecast [Member]
Payments to Acquire Businesses, Gross					$ 85,000,000

Note 11 - Subsequent Events - Preliminary Assets Acquired, Liabilities Assumed, and Goodwill from 2017 Acquisitions (Details) - USD ($) $ in Thousands	Feb. 28, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Goodwill		$ 485,318	$ 423,236	$ 374,390
Subsequent Event [Member] \| Fairbanks Acquistion [Member]
Other current assets	$ 176
Property and equipment	2,868
Goodwill	251
Broadcast licenses	2,228
Other intangible assets	2,653
Current liabilities	(176)
Total	8,000
Subsequent Event [Member] \| Green Bay Acquisition [Member]
Other current assets	238
Property and equipment	10,133
Goodwill	44,055
Broadcast licenses	82,845
Other intangible assets	7,767
Current liabilities	(238)
Total	144,800
Subsequent Event [Member] \| Davenport Acquisition [Member]
Other current assets	301
Property and equipment	10,276
Goodwill	45,305
Broadcast licenses	63,683
Other intangible assets	5,936
Current liabilities	(301)
Total	$ 125,200

Note 12 - Selected Quarterly Financial Data (Unaudited) - Selected Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Revenue (less agency commissions)	$ 237,619	$ 204,490	$ 196,633	$ 173,723	$ 169,487	$ 151,102	$ 143,464	$ 133,303	$ 812,465	$ 597,356	$ 508,134
Operating income	83,874	60,467	53,687	36,111	43,897	29,344	38,758	28,058	234,139	140,057	153,773
Net income	$ 35,834	$ (213)	$ 17,662	$ 8,990	$ 14,987	$ 6,609	$ 12,110	$ 5,595	$ 62,273	$ 39,301	$ 48,061
Net income (in dollars per share)	$ 0.50		$ 0.25	$ 0.13	$ 0.21	$ 0.09	$ 0.17	$ 0.10	$ 0.87	$ 0.58	$ 0.83
Diluted net income per share (in dollars per share)	$ 0.49		$ 0.24	$ 0.12	$ 0.21	$ 0.09	$ 0.17	$ 0.10	$ 0.86	$ 0.57	$ 0.82

Schedule II - Valuation and Qualifying Accounts - Summary of Valuation Allowance (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2016

Dec. 31, 2015

Dec. 31, 2014

Allowance for Doubtful Accounts [Member]

$ 1,794

$ 1,667

$ 730

1,917

606

1,356

^[1]

167

290

^[2]

(715)

(479)

(709)

Valuation Allowance of Deferred Tax Assets [Member]

3,163

1,794

1,667

1,683

2,052

2,748

^[1]

^[2]

(151)

(369)

(699)