0001437749-21-025228 | 10-Q | XBRL Viewer

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

1.	Basis of Presentation

The accompanying condensed consolidated balance sheet of Gray Television, Inc. (and its consolidated subsidiaries, except as the context otherwise provides, “Gray,” the “Company,” “we,” “us,” and “our”) as of December 31, 2020, which was derived from the Company’s audited financial statements as of December 31, 2020, and our accompanying unaudited condensed consolidated financial statements as of September 30, 2021 and for the periods ended September 30, 2021 and 2020, have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, certain information and note disclosures normally included in annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to those rules and regulations, although we believe that the disclosures made are adequate to make the information not misleading. In our opinion, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation have been included. We manage our business on the basis of two operating segments: broadcasting and production companies. Unless otherwise indicated, all station rank, in-market share and television household data herein are derived from reports prepared by Comscore, Inc. (“Comscore”). While we believe this data to be accurate and reliable, we have not independently verified such data nor have we ascertained the underlying assumptions relied upon therein, and cannot guarantee the accuracy or completeness of such data. For further information, refer to the consolidated financial statements and footnotes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2020 (the “2020 Form 10-K”). Our financial condition as of, and operating results for the three and nine-months ended September 30, 2021, are not necessarily indicative of the financial condition or results that may be expected for any future interim period or for the year ending December 31, 2021.

Overview. We are a television broadcasting company headquartered in Atlanta, Georgia, that is the largest owner of top-rated local television (“television” or “TV”) stations and digital assets in the United States. Upon the completion of our anticipated acquisition of the Local Media Group of Meredith Corporation (the “Meredith Transaction” as defined herein), we will become the nation’s second largest television broadcaster, with television stations serving 113 markets that reach approximately 36 percent of US television households. The portfolio will include 79 markets with the top-rated television station and 101 markets with the first and/or second highest rated television station according to Comscore’s audience measurement data. We also own video program production, marketing, and digital businesses including Raycom Sports, Tupelo Honey, and RTM Studios, the producer of PowerNation programs and content, and is the majority owner of Swirl Films, which we refer to collectively as our “production companies.”

Investments in Broadcasting, Production and Technology Companies. We have investments in several television, production and technology companies. We account for all material investments in which we have significant influence over the investee under the equity method of accounting. Upon initial investment, we record equity method investments at cost. The amounts initially recognized are subsequently adjusted for our appropriate share of the net earnings or losses of the investee. We record any investee losses up to the carrying amount of the investment plus advances and loans made to the investee, and any financial guarantees made on behalf of the investee. We recognize our share in earnings and losses of the investee as miscellaneous (expense) income, net in our condensed consolidated statements of operations. Investments are also increased by contributions made to and decreased by the distributions from the investee. The Company evaluates equity method investments for impairment whenever events or changes in circumstances indicate that the carrying amounts of such investments may be impaired.

Investments in non-public businesses that do not have readily determinable pricing, and for which the Company does not have control or does not exert significant influence, are carried at cost less impairments, if any, plus or minus changes in observable prices for those investments. Gains or losses resulting from changes in the carrying value of these investments are included as miscellaneous (expense) income, net in our condensed consolidated statements of operations. These investments are reported together as a non-current asset on our condensed consolidated balance sheets.

Use of Estimates. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The business and economic uncertainty resulting from the novel coronavirus and its related disease (collectively, “COVID-19”) has made such estimates and assumptions more difficult to calculate. Our actual results could differ materially from these estimated amounts. Our most significant estimates are our allowance for credit losses 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.

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, 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 three and nine-month periods ended September 30, 2021 and 2020, respectively (in millions):

Three Months Ended

Nine Months Ended

September 30,

September 30,

2021

2020

2021

2020

Weighted-average shares outstanding-basic
95 95 94 97

Common stock equivalents for stock options and restricted stock
- 1 1 -

Weighted-average shares outstanding-diluted
95 96 95 97

Accumulated Other Comprehensive Loss. Our accumulated other comprehensive loss balances as of September 30, 2021 and December 31, 2020, consist of adjustments to our pension liability and the related income tax effect. Our comprehensive income for the nine-month periods ended September 30, 2021 and 2020 consisted solely of our net income. As of September 30, 2021 and December 31, 2020 the balances were as follows (in millions):

September 30,

December 31,

2021

2020

Items included in accumulated other comprehensive loss:

Increase in pension liability
$ (52 ) $ (52 )

Income tax benefit
(13 ) (13 )

Accumulated other comprehensive loss
$ (39 ) $ (39 )

Accounts Receivable and Allowance for Credit Losses. We record accounts receivable from sales and service transactions in our condensed consolidated balance sheets at amortized cost adjusted for any write-offs and net of allowance for credit losses. We are exposed to credit risk primarily through sales of broadcast and digital advertising with a variety of direct and agency-based advertising customers, retransmission consent agreements with multichannel video program distributors and program production sales and services.

Our allowance for credit losses is an estimate of expected losses over the remaining contractual life of our receivables based on an ongoing analysis of collectability, historical collection experience, current economic and industry conditions and reasonable and supportable forecasts. The allowance is calculated using a historical loss rate applied to the current aging analysis. We may also apply additional allowance when warranted by specific facts and circumstances. We generally write off accounts receivable balances when the customer files for bankruptcy or when all commonly used methods of collection have been exhausted.

The following table provides a roll-forward of the allowance for credit losses. The allowance is deducted from the amortized cost basis of accounts receivable in our condensed consolidated balance sheets (in millions):

Nine Months Ended

September 30, 2021

Beginning balance
$ 10

Provision for credit losses
2

Amounts written off
(1 )

Amounts recovered from previous write-offs
-

Ending balance
$ 11

Property and Equipment, Net. Property and equipment are carried at cost, or in the case of acquired businesses, at their initial fair value. Depreciation is computed principally by the straight-line method. The following table lists the components of property and equipment by major category (dollars in millions):

Estimated

September 30,

December 31,

Useful Lives

2021

2020

(in years)

Property and equipment, net:

Land
$ 217 $ 123

Buildings and improvements
332 305 7 to 40

Equipment
927 834 3 to 20

1,476 1,262

Accumulated depreciation
(568 ) (525 )

Total property and equipment, net
$ 908 $ 737

Maintenance, repairs and minor replacements are charged to operations as incurred; major replacements and betterments are capitalized. The cost of any assets divested, sold or retired and the related accumulated depreciation are removed from the accounts at the time of disposition, and any resulting gain or loss is reflected in income or expense for the period.

In April 2017, the Federal Communications Commission (the “FCC”) began a process of reallocating the broadcast spectrum (the “Repack”). Specifically, the FCC is requiring certain television stations to change channels and/or modify their transmission facilities. The U.S. Congress passed legislation which provides the FCC with funds to reimburse certain costs incurred by stations operating under a full power license and a portion of the costs incurred by stations operating under a low power license that are reassigned to new channels. A significant number of our current full power and low power stations are affected by the Repack. The Repack process began in the summer of 2017 and we expect that it will conclude for nearly all of our stations before the end of 2021. The majority of our costs associated with the Repack qualify for capitalization, rather than expense. Upon receipt of funds reimbursing us for our Repack costs, we record those proceeds as a component of our loss (gain) on disposal of assets, net.

The following tables provide additional information related to (loss) gain on disposal of assets, net included in our condensed consolidated statements of operations and purchases of property and equipment included in our condensed consolidated statements of cash flows (in millions):

Three Months Ended

Nine Months Ended

September 30,

September 30,

2021

2020

2021

2020

(Loss) gain on disposal of assets, net:

Proceeds from sale of assets
$ - $ 7 $ 3 $ 8

Proceeds from FCC - Repack
4 5 10 19

Net book value of assets disposed
(2 ) (2 ) (6 ) (4 )

Non-cash loss on divestitures
(53 ) - (53 ) -

Total
$ (51 ) $ 10 $ (46 ) $ 23

Purchase of property and equipment:

Recurring purchases - operations
$ 57 $ 51

Doraville land purchase
91 -

Repack
6 19

Total
$ 154 $ 70

Recent Accounting Pronouncements. In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform (Topic 848). In January 2021, the FASB issued an amendment to ASU 2020-04, ASU 2021-01, Reference Rate Reform (Topic 848), in response to concerns about structural risks of interbank offered rates, and, particularly, the risk of cessation of the London Interbank Offered Rate (“LIBOR”). The amendments in this ASU apply to all entities that elect to apply the optional guidance in Topic 848. An entity may elect to apply the amendments in this ASU on a full retrospective basis as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or on a prospective basis to new modifications from any date within an interim period that includes or is subsequent to the date of the issuance of a final standard, up to the date that financial statements are available to be issued. We are currently evaluating the applicability of this guidance.

In addition to the accounting standards described above, certain amounts in the condensed consolidated statements of cash flows have also been reclassified to conform to the current presentation.

Note 2 - Revenue

9 Months Ended

Sep. 30, 2021

Revenue from Contract with Customer [Text Block]

2.	Revenue

Revenue Recognition. We recognize revenue when we have completed a specified service and effectively transferred the control of that service to a customer in return for an amount of consideration we expect to be entitled to receive. The amount of revenue recognized is determined by the amount of consideration specified in a contract with our customers. We have elected to exclude taxes assessed by a governmental authority on transactions with our customers from our revenue. Any unremitted balance is included in current liabilities on our condensed consolidated balance sheets.

We record a deposit liability for cash deposits received from our customers that are to be applied as payment once the performance obligation arises and is satisfied. These deposits are recorded as deposit liabilities on our condensed consolidated balance sheets. When we invoice our customers for completed performance obligations, we are unconditionally entitled to receive payment of the invoiced amounts. Therefore, we record invoiced amounts in accounts receivable on our condensed consolidated balance sheets. We generally require amounts payable under advertising contracts with our political advertising customers to be paid for in advance. We record the receipt of this cash as a deposit liability. Once the advertisement has been broadcast, the revenue is earned, and we record the revenue and reduce the balance in this deposit liability account. We recorded $21 million of revenue in the nine months ended September 30, 2021 that was included in the deposit liability balance as of December 31, 2020. The deposit liability balance is included in deferred revenue on our condensed consolidated balance sheets. The deposit liability balance was $8 million and $21 million as of September 30, 2021 and December 31, 2020, respectively.

Disaggregation of Revenue. Revenue from our production companies segment is generated through our direct sales channel. Revenue from our broadcasting and other segment is generated through both our direct and advertising agency intermediary sales channels. The following table presents our revenue from contracts with customers disaggregated by type of service and sales channel (in millions):

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Market and service type:
Advertising:
Local	$	232	$	188	$	657	$	549
National		60		49		174		136
Political		9		128		24		185
Total advertising		301		365		855		870
Retransmission consent		266		217		755		650
Production companies		20		11		44		32
Other		14		11		38		37
Total revenue	$	601	$	604	$	1,692	$	1,589

Sales channel:
Direct	$	402	$	316	$	1,117	$	948
Advertising agency intermediary		199		288		575		641
Total revenue	$	601	$	604	$	1,692	$	1,589

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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Note 3 - Acquisitions and Divestitures

9 Months Ended

Sep. 30, 2021

Mergers, Acquisitions and Dispositions Disclosures [Text Block]

3.	Acquisitions and Divestitures

Quincy Transaction. On August 2, 2021, we completed the acquisition of all the equity interests of Quincy Media, Inc. (“Quincy”) for an adjusted purchase price of $930 million, which amount includes an additional $5 million for working capital. Quincy owned and operated television stations in 16 markets. Also on August 2, 2021, and concurrently with the acquisition of Quincy, we completed the divestiture to Allen Media (“Allen”) of television stations in seven markets previously owned by Quincy and located in our existing television markets, for an adjusted divestiture price of $398 million, which amount includes $18 million for working capital (the “Quincy Divestiture”). The Quincy Divestiture resulted in a non-cash loss of $48 million. We refer to the acquisition of Quincy and the Quincy Divestiture collectively as the “Quincy Transaction.”

The following table lists the stations acquired and retained, net of divestitures:

Current DMA Rank	Designated Market Area ("DMA")	Station Call Letters	Network Affiliations

104	Fort Wayne, IN	WPTA/WISE	ABC/NBC/CW
118	Peoria, IL	WEEK	NBC/ABC/CW
136	Duluth, MN, Superior, WI	KBJR/KDLH	NBC/CBS/CW
147	Sioux City, IA	KTIV	NBC/CW
156	Rochester, MN - Mason City, IA	KTTC	NBC/CW
158	Binghamton, NY	WBNG	CBS/CW
162	Bluefield-Beckley, WV	WVVA	NBC/CW
172	Quincy, IL	WGEM	NBC/FOX/CW

The following stations were acquired and divested in the Quincy Transaction:

Current DMA Rank	DMA	Station Call Letters	Network Affiliations

75	Tucson, AZ	KVOA	NBC
80	Madison, WI	WKOW	ABC
91	Paducah, KY - Harrisburg, IL	WSIL	ABC
92	Cedar Rapids, IA	KWWL	NBC
123	La Crosse-Eau Claire, WI	WXOW	ABC
132	Rockford, IL	WREX	NBC
134	Wausau-Stevens Point, WI	WAOW	ABC

The following table summarizes the allocation of consideration paid in the Quincy Transaction (in millions):

Adjusted purchase price	$	930
Less - consideration allocated to assets acquired and liabilities assumed for the Quincy overlap markets that were divested on August 2, 2021		383
Purchase consideration for assets acquired and liabilities assumed, net of divestitures	$	547

Third Rail Acquisition. On September 13, 2021, we acquired the studio, production and office facilities as well as the related production and administrative assets and liabilities of Third Rail Studios (“Third Rail”) from Third Rail Studios, LLC and Studio Sixty, LLC for an adjusted purchase price of $27 million of cash. We refer to this transaction as the “Third Rail Acquisition”. This transaction represents an initial step in the broader development of our planned studio production facilities.

Purchase Price Allocations. The following table summarizes the values of the assets acquired, liabilities assumed and resulting goodwill of the Quincy Transaction and the Third Rail Acquisition (together, the “2021 Acquisitions”), in millions:

	Quincy			Third Rail			Total
Cash	$	4		$	-		$	4
Accounts receivable, net		23			-			23
Other current assets		5			-			5
Property and equipment		73			24			97
Operating lease right of use asset		1			-			1
Goodwill		184			4			188
Broadcast licenses		245			-			245
Other intangible assets		86			-			86
Other current liabilities		(7	)		(1	)		(8	)
Deferred income taxes		(66	)		-			(66	)
Operating lease liabilities		(1	)		-			(1	)
Total	$	547		$	27		$	574

Due to the proximity of the acquisition date to the date of the filing of this quarterly report, these amounts are based upon management’s preliminary estimate of the fair values using valuation techniques including income, cost and market approaches. In determining the preliminary fair value of the acquired assets and assumed liabilities, the fair values were estimated based on, among other factors, 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 40 years.

Amounts related to other intangible assets are being amortized over their estimated useful lives of approximately 1 to 4 years.

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, as well as future synergies that we expect to generate from each acquisition. The goodwill recognized related to these acquisitions is deductible for income tax purposes.

Flint Divestiture. To facilitate regulatory approvals for the pending Meredith Transaction, on September 23, 2021, we divested our existing television station WJRT (ABC) in the Flint-Saginaw, Michigan market (DMA 64), to Allen for an adjusted purchase price of $72 million in cash, including working capital (the “Flint Divestiture”). The Flint Divestiture resulted in a non-cash loss of $5 million.

The Company’s consolidated results of operations for the nine-months ended September 30, 2021 includes the results of the Quincy Transaction beginning on August 2, 2020 and the Third Rail Acquisition beginning on September 13, 2021. Revenues attributable to the 2021 Acquisitions and included in our condensed consolidated statements of operations for the three and nine-months ended September 30, 2021 was $25 million, in each period.

The following table summarizes the approximate “Transaction Related Expenses” incurred in connection with the 2021 Acquisitions and the Flint Divestiture, during the three and nine-months ended September 30, 2021, by type and by financial statement line item (in millions):

	September 30, 2021
	Three Months		Nine Months
	Ended		Ended
Transaction Related Expenses by type:
Legal, consulting and other professional fees	$	11	$	19
Incentive compensation and other severance costs		-		-
Termination of financing agreement		-		7
Total Transaction Related Expenses	$	11	$	26

Transaction Related Expenses by financial statement line item:
Operating expenses before depreciation, amortization and loss (gain) on disposal of assets, net:
Broadcasting	$	-	$	-
Corporate and administrative		11		19
Miscellaneous (income) expense, net		-		7
Total Transaction Related Expenses	$	11	$	26

Unaudited Pro Forma Financial Information – 2021 Acquisitions. The following table sets forth certain unaudited pro forma information for the nine-months ended September 30, 2021 and 2020, assuming that the 2021 Acquisitions and the Flint Divestiture occurred on January 1, 2020 (in millions, except per share data):

	Nine Months Ended
	September 30,
	2021		2020

Revenue (less agency commissions)	$	1,751	$	1,678

Net income	$	126	$	153

Net income attributable to common stockholders	$	87	$	114

Basic net income attributable to common stockholders, per share	$	0.93	$	1.18

Diluted net income attributable to common stockholders, per share	$	0.92	$	1.18

This pro forma financial information is based on Gray’s historical results of operations and the historical results of operations of the businesses acquired, net of divestitures, included in the 2021 Acquisitions and the Flint Divestiture, adjusted for the effects of fair value estimates and other acquisition accounting adjustments, and is not necessarily indicative of what our results would have been had we completed the 2021 Acquisitions and the Flint Divestiture, on January 1, 2020, 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 nine-months ended September 30, 2021 and 2020 reflect depreciation expense and amortization of finite-lived intangible assets related to the fair value of the assets acquired, Transaction Related Expenses and 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.

Lubbock Transactions. On December 31, 2020, we acquired television station KLCW-TV (CW) and certain low power television stations in the Lubbock, Texas market (DMA 142), as well as certain non-license assets of KJTV-TV (FOX) and two additional low power stations and certain real estate, for a combined purchase price of $24 million, using cash on hand. On that date, we also entered into a shared services agreement with SagamoreHill to provide news and back-office services to KJTV-TV and its associated low power stations using cash on hand (the “Lubbock Transactions”).

The following table summarizes the preliminary values of the assets acquired and resulting goodwill of the Lubbock Transactions (in millions):

Property and equipment	$	6
Operating lease right of use asset		1
Goodwill		6
Broadcast licenses		5
Other intangible assets		7
Other liabilities		(1	)
Total	$	24

These amounts are based upon management’s preliminary estimate of the fair values using valuation techniques including income, cost and market approaches. In determining the preliminary 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.

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

Amounts related to other intangible assets are being amortized over their estimated useful lives of approximately 1 to 4 years.

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, as well as future synergies that we expect to generate from each acquisition. The goodwill recognized related to this acquisition is deductible for income tax purposes.

Pending Acquisition

Acquisition of Meredith. On May 3, 2021, we entered into the Meredith Transaction, in which we agreed to acquire all outstanding shares of Meredith Corporation (“Meredith”), subject to and immediately after the spinoff of Meredith’s National Media Group to the current Meredith shareholders. The agreement was amended on June 2, 2021 and October 6, 2021, to revise the purchase consideration to $16.99 per share in cash, or $2.8 billion in total enterprise value and to modify certain terms of the agreement. The parties expect to close the transaction in the fourth quarter of 2021. At the closing, Gray will acquire Meredith’s remaining operating division, known as the Local Media Group, which owns 17 television stations in 12 local markets, adding 11 new markets to our operations.

The transaction is subject to approval of Meredith’s shareholders and customary closing conditions and regulatory approvals, including certain consents necessary to effectuate the spinoff of Meredith’s National Media Group immediately prior to the closing of our acquisition of Meredith.

Refer to Note 4. “Long-Term Debt” for a description of the debt financing arrangements related to this transaction.

Note 4 - Long-term Debt

9 Months Ended

Sep. 30, 2021

Debt Disclosure [Text Block]

4.	Long-term Debt

As of September 30, 2021 and December 31, 2020, long-term debt consisted of obligations under our senior credit facility (the “2019 Senior Credit Facility”), our 5.875% senior notes due 2026 (the “2026 Notes”), our 7.0% senior notes due 2027 (the “2027 Notes”) and our 4.75% senior notes due 2030 (the “2030 Notes”) as follows (in millions):

	September 30,			December 31,
	2021			2020
Long-term debt:
2019 Senior Credit Facility:
2017 Term Loan	$	595		$	595
2019 Term Loan		1,190			1,190
2026 Notes		700			700
2027 Notes		750			750
2030 Notes		800			800
Total outstanding principal, including current portion		4,035			4,035
Unamortized deferred loan costs - 2019 Senior Credit Facility		(30	)		(34	)
Unamortized deferred loan costs - 2026 Notes		(5	)		(6	)
Unamortized deferred loan costs - 2027 Notes		(9	)		(10	)
Unamortized deferred loan costs - 2030 Notes		(13	)		(14	)
Unamortized premium - 2026 Notes		3			3
Long-term debt, less deferred financing costs		3,981			3,974

Borrowing availability under Revolving Credit Facility	$	299		$	200

Borrowings under the 2019 Term Loan and the 2017 Term Loan bear interest, at our option, at either the LIBOR or the Base Rate, in each case, plus an applicable margin. As of September 30, 2021, the interest rate on the balance outstanding under the 2019 Term Loan and the 2017 Term Loan were 2.6% and 2.3%, respectively. The 2019 Term Loan and the 2017 Term Loan mature on January 2, 2026 and February 7, 2024, respectively.

As of September 30, 2021, the aggregate minimum principal maturities of our long term debt for the remainder of 2021 and the succeeding 5 years were as follows (in millions):

	Minimum Principal Maturities
Year	2019 Senior Credit Facility		2026 Notes		2027 Notes		2030 Notes		Total
Remainder of 2021	$	-	$	-	$	-	$	-	$	-
2022		-		-		-		-		-
2023		-		-		-		-		-
2024		595		-		-		-		595
2025		-		-		-		-		-
2026		1,190		700		-		-		1,890
Thereafter		-		-		750		800		1,550
Total	$	1,785	$	700	$	750	$	800	$	4,035

As of September 30, 2021, there were no significant restrictions on the ability of our subsidiaries to distribute cash to us or to the guarantor subsidiaries. The 2019 Senior Credit Facility contains affirmative and restrictive covenants with which we must comply. The 2026 Notes, the 2027 Notes and the 2030 Notes include covenants with which we must comply. As of September 30, 2021 and December 31, 2020, we were in compliance with all required covenants under all our debt obligations.

For all our interest bearing obligations, we made interest payments of approximately $121 million and $127 million during the nine-months ended September 30, 2021 and 2020, respectively. We did not capitalize any interest payments during the nine-months ended September 30, 2021 and 2020.

Meredith Transaction Financing. In connection with, and contingent upon the completion of the Meredith Transaction, we have agreed to complete certain financing transactions. Related to our Senior Credit Facility, we (1) agreed to incur a $1.5 billion incremental term loan under our senior credit facility, subject to market conditions at the time of financing and (2) agreed to amend and restate our existing revolving credit facility to increase our borrowing capacity under the facility from up to $300 million to up to $500 million, which will consist of (i) a $425 million five year revolving credit facility and (ii) a $75 million revolving credit facility with commitments expiring January 2, 2026. In addition, Gray Escrow II, Inc. (“Escrow Issuer”), a special purpose wholly-owned subsidiary, has agreed to issue $1.3 billion in aggregate principal amount of 5.375% senior unsecured notes due 2031 (the “2031 Notes”) at par, which we intend to assume upon completion of the Meredith Transaction. The proceeds of the transactions mentioned above, after deducting transaction fees and estimated expenses, will be used to pay a portion of the consideration for the Meredith Transaction. The amendment of our Senior Credit Facility is likely to result in a gain or loss on early extinguishment of debt that is not yet determinable.

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

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Note 5 - Fair Value Measurement

9 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Text Block]

5.	Fair Value Measurement

We measure certain assets and liabilities at fair value, which are classified by the FASB Codification within the fair value hierarchy as level 1, 2, or 3, on the basis of whether the measurement employs observable or unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s own assumptions and consider information about readily available market participant assumptions.

●

Level 1: Quoted prices for identical instruments in active markets

●

Level 2: Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets

●

Level 3: Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable

Fair value is defined as the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date. The use of different market assumptions or methodologies could have a material effect on the fair value measurement.

The carrying amounts of accounts receivable, prepaid and other current assets, accounts payable, employee compensation and benefits, accrued interest, other accrued expenses, and deferred revenue approximate fair value at both September 30, 2021 and December 31, 2020.

As of September 30, 2021 and December 31, 2020, the carrying amount of our long-term debt was $4.0 billion, and the fair value was $4.1 billion. The fair value of our long-term debt is based on observable estimates provided by third party financial professionals as of each date, and as such is classified 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.

Note 6 - Stockholders' Equity

9 Months Ended

Sep. 30, 2021

Stockholders' Equity Note Disclosure [Text Block]

6.	Stockholders’ Equity

We are authorized to issue 245 million shares in total of all classes of stock consisting of 25 million shares of class A common stock, 200 million shares of common stock, and 20 million shares of “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. On February 24, 2021, the Board of Directors initiated a quarterly cash dividend of $0.08 per share on our common stock and class A common stock. The total dividends declared and paid during the nine-months ended September 30, 2021 was approximately $23 million. During the nine-months ending September 30, 2020, we did not declare or pay any dividends on our common stock or class A common stock.

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 September 30, 2021, we had reserved 3,209,452 shares and 1,103,015 shares of our common stock and class A common stock, respectively, for future issuance under various employee benefit plans. As of December 31, 2020, we had reserved 4,006,948 shares and 1,336,440 shares of our common stock and class A common stock, respectively, for future issuance under various employee benefit plans.

During the nine-months ended September 30, 2021, we have not repurchased any shares of our common stock or class A common stock under our share repurchase programs. As of September 30, 2021, approximately $204 million was available to repurchase shares of our common stock and/or class A common stock under these programs.

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

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Note 7 - Retirement Plans

9 Months Ended

Sep. 30, 2021

Retirement Benefits [Text Block]

7.	Retirement Plans

The components of our net periodic pension benefit are included in miscellaneous (expense) income, net in our condensed consolidated statements of operations. During the nine-months ended September 30, 2021, the amount recorded as a benefit was not material. During the nine-months ended September 30, 2021, we contributed $4 million to this plan.

During the nine-month period ended September 30, 2021, we contributed $11 million in matching cash contributions, and shares of our common stock valued at approximately $7 million for our 2020 discretionary profit-sharing contributions, to the 401(k) plan. The discretionary profit-sharing contribution was recorded as an expense in 2020 and accrued as of December 31, 2020. Based upon our staffing and employee participation as of September 30, 2021, during the remainder of 2021, we expect to contribute approximately $2 million of matching cash contributions to this plan. This estimate will increase upon the completion of the Meredith Transaction.

The entire disclosure for retirement benefits.

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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Note 8 - Stock-based Compensation

9 Months Ended

Sep. 30, 2021

Share-based Payment Arrangement [Text Block]

8.	Stock-based Compensation

We recognize compensation expense for stock-based payment awards made to our employees, consultants and directors. Our current stock-based compensation plans include our 2017 Equity and Incentive Compensation Plan (the “2017 EICP”). The following table provides our stock-based compensation expense and related income tax benefit for the three and nine-month periods ended September 30, 2021 and 2020 (in millions):

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2021			2020			2021			2020
Stock-based compensation expense, gross	$	3		$	5		$	10		$	12
Income tax benefit at our statutory rate associated with share-based compensation		(1	)		(1	)		(3	)		(3	)
Stock-based compensation expense, net	$	2		$	4		$	7		$	9

All shares of class A common stock and common stock underlying outstanding restricted stock units and performance awards are counted as issued at target levels under the 2017 for purposes of determining the number of shares available for future issuance.

During the nine-months ended September 30, 2021, we granted under the 2017 EICP:

●

47,360 shares of restricted common stock with a grant date fair value of $21.96 to our non-employee directors that will vest on April 30, 2022;

●

96,355 shares of restricted Class A common stock with a grant date fair value per share of $17.20 to an employee, of which 32,118 shares will vest on each of January 31, 2022 and 2023 and 32,119 shares will vest on January 31, 2024;

●

96,355 shares of restricted Class A common stock with a grant date fair value per share of $17.20 to an employee, subject to the achievement of certain performance measures, which will vest on February 29, 2024;

●

247,497 shares of restricted common stock with a grant date fair value per share of $18.21 to certain employees, of which 82,499 shares will vest on each of January 31, 2022, 2023 and 2024;

●

48,545 shares of restricted common stock with a grant date fair value per share of $18.21 to an employee, subject to the achievement of certain performance measures, which will vest on February 29, 2024;

●

restricted stock units representing 95,115 shares of our common stock, to certain employees, which will vest on March 1, 2022; and

●

40,715 vested shares of our Class A common stock with a grant date fair value per share of $19.87 to an employee, upon the achievement of certain performance measures.

During the nine-months ended September 30, 2020, we granted under the 2017 EICP:

●

78,722 shares of restricted common stock with a grant date fair value of $11.56 to our non-employee directors that vested on April 30, 2021;

●

83,407 shares of restricted Class A common stock with a grant date fair value per share of $19.87 to an employee, of which 27,802 shares vested on January 31, 2021, 27,802 shares will vest on January 31, 2022 and 27,803 shares will vest on January 31, 2023;

●

83,407 shares of restricted Class A common stock with a grant date fair value per share of $19.87 to an employee, subject to the achievement of certain performance measures, which will vest on January 31, 2023;

●

207,787 shares of restricted common stock with a grant date fair value per share of $21.69 to certain employees, of which 69,262 shares vested on January 31, 2021, 69,262 shares will vest on January 31, 2022 and 69,263 shares will vest on January 31, 2023;

●

40,756 shares of restricted common stock with a grant date fair value per share of $21.69 to an employee, subject to the achievement of certain performance measures, which will vest on January 31, 2023;

●

Restricted stock units representing 90,184 shares of our common stock, to certain employees, of which 60,052 shares that vested on March 1, 2021; and 15,066 shares will vest on each of March 1, 2022 and 2023;

●

Restricted stock units representing 3,000 shares of our common stock to an employee, that vested on June 1, 2020; and

●

32,216 shares of restricted common stock with a grant date fair value per share of $15.52 to an employee that vested on September 1, 2021.

A summary of restricted class A common stock, common stock and restricted stock units activity for the nine-month periods ended September 30, 2021 and 2020 is as follows:

	Nine Months Ended
	September 30, 2021					September 30, 2020
				Weighted-					Weighted-
				average					average
				Grant Date					Grant Date
	*Number of*			*Fair Value*		*Number of*			*Fair Value*
	*Shares*			*Per Share*		*Shares*			*Per Share*
Restricted stock - class A common:
Outstanding - beginning of period		480,042		$	16.10		449,284		$	13.55
Granted⁽¹⁾		233,425		$	17.67		166,814		$	19.87
Vested		(248,539	)	$	15.00		(136,056	)	$	12.32
Outstanding - end of period		464,928		$	17.47		480,042		$	16.10

Restricted stock - common:
Outstanding - beginning of period		917,533		$	16.84		977,547		$	15.45
Granted⁽¹⁾		343,402		$	18.73		359,481		$	18.92
Vested		(613,179	)	$	15.48		(333,865	)	$	15.35
Forfeited		-		$	-		(85,630	)	$	15.53
Outstanding - end of period		647,756		$	19.13		917,533		$	16.84

Restricted stock units - common stock:
Outstanding - beginning of period		90,184		$	18.92		398,000		$	18.21
Granted		95,115		$	19.05		93,184		$	18.77
Vested		(60,052	)	$	18.92		(374,500	)	$	18.18
Forfeited		-		$	-		(26,500	)	$	18.21
Outstanding - end of period		125,247		$	19.02		90,184		$	18.92

(1)

For awards subject to future performance conditions, amounts assume target performance.

Note 9 - Leases

9 Months Ended

Sep. 30, 2021

Leases, Lessee Disclosure [Text Block]

9.	Leases

We determine if an arrangement is a lease at its inception. Operating lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. We generally use our incremental borrowing rate based on the information available at the lease commencement date in determining the present value of future payments, because the implicit rate of the lease is generally not known. Right-of-use (“ROU”) assets related to our operating lease liabilities are measured at lease commencement based on the initial measurement of the lease liability, plus any prepaid lease payments and less any lease incentives. Our lease terms that are used in determining our operating lease liabilities at lease commencement may include options to extend or terminate the leases when it is reasonably certain that we will exercise such options. We amortize our ROU assets as operating lease expense generally on a straight-line basis over the lease term and classify both the lease amortization and imputed interest as operating expenses. We have lease agreements with lease and non-lease components, and in such cases, we generally account for the components separately with only the lease component included in the calculation of the ROU asset and lease liability.

We have operating leases that primarily relate to certain of our facilities, data centers and vehicles. As of September 30, 2021, our operating leases substantially have remaining terms of one year to 99 years, some of which include options to extend and/or terminate the leases. We do not recognize lease assets and lease liabilities for any lease with an original lease term of less than one year.

Cash flow movements related to our lease activities are included in other assets and accounts payable and other liabilities as presented in net cash provided by operating activities in our condensed consolidated statement of cash flows for the nine-months ended September 30, 2021.

As of September 30, 2021, the weighted-average remaining term of our operating leases was approximately 10.25 years. The weighted-average discount rate used to calculate the values associated with our operating leases was 6.74%. The table below describes the nature of lease expense and classification of operating lease expense recognized in the three and nine-months ended September 30, 2021 and 2020, respectively (in millions):

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Lease expense
Operating lease expense	$	3	$	3	$	9	$	9
Short-term lease expense		1		-		2		1
Total lease expense	$	4	$	3	$	11	$	10

The maturities of operating lease liabilities as of September 30, 2021, for the remainder of 2021 and the succeeding years were as follows (in millions):

Year ending December 31,	Operating Leases
Remainder of 2021	$	3
2022		11
2023		9
2024		9
2025		8
Thereafter		43
Total lease payments		83
Less: Imputed interest		(24	)
Present value of lease liabilities	$	59

Note 10 - Commitments and Contingencies

9 Months Ended

Sep. 30, 2021

Commitments and Contingencies Disclosure [Text Block]

10.

Commitments and Contingencies

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 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 have a material adverse impact on our financial position, results of operations or cash flows.

Pending Acquisitions. Please refer to Note 3. “Acquisitions and Divestitures” and Note 4. “Long-Term Debt”, for a discussion of our commitments related to the pending Meredith Transaction.

Note 11 - Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2021

Goodwill and Intangible Assets Disclosure [Text Block]

11.

Goodwill and Intangible Assets

During the nine-months ended September 30, 2021, we completed the 2021 Acquisitions and the Flint Divestiture that included the acquisition and divestiture of goodwill, broadcast licenses and definite-lived intangible assets. See Note 3 “Acquisitions and Divestitures” for more information regarding these transactions. Also, during the nine-months ended September 30, 2021, we completed the acquisition of other television station operations, including, in some cases, broadcast licenses that were not material. A summary of changes in our goodwill and other intangible assets, on a net basis, for the nine-months ended September 30, 2021 is as follows (in millions):

	Net Balance at		Acquisitions							Net Balance at
	December 31,		And							September 30,
	2020		Adjustments, Net		Impairments		Amortization			2021

Goodwill	$	1,460	$	173	$	-	$	-		$	1,633
Broadcast licenses		3,579		205		-		-			3,784
Finite-lived intangible assets		395		93		-		(81	)		407
Total intangible assets net of accumulated amortization	$	5,434	$	471	$	-	$	(81	)	$	5,824

A summary of the changes in our goodwill, on a gross basis, for the nine-months ended September 30, 2021, is as follows (in millions):

	As of							As of
	December 31,			Net				September 30,
	2020			Additions		Impairments		2021

Goodwill, gross	$	1,559		$	173	$	-	$	1,732
Accumulated goodwill impairment		(99	)		-		-		(99	)
Goodwill, net	$	1,460		$	173	$	-	$	1,633

As of September 30, 2021 and December 31, 2020, our intangible assets and related accumulated amortization consisted of the following (in millions):

	As of September 30, 2021							As of December 31, 2020
			Accumulated							Accumulated
	Gross		Amortization			Net		Gross		Amortization			Net
Intangible assets not currently subject to amortization:
Broadcast licenses	$	3,838	$	(54	)	$	3,784	$	3,633	$	(54	)	$	3,579
Goodwill		1,633		-			1,633		1,460		-			1,460
	$	5,471	$	(54	)	$	5,417	$	5,093	$	(54	)	$	5,039

Intangible assets subject to amortization:
Network affiliation agreements	$	83	$	(38	)	$	45	$	67	$	(28	)	$	39
Other definite lived intangible assets		717		(355	)		362		644		(288	)		356
	$	800	$	(393	)	$	407	$	711	$	(316	)	$	395

Total intangibles	$	6,271	$	(447	)	$	5,824	$	5,804	$	(370	)	$	5,434

Amortization expense for the nine-month periods ended September 30, 2021 and 2020 was $81 million and $78 million, respectively. Based on the intangible assets subject to amortization as of September 30, 2021, we expect that amortization expense for the remainder of 2021 would be approximately $29 million, and, for the succeeding five years, amortization expense will be approximately as follows: 2022, $112 million; 2023, $105 million; 2024, $40 million; 2025, $30 million; and 2026, $28 million. If and when acquisitions and dispositions occur in the future, actual amounts may vary materially from these estimates.

Note 12 - Income Taxes

9 Months Ended

Sep. 30, 2021

Income Tax Disclosure [Text Block]

12.

Income Taxes

For the three and nine-month periods ended September 30, 2021 and 2020, our income tax expense and effective income tax rates were as follows (dollars in millions):

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2021			2020			2021			2020
Income tax expense	$	35		$	43		$	65		$	67
Effective income tax rate		194	%		26	%		52	%		26	%

We estimate our differences between taxable income or loss and recorded income or loss on an annual basis. Our tax provision for each quarter is based upon these full year projections, which are revised each reporting period. These projections incorporate estimates of permanent differences between U.S. GAAP income or loss and taxable income or loss, state income taxes and adjustments to our liability for unrecognized tax benefits to adjust our statutory Federal income tax rate of 21% to our effective income tax rate. For the nine-month period ended September 30, 2021, these estimates increased or decreased our statutory Federal income tax rate to our effective income tax rate of 52% as follows: state income taxes added 5%, permanent differences between our U.S. GAAP income and taxable income added 3% and divestiture of component 2 goodwill resulted in an increase of 23%. For the nine-month period ended September 30, 2020, these estimates increased or decreased our statutory Federal income tax rate to our effective income tax rate of 26% as follows: state income taxes added 4%, permanent differences between our U.S. GAAP income and taxable income added 1%.

During the nine-months ended September 30, 2021, we made $129 million of federal and state income tax payments, net of refunds, including $72 million related to the Quincy Divestiture. During the remainder of 2021, we anticipate making income tax payments (excluding pending refunds) of approximately $18 million, including $17 million related to the Flint Divestiture.

We have approximately $204 million of federal operating loss carryforwards, which expire during the years 2023 through 2037. We expect to have federal taxable income in the carryforward periods. We therefore believe that these federal operating loss carryforwards will be fully utilized. Additionally, we have an aggregate of approximately $567 million of various state operating loss carryforwards, of which we expect that approximately half will be utilized.

On March 27, 2020, the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”) was enacted in response to the COVID-19 pandemic. The CARES Act, among other things, contains modifications on the limitation of business interest for tax years beginning in 2019 and 2020, and permits net operating loss (“NOL”) carryovers and carrybacks to offset 100% of taxable income for taxable years beginning before 2021. In addition, the CARES Act allows NOLs incurred in 2018, 2019, and 2020 to be carried back to each of the five preceding taxable years to generate a refund of previously paid income taxes. During 2020, we carried back certain NOLs resulting in a refund of $21 million.

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

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Note 13 - Segment Information

9 Months Ended

Sep. 30, 2021

Segment Reporting Disclosure [Text Block]

13.

Segment information

The Company operates in two business segments: broadcasting and production companies. The broadcasting segment operates television stations located across 94 local markets in the U.S. The production companies segment includes the production of television content. Costs identified as other are primarily corporate and administrative expenses. The following tables present certain financial information concerning the Company’s operating segments (in millions):

				Production
As of and for the nine-months ended September 30, 2021:	Broadcasting			Companies			Other			Consolidated

Revenue (less agency commissions)	$	1,648		$	44		$	-		$	1,692
Operating expenses before depreciation, amortization and loss on disposal of assets, net:		1,099			39			75			1,213
Depreciation and amortization		146			9			2			157
Loss on disposal of assets, net		46			-			-			46
Operating expenses		1,291			48			77			1,416
Operating income (loss)	$	357		$	(4	)	$	(77	)	$	276

Interest expense	$	-		$	-		$	143		$	143
Capital expenditures (excluding business combinations)	$	63		$	88		$	3		$	154
Goodwill	$	1,588		$	45		$	-		$	1,633
Total assets	$	7,229		$	134		$	416		$	7,779

For the nine-months ended September 30, 2020:

Revenue (less agency commissions)	$	1,557		$	32		$	-		$	1,589
Operating expenses before depreciation, amortization and (gain) loss on disposal of assets, net:		985			32			47			1,064
Depreciation and amortization		136			9			2			147
(Gain) loss on disposal of assets, net		(21	)		(2	)		-			(23	)
Operating expenses		1,100			39			49			1,188
Operating income (loss)	$	457		$	(7	)	$	(49	)	$	401

Interest expense	$	-		$	-		$	143		$	143
Capital expenditures (excluding business combinations)	$	69		$	1		$	-		$	70

As of December 31, 2020:

Goodwill	$	1,419		$	41		$	-		$	1,460
Total assets	$	6,631		$	141		$	871		$	7,643

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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Investment, Policy [Policy Text Block]

Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2021

Accounting Policies [Abstract]

Use of Estimates, Policy [Policy Text Block]

Use of Estimates. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The business and economic uncertainty resulting from the novel coronavirus and its related disease (collectively, “COVID-19”) has made such estimates and assumptions more difficult to calculate. Our actual results could differ materially from these estimated amounts. Our most significant estimates are our allowance for credit losses 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.

Earnings Per Share, Policy [Policy Text Block]

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, 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 three and nine-month periods ended September 30, 2021 and 2020, respectively (in millions):

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020


Weighted-average shares outstanding-basic		95		95		94		97
Common stock equivalents for stock options and restricted stock		-		1		1		-
Weighted-average shares outstanding-diluted		95		96		95		97

Comprehensive Income, Policy [Policy Text Block]

Accumulated Other Comprehensive Loss. Our accumulated other comprehensive loss balances as of September 30, 2021 and December 31, 2020, consist of adjustments to our pension liability and the related income tax effect. Our comprehensive income for the nine-month periods ended September 30, 2021 and 2020 consisted solely of our net income. As of September 30, 2021 and December 31, 2020 the balances were as follows (in millions):

September 30,

December 31,

2021

2020

Items included in accumulated other comprehensive loss:

Increase in pension liability
$ (52 ) $ (52 )

Income tax benefit
(13 ) (13 )

Accumulated other comprehensive loss
$ (39 ) $ (39 )

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

Accounts Receivable and Allowance for Credit Losses. We record accounts receivable from sales and service transactions in our condensed consolidated balance sheets at amortized cost adjusted for any write-offs and net of allowance for credit losses. We are exposed to credit risk primarily through sales of broadcast and digital advertising with a variety of direct and agency-based advertising customers, retransmission consent agreements with multichannel video program distributors and program production sales and services.

Our allowance for credit losses is an estimate of expected losses over the remaining contractual life of our receivables based on an ongoing analysis of collectability, historical collection experience, current economic and industry conditions and reasonable and supportable forecasts. The allowance is calculated using a historical loss rate applied to the current aging analysis. We may also apply additional allowance when warranted by specific facts and circumstances. We generally write off accounts receivable balances when the customer files for bankruptcy or when all commonly used methods of collection have been exhausted.

The following table provides a roll-forward of the allowance for credit losses. The allowance is deducted from the amortized cost basis of accounts receivable in our condensed consolidated balance sheets (in millions):

	Nine Months Ended
	September 30, 2021
Beginning balance	$	10
Provision for credit losses		2
Amounts written off		(1	)
Amounts recovered from previous write-offs		-
Ending balance	$	11

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

Property and Equipment, Net. Property and equipment are carried at cost, or in the case of acquired businesses, at their initial fair value. Depreciation is computed principally by the straight-line method. The following table lists the components of property and equipment by major category (dollars in millions):

							Estimated
	*September 30,*			*December 31,*			*Useful Lives*
	*2021*			*2020*			*(in years)*
Property and equipment, net:
Land	$	217		$	123
Buildings and improvements		332			305			7	to	40
Equipment		927			834			3	to	20
		1,476			1,262
Accumulated depreciation		(568	)		(525	)
Total property and equipment, net	$	908		$	737

Maintenance, repairs and minor replacements are charged to operations as incurred; major replacements and betterments are capitalized. The cost of any assets divested, sold or retired and the related accumulated depreciation are removed from the accounts at the time of disposition, and any resulting gain or loss is reflected in income or expense for the period.

In April 2017, the Federal Communications Commission (the “FCC”) began a process of reallocating the broadcast spectrum (the “Repack”). Specifically, the FCC is requiring certain television stations to change channels and/or modify their transmission facilities. The U.S. Congress passed legislation which provides the FCC with funds to reimburse certain costs incurred by stations operating under a full power license and a portion of the costs incurred by stations operating under a low power license that are reassigned to new channels. A significant number of our current full power and low power stations are affected by the Repack. The Repack process began in the summer of 2017 and we expect that it will conclude for nearly all of our stations before the end of 2021. The majority of our costs associated with the Repack qualify for capitalization, rather than expense. Upon receipt of funds reimbursing us for our Repack costs, we record those proceeds as a component of our loss (gain) on disposal of assets, net.

The following tables provide additional information related to (loss) gain on disposal of assets, net included in our condensed consolidated statements of operations and purchases of property and equipment included in our condensed consolidated statements of cash flows (in millions):

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2021			2020			2021			2020
(Loss) gain on disposal of assets, net:
Proceeds from sale of assets	$	-		$	7		$	3		$	8
Proceeds from FCC - Repack		4			5			10			19
Net book value of assets disposed		(2	)		(2	)		(6	)		(4	)
Non-cash loss on divestitures		(53	)		-			(53	)		-
Total	$	(51	)	$	10		$	(46	)	$	23

Purchase of property and equipment:
Recurring purchases - operations							$	57		$	51
Doraville land purchase								91			-
Repack								6			19
Total							$	154		$	70

New Accounting Pronouncements, Policy [Policy Text Block]

Recent Accounting Pronouncements. In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform (Topic 848). In January 2021, the FASB issued an amendment to ASU 2020-04, ASU 2021-01, Reference Rate Reform (Topic 848), in response to concerns about structural risks of interbank offered rates, and, particularly, the risk of cessation of the London Interbank Offered Rate (“LIBOR”). The amendments in this ASU apply to all entities that elect to apply the optional guidance in Topic 848. An entity may elect to apply the amendments in this ASU on a full retrospective basis as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or on a prospective basis to new modifications from any date within an interim period that includes or is subsequent to the date of the issuance of a final standard, up to the date that financial statements are available to be issued. We are currently evaluating the applicability of this guidance.

In addition to the accounting standards described above, certain amounts in the condensed consolidated statements of cash flows have also been reclassified to conform to the current presentation.

Note 1 - Basis of Presentation (Tables)

9 Months Ended

Sep. 30, 2021

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

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020


Weighted-average shares outstanding-basic		95		95		94		97
Common stock equivalents for stock options and restricted stock		-		1		1		-
Weighted-average shares outstanding-diluted		95		96		95		97

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

	September 30,			December 31,
	2021			2020

Items included in accumulated other comprehensive loss:
Increase in pension liability	$	(52	)	$	(52	)
Income tax benefit		(13	)		(13	)
Accumulated other comprehensive loss	$	(39	)	$	(39	)

Accounts Receivable, Allowance for Credit Loss [Table Text Block]

	Nine Months Ended
	September 30, 2021
Beginning balance	$	10
Provision for credit losses		2
Amounts written off		(1	)
Amounts recovered from previous write-offs		-
Ending balance	$	11

Property, Plant and Equipment [Table Text Block]

							Estimated
	*September 30,*			*December 31,*			*Useful Lives*
	*2021*			*2020*			*(in years)*
Property and equipment, net:
Land	$	217		$	123
Buildings and improvements		332			305			7	to	40
Equipment		927			834			3	to	20
		1,476			1,262
Accumulated depreciation		(568	)		(525	)
Total property and equipment, net	$	908		$	737

Schedule of Disposal of Assets and Purchase of Property and Equipment [Table Text Block]

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2021			2020			2021			2020
(Loss) gain on disposal of assets, net:
Proceeds from sale of assets	$	-		$	7		$	3		$	8
Proceeds from FCC - Repack		4			5			10			19
Net book value of assets disposed		(2	)		(2	)		(6	)		(4	)
Non-cash loss on divestitures		(53	)		-			(53	)		-
Total	$	(51	)	$	10		$	(46	)	$	23

Purchase of property and equipment:
Recurring purchases - operations							$	57		$	51
Doraville land purchase								91			-
Repack								6			19
Total							$	154		$	70

Note 2 - Revenue (Tables)

9 Months Ended

Sep. 30, 2021

Disaggregation of Revenue [Table Text Block]

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Market and service type:
Advertising:
Local	$	232	$	188	$	657	$	549
National		60		49		174		136
Political		9		128		24		185
Total advertising		301		365		855		870
Retransmission consent		266		217		755		650
Production companies		20		11		44		32
Other		14		11		38		37
Total revenue	$	601	$	604	$	1,692	$	1,589

Sales channel:
Direct	$	402	$	316	$	1,117	$	948
Advertising agency intermediary		199		288		575		641
Total revenue	$	601	$	604	$	1,692	$	1,589

Note 3 - Acquisitions and Divestitures (Tables)

9 Months Ended

Sep. 30, 2021

Schedule of Business Acquisitions, by Acquisition [Table Text Block]

Adjusted purchase price	$	930
Less - consideration allocated to assets acquired and liabilities assumed for the Quincy overlap markets that were divested on August 2, 2021		383
Purchase consideration for assets acquired and liabilities assumed, net of divestitures	$	547

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

	Quincy			Third Rail			Total
Cash	$	4		$	-		$	4
Accounts receivable, net		23			-			23
Other current assets		5			-			5
Property and equipment		73			24			97
Operating lease right of use asset		1			-			1
Goodwill		184			4			188
Broadcast licenses		245			-			245
Other intangible assets		86			-			86
Other current liabilities		(7	)		(1	)		(8	)
Deferred income taxes		(66	)		-			(66	)
Operating lease liabilities		(1	)		-			(1	)
Total	$	547		$	27		$	574

Property and equipment	$	6
Operating lease right of use asset		1
Goodwill		6
Broadcast licenses		5
Other intangible assets		7
Other liabilities		(1	)
Total	$	24

Business Combination, Separately Recognized Transactions [Table Text Block]

	September 30, 2021
	Three Months		Nine Months
	Ended		Ended
Transaction Related Expenses by type:
Legal, consulting and other professional fees	$	11	$	19
Incentive compensation and other severance costs		-		-
Termination of financing agreement		-		7
Total Transaction Related Expenses	$	11	$	26

Transaction Related Expenses by financial statement line item:
Operating expenses before depreciation, amortization and loss (gain) on disposal of assets, net:
Broadcasting	$	-	$	-
Corporate and administrative		11		19
Miscellaneous (income) expense, net		-		7
Total Transaction Related Expenses	$	11	$	26

Business Acquisition, Pro Forma Information [Table Text Block]

	Nine Months Ended
	September 30,
	2021		2020

Revenue (less agency commissions)	$	1,751	$	1,678

Net income	$	126	$	153

Net income attributable to common stockholders	$	87	$	114

Basic net income attributable to common stockholders, per share	$	0.93	$	1.18

Diluted net income attributable to common stockholders, per share	$	0.92	$	1.18

Note 4 - Long-term Debt (Tables)

9 Months Ended

Sep. 30, 2021

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

	September 30,			December 31,
	2021			2020
Long-term debt:
2019 Senior Credit Facility:
2017 Term Loan	$	595		$	595
2019 Term Loan		1,190			1,190
2026 Notes		700			700
2027 Notes		750			750
2030 Notes		800			800
Total outstanding principal, including current portion		4,035			4,035
Unamortized deferred loan costs - 2019 Senior Credit Facility		(30	)		(34	)
Unamortized deferred loan costs - 2026 Notes		(5	)		(6	)
Unamortized deferred loan costs - 2027 Notes		(9	)		(10	)
Unamortized deferred loan costs - 2030 Notes		(13	)		(14	)
Unamortized premium - 2026 Notes		3			3
Long-term debt, less deferred financing costs		3,981			3,974

Borrowing availability under Revolving Credit Facility	$	299		$	200

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

	Minimum Principal Maturities
Year	2019 Senior Credit Facility		2026 Notes		2027 Notes		2030 Notes		Total
Remainder of 2021	$	-	$	-	$	-	$	-	$	-
2022		-		-		-		-		-
2023		-		-		-		-		-
2024		595		-		-		-		595
2025		-		-		-		-		-
2026		1,190		700		-		-		1,890
Thereafter		-		-		750		800		1,550
Total	$	1,785	$	700	$	750	$	800	$	4,035

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.

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Note 8 - Stock-based Compensation (Tables)

9 Months Ended

Sep. 30, 2021

Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block]

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2021			2020			2021			2020
Stock-based compensation expense, gross	$	3		$	5		$	10		$	12
Income tax benefit at our statutory rate associated with share-based compensation		(1	)		(1	)		(3	)		(3	)
Stock-based compensation expense, net	$	2		$	4		$	7		$	9

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

	Nine Months Ended
	September 30, 2021					September 30, 2020
				Weighted-					Weighted-
				average					average
				Grant Date					Grant Date
	*Number of*			*Fair Value*		*Number of*			*Fair Value*
	*Shares*			*Per Share*		*Shares*			*Per Share*
Restricted stock - class A common:
Outstanding - beginning of period		480,042		$	16.10		449,284		$	13.55
Granted⁽¹⁾		233,425		$	17.67		166,814		$	19.87
Vested		(248,539	)	$	15.00		(136,056	)	$	12.32
Outstanding - end of period		464,928		$	17.47		480,042		$	16.10

Restricted stock - common:
Outstanding - beginning of period		917,533		$	16.84		977,547		$	15.45
Granted⁽¹⁾		343,402		$	18.73		359,481		$	18.92
Vested		(613,179	)	$	15.48		(333,865	)	$	15.35
Forfeited		-		$	-		(85,630	)	$	15.53
Outstanding - end of period		647,756		$	19.13		917,533		$	16.84

Restricted stock units - common stock:
Outstanding - beginning of period		90,184		$	18.92		398,000		$	18.21
Granted		95,115		$	19.05		93,184		$	18.77
Vested		(60,052	)	$	18.92		(374,500	)	$	18.18
Forfeited		-		$	-		(26,500	)	$	18.21
Outstanding - end of period		125,247		$	19.02		90,184		$	18.92

Note 9 - Leases (Tables)

9 Months Ended

Sep. 30, 2021

Lease, Cost [Table Text Block]

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Lease expense
Operating lease expense	$	3	$	3	$	9	$	9
Short-term lease expense		1		-		2		1
Total lease expense	$	4	$	3	$	11	$	10

Lessee, Operating Lease, Liability, Maturity [Table Text Block]

Year ending December 31,	Operating Leases
Remainder of 2021	$	3
2022		11
2023		9
2024		9
2025		8
Thereafter		43
Total lease payments		83
Less: Imputed interest		(24	)
Present value of lease liabilities	$	59

Note 11 - Goodwill and Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2021

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

	Net Balance at		Acquisitions							Net Balance at
	December 31,		And							September 30,
	2020		Adjustments, Net		Impairments		Amortization			2021

Goodwill	$	1,460	$	173	$	-	$	-		$	1,633
Broadcast licenses		3,579		205		-		-			3,784
Finite-lived intangible assets		395		93		-		(81	)		407
Total intangible assets net of accumulated amortization	$	5,434	$	471	$	-	$	(81	)	$	5,824

	As of							As of
	December 31,			Net				September 30,
	2020			Additions		Impairments		2021

Goodwill, gross	$	1,559		$	173	$	-	$	1,732
Accumulated goodwill impairment		(99	)		-		-		(99	)
Goodwill, net	$	1,460		$	173	$	-	$	1,633

Schedule of Intangible Assets and Goodwill [Table Text Block]

	As of September 30, 2021							As of December 31, 2020
			Accumulated							Accumulated
	Gross		Amortization			Net		Gross		Amortization			Net
Intangible assets not currently subject to amortization:
Broadcast licenses	$	3,838	$	(54	)	$	3,784	$	3,633	$	(54	)	$	3,579
Goodwill		1,633		-			1,633		1,460		-			1,460
	$	5,471	$	(54	)	$	5,417	$	5,093	$	(54	)	$	5,039

Intangible assets subject to amortization:
Network affiliation agreements	$	83	$	(38	)	$	45	$	67	$	(28	)	$	39
Other definite lived intangible assets		717		(355	)		362		644		(288	)		356
	$	800	$	(393	)	$	407	$	711	$	(316	)	$	395

Total intangibles	$	6,271	$	(447	)	$	5,824	$	5,804	$	(370	)	$	5,434

Note 12 - Income Taxes (Tables)

9 Months Ended

Sep. 30, 2021

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

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2021			2020			2021			2020
Income tax expense	$	35		$	43		$	65		$	67
Effective income tax rate		194	%		26	%		52	%		26	%

Note 13 - Segment Information (Tables)

9 Months Ended

Sep. 30, 2021

Schedule of Segment Reporting Information, by Segment [Table Text Block]

				Production
As of and for the nine-months ended September 30, 2021:	Broadcasting			Companies			Other			Consolidated

Revenue (less agency commissions)	$	1,648		$	44		$	-		$	1,692
Operating expenses before depreciation, amortization and loss on disposal of assets, net:		1,099			39			75			1,213
Depreciation and amortization		146			9			2			157
Loss on disposal of assets, net		46			-			-			46
Operating expenses		1,291			48			77			1,416
Operating income (loss)	$	357		$	(4	)	$	(77	)	$	276

Interest expense	$	-		$	-		$	143		$	143
Capital expenditures (excluding business combinations)	$	63		$	88		$	3		$	154
Goodwill	$	1,588		$	45		$	-		$	1,633
Total assets	$	7,229		$	134		$	416		$	7,779

For the nine-months ended September 30, 2020:

Revenue (less agency commissions)	$	1,557		$	32		$	-		$	1,589
Operating expenses before depreciation, amortization and (gain) loss on disposal of assets, net:		985			32			47			1,064
Depreciation and amortization		136			9			2			147
(Gain) loss on disposal of assets, net		(21	)		(2	)		-			(23	)
Operating expenses		1,100			39			49			1,188
Operating income (loss)	$	457		$	(7	)	$	(49	)	$	401

Interest expense	$	-		$	-		$	143		$	143
Capital expenditures (excluding business combinations)	$	69		$	1		$	-		$	70

As of December 31, 2020:

Goodwill	$	1,419		$	41		$	-		$	1,460
Total assets	$	6,631		$	141		$	871		$	7,643

Note 1 - Basis of Presentation (Details Textual)	9 Months Ended
Note 1 - Basis of Presentation (Details Textual)	Sep. 30, 2021
Number of Operating Segments	2

Note 1 - Basis of Presentation - Reconciliation of Basic to Diluted Weighted-average Shares Outstanding (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Weighted-average shares outstanding-basic (in shares)	95	95	94	97
Common stock equivalents for stock options and restricted stock (in shares)	0	1	1	0
Weighted-average shares outstanding-diluted (in shares)	95	96	95	97

Note 1 - Basis of Presentation - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Items included in accumulated other comprehensive loss:
Increase in pension liability	$ (52)	$ (52)
Income tax benefit	(13)	(13)
Accumulated other comprehensive loss	$ (39)	$ (39)

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

Note 1 - Basis of Presentation - Allowance for Credit Losses (Details) $ in Millions	9 Months Ended
	Sep. 30, 2021 USD ($)
Beginning balance	$ 10
Provision for credit losses	2
Amounts written off	(1)
Amounts recovered from previous write-offs	0
Ending balance	$ 11

Note 1 - Basis of Presentation - Property and Equipment (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Property and equipment, gross	$ 1,476	$ 1,262
Accumulated depreciation	(568)	(525)
Total property and equipment, net	908	737
Land [Member]
Property and equipment, gross	217	123
Building and Building Improvements [Member]
Property and equipment, gross	$ 332	305
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	$ 927	$ 834
Equipment [Member] \| Minimum [Member]
Estimated Useful Lives (Year)	3 years
Equipment [Member] \| Maximum [Member]
Estimated Useful Lives (Year)	20 years

Note 1 - Basis of Presentation - Disposal of Assets and Purchase of Property and Equipment (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Proceeds from sale of assets	$ 0	$ (7)	$ (3)	$ (8)
Proceeds from FCC - Repack	4	5	10	19
Net book value of assets disposed	(2)	(2)	(6)	(4)
Gain (Loss) on Disposition of Business	(53)	0	(53)	0
Total	$ (51)	$ 10	(46)	23
Recurring purchases - operations			57	51
Doraville land purchase			91	0
Repack			6	19
Total			$ 154	$ 70

Note 2 - Revenue (Details Textual) - USD ($) $ in Millions	9 Months Ended
Note 2 - Revenue (Details Textual) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Contract with Customer, Liability, Revenue Recognized	$ 21
Deferred Revenue [Member]
Deposit Liability, Current	$ 8	$ 21

Note 2 - Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenue	$ 601	$ 604	$ 1,692	$ 1,589
Sales Channel, Directly to Consumer [Member]
Revenue	402	316	1,117	948
Sales Channel, Through Intermediary [Member]
Revenue	199	288	575	641
Local Advertising [Member]
Revenue	232	188	657	549
National Advertising [Member]
Revenue	60	49	174	136
Political Advertising [Member]
Revenue	9	128	24	185
Advertising [Member]
Revenue	301	365	855	870
Retransmission Consent [Member]
Revenue	266	217	755	650
Production Companies [Member]
Revenue	20	11	44	32
Service, Other [Member]
Revenue	$ 14	$ 11	$ 38	$ 37

Note 3 - Acquisitions and Divestitures (Details Textual) $ / shares in Units, $ in Millions				1 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 23, 2021 USD ($)	Sep. 13, 2021 USD ($)	Aug. 02, 2021 USD ($)	Jun. 02, 2021 USD ($) $ / shares	Sep. 30, 2021 USD ($)	Sep. 30, 2020 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2020 USD ($)	Dec. 31, 2020 USD ($)
Gain (Loss) on Disposition of Business					$ (53)	$ 0	$ (53)	$ 0
Quincy Divestiture [Member]
Proceeds from Divestiture of Businesses			$ 398
Disposal Group, Working Capital			18
Gain (Loss) on Disposition of Business			(48)
Quincy Acquisition [Member]
Business Combination, Consideration Transferred, Total			930				930
Business Combination, Working Capital			$ 5
Business Combination, Television Stations Operated			16
Disposal Group, Including Discontinued Operation, Consideration					383		383
Third Rail Acquisition [Member]
Disposal Group, Including Discontinued Operation, Consideration		$ 27
Third Rail Acquisition [Member] \| Minimum [Member]
Finite-Lived Intangible Asset, Useful Life (Year)		1 year
Third Rail Acquisition [Member] \| Maximum [Member]
Finite-Lived Intangible Asset, Useful Life (Year)		4 years
WJRT (ABC) in the Flint, Michigan Market [Member]
Disposal Group, Including Discontinued Operation, Consideration	$ 72
Unconsolidated Construction Joint Venture Net Income (Loss)	$ 5
The2021 Acquisitions [Member]
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual					$ 25		$ 25
The 2020 Acquisitions [Member]
Payments to Acquire Businesses, Gross									$ 24
The 2020 Acquisitions [Member] \| Minimum [Member]
Finite-Lived Intangible Asset, Useful Life (Year)							1 year
Property, Plant and Equipment, Useful Life (Year)							3 years
The 2020 Acquisitions [Member] \| Maximum [Member]
Finite-Lived Intangible Asset, Useful Life (Year)							4 years
Property, Plant and Equipment, Useful Life (Year)							40 years
Meredith Corporation [Member]
Business Combination, Consideration Transferred, Total				$ 2,800
Business Acquisition, Share Price (in dollars per share) \| $ / shares				$ 16.99

Note 3 - Acquisitions and Divestitures - Consideration (Details) - Quincy Acquisition [Member] - USD ($) $ in Millions		9 Months Ended
	Aug. 02, 2021	Sep. 30, 2021
Adjusted purchase price	$ 930	$ 930
Less - consideration allocated to assets acquired and liabilities assumed for the Quincy overlap markets that were divested on August 2, 2021		383
Purchase consideration for assets acquired and liabilities assumed, net of divestitures		$ 547

Note 3 - Acquisitions and Divestitures - Acquisitions (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Goodwill	$ 1,633	$ 1,460
Quincy Acquisition [Member]
Cash	4
Accounts receivable, net	23
Other current assets	5
Property and equipment	73
Operating lease right of use asset	1
Goodwill	184
Broadcast licenses	245
Other intangible assets	86
Other current liabilities	(7)
Deferred income taxes	(66)
Operating lease liabilities	(1)
Total	547
Third Rail Acquisition [Member]
Cash	0
Accounts receivable, net	0
Other current assets	0
Property and equipment	24
Operating lease right of use asset	0
Goodwill	4
Broadcast licenses	0
Other intangible assets	0
Other current liabilities	(1)
Deferred income taxes	0
Operating lease liabilities	0
Total	27
The2021 Acquisitions [Member]
Cash	4
Accounts receivable, net	23
Other current assets	5
Property and equipment	97
Operating lease right of use asset	1
Goodwill	188
Broadcast licenses	245
Other intangible assets	86
Other current liabilities	(8)
Deferred income taxes	(66)
Operating lease liabilities	(1)
Total	$ 574
Lubbock Transactions, Acquisition [Member]
Property and equipment		6
Operating lease right of use asset		1
Goodwill		6
Other intangible assets		7
Total		24
Broadcast licenses		5
Other liabilities		$ (1)

Note 3 - Acquisitions and Divestitures - Transaction Related Expenses (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2021
Transaction related expenses	$ 11	$ 26
Broadcast Licenses [Member]
Transaction related expenses	0	0
Corporate and Administrative [Member]
Transaction related expenses	11	19
Miscellaneous (Income) Expense, Net [Member]
Transaction related expenses	0	7
Legal, Consulting and Other Professional Fees [Member]
Transaction related expenses	11	19
Incentive Compensation and Severance Costs [Member]
Transaction related expenses	0	0
Termination of Sales Representation Agreements [Member]
Transaction related expenses	$ 0	$ 7

Note 3 - Acquisitions and Divestitures - Unaudited Pro Forma Results (Details) - USD ($) $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Revenue (less agency commissions)	$ 1,751	$ 1,678
Net income	126	153
Net income attributable to common stockholders	$ 87	$ 114
Basic net income attributable to common stockholders, per share (in dollars per share)	$ 0.93	$ 1.18
Diluted net income attributable to common stockholders, per share (in dollars per share)	$ 0.92	$ 1.18

Note 4 - Long-term Debt (Details Textual) - USD ($) $ in Millions		9 Months Ended
	Nov. 09, 2021	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2021
Interest Paid, Excluding Capitalized Interest, Operating Activities		$ 121	$ 127
2026 Notes [Member]
Debt Instrument, Interest Rate, Stated Percentage		5.875%
2027 Notes [Member]
Debt Instrument, Interest Rate, Stated Percentage		7.00%
2030 Notes [Member]
Debt Instrument, Interest Rate, Stated Percentage		4.75%
2030 Notes [Member] \| Forecast [Member]
Debt Instrument, Interest Rate, Stated Percentage	5.375%
Proceeds from Issuance of Debt	$ 1,300
The 2019 Senior Credit Facility [Member] \| Forecast [Member]
Line of Credit Facility, Maximum Borrowing Capacity				$ 500
The 2019 Senior Credit Facility [Member] \| Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity		$ 300
The 2019 Senior Credit Facility [Member] \| The 2019 Term Loan [Member]
Debt Instrument, Interest Rate, Effective Percentage		2.60%
The 2019 Senior Credit Facility [Member] \| Term Loan [Member]
Debt Instrument, Face Amount		$ 1,500
The 2017 Senior Credit Facility [Member] \| The 2017 Term Loan [Member]
Debt Instrument, Interest Rate, Effective Percentage		2.30%
Five Year Facility [Member] \| Revolving Credit Facility [Member] \| Forecast [Member]
Line of Credit Facility, Maximum Borrowing Capacity				425
Credit Facility Commitments Expiring January 2, 2026 [Member] \| Revolving Credit Facility [Member] \| Forecast [Member]
Line of Credit Facility, Maximum Borrowing Capacity				$ 75

Note 4 - Long-term Debt - Long-term Debt Summary (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Long-term debt, gross	$ 4,035	$ 4,035
Long-term debt, less deferred financing costs	3,981	3,974
Borrowing availability under Revolving Credit Facility	299	200
The 2017 Term Loan [Member]
Long-term debt, gross	595	595
The 2019 Term Loan [Member]
Long-term debt, gross	1,190	1,190
2026 Notes [Member]
Long-term debt, gross	700	700
Unamortized deferred loan costs	(5)	(6)
Unamortized premium	3	3
2027 Notes [Member]
Long-term debt, gross	750	750
Unamortized deferred loan costs	(9)	(10)
2030 Notes [Member]
Long-term debt, gross	800	800
Unamortized deferred loan costs	(13)	(14)
The 2019 Senior Credit Facility [Member]
Long-term debt, gross	1,785
Unamortized deferred loan costs	$ (30)	$ (34)

Note 4 - Long-term Debt - Aggregate Minimum Principal Maturities on Long-term Debt (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Remainder of 2021	$ 0
2022	0
2023	0
2024	595
2025	0
2026	1,890
Thereafter	1,550
Total Debt	4,035	$ 4,035
The 2019 Senior Credit Facility [Member]
Remainder of 2021	0
2022	0
2023	0
2024	595
2025	0
2026	1,190
Thereafter	0
Total Debt	1,785
2026 Notes [Member]
Remainder of 2021	0
2022	0
2023	0
2024	0
2025	0
2026	700
Thereafter	0
Total Debt	700	700
2027 Notes [Member]
Remainder of 2021	0
2022	0
2023	0
2024	0
2025	0
2026	0
Thereafter	750
Total Debt	750	750
2030 Notes [Member]
Remainder of 2021	0
2022	0
2023	0
2024	0
2025	0
2026	0
Thereafter	800
Total Debt	$ 800	$ 800

Note 5 - Fair Value Measurement (Details Textual) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Long-term Debt, Total	$ 3,981	$ 3,974
Long-term Debt, Fair Value	$ 4,100	$ 4,100

Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.

Restricted Stock [Member]

Note 6 - Stockholders' Equity (Details Textual) $ / shares in Units, $ in Thousands		3 Months Ended						9 Months Ended
	Feb. 24, 2021 $ / shares	Sep. 30, 2021 USD ($) $ / shares shares	Jun. 30, 2021 USD ($)	Mar. 31, 2021 USD ($)	Sep. 30, 2020 USD ($) $ / shares	Jun. 30, 2020 USD ($)	Mar. 31, 2020 USD ($)	Sep. 30, 2021 USD ($) $ / shares shares	Sep. 30, 2020 USD ($) $ / shares	Dec. 31, 2020 shares
Capital Units, Authorized (in shares)		245,000,000						245,000,000
Common Stock, Shares Authorized (in shares)		200,000,000						200,000,000		200,000,000
Preferred Stock, Shares Authorized (in shares)		20,000,000						20,000,000
Common Stock, Voting Rights, Votes Per Share		1						1
Common Stock, Dividends, Per Share, Declared (in dollars per share) \| $ / shares		$ 0.08			$ 0			$ 0.24	$ 0
Dividends, Common Stock, Total \| $		$ 8,000	$ 7,000	$ 8,000
Common Stock, Capital Shares Reserved for Future Issuance (in shares)		3,209,452						3,209,452		4,006,948
Treasury Stock, Value, Acquired, Cost Method \| $					$ 10,000	$ 43,000	$ 6,000
Common Class A [Member]
Common Stock, Shares Authorized (in shares)		25,000,000						25,000,000		25,000,000
Common Stock, Voting Rights, Votes Per Share		10						10
Common Stock, Capital Shares Reserved for Future Issuance (in shares)		1,103,015						1,103,015		1,336,440
Common Stock and Class A Common Stock [Member]
Common Stock, Dividends, Per Share, Declared (in dollars per share) \| $ / shares	$ 0.08
Dividends, Common Stock, Total \| $								$ 23,000	$ 0
Treasury Stock, Value, Acquired, Cost Method \| $								0
Stock Repurchase Program, Remaining Authorized Repurchase Amount \| $		$ 204,000						$ 204,000

Note 7 - Retirement Plans (Details Textual) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Defined Contribution Plan, Expected Contributions, Remainder of Fiscal Year	$ 2
Profit Sharing Contribution [Member]
Defined Contribution Plan, Employer Discretionary Contribution Amount	11	$ 7
Pension Plan [Member] \| Gray Pension Plan [Member]
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year	$ 4

Note 8 - Stock-based Compensation - Stock-based Compensation Expense and Related Income Tax Benefit (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Stock-based compensation expense, gross	$ 3	$ 5	$ 10	$ 12
Income tax benefit at our statutory rate associated with share-based compensation	(1)	(1)	(3)	(3)
Stock-based compensation expense, net	$ 2	$ 4	$ 7	$ 9

Note 8 - Stock-based Compensation - Summary of Restricted Common Stock Activity (Details) - $ / shares

9 Months Ended

Sep. 30, 2021

Sep. 30, 2020

Outstanding, Weighted average grant date fair value (in dollars per share)

^[1]

480,042

449,284

^[1]

$ 16.10

$ 13.55

Granted, Shares (in shares)

^[1]

233,425

166,814

Granted, Weighted average grant date fair value (in dollars per share)

^[1]

$ 17.67

$ 19.87

Vested, Shares (in shares)

(248,539)

(136,056)

Vested, Weighted average grant date fair value (in dollars per share)

$ 15.00

$ 12.32

Outstanding, Weighted average grant date fair value (in dollars per share)

^[1]

464,928

480,042

^[1]

$ 17.47

$ 16.10

Restricted Stock [Member] | Common Class A [Member]

Outstanding, Weighted average grant date fair value (in dollars per share)

^[1]

917,533

977,547

^[1]

$ 16.84

$ 15.45

Granted, Shares (in shares)

^[1]

343,402

359,481

Granted, Weighted average grant date fair value (in dollars per share)

^[1]

$ 18.73

$ 18.92

Vested, Shares (in shares)

(613,179)

(333,865)

Vested, Weighted average grant date fair value (in dollars per share)

$ 15.48

$ 15.35

Forfeited, Shares (in shares)

(85,630)

Forfeited, Weighted average grant date fair value (in dollars per share)

$ 0

$ 15.53

Outstanding, Weighted average grant date fair value (in dollars per share)

^[1]

647,756

917,533

^[1]

$ 19.13

$ 16.84

Restricted Stock Units (RSUs) [Member]

Outstanding, Weighted average grant date fair value (in dollars per share)

90,184

398,000

$ 18.92

$ 18.21

Granted, Shares (in shares)

95,115

93,184

Granted, Weighted average grant date fair value (in dollars per share)

$ 19.05

$ 18.77

Vested, Shares (in shares)

(60,052)

(374,500)

Vested, Weighted average grant date fair value (in dollars per share)

$ 18.92

$ 18.18

Forfeited, Shares (in shares)

(26,500)

Forfeited, Weighted average grant date fair value (in dollars per share)

$ 0

$ 18.21

Outstanding, Weighted average grant date fair value (in dollars per share)

125,247

90,184

$ 19.02

$ 18.92

[1]	For awards subject to future performance conditions, amounts assume target performance.

Note 9 - Leases (Details Textual)	Sep. 30, 2021
Operating Lease, Weighted Average Remaining Lease Term (Year)	10 years 3 months
Operating Lease, Weighted Average Discount Rate, Percent	6.74%
Minimum [Member]
Lessee, Operating Lease, Remaining Lease Term (Year)	1 year
Maximum [Member]
Lessee, Operating Lease, Remaining Lease Term (Year)	99 years

Note 9 - Leases - Lease Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Operating lease expense	$ 3	$ 3	$ 9	$ 9
Short-term lease expense	1	0	2	1
Total lease expense	$ 4	$ 3	$ 11	$ 10

Note 9 - Leases - Maturities of Operating Lease Liabilities (Details) $ in Millions	Sep. 30, 2021 USD ($)
Remainder of 2021	$ 3
2022	11
2023	9
2024	9
2025	8
Thereafter	43
Total lease payments	83
Less: Imputed interest	(24)
Present value of lease liabilities	$ 59

Note 11 - Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Amortization of Intangible Assets, Total	$ 28	$ 26	$ 81	$ 78
Finite-Lived Intangible Asset, Expected Amortization, Remainder of Fiscal Year	29		29
Finite-Lived Intangible Asset, Expected Amortization, Year One	112		112
Finite-Lived Intangible Asset, Expected Amortization, Year Two	105		105
Finite-Lived Intangible Asset, Expected Amortization, Year Three	40		40
Finite-Lived Intangible Asset, Expected Amortization, Year Four	30		30
Finite-Lived Intangible Asset, Expected Amortization, Year Five	$ 28		$ 28

Note 11 - Goodwill and Intangible Assets - Changes in Goodwill and Other Intangible Assets (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Goodwill			$ 1,460
Goodwill, Net additions			173
Goodwill	$ 1,633		1,633
Broadcast licenses			3,579
Broadcast licenses	3,784		3,784
Finite-lived intangible assets			395
Finite-lived intangible assets, Net additions			93
Amortization of Intangible Assets	(28)	$ (26)	(81)	$ (78)
Finite-lived intangible assets	407		407
Total intangible assets net of accumulated amortization			5,434
Total intangible assets net of accumulated amortization, Net additions			471
Total intangible assets net of accumulated amortization	5,824		5,824
Goodwill, gross			1,559
Goodwill, impairments			0
Goodwill, gross	1,732		1,732
Accumulated goodwill impairment	(99)		(99)
Broadcast Licenses [Member]
Broadcast licenses			3,579
Broadcast licenses, Net additions			205
Broadcast licenses	$ 3,784		$ 3,784

Note 11 - Goodwill and Intangible Assets - Intangible Assets and Related Accumulated Amortization (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Goodwill, Gross	$ 1,732	$ 1,559
Goodwill	1,633	1,460
Other intangible assets, net	407	395
Total intangibles	6,271	5,804
Total intangibles, accumulated amortization	(447)	(370)
Total intangibles	5,824	5,434
Network Affiliate [Member]
Finite-Lived Intangible Assets, Gross	83	67
Finite-Lived Intangible Assets, Accumulated Amortization	(38)	(28)
Other intangible assets, net	45	39
Other Intangible Assets [Member]
Finite-Lived Intangible Assets, Gross	717	644
Finite-Lived Intangible Assets, Accumulated Amortization	(355)	(288)
Other intangible assets, net	362	356
Intangible Assets Subject to Amortization [Member]
Finite-Lived Intangible Assets, Gross	800	711
Finite-Lived Intangible Assets, Accumulated Amortization	(393)	(316)
Other intangible assets, net	407	395
Broadcast Licenses [Member]
Indefinite-lived Intangible Assets (Excluding Goodwill), Gross	3,838	3,633
Indefinite-Lived Intangible Assets (Excluding Goodwill), Accumulated Amortization	(54)	(54)
Indefinite-Lived Intangible Assets (Excluding Goodwill)	3,784	3,579
Goodwill Not Amortizable [Member]
Goodwill, Gross	1,633	1,460
Goodwill, Accumulated Amortization	0	0
Goodwill	1,633	1,460
Intangible Assets Not Subject to Amortization [Member]
Goodwill and Indefinite-Lived Intangible Assets, Gross	5,471	5,093
Goodwill and Indefinite-lived Intangible Assets, Accumulated Amortization	(54)	(54)
Goodwill and Indefinite-Lived Assets, Net	$ 5,417	$ 5,039

Note 12 - Income Taxes (Details Textual) - USD ($) $ in Millions	3 Months Ended			9 Months Ended		12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent				21.00%
Effective Income Tax Rate Reconciliation, Percent, Total		194.00%	26.00%	52.00%	26.00%
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent				5.00%	4.00%
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Share-based Payment Arrangement, Percent				3.00%
Effective Income Tax Rate Reconciliation, Disposition of Asset, Percent				23.00%
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Percent, Total					1.00%
Income Taxes Paid, Net, Total				$ 129
Proceeds from Income Tax Refunds						$ 21
Domestic Tax Authority [Member]
Operating Loss Carryforwards, Total		$ 204		204
State and Local Jurisdiction [Member]
Operating Loss Carryforwards, Total		$ 567		567
Forecast [Member]
Income Taxes Paid, Net, Total	$ 18
Quincy Divestiture [Member]
Income Taxes Paid, Net, Total				$ 72
Flint [Member] \| Forecast [Member]
Income Taxes Paid, Net, Total	$ 17

Note 12 - Income Taxes - Reconciliation of Income Tax Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income tax expense	$ 35	$ 43	$ 65	$ 67
Effective income tax rate	194.00%	26.00%	52.00%	26.00%

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.