0001437749-23-022110 | 10-Q | XBRL Viewer

Retirement Benefits [Text Block]

7.	Retirement Plans

The components of our net periodic pension benefit are included in miscellaneous expense, net in our condensed consolidated statements of operations. During the six-months ended June 30, 2023, the amount recorded as a benefit was not material, and we did not make a contribution to our defined benefit pension plans. During the remainder of 2023, we expect to contribute $4 million to these plans.

During the six-month period ended June 30, 2023, we contributed $14 million in matching cash contributions, and shares of our common stock valued at $9 million for our 2022 discretionary profit-sharing contributions, to the 401(k) plan. The discretionary profit-sharing contribution was recorded as an expense in 2022 and accrued as of December 31, 2022. Based upon employee participation as of June 30, 2023, during the remainder of 2023, we expect to contribute $14 million of matching cash contributions to this plan.

The entire disclosure for retirement benefits.

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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Operating activities:
Net (loss) income	$ (27)	$ 161
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation	70	63
Amortization of intangible assets	99	104
Amortization of deferred loan costs	7	8
Amortization of restricted stock awards	9	11
Amortization of program broadcast rights	20	25
Payments on program broadcast obligations	(21)	(26)
Deferred income taxes	(6)	0
Loss (gain) on disposal of assets, net	26	(5)
Loss from early extinguishment of debt	3	0
Other	11	6
Changes in operating assets and liabilities:
Accounts receivable	321	10
Income taxes receivable or prepaid	(24)	(67)
Other current assets	4	18
Accounts payable	(21)	7
Employee compensation, benefits and pension cost	(27)	(8)
Accrued network fees and other expenses	9	7
Accrued interest	2	1
Income taxes payable	(3)	7
Increase (Decrease) in Contract with Customer, Liability	7	8
Net cash provided by operating activities	459	330
Investing activities:
Acquisitions of television businesses and licenses, net of cash acquired	(6)	(40)
Proceeds from sale of television station	6	0
Purchases of property and equipment	(213)	(159)
Proceeds from asset sales	22	2
Reimbursement of development costs	11	0
Proceeds from Repack reimbursement (Note 1)	0	5
Investment in broadcast, production and technology companies	(7)	(9)
Net cash used in investing activities	(187)	(201)
Financing activities:
Proceeds from borrowings on long-term debt	150	0
Repayments of borrowings on long-term debt	(403)	(58)
Repurchase of common stock	0	(50)
Payment of common stock dividends	(14)	(16)
Payment of preferred stock dividends	(26)	(26)
Payment of taxes related to net share settlement of equity awards	(4)	(6)
Net cash used in financing activities	(297)	(156)
Net decrease in cash	(25)	(27)
Cash at beginning of period	61	189
Cash at end of period	$ 36	$ 162

Note 11 - Goodwill and Intangible Assets - Changes in Goodwill and Other Intangible Assets, Net (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Goodwill	$ 2,660		$ 2,663
Goodwill, acquisitions and adjustments	3
Broadcast licenses	5,320		5,331
Finite-lived intangible assets	537		636
Amortization	(99)	$ (104)
Total intangible assets net of accumulated amortization	8,517		8,630
Total intangible assets net of accumulated amortization	(14)
Finite-Lived Intangible Assets [Member]
Acquisition and adjustments	0
Acquisition and adjustments	0
Amortization	(99)
Broadcast Licenses [Member]
Broadcast licenses	5,320		$ 5,331
Acquisition and adjustments	(11)
Acquisition and adjustments	$ 11

Note 3 - Acquisition and Divestiture - Acquisition (Details) - WPGA With Marquee Broadcasting Transaction [Member] $ in Millions	May 01, 2023 USD ($)
Property and equipment and other assets	$ 2
Total	6
Broadcast Licenses [Member]
Intangible assets	$ 4

Note 12 - Income Taxes - Reconciliation of Income Tax Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income tax expense (benefit)	$ 5	$ 38	$ (6)	$ 59
Effective income tax rate	56.00%	28.00%	18.00%	27.00%

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

Note 13 - Segment Information (Tables)

6 Months Ended

Jun. 30, 2023

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

				Production
As of and for the six months ended June 30, 2023:	Broadcasting			Companies			Other			Consolidated

Revenue (less agency commissions)	$	1,580		$	34		$	-		$	1,614
Operating expenses before depreciation, amortization and gain on disposal of assets, net:		1,107			70			56			1,233
Depreciation and amortization		160			7			2			169
Loss on disposal of assets, net		24			2			-			26
Operating expenses		1,291			79			58			1,428
Operating income (loss)	$	289		$	(45	)	$	(58	)	$	186

Interest expense	$	-		$	-		$	213		$	213
Capital expenditures (excluding business combinations)	$	41		$	168		$	4		$	213
Goodwill	$	2,615		$	45		$	-		$	2,660
Total assets	$	9,995		$	644		$	171		$	10,810

For the six months ended June 30, 2022:

Revenue (less agency commissions)	$	1,659		$	36		$	-		$	1,695
Operating expenses before depreciation, amortization and gain on disposal of assets, net:		1,058			40			53			1,151
Depreciation and amortization		159			6			2			167
Gain on disposal of assets, net		(5	)		-			-			(5	)
Operating expenses		1,212			46			55			1,313
Operating income (loss)	$	447		$	(10	)	$	(55	)	$	382

Interest expense	$	-		$	-		$	160		$	160
Capital expenditures (excluding business combinations)	$	66		$	93		$	-		$	159

As of December 31, 2022:

Goodwill	$	2,618		$	45		$	-		$	2,663
Total assets	$	10,444		$	535		$	173		$	11,152

Note 1 - Basis of Presentation - Disposal of Assets and Purchase of Property and Equipment (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Proceeds from sale of fixed assets	$ (14)	$ (2)	$ (22)	$ (2)
Proceeds from FCC - Repack	0	0	0	(5)
Net book value of assets disposed	16	2	25	2
Non-cash loss on divestiture	14	0	14	0
Securitization Facility	(1)	0	8	0
Other	1	0	1	0
Loss (gain) on disposal of assets, net	$ 16	$ 0	26	(5)
Recurring purchases - operations			45	67
Assembly Atlanta development			168	92
Purchases of property and equipment			$ 213	$ 159

Note 9 - Leases

6 Months Ended

Jun. 30, 2023

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 inception 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 inception 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 right-of-use asset and lease liability.

We have operating leases that primarily relate to certain of our facilities, data centers and vehicles. As of June 30, 2023, 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 six-months ended June 30, 2023.

As of June 30, 2023, the weighted-average remaining term of our operating leases was approximately 9 years. The weighted-average discount rate used to calculate the values associated with our operating leases was 6.5%. The table below describes the nature of lease expense and classification of operating lease expense recognized in the three and six-months ended June 30, 2023 and 2022, respectively (in millions):

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
Lease expense
Operating lease expense	$	5	$	4	$	9	$	8
Short-term lease expense		1		-		2		1
Total lease expense	$	6	$	4	$	11	$	9

The maturities of operating lease liabilities as of June 30, 2023, for the remainder of 2023 and the succeeding five years were as follows (in millions):

Year ending December 31,	Operating Leases
Remainder of 2023	$	8
2024		15
2025		14
2026		12
2027		11
Thereafter		51
Total lease payments		111
Less: Imputed interest		(29	)
Present value of lease liabilities	$	82

Note 11 - Goodwill and Intangible Assets - Intangible Assets and Related Accumulated Amortization (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Goodwill, Gross	$ 2,759	$ 2,762
Goodwill	2,660	2,663
Other intangible assets, net	537	636
Total intangible assets, gross	9,302	9,321
Total intangible assets, accumulated amortization	(785)	(691)
Total intangible assets, net	8,517	8,630
Network Affiliate [Member]
Finite-Lived Intangible Assets, Gross	216	218
Finite-Lived Intangible Assets, Accumulated Amortization	(106)	(88)
Other intangible assets, net	110	130
Other Definite Lived Intangible Assets [Member]
Finite-Lived Intangible Assets, Gross	1,052	1,055
Finite-Lived Intangible Assets, Accumulated Amortization	(625)	(549)
Other intangible assets, net	427	506
Intangible Assets Subject to Amortization [Member]
Finite-Lived Intangible Assets, Gross	1,268	1,273
Finite-Lived Intangible Assets, Accumulated Amortization	(731)	(637)
Other intangible assets, net	537	636
Broadcast Licenses [Member]
Indefinite-lived Intangible Assets (Excluding Goodwill), Gross	5,374	5,385
Indefinite-Lived Intangible Assets (Excluding Goodwill), Accumulated Amortization	(54)	(54)
Indefinite-Lived Intangible Assets (Excluding Goodwill)	5,320	5,331
Goodwill Not Amortizable [Member]
Goodwill, Gross	2,660	2,663
Goodwill, Accumulated Amortization	0	0
Goodwill	2,660	2,663
Intangible Assets Not Subject to Amortization [Member]
Goodwill and Indefinite-Lived Intangible Assets, Gross	8,034	8,048
Goodwill and Indefinite-lived Intangible Assets, Accumulated Amortization	(54)	(54)
Goodwill and Indefinite-Lived Assets, Net	$ 7,980	$ 7,994

Item 5. Other Information

6 Months Ended

Jun. 30, 2023

Issuer Rule 10b5-1, Material Terms [Text Block]

Item 5. Other Information

None of the Company's directors or officers adopted, modified, or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement during the Company's fiscal quarter ended June 30, 2023.

Note 4 - Long-term Debt

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Text Block]

4.	Long-term Debt

As of June 30, 2023 and December 31, 2022, long-term debt consisted of obligations under our 2019 Senior Credit Facility (as defined below), our 5.875% senior notes due 2026 (the “2026 Notes”), our 7.0% senior notes due 2027 (the “2027 Notes”), our 4.75% senior notes due 2030 (the “2030 Notes”) and our 5.375% notes due 2031 (the “2031 Notes”), as follows (in millions):

	June 30,			December 31,
	2023			2022
Long-term debt :
2019 Senior Credit Facility:
2017 Term Loan (pre-paid on March 1, 2023)	$	-		$	295
2019 Term Loan (matures January 2, 2026)		1,190			1,190
2021 Term Loan (matures December 1, 2028)		1,478			1,485
Revolving Credit Facility		50			-
2026 Notes (matures July 15, 2026)		700			700
2027 Notes (matures May 15, 2027)		750			750
2030 Notes (matures October 15, 2030)		800			800
2031 Notes (matures November 15, 2031)		1,300			1,300
Total outstanding principal, including current portion		6,268			6,520
Unamortized deferred loan costs - 2017 Term Loan		-			(4	)
Unamortized deferred loan costs - 2019 Term Loan		(18	)		(21	)
Unamortized deferred loan costs - 2021 Term Loan		(4	)		(4	)
Unamortized deferred loan costs - 2026 Notes		(4	)		(4	)
Unamortized deferred loan costs - 2027 Notes		(7	)		(7	)
Unamortized deferred loan costs - 2030 Notes		(10	)		(11	)
Unamortized deferred loan costs - 2031 Notes		(15	)		(16	)
Unamortized premium - 2026 Notes		2			2
Less current portion		(15	)		(15	)
Long-term debt, less current portion and deferred financing costs	$	6,197		$	6,440

Borrowing availability under Revolving Credit Facility	$	444		$	496

Borrowings under the Revolving Credit Facility bear interest, at our option, at either the SOFR rate or the Base Rate, in each case, plus an applicable margin. As of June 30, 2023, the interest rate on the balance outstanding under the Revolving credit facility was 7.2%. Because of their relationship to the interest rate caps, described below, borrowings under the 2021 Term Loan and 2019 Term Loan bear interest at the 1-month SOFR rate, plus applicable margin. As of June 30, 2023, the interest rate on the balance outstanding under the 2021 Term Loan and the 2019 Term Loan were 8.3% and 7.8%, respectively. A portion of the Revolving Credit Facility matures on January 2, 2026, with the remainder maturing on December 1, 2026.

Interest Rate Caps. On February 23, 2023, we entered into two interest rate caps pursuant to an International Swaps and Derivatives Association ("ISDA") Master Agreement with two counterparties, Wells Fargo Bank, NA and Truist Bank, respectively. At June 30, 2023, the caps have a combined notional value of approximately $2.6 billion and mature on December 31, 2025. At inception, the interest rate caps protect us against adverse fluctuations in interest rates by reducing our exposure to variability in cash flows on a portion of our variable-rate debt. We designated the interest rate caps as cash flow hedges of our risk of changes in our cash flows attributable to changes in 1-month LIBOR above 5% on our outstanding variable-rate debt in accordance with ASC 815. On March 29, 2023 in conjunction with the amended credit facility, we transitioned the contractually specified rate on the interest rate caps from 1-month LIBOR to 1-month Term SOFR. Effective with the amended interest rate caps, we are hedging variability in cash flows related to future interest payments when SOFR exceeds the caps of 4.97% and 5.015%. We elected to apply the optional expedient in ASC 848, Reference Rate Reform, in connection with transitioning its interest rate caps from LIBOR to Term SOFR that enabled us to consider the new swaps a continuation of the existing contracts. As a result, the transition did not have an impact on our hedge accounting or a material impact to our financial statements.

The interest rate caps, as amended, effectively limit the annual interest charged on our 2021 Term Loan and our 2019 Term Loan to a maximum of 1-month Term SOFR of 4.97% and 5.015%. We are required to pay aggregate fees in connection with the interest rate caps of approximately $34 million that is due and payable at maturity on December 31, 2025. On the initial designation date, we recognized an asset and corresponding liability for the deferred premium payable equal to $34 million. The asset is amortized into interest expense straight-line over the term of the hedging relationship. The recorded value of the asset was $30 million, net of accumulated amortization, at June 30, 2023. At June 30, 2023, the fair value of the derivative liability was $4 million. We present the deferred premium, the asset, and the fair value of the derivative, net within other non-current liabilities in our condensed consolidated balance sheets.

The ISDA Master Agreement, together with its related schedules, contain customary representations, warranties and covenants. The interest rate caps were not entered into for speculative trading purposes. Changes in the fair value of the interest rate caps are reported as a component of other comprehensive income. Actual gains and losses are reclassified into earnings in the same period or periods during which the hedged transaction affects earnings and are presented in the same income statement line item as the earnings effect of the hedged transaction. Gains and losses on the derivative instrument representing hedge components excluded from the assessment of effectiveness are recognized currently in earnings and are presented in the same line of the income statement for the hedged item. We recognized $4 million of amortization expense for the asset during the six months ended June 30, 2023, which is included as a component of cash flows from operating activities in our condensed consolidated statement of cash flows. Cash flows received from the counterparties pursuant to the interest rate caps are included as components of cash flows from financing activities in our condensed consolidated statements of cash flows. Prior to the amended hedge designation date, LIBOR was less than 5%. Further, SOFR was greater than 4.97% and 5.015% from the amended designation date of the hedging relationship through June 30, 2023; therefore, we received $0.3 million of cash payments from the counterparties that we reclassify to reduce interest expense from the interest rate caps in our condensed consolidated statement of operations.

For all of our interest bearing obligations, we made interest payments of approximately $208 million and $153 million during the six-months ended June 30, 2023 and 2022, respectively. During the six-months ended June 30, 2023 and 2022, we capitalized $13 million and $2 million of interest payments, respectively, related to the Assembly Atlanta project.

As of June 30, 2023, the aggregate minimum principal maturities of our long term debt for the remainder of 2023 and the succeeding 5 years were as follows (in millions):

	Minimum Principal Maturities
Year	2019 Senior Credit Facility		2026 Notes		2027 Notes		2030 Notes		2031 Notes		Total
Remainder of 2023	$	8	$	-	$	-	$	-	$	-	$	8
2024		15		-		-		-		-		15
2025		15		-		-		-		-		15
2026		1,255		700		-		-		-		1,955
2027		15		-		750		-		-		765
2028		1,410		-		-		-		-		1,410
Thereafter		-		-		-		800		1,300		2,100
Total	$	2,718	$	700	$	750	$	800	$	1,300	$	6,268

As of June 30, 2023, there were no significant restrictions on the ability of Gray Television, Inc.'s subsidiaries to distribute cash to Gray or to the guarantor subsidiaries. The 2019 Senior Credit Facility contains affirmative and restrictive covenants with which we must comply. The 2026 Notes, the 2027 Notes, the 2030 Notes and the 2031 Notes also include covenants with which we must comply. As of June 30, 2023 and December 31, 2022, we were in compliance with all required covenants under all our debt obligations.

In the six-months ended June 30, 2023, we paid the required principal reductions of $8 million of our 2021 Term Loan and voluntarily pre-paid the $295 million outstanding principal balance of our 2017 Term Loan.

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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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Note 8 - Stock-based Compensation - Stock-based Compensation Expense and Related Income Tax Benefit (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Stock-based compensation expense, gross	$ 7	$ 6	$ 9	$ 11
Income tax benefit at our statutory rate associated with stock-based compensation	(2)	(2)	(2)	(3)
Stock-based compensation expense, net	$ 5	$ 4	$ 7	$ 8

Item 5. Other Information (Details Textual) Pure in Thousands	3 Months Ended
	Jun. 30, 2023
Issuer Rule 10b5-1, Number of Trading Agreements Adopted or Terminated by Directors or Executive Officers	0

Note 5 - Fair Value Measurement (Details Textual) - USD ($) $ in Billions	Jun. 30, 2023	Dec. 31, 2022
Long-Term Debt	$ 6.2	$ 6.5
Long-Term Debt, Fair Value	$ 5.3	$ 5.7

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

Note 3 - Acquisition and Divestiture

6 Months Ended

Jun. 30, 2023

Mergers, Acquisitions and Dispositions Disclosures [Text Block]

3.	Acquisition and Divestiture

On May 1, 2023, we and Marquee Broadcasting, Inc. (“Marquee”) completed transactions in which we sold television station KNIN (FOX) in the Boise, Idaho market (DMA 102) for $6 million, and purchased television station WPGA (MeTV) in the Macon, Georgia market (DMA 126) for $6 million.

The following table summarizes the preliminary values of the assets acquired of WPGA (in millions):

Property and equipment and other assets	$	2
Broadcast licenses		4
Total	$	6

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, 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 3 to 40 years.

In this transaction an immaterial amount of goodwill was acquired.

The sale of television station KNIN resulted in a loss on disposal of $14 million.

Note 9 - Leases - Lease Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Operating lease expense	$ 5	$ 4	$ 9	$ 8
Short-term lease expense	1	0	2	1
Total lease expense	$ 6	$ 4	$ 11	$ 9

Note 9 - Leases (Tables)

6 Months Ended

Jun. 30, 2023

Lease, Cost [Table Text Block]

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
Lease expense
Operating lease expense	$	5	$	4	$	9	$	8
Short-term lease expense		1		-		2		1
Total lease expense	$	6	$	4	$	11	$	9

Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block]

Year ending December 31,	Operating Leases
Remainder of 2023	$	8
2024		15
2025		14
2026		12
2027		11
Thereafter		51
Total lease payments		111
Less: Imputed interest		(29	)
Present value of lease liabilities	$	82

Note 13 - Segment Information (Details Textual)	6 Months Ended
Note 13 - Segment Information (Details Textual)	Jun. 30, 2023
Number of Operating Segments	2

Note 1 - Basis of Presentation

6 Months Ended

Jun. 30, 2023

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, 2022, which was derived from the Company’s audited financial statements as of December 31, 2022, and our accompanying unaudited condensed consolidated financial statements as of June 30, 2023 and for the three and six month periods ended June 30, 2023 and 2022, 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 The Nielsen Company, LLC (“Nielsen”) and/or 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, 2022 (the “2022 Form 10-K”). Our financial condition as of, and operating results for the three and six-months ended June 30, 2023, 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, 2023.

Overview. We are a multimedia company headquartered in Atlanta, Georgia. We are the nation’s largest owner of top-rated local television stations and digital assets in the United States. Our television stations serve 113 television markets that collectively reach approximately 36 percent of US television households. This portfolio includes 80 markets with the top-rated television station and 102 markets with the first and/or second highest rated television station. We also own video program companies Raycom Sports, Tupelo Media Group, PowerNation Studios, as well as the studio production facilities Assembly Atlanta and Third Rail Studios.

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, net in our consolidated statements of operations. Investments are also increased by contributions made to and decreased by the distributions from the investee. We evaluate 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 we do not have control or do 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, net in our consolidated statements of operations. These investments are reported together as a non-current asset on our 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. 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 six-month periods ended June 30, 2023 and 2022, respectively (in millions):

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022

Weighted-average shares outstanding-basic		93		93		92		93
Common stock equivalents for restricted shares		-		1		-		1
Weighted-average shares outstanding-diluted		93		94		92		94

Accumulated Other Comprehensive Loss. Our accumulated other comprehensive loss balances as of June 30, 2023 and December 31, 2022, consist of adjustments to our pension liability and changes in the fair value of our interest rate cap, each net of tax. Our comprehensive income for the six-months ended June 30, 2023 and 2022 consisted of our net income and recognition of the fair value adjustment related to our interest rate cap, and the related income tax benefit. As of June 30, 2023 and December 31, 2022 the balances were as follows (in millions):

	June 30,			December 31,
	2023			2022

Items included in accumulated other comprehensive loss:
Adjustment to pension liability	$	(16	)	$	(16	)
Adjustment to fair value of interest rate caps		(4	)		-
Income tax benefit		(5	)		(4	)
Accumulated other comprehensive loss	$	(15	)	$	(12	)

Property and Equipment. Property and equipment are carried at cost, or in the case of acquired businesses, at 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
	*June 30,*			*December 31,*			*Useful Lives*
	*2023*			*2022*			*(in years)*
Property and equipment:
Land	$	289		$	290
Buildings and improvements		486			477		7	to	40
Equipment		1,046			1,027		3	to	20
Construction in progress		494			362
		2,315			2,156
Accumulated depreciation		(741	)		(690	)
Total property and equipment, net	$	1,574		$	1,466

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.

We incurred costs to build public infrastructure within the Assembly Atlanta project. Pursuant to the Purchase and Sale Agreement between us and the Doraville Community Improvement District (the “CID”), we receive cash reimbursements for the transfer of specific infrastructure projects to the CID and for other construction costs previously incurred. During the first half of 2023, we received a total of $38 million in cash proceeds from the CID. We received $27 million for the infrastructure assets constructed and for which ownership has or will be transferred to the CID, and $11 million in proceeds for construction costs incurred but where no transfer of ownership occurred. These proceeds were recognized in our Condensed Consolidated Statement of Cash Flows as follows: $9 million was included in the line item for change in deferred revenue, as a component of our net cash provided by operating activities; $18 million was included in the line item for proceeds from asset sales and $11 million was included in the line item for reimbursement of development costs, each as a component of our net cash used by investment activities.

In April 2017, the Federal Communications Commission (“FCC”) began the process of requiring certain television stations to change channels and/or modify their transmission facilities (“Repack”). The majority of our costs associated with 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						Six Months Ended
	June 30,						June 30,
	2023			2022			2023			2022
Loss (gain) on disposal of assets, net:
Proceeds from sale of fixed assets	$	(14	)	$	(2	)	$	(22	)	$	(2	)
Proceeds from FCC - Repack		-			-			-			(5	)
Net book value of assets disposed		16			2			25			2
Non-cash loss on divestiture		14			-			14			-
Securitization Facility		(1	)		-			8			-
Other		1			-			1			-
Total	$	16		$	-		$	26		$	(5	)

Purchase of property and equipment:
Recurring purchases - operations							$	45		$	67
Assembly Atlanta development								168			92
Total							$	213		$	159

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 account receivable balances when the customer files for bankruptcy or when all commonly used methods of collection have been exhausted.

As of June 30, 2023, our allowance for credit losses includes a reserve of $17 million for the full amount owed to us by Diamond Sports Group, LLC (“Diamond”), as of that date, as a result of, Diamond, a counterparty to certain contracts with us, commencing voluntary Chapter 11 bankruptcy proceedings on March 14, 2023.

On February 23, 2023, we, certain of our subsidiaries and a wholly-owned special purpose subsidiary (the “SPV”), entered into a three-year $300 million revolving accounts receivable securitization facility (the “Securitization Facility”) with Wells Fargo Bank, N.A., as administrative agent, and certain third-party financial institutions (the “Purchasers”). The Securitization Facility permits the SPV to draw up to a total of $300 million, subject to the outstanding amount of the receivables pool and other factors. The Securitization Facility matures on February 23, 2026, and is subject to customary termination events related to transactions of this type. The sale of receivables from the SPV is accounted for in the Company’s financial statements as a "true-sale" under Accounting Standards Codification ("ASC") Topic 860.

Under the Securitization Facility, the SPV sells to the Purchasers certain receivables, including all rights, title, and interest in the related receivables (“Sold Receivables”). The parties intend that the conveyance of accounts receivables to the Purchasers, for the ratable benefit of the Purchasers will constitute a purchase and sale of receivables and not a pledge for security. The SPV has guaranteed to each Purchaser the prompt payment of Sold Receivables, and to secure the prompt payment and performance of such guaranteed obligations, the SPV has granted a security interest to the Purchasers in all assets of the SPV. In our capacity as servicer under the Securitization Facility, we are responsible for administering and collecting receivables and have made customary representations, warranties, covenants and indemnities. We do not record a servicing asset or liability since the estimated fair value of the servicing of the receivables approximates the servicing income. We also provided a performance guarantee for the benefit of the Purchasers.

The Securitization Facility is subject to interest charges, at the one-month Secured Overnight Financing Rate (“SOFR”) plus a margin (100 basis points) on the amount of the outstanding facility. The SPV was required to pay an upfront fee and a commitment fee in connection with the Securitization Facility. Servicing fee income recognized during the six-months ended June 30, 2023, was not material. The SPV is a separate legal entity with its own separate creditors who will be entitled to access the SPV’s assets before the assets become available to us. As a result, the SPV’s assets are not available to pay our creditors or any of our subsidiaries, although collections from the receivables in excess of amounts required to repay the Purchasers under the Securitization Facility and other creditors of the SPV may be remitted to us.

The proceeds of the Securitization Facility are classified as operating activities in our Condensed Consolidated Statement of Cash Flows. Cash received from collections of Sold Receivables is used by the SPV to fund additional purchases of receivables on a revolving basis or to return all or any portion of outstanding capital of the Purchasers. Subsequent collections on the pledged receivables, which have not been sold, will be classified as operating cash flows at the time of collection.

The amount sold to the Purchasers was $300 million at June 30, 2023, which was derecognized from the Condensed Consolidated Balance Sheets. As collateral against sold receivables, the SPV maintains a certain level of unsold receivables, which was $277 million at June 30, 2023. Total receivables sold under the Securitization Facility were $577 million for the quarter ended June 30, 2023. Pursuant to the Securitization Facility, we recognized a charge of $9 million in the 2023 six-month period that represents the discount on the accounts receivable balance transferred to the SPV. This discount is included in our loss on disposal of assets in our Condensed Consolidated Statements of Operations.

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):

	Six Months Ended June 30,
	2023			2022
Beginning balance	$	16		$	16
Provision for credit losses		17			(1	)
Amounts written off		(1	)		-
Ending balance	$	32		$	15

Implementation of ASC 848, Reference Rate Reform. On March 17, 2023, we amended the 2019 Senior Credit Facility and transitioned the variable rate on our 2019 Term Loan from 1-month LIBOR to 1-month SOFR. We elected to apply the optional expedient in ASC 848, in connection with the amendment that enabled us to consider the amendment as a non-significant contract modification of the existing debt agreement. Additionally, for our 2021 Term Loan, we transitioned to the fallback language within the credit agreement and transitioned from 1-month LIBOR to 1-month SOFR as of March 31, 2023. As a result, the amendment to our 2019 Term Loan and fallback to SOFR in our 2021 Term Loan did not have a material impact to our financial statements.

Condensed Consolidated Statement of Stockholders' Equity (Unaudited) - USD ($) $ in Millions	Restricted Stock [Member] Common Stock [Member] Common Class A [Member]	Restricted Stock [Member] Common Stock [Member]	Restricted Stock [Member] Retained Earnings [Member]	Restricted Stock [Member] Treasury Stock, Common [Member] Common Class A [Member]	Restricted Stock [Member] Treasury Stock, Common [Member]	Restricted Stock [Member] AOCI Attributable to Parent [Member]	Restricted Stock [Member]	Restricted Stock Units (RSUs) [Member] Common Stock [Member] Common Class A [Member]	Restricted Stock Units (RSUs) [Member] Common Stock [Member]	Restricted Stock Units (RSUs) [Member] Retained Earnings [Member]	Restricted Stock Units (RSUs) [Member] Treasury Stock, Common [Member] Common Class A [Member]	Restricted Stock Units (RSUs) [Member] Treasury Stock, Common [Member]	Restricted Stock Units (RSUs) [Member] AOCI Attributable to Parent [Member]	Restricted Stock Units (RSUs) [Member]	Common Stock [Member] Common Class A [Member]	Common Stock [Member]	Retained Earnings [Member]	Treasury Stock, Common [Member] Common Class A [Member]	Treasury Stock, Common [Member]	AOCI Attributable to Parent [Member]	Total
Balance (in shares) at Dec. 31, 2021															9,424,691	104,286,324		(1,998,179)	(16,747,268)
Balance at Dec. 31, 2021															$ 39	$ 1,127	$ 869	$ (28)	$ (223)	$ (27)	$ 1,757
Net (loss) income															0	0	62	0	0	0	62
Preferred stock dividends															0	0	(13)	0	0	0	(13)
Common stock dividends															$ 0	$ 0	(8)	$ 0	$ 0	0	(8)
401(k) Plan (in shares)															0	307,885		0	0
401(k) Plan															$ 0	$ 7	0	$ 0	$ 0	0	7
Restricted stock awards (in shares)	250,448	333,382		(103,738)	(138,959)			0	108,921		0	(32,958)
Restricted stock awards	$ 0	$ 0	$ 0	$ (2)	$ (3)	$ 0	$ (5)	$ 0	$ 0	$ 0	$ 0	$ (1)	$ 0	$ (1)
Stock-based compensation															2	3	0	0	0	0	5
Restricted stock awards	$ (0)	$ (0)	(0)	$ 2	$ 3	(0)	5	$ (0)	$ (0)	(0)	$ (0)	$ 1	(0)	1
Stock-based compensation															$ 2	$ 3	0	$ 0	$ 0	0	5
Balance (in shares) at Mar. 31, 2022															9,675,139	105,036,512		(2,101,917)	(16,919,185)
Balance at Mar. 31, 2022															$ 41	$ 1,137	910	$ (30)	$ (227)	(27)	1,804
Balance (in shares) at Dec. 31, 2021															9,424,691	104,286,324		(1,998,179)	(16,747,268)
Balance at Dec. 31, 2021															$ 39	$ 1,127	869	$ (28)	$ (223)	(27)	1,757
Net (loss) income																					161
Common stock dividends																					(16)
Balance (in shares) at Jun. 30, 2022															9,675,139	105,104,057		(2,101,917)	(19,582,841)
Balance at Jun. 30, 2022															$ 43	$ 1,141	988	$ (30)	$ (277)	(27)	1,838
Balance (in shares) at Mar. 31, 2022															9,675,139	105,036,512		(2,101,917)	(16,919,185)
Balance at Mar. 31, 2022															$ 41	$ 1,137	910	$ (30)	$ (227)	(27)	1,804
Net (loss) income															0	0	99	0	0	0	99
Preferred stock dividends															0	0	(13)	0	0	0	(13)
Common stock dividends															0	0	(8)	0	0	0	(8)
Restricted stock awards (in shares)	0	67,545		0	(17,463)
Restricted stock awards	$ 0	$ 0	0	$ 0	$ 0	0	0
Stock-based compensation															$ 2	$ 4	0	$ 0	$ 0	0	6
Restricted stock awards	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0
Repurchase of common stock (in shares)																			(2,646,193)
Repurchase of common stock																			$ (50)		(50)
Stock-based compensation															$ 2	$ 4	0	$ 0	$ 0	0	6
Balance (in shares) at Jun. 30, 2022															9,675,139	105,104,057		(2,101,917)	(19,582,841)
Balance at Jun. 30, 2022															$ 43	$ 1,141	988	$ (30)	$ (277)	(27)	1,838
Balance (in shares) at Dec. 31, 2022															9,675,139	105,104,057		(2,130,724)	(19,636,786)
Balance at Dec. 31, 2022															$ 45	$ 1,150	1,242	$ (31)	$ (278)	(12)	2,116
Net (loss) income															0	0	(31)	0	0	0	(31)
Preferred stock dividends															0	0	(13)	0	0	0	(13)
Common stock dividends															$ 0	$ 0	(7)	$ 0	$ 0	0	(7)
401(k) Plan (in shares)															0	819,898		0	0
401(k) Plan															$ 0	$ 9	0	$ 0	$ 0	0	9
Restricted stock awards (in shares)								0	247,953		0	(80,622)			25,022	12,227		(92,196)	(129,636)
Restricted stock awards								$ 0	$ 0	0	$ 0	$ (1)	0	(1)	$ 0	$ 0	0	$ (1)	$ (2)	0	(3)
Stock-based compensation															0	2	0	0	0	0	2
Restricted stock awards								$ (0)	$ (0)	$ (0)	$ (0)	$ 1	$ (0)	$ 1	(0)	(0)	(0)	1	2	(0)	3
Adjustment to fair value of interest rate cap, net of tax															0	0	0	0	0	(11)	(11)
Stock-based compensation															$ 0	$ 2	0	$ 0	$ 0	0	2
Balance (in shares) at Mar. 31, 2023															9,700,161	106,184,135		(2,222,920)	(19,847,044)
Balance at Mar. 31, 2023															$ 45	$ 1,161	1,191	$ (32)	$ (281)	(23)	2,061
Balance (in shares) at Dec. 31, 2022															9,675,139	105,104,057		(2,130,724)	(19,636,786)
Balance at Dec. 31, 2022															$ 45	$ 1,150	1,242	$ (31)	$ (278)	(12)	2,116
Net (loss) income																					(27)
Common stock dividends																					(14)
Balance (in shares) at Jun. 30, 2023															10,413,993	107,179,827		(2,222,920)	(19,916,072)
Balance at Jun. 30, 2023															$ 45	$ 1,168	1,175	$ (32)	$ (281)	(15)	2,060
Balance (in shares) at Mar. 31, 2023															9,700,161	106,184,135		(2,222,920)	(19,847,044)
Balance at Mar. 31, 2023															$ 45	$ 1,161	1,191	$ (32)	$ (281)	(23)	2,061
Net (loss) income															0	0	4	0	0	0	4
Preferred stock dividends															0	0	(13)	0	0	0	(13)
Common stock dividends															0	0	(7)	0	0	0	(7)
401(k) Plan															$ 0	$ 0	0	$ 0	$ 0	0	0
Restricted stock awards (in shares)															713,832	995,692		0	(69,028)
Restricted stock awards															$ 0	$ 0	0	$ 0	$ 0	0	0
Stock-based compensation															0	7	0	0	0	0	7
Restricted stock awards															0	0	0	0	0	0	0
Adjustment to fair value of interest rate cap, net of tax															0	0	0	0	0	8	8
Stock-based compensation															$ 0	$ 7	0	$ 0	$ 0	0	7
Balance (in shares) at Jun. 30, 2023															10,413,993	107,179,827		(2,222,920)	(19,916,072)
Balance at Jun. 30, 2023															$ 45	$ 1,168	$ 1,175	$ (32)	$ (281)	$ (15)	$ 2,060

Note 9 - Leases (Details Textual)	Jun. 30, 2023
Operating Lease, Weighted Average Remaining Lease Term (Year)	9 years
Operating Lease, Weighted Average Discount Rate, Percent	6.50%
Minimum [Member]
Lessee, Operating Lease, Remaining Lease Term (Year)	1 year
Maximum [Member]
Lessee, Operating Lease, Remaining Lease Term (Year)	99 years

Note 11 - Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Text Block]

11.

Goodwill and Intangible Assets

A summary of changes in our goodwill and other intangible assets, on a net basis, for the six-months ended June 30, 2023 is as follows (in millions):

	Net Balance at										Net Balance at
	December 31,		Acquisitions								June 30,
	2022		and Adjustments			Impairments		Amortization			2023

Goodwill	$	2,663	$	(3	)	$	-	$	-		$	2,660
Broadcast licenses		5,331		(11	)		-		-			5,320
Finite-lived intangible assets		636		-			-		(99	)		537
Total intangible assets net of accumulated amortization	$	8,630	$	(14	)	$	-	$	(99	)	$	8,517

A summary of the changes in our goodwill, on a gross basis, for the six-months ended June 30, 2023, is as follows (in millions):

	As of								As of
	December 31,			Acquisitions					June 30,
	2022			and Adjustments			Impairments		2023

Goodwill, gross	$	2,762		$	(3	)	$	-	$	2,759
Accumulated goodwill impairment		(99	)		-			-		(99	)
Goodwill, net	$	2,663		$	(3	)	$	-	$	2,660

As of June 30, 2023 and December 31, 2022, our intangible assets and related accumulated amortization consisted of the following (in millions):

	As of June 30, 2023							As of December 31, 2022
			Accumulated							Accumulated
	Gross		Amortization			Net		Gross		Amortization			Net
Intangible assets not currently subject to amortization:
Broadcast licenses	$	5,374	$	(54	)	$	5,320	$	5,385	$	(54	)	$	5,331
Goodwill		2,660		-			2,660		2,663		-			2,663
	$	8,034	$	(54	)	$	7,980	$	8,048	$	(54	)	$	7,994

Intangible assets subject to amortization:
Network affiliation agreements	$	216	$	(106	)	$	110	$	218	$	(88	)	$	130
Other finite lived intangible assets		1,052		(625	)		427		1,055		(549	)		506
	$	1,268	$	(731	)	$	537	$	1,273	$	(637	)	$	636

Total intangibles	$	9,302	$	(785	)	$	8,517	$	9,321	$	(691	)	$	8,630

Amortization expense for the six-months ended June 30, 2023 and 2022 was $99 million and $104 million, respectively. Based on the current amount of intangible assets subject to amortization, we expect that amortization expense for the remainder of 2023 will be approximately $98 million, and, for the succeeding five years, amortization expense will be approximately as follows: 2024, $132 million; 2025, $121 million; 2026, $91 million; 2027, $49 million; and 2028, $13 million. If and when acquisitions and dispositions occur in the future, actual amounts may vary materially from these estimates. Please see footnote 14. Subsequent Event, for further discussion of the impairment charge to be recorded in the third quarter of 2023.

Note 11 - Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Amortization of Intangible Assets	$ 99	$ 104
Finite-Lived Intangible Asset, Expected Amortization, Remainder of Fiscal Year	98
Finite-Lived Intangible Asset, Expected Amortization, Year One	132
Finite-Lived Intangible Asset, Expected Amortization, Year Two	121
Finite-Lived Intangible Asset, Expected Amortization, Year Three	91
Finite-Lived Intangible Asset, Expected Amortization, Year Four	49
Finite-Lived Intangible Asset, Expected Amortization, Year Five	$ 13

Note 12 - Income Taxes (Details Textual) - USD ($) $ in Millions		3 Months Ended		6 Months Ended		12 Months Ended
	Jul. 01, 2023	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2020
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent				21.00%
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent				4.00%	5.00%
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Percent				1.00%	1.00%
Effective Income Tax Rate Reconciliation, Deduction, Other, Percent				6.00%
Effective Income Tax Rate Reconciliation, Percent		56.00%	28.00%	18.00%	27.00%
Income Taxes Paid, Net				$ 24
Proceeds from Income Tax Refunds						$ 21
State and Local Jurisdiction [Member]
Operating Loss Carryforwards		$ 344		344
Operating Loss Carryforwards That Will Not Be Realized		$ 217		$ 217
Minimum [Member] \| Forecast [Member]
Income Taxes Paid, Net	$ 14
Maximum [Member] \| Forecast [Member]
Income Taxes Paid, Net	$ 22

Note 2 - Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenue	$ 813	$ 868	$ 1,614	$ 1,695
Sales Channel, Directly to Consumer [Member]
Revenue	559	536	1,117	1,087
Sales Channel, Through Intermediary [Member]
Revenue	254	332	497	608
Core Advertising [Member]
Revenue	379	366	736	731
Political Advertising [Member]
Revenue	12	90	20	116
Advertising [Member]
Revenue	391	456	756	847
Retransmission Consent [Member]
Revenue	394	382	789	775
Production Companies [Member]
Revenue	12	13	34	36
Service, Other [Member]
Revenue	$ 16	$ 17	$ 35	$ 37

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

Investment, Policy [Policy Text Block]

Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

Use of Estimates, Policy [Policy Text Block]

Earnings Per Share, Policy [Policy Text Block]

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022

Weighted-average shares outstanding-basic		93		93		92		93
Common stock equivalents for restricted shares		-		1		-		1
Weighted-average shares outstanding-diluted		93		94		92		94

Comprehensive Income, Policy [Policy Text Block]

	June 30,			December 31,
	2023			2022

Items included in accumulated other comprehensive loss:
Adjustment to pension liability	$	(16	)	$	(16	)
Adjustment to fair value of interest rate caps		(4	)		-
Income tax benefit		(5	)		(4	)
Accumulated other comprehensive loss	$	(15	)	$	(12	)

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

							Estimated
	*June 30,*			*December 31,*			*Useful Lives*
	*2023*			*2022*			*(in years)*
Property and equipment:
Land	$	289		$	290
Buildings and improvements		486			477		7	to	40
Equipment		1,046			1,027		3	to	20
Construction in progress		494			362
		2,315			2,156
Accumulated depreciation		(741	)		(690	)
Total property and equipment, net	$	1,574		$	1,466

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2023			2022			2023			2022
Loss (gain) on disposal of assets, net:
Proceeds from sale of fixed assets	$	(14	)	$	(2	)	$	(22	)	$	(2	)
Proceeds from FCC - Repack		-			-			-			(5	)
Net book value of assets disposed		16			2			25			2
Non-cash loss on divestiture		14			-			14			-
Securitization Facility		(1	)		-			8			-
Other		1			-			1			-
Total	$	16		$	-		$	26		$	(5	)

Purchase of property and equipment:
Recurring purchases - operations							$	45		$	67
Assembly Atlanta development								168			92
Total							$	213		$	159

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

	Six Months Ended June 30,
	2023			2022
Beginning balance	$	16		$	16
Provision for credit losses		17			(1	)
Amounts written off		(1	)		-
Ending balance	$	32		$	15

Disclosure of accounting policy for investment in financial asset.

Note 5 - Fair Value Measurement

6 Months Ended

Jun. 30, 2023

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 June 30, 2023 and December 31, 2022.

At June 30, 2023 and December 31, 2022, the carrying amount of our long-term debt was $6.2 billion and $6.5 billion, respectively, and the fair value was $5.3 billion and $5.7 billion, respectively. 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.

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenue (less agency commissions)	$ 813	$ 868	$ 1,614	$ 1,695
Operating expenses before depreciation, amortization and gain on disposal of assets, net:
Depreciation			70	63
Amortization of intangible assets			99	104
Loss (gain) on disposal of assets, net	16	0	26	(5)
Operating expenses	694	650	1,428	1,313
Operating income	119	218	186	382
Other expense:
Miscellaneous expense, net	(1)	0	(3)	(2)
Interest expense	(109)	(81)	(213)	(160)
Loss from early extinguishment of debt	0	0	(3)	0
Income (loss) before income taxes	9	137	(33)	220
Income tax expense (benefit)	5	38	(6)	59
Net income (loss)	4	99	(27)	161
Preferred stock dividends	13	13	26	26
Net (loss) income attributable to common stockholders	$ (9)	$ 86	$ (53)	$ 135
Basic per share information:
Net (loss) income attributable to common stockholders (in dollars per share)	$ (0.10)	$ 0.92	$ (0.58)	$ 1.45
Weighted-average shares outstanding, basic (in shares)	93	93	92	93
Diluted per share information:
Net (loss) income attributable to common stockholders (in dollars per share)	$ (0.10)	$ 0.91	$ (0.58)	$ 1.44
Weighted-average shares outstanding, diluted (in shares)	93	94	92	94
Dividends declared per common share (in dollars per share)	$ 0.08	$ 0.08	$ 0.16	$ 0.16
Broadcasting, Segment [Member]
Revenue (less agency commissions)	$ 801	$ 855	$ 1,580	$ 1,659
Operating expenses before depreciation, amortization and gain on disposal of assets, net:
Cost of goods and services sold	552	528	1,107	1,058
Production Companies, Segment [Member]
Revenue (less agency commissions)	12	13	34	36
Operating expenses before depreciation, amortization and gain on disposal of assets, net:
Cost of goods and services sold	11	14	70	40
Other Segments [Member]
Operating expenses before depreciation, amortization and gain on disposal of assets, net:
Corporate and administrative	30	25	56	53
Depreciation	35	31	70	63
Amortization of intangible assets	$ 50	$ 52	$ 99	$ 104

Note 3 - Acquisition and Divestiture (Details Textual) - USD ($) $ in Millions		6 Months Ended
	May 01, 2023	Jun. 30, 2023
KNIN With Marquee Broadcasting Transaction [Member]
Gain (Loss) on Disposition of Business		$ 14
WPGA With Marquee Broadcasting Transaction [Member]
Business Combination, Consideration Transferred	$ 6
WPGA With Marquee Broadcasting Transaction [Member] \| Minimum [Member]
Property, Plant and Equipment, Useful Life (Year)		3 years
WPGA With Marquee Broadcasting Transaction [Member] \| Maximum [Member]
Property, Plant and Equipment, Useful Life (Year)		40 years
KNIN With Marquee Broadcasting Transaction [Member]
Disposal Group, Including Discontinued Operation, Consideration	$ 6

Note 1 - Basis of Presentation (Tables)

6 Months Ended

Jun. 30, 2023

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

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022

Weighted-average shares outstanding-basic		93		93		92		93
Common stock equivalents for restricted shares		-		1		-		1
Weighted-average shares outstanding-diluted		93		94		92		94

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

	June 30,			December 31,
	2023			2022

Items included in accumulated other comprehensive loss:
Adjustment to pension liability	$	(16	)	$	(16	)
Adjustment to fair value of interest rate caps		(4	)		-
Income tax benefit		(5	)		(4	)
Accumulated other comprehensive loss	$	(15	)	$	(12	)

Property, Plant and Equipment [Table Text Block]

							Estimated
	*June 30,*			*December 31,*			*Useful Lives*
	*2023*			*2022*			*(in years)*
Property and equipment:
Land	$	289		$	290
Buildings and improvements		486			477		7	to	40
Equipment		1,046			1,027		3	to	20
Construction in progress		494			362
		2,315			2,156
Accumulated depreciation		(741	)		(690	)
Total property and equipment, net	$	1,574		$	1,466

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

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2023			2022			2023			2022
Loss (gain) on disposal of assets, net:
Proceeds from sale of fixed assets	$	(14	)	$	(2	)	$	(22	)	$	(2	)
Proceeds from FCC - Repack		-			-			-			(5	)
Net book value of assets disposed		16			2			25			2
Non-cash loss on divestiture		14			-			14			-
Securitization Facility		(1	)		-			8			-
Other		1			-			1			-
Total	$	16		$	-		$	26		$	(5	)

Purchase of property and equipment:
Recurring purchases - operations							$	45		$	67
Assembly Atlanta development								168			92
Total							$	213		$	159

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

	Six Months Ended June 30,
	2023			2022
Beginning balance	$	16		$	16
Provision for credit losses		17			(1	)
Amounts written off		(1	)		-
Ending balance	$	32		$	15

Note 6 - Stockholders' Equity (Details Textual) $ / shares in Units, $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2023 USD ($) $ / shares shares	Mar. 31, 2023 USD ($)	Jun. 30, 2022 USD ($) $ / shares	Mar. 31, 2022 USD ($)	Jun. 30, 2023 USD ($) $ / shares shares	Jun. 30, 2022 USD ($) $ / shares	Dec. 31, 2022 shares
Capital Units, Authorized (in shares)							245,000,000
Common Stock, Shares Authorized (in shares)							200,000,000
Preferred Stock, Shares Authorized (in shares)							20,000,000
Common Stock, Voting Rights, Votes Per Share							1
Common Stock, Dividends, Per Share, Declared (in dollars per share) \| $ / shares	$ 0.08		$ 0.08		$ 0.16	$ 0.16
Dividends, Common Stock \| $	$ 7	$ 7	$ 8	$ 8	$ 14	$ 16
Common Stock, Capital Shares Reserved for Future Issuance (in shares)	7,900,000				7,900,000
Class A Common Stock (No Par Value) [Member]
Common Stock, Shares Authorized (in shares)	25,000,000				25,000,000		25,000,000
Common Stock, Voting Rights, Votes Per Share							10
Common Stock, Dividends, Per Share, Declared (in dollars per share) \| $ / shares	$ 0.08
Common Stock, Capital Shares Reserved for Future Issuance (in shares)	2,100,000				2,100,000

Note 1 - Basis of Presentation - Allowance for Credit Losses (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Beginning balance	$ 16	$ 16
Provision for credit losses	17	(1)
Amounts written off	(1)	0
Ending balance	$ 32	$ 15

Note 2 - Revenue (Details Textual) - USD ($) $ in Millions	6 Months Ended
Note 2 - Revenue (Details Textual) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Contract with Customer, Liability, Revenue Recognized	$ 12
Deferred Revenue [Member]
Deposit Liability, Current	$ 11	$ 12

Note 11 - Goodwill and Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2023

Schedule of Acquired Indefinite-Lived Intangible Assets by Major Class [Table Text Block]

	Net Balance at										Net Balance at
	December 31,		Acquisitions								June 30,
	2022		and Adjustments			Impairments		Amortization			2023

Goodwill	$	2,663	$	(3	)	$	-	$	-		$	2,660
Broadcast licenses		5,331		(11	)		-		-			5,320
Finite-lived intangible assets		636		-			-		(99	)		537
Total intangible assets net of accumulated amortization	$	8,630	$	(14	)	$	-	$	(99	)	$	8,517

Schedule of Goodwill [Table Text Block]

	As of								As of
	December 31,			Acquisitions					June 30,
	2022			and Adjustments			Impairments		2023

Goodwill, gross	$	2,762		$	(3	)	$	-	$	2,759
Accumulated goodwill impairment		(99	)		-			-		(99	)
Goodwill, net	$	2,663		$	(3	)	$	-	$	2,660

Schedule of Intangible Assets and Goodwill [Table Text Block]

	As of June 30, 2023							As of December 31, 2022
			Accumulated							Accumulated
	Gross		Amortization			Net		Gross		Amortization			Net
Intangible assets not currently subject to amortization:
Broadcast licenses	$	5,374	$	(54	)	$	5,320	$	5,385	$	(54	)	$	5,331
Goodwill		2,660		-			2,660		2,663		-			2,663
	$	8,034	$	(54	)	$	7,980	$	8,048	$	(54	)	$	7,994

Intangible assets subject to amortization:
Network affiliation agreements	$	216	$	(106	)	$	110	$	218	$	(88	)	$	130
Other finite lived intangible assets		1,052		(625	)		427		1,055		(549	)		506
	$	1,268	$	(731	)	$	537	$	1,273	$	(637	)	$	636

Total intangibles	$	9,302	$	(785	)	$	8,517	$	9,321	$	(691	)	$	8,630

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

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Note 14- Subsequent Event (Details Textual) - Forecast [Member] $ in Millions	3 Months Ended
	Sep. 30, 2023 USD ($)
Minimum [Member]
Goodwill and Intangible Asset Impairment	$ 33
Maximum [Member]
Goodwill and Intangible Asset Impairment	$ 43

Note 4 - Long-term Debt (Tables)

6 Months Ended

Jun. 30, 2023

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

	June 30,			December 31,
	2023			2022
Long-term debt :
2019 Senior Credit Facility:
2017 Term Loan (pre-paid on March 1, 2023)	$	-		$	295
2019 Term Loan (matures January 2, 2026)		1,190			1,190
2021 Term Loan (matures December 1, 2028)		1,478			1,485
Revolving Credit Facility		50			-
2026 Notes (matures July 15, 2026)		700			700
2027 Notes (matures May 15, 2027)		750			750
2030 Notes (matures October 15, 2030)		800			800
2031 Notes (matures November 15, 2031)		1,300			1,300
Total outstanding principal, including current portion		6,268			6,520
Unamortized deferred loan costs - 2017 Term Loan		-			(4	)
Unamortized deferred loan costs - 2019 Term Loan		(18	)		(21	)
Unamortized deferred loan costs - 2021 Term Loan		(4	)		(4	)
Unamortized deferred loan costs - 2026 Notes		(4	)		(4	)
Unamortized deferred loan costs - 2027 Notes		(7	)		(7	)
Unamortized deferred loan costs - 2030 Notes		(10	)		(11	)
Unamortized deferred loan costs - 2031 Notes		(15	)		(16	)
Unamortized premium - 2026 Notes		2			2
Less current portion		(15	)		(15	)
Long-term debt, less current portion and deferred financing costs	$	6,197		$	6,440

Borrowing availability under Revolving Credit Facility	$	444		$	496

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

	Minimum Principal Maturities
Year	2019 Senior Credit Facility		2026 Notes		2027 Notes		2030 Notes		2031 Notes		Total
Remainder of 2023	$	8	$	-	$	-	$	-	$	-	$	8
2024		15		-		-		-		-		15
2025		15		-		-		-		-		15
2026		1,255		700		-		-		-		1,955
2027		15		-		750		-		-		765
2028		1,410		-		-		-		-		1,410
Thereafter		-		-		-		800		1,300		2,100
Total	$	2,718	$	700	$	750	$	800	$	1,300	$	6,268

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 1 - Basis of Presentation - Reconciliation of Basic to Diluted Weighted-average Shares Outstanding (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Weighted-average shares outstanding-basic (in shares)	93	93	92	93
Common stock equivalents for restricted shares (in shares)	0	1	0	1
Weighted-average shares outstanding-diluted (in shares)	93	94	92	94

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Assets:
Cash	$ 36	$ 61
Accounts receivable, less allowance for credit losses of $32 and $16, respectively	329	650
Current portion of program broadcast rights, net	7	27
Income tax refunds receivable	21	22
Prepaid income taxes	67	43
Prepaid and other current assets	52	54
Total current assets	512	857
Property and equipment, net	1,574	1,466
Operating leases right of use asset	79	75
Broadcast licenses	5,320	5,331
Goodwill	2,660	2,663
Other intangible assets, net	537	636
Investments in broadcasting and technology companies	108	105
Deferred pension assets	5	5
Other	15	14
Total assets	10,810	11,152
Liabilities and stockholders’ equity:
Accounts payable	33	55
Employee compensation and benefits	71	98
Accrued interest	62	60
Accrued network programming fees	40	39
Other accrued expenses	51	50
Federal and state income taxes	12	15
Current portion of program broadcast obligations	8	29
Deferred revenue	40	24
Dividends payable	14	14
Current portion of operating lease liabilities	11	10
Current portion of long-term debt	15	15
Total current liabilities	357	409
Long-term debt, less current portion and deferred financing costs	6,197	6,440
Program broadcast obligations, less current portion	1	1
Deferred income taxes	1,448	1,454
Operating lease liabilities, less current portion	71	68
Other	26	14
Total liabilities	8,100	8,386
Commitments and contingencies (Note 10)
Series A Perpetual Preferred Stock, no par value; cumulative; redeemable; designated 1,500,000 shares, issued and outstanding 650,000 shares at each date and $650 aggregate liquidation value at each date	650	650
Stockholders’ equity:
Retained earnings	1,175	1,242
Accumulated other comprehensive loss, net of income tax benefit	(15)	(12)
Stockholders' equity before treasury stock	2,373	2,425
Total stockholders’ equity	2,060	2,116
Total liabilities and stockholders’ equity	10,810	11,152
Common Stock (No Par Value) [Member]
Stockholders’ equity:
Common stock	1,168	1,150
Treasury stock at cost, common stock	(281)	(278)
Class A Common Stock (No Par Value) [Member]
Stockholders’ equity:
Common stock	45	45
Treasury stock at cost, common stock	$ (32)	$ (31)

Note 6 - Stockholders' Equity

6 Months Ended

Jun. 30, 2023

Equity [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. The Board of Directors declared a quarterly cash dividend of $0.08 per share on our common stock and Class A common stock to shareholders of record on each of March 15 and June 15, 2023 and 2022, payable on March 31 and June 30, 2023 and 2022. The total dividends declared and paid during the six-months ended June 30, 2023 and 2022 was $14 million and $16 million, respectively.

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 June 30, 2023, we had reserved 7.9 million shares and 2.1 million shares of our common stock and Class A common stock, respectively, for future issuance under various employee benefit plans.

The entire disclosure for equity.

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Restricted Stock [Member]

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

6 Months Ended

Jun. 30, 2023

Jun. 30, 2022

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

^[1]

997,745

1,035,728

$ 20.62

$ 19.69

Granted, Shares (in shares)

1,007,921

400,927

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

$ 8.15

$ 21.68

Vested, Shares (in shares)

(461,953)

(341,918)

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

$ 20.27

$ 19.03

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

1,543,713

1,094,737

$ 12.58

$ 20.62

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

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

677,238

720,421

$ 19.36

$ 18.22

Granted, Shares (in shares)

738,854

250,448

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

$ 8.34

$ 20.52

Vested, Shares (in shares)

(203,986)

(229,758)

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

$ 18.76

$ 16.99

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

1,212,106

741,111

$ 12.74

$ 19.38

Restricted Stock Units (RSUs) [Member]

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

274,145

125,247

$ 23.60

$ 19.02

Granted, Shares (in shares)

587,168

259,079

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

$ 11.50

$ 23.87

Vested, Shares (in shares)

(247,953)

(108,921)

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

$ 23.64

$ 19.03

Forfeited, Shares (in shares)

(26,192)

(1,260)

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

$ 23.15

$ 19.05

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

587,168

274,145

$ 11.50

$ 23.60

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

Note 11 - Goodwill and Intangible Assets - Summary of Changes in Goodwill (Details) $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($)
Goodwill, gross	$ 2,762
Goodwill, acquired	(3)
Goodwill, dispositions	0
Goodwill, gross	2,759
Accumulated goodwill impairment	(99)
Accumulated goodwill impairment	(99)
Goodwill, net	2,663
Goodwill, net	$ 2,660

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

Note 13 - Segment Information

6 Months Ended

Jun. 30, 2023

Segment Reporting Disclosure [Text Block]

13.

Segment Information

We operate in two business segments: broadcasting and production companies. The broadcasting segment operates television stations in local markets in the U.S. The production companies segment includes the production of television content and our productions facilities, primarily Assembly Atlanta. Costs identified as other are primarily corporate and administrative expenses. The following tables present certain financial information concerning our operating segments (in millions):

				Production
As of and for the six months ended June 30, 2023:	Broadcasting			Companies			Other			Consolidated

Revenue (less agency commissions)	$	1,580		$	34		$	-		$	1,614
Operating expenses before depreciation, amortization and gain on disposal of assets, net:		1,107			70			56			1,233
Depreciation and amortization		160			7			2			169
Loss on disposal of assets, net		24			2			-			26
Operating expenses		1,291			79			58			1,428
Operating income (loss)	$	289		$	(45	)	$	(58	)	$	186

Interest expense	$	-		$	-		$	213		$	213
Capital expenditures (excluding business combinations)	$	41		$	168		$	4		$	213
Goodwill	$	2,615		$	45		$	-		$	2,660
Total assets	$	9,995		$	644		$	171		$	10,810

For the six months ended June 30, 2022:

Revenue (less agency commissions)	$	1,659		$	36		$	-		$	1,695
Operating expenses before depreciation, amortization and gain on disposal of assets, net:		1,058			40			53			1,151
Depreciation and amortization		159			6			2			167
Gain on disposal of assets, net		(5	)		-			-			(5	)
Operating expenses		1,212			46			55			1,313
Operating income (loss)	$	447		$	(10	)	$	(55	)	$	382

Interest expense	$	-		$	-		$	160		$	160
Capital expenditures (excluding business combinations)	$	66		$	93		$	-		$	159

As of December 31, 2022:

Goodwill	$	2,618		$	45		$	-		$	2,663
Total assets	$	10,444		$	535		$	173		$	11,152

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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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Note 13 - Segment Information - Segment Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Revenue (less agency commissions)	$ 813	$ 868	$ 1,614	$ 1,695
Operating expenses before depreciation, amortization and gain on disposal of assets, net:			1,233	1,151
Depreciation and amortization			169	167
Loss on disposal of assets, net			26	(5)
Operating expenses	694	650	1,428	1,313
Operating income (loss)	119	218	186	382
Interest expense	109	81	213	160
Capital expenditures (excluding business combinations)			213	159
Goodwill	2,660		2,660		$ 2,663
Total assets	10,810		10,810		11,152
Gain on disposal of assets, net			26	(5)
Operating expenses	694	650	1,428	1,313
Broadcasting, Segment [Member]
Revenue (less agency commissions)	801	855	1,580	1,659
Production Companies, Segment [Member]
Revenue (less agency commissions)	12	$ 13	34	36
Operating Segments [Member] \| Broadcasting, Segment [Member]
Revenue (less agency commissions)			1,580	1,659
Operating expenses before depreciation, amortization and gain on disposal of assets, net:			1,107	1,058
Depreciation and amortization			160	159
Loss on disposal of assets, net			24	(5)
Operating expenses			1,291	1,212
Operating income (loss)			289	447
Interest expense			0	0
Capital expenditures (excluding business combinations)			41	66
Goodwill	2,615		2,615		2,618
Total assets	9,995		9,995		10,444
Gain on disposal of assets, net			24	(5)
Operating expenses			1,291	1,212
Operating Segments [Member] \| Production Companies, Segment [Member]
Revenue (less agency commissions)			34	36
Operating expenses before depreciation, amortization and gain on disposal of assets, net:			70	40
Depreciation and amortization			7	6
Loss on disposal of assets, net			2	0
Operating expenses			79	46
Operating income (loss)			(45)	(10)
Interest expense			0	0
Capital expenditures (excluding business combinations)			168	93
Goodwill	45		45		45
Total assets	644		644		535
Gain on disposal of assets, net			2	0
Operating expenses			79	46
Segment Reconciling Items [Member]
Revenue (less agency commissions)			0	0
Operating expenses before depreciation, amortization and gain on disposal of assets, net:			56	53
Depreciation and amortization			2	2
Loss on disposal of assets, net			0	0
Operating expenses			58	55
Operating income (loss)			(58)	(55)
Interest expense			213	160
Capital expenditures (excluding business combinations)			4	0
Goodwill	0		0		0
Total assets	$ 171		171		$ 173
Gain on disposal of assets, net			0	0
Operating expenses			$ 58	$ 55

Note 4 - Long-term Debt - Aggregate Minimum Principal Maturities on Long-term Debt (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Remainder of 2023	$ 8
2024	15
2025	15
2026	1,955
2027	765
2028	1,410
Thereafter	2,100
Total Debt	6,268	$ 6,520
The 2019 Senior Credit Facility [Member]
Remainder of 2023	8
2024	15
2025	15
2026	1,255
2027	15
2028	1,410
Thereafter	0
Total Debt	2,718
2026 Notes [Member]
Remainder of 2023	0
2024	0
2025	0
2026	700
2027	0
2028	0
Thereafter	0
Total Debt	700	700
2027 Notes [Member]
Remainder of 2023	0
2024	0
2025	0
2026	0
2027	750
2028	0
Thereafter	0
Total Debt	750	750
2030 Notes [Member]
Remainder of 2023	0
2024	0
2025	0
2026	0
2027	0
2028	0
Thereafter	800
Total Debt	800	800
Notes 2031 [Member]
Remainder of 2023	0
2024	0
2025	0
2026	0
2027	0
2028	0
Thereafter	1,300
Total Debt	$ 1,300	$ 1,300

Note 8 - Stock-based Compensation (Tables)

6 Months Ended

Jun. 30, 2023

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

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2023			2022			2023			2022
Stock-based compensation expense, gross	$	7		$	6		$	9		$	11
Income tax benefit at our statutory rate associated with stock-based compensation		(2	)		(2	)		(2	)		(3	)
Stock-based compensation expense, net	$	5		$	4		$	7		$	8

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

	Six Months Ended
	June 30, 2023					June 30, 2022
				Weighted-					Weighted-
				average					average
				Grant Date					Grant Date
	*Number of*			*Fair Value*		*Number of*			*Fair Value*
	*Shares*			*Per Share*		*Shares*			*Per Share*
Restricted stock - common:
Outstanding - beginning of period (1)		997,745		$	20.62		1,035,728		$	19.69
Granted (1)		1,007,921		$	8.15		400,927		$	21.68
Vested		(461,953	)	$	20.27		(341,918	)	$	19.03
Outstanding - end of period (1)		1,543,713		$	12.58		1,094,737		$	20.62

Restricted stock - Class A common:
Outstanding - beginning of period (1)		677,238		$	19.36		720,421		$	18.22
Granted (1)		738,854		$	8.34		250,448		$	20.52
Vested		(203,986	)	$	18.76		(229,758	)	$	16.99
Outstanding - end of period (1)		1,212,106		$	12.74		741,111		$	19.38

Restricted stock units - common stock:
Outstanding - beginning of period		274,145		$	23.60		125,247		$	19.02
Granted		587,168		$	11.50		259,079		$	23.87
Vested		(247,953	)	$	23.64		(108,921	)	$	19.03
Forfeited		(26,192	)	$	23.15		(1,260	)	$	19.05
Outstanding - end of period		587,168		$	11.50		274,145		$	23.60

Note 4 - Long-term Debt (Details Textual) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2025	Mar. 29, 2023	Feb. 23, 2023	Dec. 31, 2022
Derivative, Cash Received on Hedge	$ 0.3
Interest Paid, Excluding Capitalized Interest, Operating Activities	208.0	$ 153.0
Interest Costs Capitalized	13.0	2.0
Repayments of Long-Term Debt	403.0	$ 58.0
Interest Rate Cap [Member]
Derivative, Notional Amount	2,600.0
Derivative Asset	30.0
Derivative Liabilities, Net of Tax	4.0
Amortization	$ 4.0
Interest Rate Cap [Member] \| Forecast [Member]
Derivative Fees Payable			$ 34.0
Interest Rate Cap [Member] \| Maximum [Member]
Derivative, Variable Interest Rate				4.97%	5.00%
Second Interest Rate Cap [Member] \| Maximum [Member]
Derivative, Variable Interest Rate				5.015%
Revolving Credit Facility [Member]
Debt Instrument, Interest Rate, Effective Percentage	7.20%
2026 Notes [Member]
Debt Instrument, Interest Rate, Stated Percentage	5.875%					5.875%
2027 Notes [Member]
Debt Instrument, Interest Rate, Stated Percentage						7.00%
2030 Notes [Member]
Debt Instrument, Interest Rate, Stated Percentage	4.75%					4.75%
Notes 2031 [Member]
Debt Instrument, Interest Rate, Stated Percentage						5.375%
The 2021 Senior Credit Facility [Member] \| The 2021 Term Loan [Member]
Debt Instrument, Interest Rate, Effective Percentage	8.30%
The 2019 Senior Credit Facility [Member] \| The 2019 Term Loan [Member]
Debt Instrument, Interest Rate, Effective Percentage	7.80%
The 2021 Term Loan [Member]
Repayments of Long-Term Debt	$ 8.0
The 2017 Term Loan [Member]
Repayments of Long-Term Debt	$ 295.0

Note 8 - Stock-based Compensation

6 Months Ended

Jun. 30, 2023

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. The following table provides our stock-based compensation expense and related income tax benefit for the three and six-month periods ended June 30, 2023 and 2022 (in millions):

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2023			2022			2023			2022
Stock-based compensation expense, gross	$	7		$	6		$	9		$	11
Income tax benefit at our statutory rate associated with stock-based compensation		(2	)		(2	)		(2	)		(3	)
Stock-based compensation expense, net	$	5		$	4		$	7		$	8

All shares of common stock and Class A common stock underlying outstanding restricted stock units and performance awards are counted as issued at target levels under the 2022 EICP for purposes of determining the number of shares available for future issuance.

A summary of restricted common stock and Class A common stock activity for the six-month periods ended June 30, 2023 and 2022, respectively, is as follows:

	Six Months Ended
	June 30, 2023					June 30, 2022
				Weighted-					Weighted-
				average					average
				Grant Date					Grant Date
	*Number of*			*Fair Value*		*Number of*			*Fair Value*
	*Shares*			*Per Share*		*Shares*			*Per Share*
Restricted stock - common:
Outstanding - beginning of period (1)		997,745		$	20.62		1,035,728		$	19.69
Granted (1)		1,007,921		$	8.15		400,927		$	21.68
Vested		(461,953	)	$	20.27		(341,918	)	$	19.03
Outstanding - end of period (1)		1,543,713		$	12.58		1,094,737		$	20.62

Restricted stock - Class A common:
Outstanding - beginning of period (1)		677,238		$	19.36		720,421		$	18.22
Granted (1)		738,854		$	8.34		250,448		$	20.52
Vested		(203,986	)	$	18.76		(229,758	)	$	16.99
Outstanding - end of period (1)		1,212,106		$	12.74		741,111		$	19.38

Restricted stock units - common stock:
Outstanding - beginning of period		274,145		$	23.60		125,247		$	19.02
Granted		587,168		$	11.50		259,079		$	23.87
Vested		(247,953	)	$	23.64		(108,921	)	$	19.03
Forfeited		(26,192	)	$	23.15		(1,260	)	$	19.05
Outstanding - end of period		587,168		$	11.50		274,145		$	23.60

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

Note 4 - Long-term Debt - Long-term Debt Summary (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Long-term debt, gross	$ 6,268	$ 6,520
Less current portion	(15)	(15)
Long-term debt, less current portion and deferred financing costs	6,197	6,440
Borrowing availability under Revolving Credit Facility	444	496
Revolving Credit Facility [Member]
Long-term debt, gross	50	0
The 2017 Term Loan [Member]
Long-term debt, gross	0	295
Unamortized deferred loan costs	0	(4)
The 2019 Term Loan [Member]
Long-term debt, gross	1,190	1,190
Unamortized deferred loan costs	(18)	(21)
The 2021 Term Loan [Member]
Long-term debt, gross	1,478	1,485
Unamortized deferred loan costs	(4)	(4)
2026 Notes [Member]
Long-term debt, gross	700	700
Unamortized deferred loan costs	(4)	(4)
Unamortized premium	2	2
2027 Notes [Member]
Long-term debt, gross	750	750
Unamortized deferred loan costs	(7)	(7)
2030 Notes [Member]
Long-term debt, gross	800	800
Unamortized deferred loan costs	(10)	(11)
Notes 2031 [Member]
Long-term debt, gross	1,300	1,300
Unamortized deferred loan costs	$ (15)	$ (16)

Note 1 - Basis of Presentation - Property and Equipment (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Property and equipment, gross	$ 2,315	$ 2,156
Accumulated depreciation	(741)	(690)
Total property and equipment, net	1,574	1,466
Land [Member]
Property and equipment, gross	289	290
Building and Building Improvements [Member]
Property and equipment, gross	$ 486	477
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	$ 1,046	1,027
Equipment [Member] \| Minimum [Member]
Estimated Useful Lives (Year)	3 years
Equipment [Member] \| Maximum [Member]
Estimated Useful Lives (Year)	20 years
Construction in Progress [Member]
Property and equipment, gross	$ 494	$ 362

Note 2 - Revenue

6 Months Ended

Jun. 30, 2023

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 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 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 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 $12 million of revenue in the six-months ended June 30, 2023 that was included in the deposit liability balance as of December 31, 2022. The deposit liability balance is included in deferred revenue on our condensed consolidated balance sheets. The deposit liability balance was $11 million and $12 million as of June 30, 2023 and December 31, 2022, respectively.

Disaggregation of Revenue. Revenue from our production companies segment is generated through our direct sales channel. Revenue from our broadcast 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				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
Market and service type:
Broadcast Advertising:
Core advertising	$	379	$	366	$	736	$	731
Political		12		90		20		116
Total advertising		391		456		756		847
Retransmission consent		394		382		789		775
Production companies		12		13		34		36
Other		16		17		35		37
Total revenue	$	813	$	868	$	1,614	$	1,695

Sales channel:
Direct	$	559	$	536	$	1,117	$	1,087
Advertising agency intermediary		254		332		497		608
Total revenue	$	813	$	868	$	1,614	$	1,695

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Note 14- Subsequent Event

6 Months Ended

Jun. 30, 2023

Subsequent Events [Text Block]

14.

Subsequent Event

Several years ago, our Raycom Sports subsidiary sublicensed certain Atlantic Coast Conference (“ACC”) football and basketball games from ESPN to Fox Sports that were assumed by Diamond Sports Group, LLC (“Diamond”) upon its acquisition of Fox Sports. In March 2023, Diamond sought bankruptcy protection. On July 7, 2023, the bankruptcy court granted the request of Diamond (supported by us) for the early rejection, and therefore the termination, of the ACC sports rights agreements. On July 13, 2023, The CW Network (“CW”) announced that it had entered into an agreement with Raycom Sports for a similar package of sports rights related to the ACC games that had been included in the now-terminated agreement with Diamond. Concurrently, Raycom Sports and ESPN modified their license agreement to correspond with the terms of The CW sublicense agreement. The new agreements mitigate a portion of the losses caused by Diamond’s rejection of its ACC sports rights agreement with Raycom Sports. As a result of the bankruptcy filings and these new July 2023 agreements, our production companies segment expects to record a pre-tax non-cash charge within a range of $33 million to $43 million, for impairment of goodwill and other intangible assets in the third quarter of 2023.

Note 1 - Basis of Presentation - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Items included in accumulated other comprehensive loss:
Adjustment to pension liability	$ (16)	$ (16)
Adjustment to fair value of interest rate caps	(4)	0
Income tax benefit	(5)	(4)
Accumulated other comprehensive loss	$ (15)	$ (12)

Amount, after tax, of accumulated increase (decrease) in equity from transaction and other event and circumstance from nonowner source.

Note 12 - Income Taxes

6 Months Ended

Jun. 30, 2023

Income Tax Disclosure [Text Block]

12.

Income Taxes

For the three-month and six-month periods ended June 30, 2023 and 2022, our income tax expense and effective income tax rates were as follows (dollars in millions):

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2023			2022			2023			2022
Income tax expense (benefit)	$	5		$	38		$	(6	)	$	59
Effective income tax rate		56	%		28	%		18	%		27	%

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 2023 six-month period, these estimates increased or decreased our statutory Federal income tax rate of 21% to our effective income tax rate as a result of state income taxes that resulted in an increase of 4% and permanent differences resulted in a decrease of 1% and discrete items that resulted in a decrease of 6%. For the six-months ended June 30, 2022, these estimates increased or decreased our statutory Federal income tax rate to our effective income tax rate of 27% as follows: state income taxes added 5% and permanent differences between our U.S. GAAP income and taxable income resulted in an increase of 1%.

During the six-months ended June 30, 2023, we made $24 million of federal and state income tax payments, net of refunds. During the remainder of 2023, we anticipate making income tax payments (net of expected refunds) of approximately $14 million to $22 million. As of June 30, 2023, we have an aggregate of approximately $344 million of various state operating loss carryforwards, of which we expect that approximately one-third will be utilized. We expect that approximately $217 million of these state net operating loss carryforwards will not be utilized due to section 382 limitations and those that will expire prior to utilization. After applying our state effective tax rate, this amount is included in our valuation allowance for deferred tax assets.

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 net operating losses resulting in a refund of $21 million, that is currently outstanding.

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 3 - Acquisition and Divestiture (Tables)

6 Months Ended

Jun. 30, 2023

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

Property and equipment and other assets	$	2
Broadcast licenses		4
Total	$	6

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Net (loss) income	$ 4	$ 99	$ (27)	$ 161
Other comprehensive income (loss):
Adjustment - fair value of interest rate caps	11	0	(4)	0
Income tax expense (benefit)	3	0	(1)	0
Other comprehensive income (loss), net	8	0	(3)	0
Comprehensive income (loss)	$ 12	$ 99	$ (30)	$ 161

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

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Note 2 - Revenue (Tables)

6 Months Ended

Jun. 30, 2023

Disaggregation of Revenue [Table Text Block]

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
Market and service type:
Broadcast Advertising:
Core advertising	$	379	$	366	$	736	$	731
Political		12		90		20		116
Total advertising		391		456		756		847
Retransmission consent		394		382		789		775
Production companies		12		13		34		36
Other		16		17		35		37
Total revenue	$	813	$	868	$	1,614	$	1,695

Sales channel:
Direct	$	559	$	536	$	1,117	$	1,087
Advertising agency intermediary		254		332		497		608
Total revenue	$	813	$	868	$	1,614	$	1,695

Document And Entity Information - shares	6 Months Ended
Document And Entity Information - shares	Jun. 30, 2023	Jul. 28, 2023
Document Information [Line Items]
Entity Central Index Key	0000043196
Entity Registrant Name	GRAY TELEVISION INC
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2023
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	1-13796
Entity Incorporation, State or Country Code	GA
Entity Tax Identification Number	58-0285030
Entity Address, Address Line One	4370 Peachtree Road, NE
Entity Address, City or Town	Atlanta
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	30319
City Area Code	404
Local Phone Number	504-9828
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Common Class A [Member]
Document Information [Line Items]
Title of 12(b) Security	Class A common stock (no par value)
Trading Symbol	GTN.A
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		8,191,073
Common Stock [Member]
Document Information [Line Items]
Title of 12(b) Security	common stock (no par value)
Trading Symbol	GTN
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		87,263,755

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ / shares in Thousands, $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Accounts receivable, allowance for credit losses	$ 32	$ 16
Series A Perpetual Preferred Stock, par value (in dollars per share)	$ 0	$ 0
Series A Perpetual Preferred Stock, shares authorized (in shares)	1,500,000	1,500,000
Series A Perpetual Preferred Stock, shares issued (in shares)	650,000	650,000
Series A Perpetual Preferred Stock, liquidation value	$ 650	$ 650
Common stock, shares authorized (in shares)		200,000,000
Common Stock (No Par Value) [Member]
Common stock, par value (in dollars per share)	$ 0	$ 0
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares issued (in shares)	107,179,827	105,104,057
Common stock, shares outstanding (in shares)	87,263,755	85,467,271
Treasury stock (in shares)	19,916,072	19,636,786
Class A Common Stock (No Par Value) [Member]
Common stock, par value (in dollars per share)	$ 0	$ 0
Common stock, shares authorized (in shares)	25,000,000	25,000,000
Common stock, shares issued (in shares)	10,413,993	9,675,139
Common stock, shares outstanding (in shares)	8,191,073	7,544,415
Treasury stock (in shares)	2,222,920	2,130,724

Note 1 - Basis of Presentation (Details Textual) $ in Millions	3 Months Ended	6 Months Ended
	Mar. 31, 2023 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Feb. 23, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Number of Operating Segments		2
Number of Television Markets		113
Percent of US Television Households Reached		36.00%
Number of Television Markets with Top-Rated Stations		80
Number of Television Markets with First and/or Second Rated Stations		102
Increase (Decrease) in Contract with Customer, Liability		$ 7	$ 8
Proceeds from Sale of Machinery and Equipment		22	2
Reimbursement from Development Costs, Ownership Transferred		11	0
Accounts Receivable, Allowance for Credit Loss		32	$ 15		$ 16	$ 16
Wells Fargo Bank, N.A. [Member]
Accounts Receivable Securitization Program Maximum Capacity				$ 300
Proceeds from Accounts Receivable Securitization		300
Accounts Receivable Securitization, Unsold Receivables		277
Accounts Receivable Securitization, Total Receivables		577
Accounts Receivable Securitization, Charge for Discount		$ 9
Wells Fargo Bank, N.A. [Member] \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Debt Instrument, Basis Spread on Variable Rate		100.00%
Diamond Sports Group, LLC [Member]
Accounts Receivable, Allowance for Credit Loss		$ 17
Atlanta Assembly Project [Member]
Total Reimbursement from Development Costs for Which Ownership is Transferred and Retained		38
Proceeds From Infrastructure Asset Project		27
Reimbursement from Development Costs, Ownership Retained		11
Increase (Decrease) in Contract with Customer, Liability		9
Proceeds from Sale of Machinery and Equipment		$ 18
Reimbursement from Development Costs, Ownership Transferred	$ 11

Note 7 - Retirement Plans (Details Textual) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Defined Contribution Plan, Expected Contributions, Remainder of Fiscal Year	$ 14
Profit Sharing Contribution [Member]
Defined Contribution Plan, Employer Discretionary Contribution Amount	14	$ 9
Pension Plan [Member] \| Gray Pension Plan [Member]
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year	$ 4

Note 9 - Leases - Maturities of Operating Lease Liabilities (Details) $ in Millions	Jun. 30, 2023 USD ($)
Remainder of 2023	$ 8
2024	15
2025	14
2026	12
2027	11
Thereafter	51
Total lease payments	111
Less: Imputed interest	(29)
Present value of lease liabilities	$ 82

Note 10 - Commitments and Contingencies

6 Months Ended

Jun. 30, 2023