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

1.	Description of Business and Summary of Significant Accounting Policies

Description of Business

We are a television broadcast company headquartered in Atlanta, Georgia, that owns and operates television stations and leading digital assets in markets throughout the United States. As of

February 23, 2018,

we owned and operated television stations in

television markets broadcasting over

200

separate programming streams, including over

100

affiliates of the CBS Network, the NBC Network, the ABC Network and the FOX Network. We refer to these major broadcast networks

collectively as the “Big Four” networks.

In addition to a primary broadcast channel, each of our stations can also broadcast additional secondary digital channels within a market by utilizing the same bandwidth, but with different programming from the primary channel. In addition to affiliations with ABC, CBS and FOX, our secondary channels are affiliated with numerous smaller networks and program services including, among others, the CW Network or the CW Plus Network, MY Network, the MeTV Network, This TV Network, Antenna TV, Telemundo, Cozi, Heroes and Icons and MOVIES! Network.

Certain of our secondary digital channels are affiliated with more than

one

network simultaneously. We also broadcast local news/weather channels in some markets. Our combined TV station group reaches approximately

10.4%

of total United States television households.

Variable Interest Entity (“VIE”).

We consolidate a VIE when we are determined to be the primary beneficiary. In accordance with U.S. GAAP, in determining whether we are the primary beneficiary of a VIE for financial reporting purposes, we consider whether we have the power to direct the activities of the VIE that most significantly impact the economic performance of the VIE and whether we have the obligation to absorb losses or the right to receive returns that would be significant to the VIE.

January 17, 2017,

we acquired

the assets of

two

television stations that were divested by Nexstar Broadcasting, Inc. upon its merger with Media General, Inc. (“Media General”): WBAY-TV (ABC), in the Green Bay, Wisconsin television market (DMA

), and KWQC-TV (NBC), in the Davenport, Iowa, Rock Island, Illinois, and Moline, Illinois or “Quad Cities” television market (DMA

102

), for an adjusted purchase price of

$269.9

million (the “Media General Acquisition”) using cash on hand. The Media General Acquisition was completed, in part, through a transaction with a VIE known as Gray Midwest EAT, LLC (“GME”), pursuant to which GME acquired the broadcast licenses of the stations. On

May 30, 2017,

we exercised an option to acquire the licenses held by GME pending receipt of proceeds from the FCC’s reverse auction for broadcast spectrum (the “FCC Spectrum Auction”). Upon receipt of the auction proceeds from the FCC on

August 7, 2017,

we completed the acquisition of the broadcast licenses from GME.

During the period that GME held those broadcast licenses we believe we were the primary beneficiary of GME because, subject to the ultimate control of the licensees, we had the power to direct the activities that significantly impact the economic performance of GME through the services we provided, and our obligation to absorb losses and right to earn returns that would be considered significant to GME. As a result, we included the assets, liabilities and results of operations of GME in our consolidated financial statements beginning

January 17, 2017

and continuing through

August 7, 2017,

the date that we were

longer deemed to be the primary beneficiary of GME.

Investments in Broadcasting and Technology Companies

We have an investment in Sarkes Tarzian, Inc. (“Tarzian”) whose principal business is the ownership and operation of

two

television stations. As of

June 30, 2017,

the most recent period for which we have Tarzian’s financial statements, our investment represented

32.4%

of the total outstanding common stock of Tarzian (both in terms of the number of shares of common stock outstanding and in terms of voting rights), but such investment represented

67.9%

of the equity of Tarzian for purposes of dividends, if paid, as well as distributions in the event of any liquidation, dissolution or other sale of Tarzian. This investment is accounted for under the cost method of accounting and reflected as a non-current asset on our balance sheet. We have

commitment to fund the operations of Tarzian nor do we have any representation on Tarzian’s board of directors or any other influence over Tarzian’s management. We believe the cost method is appropriate to account for this investment given the existence of a single majority voting stockholder and our lack of management influence or any obligation to fund the operations of Tarzian.

2016,

we made a

$3.0

million strategic equity investment in Syncbak, a technology company that replicates over-the-air broadcasts for delivery over-the-top of the Internet. This

investment does

not

represent a controlling interest in Syncbak, nor are we committed to fund Syncbak’s operations. One member of our senior management holds a seat on Syncbak’s board of directors. We do

not

believe that we have significant influence over management or operations, and, as such, we account for this investment using the cost method of accounting for investments, and this investment is reflected as a non-current asset on our balance sheet. We evaluate this investment periodically for impairment

Revenue Recognition

Broadcast advertising revenue is generated primarily from the sale of television advertising time to local, national and political advertisers. Internet advertising revenue is generated from the sale of advertisements associated with our stations’ websites. Advertising revenue is billed to the customer and recognized when the advertisement is broadcast or appears on our stations’ websites. Retransmission consent revenue consists of payments to us from cable, satellite and other multiple video program distribution systems for their retransmission of our broadcast signals. Retransmission consent revenue is recognized as earned over the life of the retransmission consent contract. Other revenue consists primarily of revenue earned from the production of programming and payments from tower space rent. Revenue from the production of programming is recognized as the programming is produced. Tower rent is recognized over the life of the rental agreements.

Cash received that has

not

yet been recognized as revenue is presented as deferred revenue. Revenue that has been earned but

not

yet received is recognized as revenue and presented as a receivable.

Trade

and Barter

Transactions

We account for trade transactions involving the exchange of tangible goods or services with our customers as revenue. The revenue is recorded at the time the advertisement is broadcast and the expense is recorded at the time the goods or services are used. The revenue and expense associated with these transactions is based on the fair value of the assets or services involved in the transaction. Trade revenue and expense recognized for each of the years ended

December 31, 2017,

2016

and

2015

were as follows (amounts in thousands):

	Year Ended December 31,
	2017			2016			2015
Trade revenue	$	1,832		$	2,069		$	2,299
Trade expense		(1,863	)		(1,997	)		(2,188	)
Net trade (loss) income	$	(31	)	$	72		$	111

e do

not

account for barter revenue and related barter expense generated from network or syndicated programming as such amounts are

not

material. Furthermore, any such barter revenue recognized would then require the recognition of an equal amount of barter expense. The recognition of these amounts would

not

have a material effect upon net income.

Advertising Expense

Our advertising expense was

$1.6

million,

$1.5

million and

$1.0

million for the years ended

December 31, 2017,

2016

and

2015,

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

Use of Estimates

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

Allowance for Dou

btful Accounts.

Our allowance for doubtful accounts is equal to a portion of our receivable balances that are

120

days old or older. We

may

provide allowances for certain receivable balances that are less than

120

days old when warranted by specific facts and circumstances. We recorded expenses for this allowance of

$2.4

million,

$1.9

million and

$0.6

million for the years ended

December 31, 2017,

2016

and

2015,

respectively. We generally write off accounts receivable balances when the customer files for bankruptcy or when all commonly used methods of collection have been exhausted.

Program Broadcast Rights

We have

two

types of syndicated television program contracts:

first

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

Wheel of Fortune

and off network reruns are programs such as

Seinfeld

. First run programs have

not

been produced at the time the contract to air such programming is signed, and off network rerun programs have already been produced. We record an asset and corresponding liability for payments to be made only for the current year of

first

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

first

run program contracts are recorded on the current balance sheet, because the programs for the later years of the contract period have

not

been produced or delivered.

The total license fee payable under a program license agreement allowing us to broadcast programs is recorded at the beginning of the license period and is charged to operating expense over the period that the programs are broadcast. The portion of the unamortized balance expected to be charged to operating expense in the succeeding year is classified as a current asset, with the remainder clas

sified as a non-current asset. The liability for license fees payable under program license agreements is classified as current or long-term, in accordance with the payment terms of the various license agreements.

Property and Equipment

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

The following table lists

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

							Estimated
	December 31,						Useful Lives
	2017			2016			(in years)
Property and equipment:
Land	$	50,458		$	44,611
Buildings and improvements		156,924			139,078			7	to	40
Equipment		511,878			471,798			3	to	20
		719,260			655,487
Accumulated depreciation		(368,602	)		(329,394	)
Total property and equipment, net	$	350,658		$	326,093

For the year ended

December 31, 2017,

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

$45.7

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

December 31, 2016

and

December 31, 2017

was due to routine purchases of equipment, less retirements.

Deferred Loan Costs

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

April 2015,

the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”)

No.

2015

03,

Interest - Imputation of Interest (Subtopic

835

) -

Simplifying the Presentation of Debt Issuance Costs.

ASU

2015

amended previous guidance to require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs were

not

affected by the amendments in this ASU. In

August 2015

, the FASB issued ASU

No.

2015

15,

Interest - Imputation of Interest (Subtopic

835

) -

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

June 18, 2015

EITF Meeting.

ASU

2015

amended previous guidance to codify the

June 18, 2015

staff announcement that the SEC staff would

not

object to the deferral and presentation as an asset, and subsequent amortization of such asset, of deferred debt issuance costs related to line of credit arrangements. We adopted these standards as of

January 1, 2016.

Asset Retirement Obligations

We own office equipment, broadcasting equipment, leasehold improvements and transmission towers, some of which are located on, or are housed in, leased property or facilities. At the conclusion of several of these leases we are obligated to dismantle, remove and otherwise properly dispose of and remediate the facility or property. We estimate our asset retirement obligations based upon the net present value of the cash flows of the costs expected to be incurred. Asset retirement obligations are recognized as a non-current liability and as a component of the cost of the related asset. Changes to our asset retirement obligations resulting from revisions to the timing or the amount of the original undiscounted cash flow estimates are recognized as an increase or decrease in the carrying amount of the asset retirement obligation and the related asset retirement cost is capitalized as part of the related property, plant or equipment. Changes in asset retirement obligations resulting from accretion of the net present value of the estimated cash flows are recognized as operating expenses. We recognize depreciation expense of the capitalized cost over the estimated life of the lease. Our estimated obligations are due at varying times through

2062.

The liability recognized for our asset retirement obligations was approximately

$1.1

million and

$0.8

million as of

December 31, 2017

and

2016,

respectively. During the years ended

December 31, 2017,

2016

and

2015,

we recorded expenses of

$71,000,

$15,000

and

$34,000,

respectively, related to our asset retirement obligations.

Concentration of Credit Risk

We sell advertising air-time on our broadcasts and advertising space on our websites to national and local advertisers within the geographic areas in which we operate. Credit is extended based on an evaluation of the customer’s financial condition, and generally advance payment is

not

required except for political advertising. Credit losses are provided for in the financial statements and consistently have been within our expectations that are based upon our prior experience.

Excluding political

advertising revenue, which is cyclical based on election cycles, our most significant category of customer is automotive. During the years ended

December 31, 2017

and

2016

and

2015

approximately

25%,

22%

and

24%,

respectively, of our broadcast advertising revenue was obtained from advertising sales to automotive customers. Although our revenues can be affected by changes within in our customer base, we believe this risk is in part mitigated due to the fact that

one

customer accounted for in excess of

of our broadcast advertising revenue in any of these periods. Furthermore, we believe that our large geographic operating area partially mitigates the potential effect of regional economic impacts.

arnings Per Share

We compute basic earnings per share by dividing net income available to common stockholders by the weighted-average number of common shares outstanding during the relevant period. The weighted-average number of common shares outstanding does

not

include restricted shares. These shares, although classified as issued and outstanding, are considered contingently returnable until the restrictions lapse and, in accordance with U.S. GAAP, are

not

included in the basic earnings per share calculation until the shares vest. Diluted earnings per share is computed by including all potentially dilutive common shares, including restricted shares and shares underlying stock options, in the diluted weighted-average shares outstanding calculation, unless their inclusion would be antidilutive.

The following table reconciles basic weighted-average shares outstanding to diluted weighted-average shares outstanding for the years ended

December 31, 2017,

2016

and

2015

(in thousands):

	Year Ended December 31,
	2017		2016		2015
Weighted-average shares outstanding – basic		73,061		71,848		68,330
Weighted-average shares underlying stock options and restricted shares		775		916		657
Weighted-average shares outstanding - diluted		73,836		72,764		68,987

Valuation of Broadcast Licenses, Goodwill and Other Intangible Assets

We have acquired a significant portion of our assets in acquisition transactions. Among the assets acquired in these transactions were broadcast licenses issued by the FCC, goodwill and other intangible assets.

For broadcast licenses acquired prior to

January 1, 2002,

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

For broadcast licenses acquired afte

December 31, 2001,

we record their respective values using an income approach. Under this approach, a broadcast license is valued based on analyzing the estimated after-tax discounted future cash flows of the acquired station, assuming an initial hypothetical start-up operation maturing into an average performing station in a specific television market and giving consideration to other relevant factors such as the technical qualities of the broadcast license and the number of competing broadcast licenses within that market. For television stations acquired after

December 31, 2001,

we allocate the residual value of the station to goodwill.

When renewing broadcast licenses, we incur regulato

ry filing fees and legal fees. We expense these fees as they are incurred.

Other intangible assets that we have acquired include network affiliation agreements,

retransmission agreements, advertising contracts, client lists, talent contracts and leases. Although each of our stations is affiliated with at least

one

broadcast network, we believe that the value of a television station is derived primarily from the attributes of its broadcast license rather than its network affiliation agreement. As a result, we allocate only minimal values to our network affiliation agreements. We classify our other intangible assets as finite-lived intangible assets. The amortization period of our other intangible assets is equal to the shorter of their estimated useful life or contract period, including expected extensions thereof. When renewing other intangible asset contracts, we incur legal fees that are expensed as incurred.

Impairment Testing of

Indefinite-Lived Intangible Assets.

We test for impairment of our indefinite-lived intangible assets on an annual basis on the last day of each fiscal year. However, if certain triggering events occur, we test for impairment during the relevant reporting period. For goodwill, we have elected to bypass the qualitative assessment provisions and to perform the prescribed testing steps for goodwill on an annual basis.

For purposes of testing goodwill for impairment, each of our individual television

markets is considered a separate reporting unit. We review each television market for possible goodwill impairment by comparing the estimated fair value of each respective reporting unit to the recorded value of that reporting unit’s net assets. If the estimated fair value exceeds the recorded net asset value,

goodwill impairment is deemed to exist. If the estimated fair value of the reporting unit does

not

exceed the recorded value of that reporting unit’s net assets, we then perform, on a notional basis, a purchase price allocation by allocating the reporting unit’s fair value to the fair value of all tangible and identifiable intangible assets with residual fair value representing the implied fair value of goodwill of that reporting unit. The recorded value of goodwill for the reporting unit is written down to this implied value.

To estimate the fair value of our reporting units, we utilize a discounted cash flow model supported by a market multiple approach. We believe that a discounted cash flow analysis is the most appropriate methodology to test the recorded value of long-term assets with a demonstrated long-lived/enduring franchise value. We believe the results of the discounted cash flow and market multiple approaches provide reasonable estimates of the fair value of our reporting units because these approaches are based on our actual results and reasonable estimates of future performance, and also take into consideration a number of other factors deemed relevant by us including, but

not

limited to, expected future market revenue growth, market revenue shares and operating profit margins. We have historically used these approaches in determining the value of our reporting units. We also consider a market multiple approach to corroborate our discounted cash flow analysis. We believe that this methodology is consistent with the approach that a strategic market participant would utilize if they were to value

one

of our television stations.

For testing of our broadcast licenses for potential impairment of their recorded asset values, we compare their estimated fair value to the respective asset’s recorded value. If the fair value is greater than the asset’s recorded value,

impairment expense is recorded. If the fair value does

not

exceed the asset’s recorded value, we record an impairment expense equal to the amount that the asset’s recorded value exceeded the asset’s fair value. We use the income method to estimate the fair value of all broadcast licenses irrespective of whether they were initially recorded using the residual or income methods.

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

see Note

“Goodwill and Intangible Assets.”

ccumulated Other Comprehensive Loss.

Our accumulated other comprehensive loss balances as of

December 31, 2017

and

2016

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

	December 31,
	2017			2016
Accumulated balances of items included in accumulated other comprehensive loss:
Increase in pension liability	$	(36,336	)	$	(28,926	)
Income tax benefit		(14,171	)		(11,281	)
Accumulated other comprehensive loss	$	(22,165	)	$	(17,645	)

Recent Accounting Pronouncements

February 2016,

the FASB issued ASU

2016

–

Leases

(Topic

842

). ASU

2016

will supersede Topic

840,

Leases

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

December 15, 2018.

This standard is expected to have a material effect on our balance sheets. Specifically, we expect that, once adopted, we will record a right of use asset and lease obligation liability. As of

December 31, 2017,

the values of those assets and related liabilities were each approximately

$17.6

million. We are also evaluating our footnote disclosure requirements. We will continue to review our contractual obligations related to this standard, and develop our disclosures, assessing our internal controls and availing ourselves of broadcasting industry related guidance.

January 2017,

the FASB issued ASU

2017

04,

Intangibles – Goodwill and Other

(Topic

350

) –

Simplifying the Test for Goodwill Impairment

. ASU

2017

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

from the goodwill impairment test. Step

measures a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount of that goodwill.

After adoption of the standard, the annual, or interim, goodwill impairment test will be performed by comparing the fair value of a reporting unit with its carrying amount. An impairment charge would be recognized for the amount by which the carrying amou

nt exceeds the reporting unit’s fair value; however, the loss recognized will

not

exceed the total amount of goodwill allocated to that reporting unit.

The standard is effective for fiscal years beginning after

December 15, 2019,

including interim periods within those fiscal years. The standard allows for early adoption, but we have

not

yet made that determination. We do

not

expect that the adoption of this standard will have a material impact on our financial statements.

February 2018,

the FASB issued ASU

2018

02,

Income Statement

Reporting Comprehensive Income

(Topic

220

)

–

Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income

. ASU

2018

allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act of

2017

(“TCJA”). Consequently, the amendments eliminate the stranded tax effects resulting from the TCJA and will improve the usefulness of information reported to financial statement users. However, because the amendments only relate to the reclassification of the income tax effects of the TCJA, the underlying guidance that requires that the effect of a change in tax laws or rates be included in income from continuing operations is

not

affected.

The standard is effective for fiscal years beginning after

December 15, 2018,

including interim periods within those fiscal years. The standard allows for early adoption, but we have

not

yet made that determination. We do

not

expect that the adoption of this standard will have a material impact on our financial statements.

Adoption of Accounting Standards and Reclassifications.

May 2014,

the FASB issued ASU

2014

–

Revenue from Contracts with Customers

(Topic

606

). ASU

2014

provides new guidance on revenue recognition for revenue from contracts with customers and will replace most existing revenue recognition guidance when it becomes effective. This guidance requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The standard is intended to improve comparability of revenue recognition practices across entities and provide more useful information through improved financial statement disclosures. In

August 2015,

the FASB issued ASU

2015

14,

Revenue from Contracts with Customers

(Topic

606

Deferral of the Effective Date

. ASU

2015

deferred the effective date of ASU

2014

one

year to interim and annual reporting periods beginning after

December 15, 2017,

and permitted early adoption of the standard, but

not

before the original effective date of

December 15, 2016.

The standard permits the use of either a retrospective to each reporting period presented method, or a retrospective with the cumulative effect method to adopt the standard. In

March 2016,

the FASB issued ASU

2016

08,

Principal versus Agent Considerations

. This ASU amends the guidance of ASU

2014

to clarify the implementation guidance on principal versus agent considerations for reporting gross revenue versus net revenue. In

April 2016,

the FASB issued ASU

2016

10,

Revenue from Contracts with Customers

(Topic

606

Identifying Performance Obligations and Licensing

. This ASU amends the guidance of ASU

2014

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

May 2016,

the FASB issued ASU

2016

12,

Revenue from Contracts with Customers

(Topic

606

Narrow Scope Improvements and Practical Expedients

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

December 2016,

the FASB issued ASU

2016

20,

Revenue from Contracts with Customers

(Topic

606

Technical Corrections and Improvements

. This ASU was issued to clarify the standard and to correct unintended application of guidance.

We have completed our assessment and concluded that the adoption of ASC

606

will

not

change the timing of recognition related to our revenue streams. We adopted this standard beginning in the

first

quarter of

2018.

We used the modified retrospective method to implement the standard. This standard’s most significant impact is expanded disclosures related to the disaggregation of our revenue streams and deposits received from customers’ pre-payments. Our internal controls related to the revenue recognition process will

not

be changing, with the exception of those controls related to presentation and disclosure.

January 2016,

the FASB issued ASU

No.

2016

–

Financial Instruments - Overall

(Subtopic

825

Recognition and Measurement of Financial Assets and Financial Liabilities

. ASU

2016

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

first

quarter of

2018.

The adoption of this standard did

not

have a material impact on our financial statements.

March 2016,

the FASB issued ASU

2016

09,

Compensation – Stock Compensation

(Topic

718

) –

Improvements to Employee Share-Based Payment Accounting.

ASU

2016

amended the guidance in U.S. GAAP with the intent of simplifying several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards, and classification on the statement of cash flows. Our adoption of this standard included an adjustment to record the impact on our deferred asset related to the net federal and state income tax deductions for grants, and subsequent vesting, of restricted stock in excess of our book basis expense. Accordingly, we have recorded adjustments to increase our deferred tax asset and our accumulated deficit, as of

January 1, 2017,

by approximately

$1.1

million. Beginning in

2017,

we began recording similar net excess or deficit tax deductions as current tax benefit or expense and as reductions in the related income tax prepaid or payable, or deferred tax assets.

August 2016,

the FASB issued ASU

2016

15,

Statement of Cash Flows

(Topic

230

)

– Classification of Certain Cash Receipts and Cash Payments

. ASU

2016

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

eight

specific cash flow issues with the objective of reducing the existing diversity in practice. We adopted this standard beginning in the

first

quarter of

2018.

The adoption of this standard did

not

have a material impact on our financial statements.

January 2017,

the FASB issued ASU

2017

01,

Business Combinations

(Topic

805

) –

Clarifying the Definition of a Business

. ASU

2017

amends the guidance of U.S. GAAP with the intent of clarifying the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. We adopted this standard beginning in the

first

quarter of

2018.

The adoption of this standard did

not

have a material impact on our financial statements.

March 2017,

the FASB issued ASU

2017

07,

Compensation – Retirement Benefits

(Topic

715

) -

Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost

. ASU

2017

amends the guidance of U.S. GAAP with the intent of improving the presentation of net periodic pension cost and net periodic postretirement benefit cost by prescribing where the amount of net benefit cost should be presented in an employer’s income statement and requiring the disclosure by line item of the amount of net benefit cost that is included in the income statement or capitalized in assets. We adopted this standard beginning in the

first

quarter of

2018.

The adoption of this standard did

not

have a material impact on our financial statements.

Certain amounts in the consolidated statement of cash flows have been reclassified to conform to the current presentation.

Note 2 - Acquisitions and Dispositions

12 Months Ended

Dec. 31, 2017

Mergers, Acquisitions and Dispositions Disclosures [Text Block]

cquisitions

and Dispositions

During

2017,

2016

and

2015,

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

third

parties.

2017

Acquisitions

January 13, 2017,

we acquired

the assets of KTVF-TV (NBC), KXDF-TV (CBS), and KFXF-TV (FOX) in the Fairbanks, Alaska television market (DMA

202

), from Tanana Valley Television Company and Tanana Valley Holdings, LLC for an adjusted purchase price of

$8.0

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

As described in Note

above, on

January 17, 2017,

we completed the Media General Acquisition, for an adjusted purchase price of

$269.9

million using cash on hand.

May 1, 2017,

we acquired

the assets of WDTV-TV (CBS) and WVFX-TV (FOX/CW) in the Clarksburg-Weston, West Virginia television market (DMA

169

) from Withers Broadcasting Company of West Virginia (the “Clarksburg Acquisition”) for a total purchase price of

$26.5

million with cash on hand. On

May 13, 2016,

we announced that we agreed to enter into the Clarksburg Acquisition. On

June 1, 2016,

we made a partial payment of

$16.5

million and acquired the non-license assets of these stations. Also, on that date we began operating these stations, subject to the control of the seller, under a local marketing agreement (“LMA”) that terminated upon completion of the acquisition.

May 1, 2017,

we acquired

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

156

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

159

) from Community Broadcasting Service and Diversified Broadcasting, Inc. (collectively, the “Diversified Acquisition”) for a total purchase price of

$85.0

million with cash on hand. On

April 1, 2017,

we began operating these stations, subject to the control of the seller, under an LMA that terminated upon completion of the acquisition.

August 1, 2017,

we acquired

the assets of WCAX-TV (CBS) in the Burlington, Vermont – Plattsburgh, New York television markets (DMA

) from Mt. Mansfield Television, Inc., for an adjusted purchase price of

$29.0

million in cash (the “Vermont Acquisition”). On

June 1, 2017,

we advanced

$23.2

million of the purchase price to the seller and began to operate the station under an LMA, subject to the control of the seller. At closing, we paid the remaining

$5.8

million of the purchase price with cash on hand and the LMA was terminated.

We refer to the

eight

stations

that we began operating and acquired (excluding the stations acquired in the Clarksburg Acquisition, which we began operating under an LMA in

2016

) during

2017

as the

“2017

Acquisitions.” The following table summarizes fair value estimates of the assets acquired, liabilities assumed and resulting goodwill of the

2017

Acquisitions and the Clarksburg Acquisition (in thousands):

	Acquisition
	Fairbanks			Media General			Clarksburg			Diversified			Vermont			Total

Current assets	$	122		$	666		$	462		$	361		$	312		$	1,923
Property and equipment		2,650			20,181			4,133			12,329			9,513			48,806
Goodwill		471			86,287			3,222			35,486			316			125,782
Broadcast licenses		2,228			149,846			17,003			26,219			7,592			202,888
Other intangible assets		2,702			13,398			2,234			11,051			8,268			37,653
Other non-current assets		71			282			51			27			3,310			3,741
Current liabilities		(140	)		(695	)		(554	)		(423	)		(311	)		(2,123	)
Other long-term liabilities		(84	)		-			(51	)		(50	)		-			(185	)

Total	$	8,020		$	269,965		$	26,500		$	85,000		$	29,000		$	418,485

These amounts are based upon management

’s determination of the fair values using valuation techniques including income, cost and market approaches. In determining the preliminary fair value of the acquired assets and assumed liabilities, the fair values were determined based on, among other factors, expected future revenue and cash flows, expected future growth rates, and estimated discount rates. The fair value estimates of the assets acquired in the Clarksburg Acquisition, Diversified Acquisition and the Vermont Acquisition are still considered to be preliminary, and, as such, the actual amounts

may

differ materially from these estimates.

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

three

years to

years.

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

$27.9

million; advertising client relationships of

$5.3

million; and favorable income leases of

$3.0

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

5.1

years for retransmission agreements; approximately

10.7

years for advertising client relationships; and approximately

11.9

years for favorable income leases.

Goodwill is calculated as the excess of the consideration transferred over the fair value of the identifiable net assets acquired and liabilities assumed, and represents the future economic benefits expected to arise from other intangible assets acquired that do

not

qualify for separate recognition, including assembled workforce, as well as future synergies that

we expect to generate from each acquisition. We recorded

$125.8

million of goodwill related to stations acquired in

2017.

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

The Company

’s consolidated results of operations for year ended

December 31, 2017

include the results of the

2017

Acquisitions from the date of each transaction. Revenues attributable thereto and included in our consolidated statement of operations for the year ended

December 31, 2017

were

$79.8

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

December 31, 2017

was

$33.7

million.

In connection with

acquiring the

2017

Acquisitions, we incurred

$1.1

million of transaction related costs during the year ended

December 31, 2017,

primarily related to legal, consulting and other professional services.

2016

Acquisitions

and Dispositions

February 16, 2016,

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

purchase price of

$443.1

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

o facilitate regulatory approval for the Schurz Acquistion, on

February 1, 2016,

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

$11.2

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

$2.0

million, excluding transaction related expenses.

To further faciliate regulatory approvals for the Schurz Acquis

ition, on

February 16, 2016,

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

$16.0

million to

three

third

-party radio broadcasters. We did

not

record a gain or loss related to the WLUC Acquisition or related to the divestiture of the Schurz Radio Stations because the fair value of the assets given were determined to be equal to the assets received.

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

$425.0

million (the

“2016

Term Loan”) under our

then-existing senior credit facility, as amended (the

“2014

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

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

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

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

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

June 27, 2016,

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

$0.5

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

e refer to the stations acquired and retained in

2016,

as well as the Clarksburg Acquisition, whose stations we began operating under and LMA in

June 2016,

as the

“2016

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

2016

are summarized as follows (in thousands):

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

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

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

These amounts are based upon management

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

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

$0.2

million more than their recorded fair value.

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

three

years to

years.

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

$14.9

million; advertising client relationships of

$1.6

million; and favorable income leases of

$2.6

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

4.9

years for retransmission agreements; approximately

5.5

years for advertising client relationships; and approximately

9.5

years for favorable income leases.

not

qualify for separate recognition, including assembled workforce, as well as future synergies that

we expect to generate from each acquisition. We recorded

$72.3

million of goodwill related to stations acquired in

2016.

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

The Company

’s consolidated results of operations for year ended

December 31, 2016

include the results of the

2016

Acquisitions from the date of each transaction. Revenues attributable thereto and included in our consolidated statement of operations for the year ended

December 31, 2016

were

$130.4

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

December 31, 2016

was

$55.8

million.

In connection with

acquiring the

2016

Acquisitions, we incurred

$7.4

million of transaction related costs during the year ended

December 31, 2016,

primarily related to legal, consulting and other professional services.

2015

Acquisitions

and Dispositions

September 1, 2015,

we entered into an asset purchase agreement

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

September 1, 2015,

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

September 1, 2015.

October 1, 2015,

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

November 1, 2015,

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

$100.0

million, and was funded with cash on hand.

On Ju

2015,

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

$33.6

million and was funded with cash on hand.

Jul

2015,

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

$17.5

million, and was funded with cash on hand.

July 1, 2015,

we acquired

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

$14.0

million, and was funded with cash on hand.

July 1, 2015,

we acquired

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

$10.3

million, and was funded with cash on hand.

July 1, 2015,

we acquired

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

$9.0

million, and was funded with cash on hand.

e refer to the stations acquired and retained in

2015

as the

“2015

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

2015

Acquisitions are summarized as follows (in thousands):

	Acquisition
	Cedar Rapids			Odessa			Twin Falls			Wausau			Presque Isle			Laredo			Total

Other current assets	$	503		$	87		$	93		$	87		$	45		$	22		$	837
Property and equipment		13,754			4,629			5,172			1,985			2,822			1,411			29,773
Goodwill		25,006			3,719			2,587			11,616			245			5,154			48,327
Broadcast licenses		55,676			22,253			6,333			-			6,150			-			90,412
Other intangible assets		5,849			3,067			3,485			397			1,039			2,435			16,272
Other non-current assets		13			13			32			87			-			13			158
Current liabilities		(792	)		(155	)		(170	)		(85	)		(51	)		(22	)		(1,275	)
Other long-term liabilities		(13	)		(13	)		(32	)		(87	)		-			(13	)		(158	)

Total	$	99,996		$	33,600		$	17,500		$	14,000		$	10,250		$	9,000		$	184,346

These amounts are based upon management

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

three

years to

years.

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

9.7

million; advertising client relationships of

$1.0

million; and income leases of

$5.4

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

5.3

years for retransmission agreements;

9.6

years for advertising client relationships; and

16.9

years for income leases.

not

qualify for separate recognition, including assembled workforce, as well as future synergies that

we expect to generate from each acquisition. We recorded

$48.3

million of goodwill related to stations acquired in

2015.

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

We believe that the value of a television station is derived primarily from the attributes of its broadcast license rather than its network affiliation. Consistent with that determination,

fair value was separately allocated to the acquired network affiliation agreements.

September 1, 2015,

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

D2,

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

first

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

$0.1

million related to this donation.

November 1, 2015,

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

$3.0

million, and we recorded a gain on disposal of approximately

$0.9

million related to this disposition in

2015.

The Company

’s consolidated results of operations for year ended

December 31, 2015

include the results of the

2015

Acquisitions from the date of each transaction. Net revenues and operating income of the businesses acquired in the

2015

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

December 31, 2015

were

$23.2

million and

$8.6

million, respectively.

In connection with acquiring the

2015

Acquisitions, we incurred transaction costs totaling

$6.5

million

primarily related to legal, consulting and other professional services that are included in our corporate and administrative expenses in the year ended

December 31, 2015.

Unaudited

Pro Forma Financial Information

Pro Forma Data

– Acquisitions Completed in

2017.

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

December 31, 2017

and

2016

assuming that the acquisitions completed in

2017

occurred on

January

2016

(in thousands, except per share data):

	Years Ended
	December 31,
	2017		2016

Revenue (less agency commissions)	$	895,081	$	926,799
Net income	$	260,909	$	88,679

Basic net income per share	$	3.57	$	1.23
Diluted net income per share	$	3.53	$	1.22

This pro forma financial information is based on Gray

’s historical results of operations and the historical results of operations of the acquisitions completed in

2017,

adjusted for the effect of fair value estimates and other acquisition accounting adjustments, and is

not

necessarily indicative of what our results would have been had we acquired each of the stations acquired in

2017

January

2016

or on any other historical date, nor is it reflective of our expected results of operations for any future period. The pro forma adjustments for the years ended

December 31, 2017

and

2016

reflect depreciation expense and amortization of finite-lived intangible assets related to the fair value of the assets acquired, and the related tax effects of the adjustments. This pro forma financial information has been prepared based on estimates and assumptions that we believe are reasonable as of the date hereof, and are subject to change based on, among other things, changes in the fair value estimates or underlying assumptions.

Pro Forma Data

– Acquisitions Completed in

2016.

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

December 31, 2016

and

2015

assuming that the acquisitions completed in

2016

occurred on

January

2015

(in thousands, except per share data):

	Years Ended
	December 31,
	2016		2015

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

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

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

2016,

adjusted for the effect of fair value estimates and other acquisition accounting adjustments, and is

not

necessarily indicative of what our results would have been had we acquired each of the stations acquired in

2016

January

2015

or on any other historical date, nor is it reflective of our expected results of operations for any future period. The pro forma adjustments for the years ended

December 31, 2016

and

2015

Pro Forma Data -

2015

Acquisitions

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

December 31, 2015

assuming that the

2015

Acquisitions occurred on

January

2015

(in thousands, except per share data):

	Year Ended
	December 31,
	2015

Revenue (less agency commissions)	$	621,530
Net income	$	46,181

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

This pro forma financial informa

tion is based on Gray’s historical results of operations and the

2015

Acquisitions’ historical results of operations, adjusted for the effect of fair value estimates and other acquisition accounting adjustments, and is

not

necessarily indicative of what our results would have been had we completed each of the

2015

Acquisitions on

January

2015

or on any other historical date, nor is it reflective of our expected results of operations for any future period. The pro forma adjustments for the year ended

December 31, 2015

Note 3 - Long-term Debt

12 Months Ended

Dec. 31, 2017

Debt Disclosure [Text Block]

. Long-term Debt

As of

December 31, 2017

and

2016,

long-term debt consisted of obligations under our

2017

Senior Credit Facility (as defined below), our

2014

Senior Credit Facility (as defined below), our

5.125%

senior notes due

2024

(the

“2024

Notes”) and our

5.875%

senior notes due

2026

(the

“2026

Notes”), as follows (in thousands):

	December 31,
	2017			2016
Long-term debt including current portion:
2014 Senior Credit Facility	$	-		$	556,438
2017 Senior Credit Facility		635,234			-
2024 Notes		525,000			525,000
2026 Notes		700,000			700,000
Total outstanding principal		1,860,234			1,781,438
Unamortized deferred loan costs - 2014 Senior Credit Facility		-			(12,158	)
Unamortized deferred loan costs - 2017 Senior Credit Facility		(11,777	)		-
Unamortized deferred loan costs - 2024 Notes		(6,743	)		(7,742	)
Unamortized deferred loan costs - 2026 Notes		(9,473	)		(10,588	)
Unamortized premium - 2026 Notes		5,187			5,797
Less current portion		(6,417	)		-
Net carrying value	$	1,831,011		$	1,756,747

Borrowing availability under the Revolving Credit Facility	$	100,000		$	60,000

February 7, 2017,

we entered into a Third Amended and Restated Credit Agreement (the

“2017

Senior Credit Facility”), consisting of a

$556.4

million term loan facility (the

“2017

Initial Term Loan”) and a

$100.0

million revolving credit facility (the

“2017

Revolving Credit Facility”). Amounts outstanding under the

2017

Initial Term Loan were used to repay amounts outstanding under our prior credit agreement (the

“2014

Senior Credit Facility”).

April 3, 2017,

we borrowed

$85.0

million under an incremental term loan (the

“2017

Incremental Term Loan” and, together with the

2017

Initial Term Loan, the

“2017

Term Loan”) under the

2017

Senior Credit Facility to fund the Diversified Acquisition. As of

December 31, 2017,

the

2017

Senior Credit Facility provided total

commitments of

$735.2

million, consisting of the

$635.2

million

2017

Term Loan and the

$100.0

million

2017

Revolving Credit Facility.

Our quarterly principal payments under the

2017

Term Loan are

$1.6

million.

Prior to the entry into the

2017

Senior Credit Facility, the

2014

Senior Credit Facility consisted of a a term loan

and a revolving loan facility. Excluding accrued interest, the amount outstanding under our

2014

Senior Credit Facility as of

December 31, 2016

consisted solely of a term loan balance of

$556.4

million. As of

December 31, 2016,

the interest rate on the balance outstanding under the

2014

Senior Credit Facility was

3.9%.

Borrowings under the

2017

Term Loan bear interest, at our option, at either the London Interbank Offered Rate (“LIBOR”) or the Base Rate (as defined below), in each case, plus an applicable margin. Currently, the applicable margin

2.25%

for LIBOR borrowings and

1.25%

for Base Rate borrowings. The applicable margin is determined quarterly based on our leverage ratio as set forth in the

2017

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

5.25

1.00,

the applicable margin is

2.25%

for all LIBOR borrowings and

1.25%

for all Base Rate borrowings, and if the Leverage Ratio is greater than

5.25

1.00,

the applicable margin is

2.5%

for all LIBOR borrowings and

1.5%

for all Base Rate borrowings. As of

December 31, 2017,

the interest rate on the balance outstanding under the

2017

Term Loan

was

3.6%.

Borrowings under the

2017

Revolving Credit Facility currently bear interest, at our option, at

either LIBOR plus

1.50%

or Base Rate plus

0.50%,

in each case based on a

first

lien leverage ratio test as set forth in the

2017

Senior Credit Facility (the “First Lien Leverage Ratio”). Base Rate is defined as the greatest of (i) the administrative agent’s prime rate, (ii) the overnight federal funds rate plus

0.50%

and (iii) LIBOR plus

1.00%.

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

2017

Revolving Credit Facility, which rate

may

range from

0.375%

0.50%

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

2017

Revolving Credit Facility matures on

February 7, 2022,

and the

2017

Term Loan matures on

February 7, 2024.

As a result of entering into the

2017

Senior Credit Facility, we recorded a loss on extinguishment of debt of

approximately

$2.9

million in the year ended

December 31, 2017,

and we incurred approximately

$5.0

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

2017

Senior Credit Facility.

As of

December 31, 2017

and

2016,

we had

$525.0

million of

2024

Notes outstanding.

The interest rate and yield on the

2024

Notes were

5.125%.

The

2024

Notes mature on

October 15, 2024.

Interest is payable semiannually, on

April

and

October

of each year.

June 14, 2016,

we completed the private placement of

$500.0

million of our

2026

Notes (the “Original

2026

Notes”) at par. On

September 14, 2016,

we completed the private placement of an additional

$200.0

million of our

2026

Notes (the “Additional

2026

Notes”). The Additional

2026

Notes were issued at a price of

103.0%,

resulting in aggregate gross proceeds of approximately

$206.0

million, plus accrued and unpaid interest from and including

June 14, 2016.

As of

December 31, 2017

and

2016,

we had

$700.0

million of

2026

Notes outstanding. The interest rate and yield on the Original

2026

Notes were

5.875%.

The interest rate and yield on the Additional

2026

Notes were

5.875%

and

5.398%,

respectively. The Additional

2026

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

2026

Notes. The

2026

Notes mature on

July 15, 2026.

Interest is payable semiannually, on

January

and

July

of each year.

Collateral, Covenants and Restrictions

Our obligations under the

2017

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

2017

Senior Credit Facility. Gray Television, Inc. is a holding company, and has

material independent assets or operations. For all applicable periods, the

2024

Notes and

2026

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

not

gurantee the

2024

Notes and

2026

Notes are minor. As of

December 31, 2017,

there were

significant restrictions on the ability of Gray Television, Inc.'s subsidiaries to distribute cash to Gray or to the guarantor subsidaries.

The

2017

Senior Credit Facility contains affirmative and restrictive covenants with which we must comply, including: (a) limitations on additional indebtedness, (b) limitations on liens, (c) limitations on the sale of assets, (d) limitations on guarantees, (e) limitations on investments and acquisitions, (f) limitations on the payment of dividends and share repurchases, (g) limitations on mergers and (h) maintenance of the First Lien Leverage Ratio while any amount is outstanding under the revolving credit facility, as well as other customary covenants for credit facilities of this type. The

2026

Notes and

2024

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

As of

December 31, 2017

and

2016,

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

Maturities

Aggregate minimum principal maturities on long-term debt as of

December 31, 2017

were as follows (in thousands):

	Minimum Principal Maturities
	2017 Senior		2024		2026
Year	Credit Facility		Notes		Notes		Total
2018	$	6,417	$	-	$	-	$	6,417
2019		6,417		-		-		6,417
2020		6,417		-		-		6,417
2021		6,417		-		-		6,417
2022		6,417		-		-		6,417
Thereafter		603,149		525,000		700,000		1,828,149
Total	$	635,234	$	525,000	$	700,000	$	1,860,234

Interest Payments

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

$97.0

million,

$76.2

million and

$76.9

million during

2017,

2016

and

2015,

respectively. We did

not

capitalize any interest payments during the years ended

December 31, 2017,

2016

2015.

Note 4 - Fair Value Measurement	12 Months Ended
Note 4 - Fair Value Measurement	Dec. 31, 2017
Notes to Financial Statements
Fair Value Disclosures [Text Block]	4 . Fair Value Measurement For purposes of determining a fair value measurement, we utilize market data or assumptions that market participants would use in pricing an asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corrobora ted or generally unobservable. We utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. These inputs are prioritized into a hierarchy that gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (“Level 1” ) and the lowest priority to unobservable inputs that require assumptions to measure fair value (“Level 3” ). Level 2 inputs are those that are other than quoted prices on national exchanges included within Level 1 that are observable for the asset or liability either directly or indirectly (“Level 2” ). Fair Value of Financial Instruments . The estimated fair value of financial instruments is determined using market information and appropriate valuation methodologies. Interpreting market data to develop fair value estimates involves considerable judgment. The use of different market assumptions or methodologies could have a material effect on the estimated fair value amounts. Accordingly, the estimates presented are not necessarily indicative of the amounts that we could realize in a current market exchange, or the value that ultimately will be realized upon maturity or disposition. The carrying amounts of the following instruments approximate fair value due to their short term to maturity: (i) accounts receivable, (ii) prepaid and other current assets, (iii) accounts payable, (iv) accrued employee compensation and benefits, (v) accrued interest, (vi) other accrued expenses, (vii) acquisition-related liabilities and (viii) deferred revenue. As of December 31, 2017, the carrying amount of our long-term debt was $1.8 billion and the fair value was $1.9 billion. As of December 31, 2016 the carrying amount and fair value of our long-term debt were each $1.8 billion. Fair value of our long-term debt is based on observable estimates provided by third -party financial professionals and as such is classified within Level 2 of the fair value hierarchy.

- Definition

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

+ References + Details

Note 5 - Stockholders' Equity	12 Months Ended
Note 5 - Stockholders' Equity	Dec. 31, 2017
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	5 . Stockholders’ Equity We are authorized to issue 135 million shares of all classes of stock, of which 15 million shares are designated Class A common stock, 100 million shares are designated common stock, and 20 million shares are designated “blank check” preferred stock for which our Board of Directors has the authority to determine the rights, powers, limitations and restrictions. The rights of our common stock and Class A common stock are identical, except that our Class A common stock has 10 votes per share and our common stock has one vote per share. Our common stock and Class A common stock are entitled to receive cash dividends if declared, on an equal per-share basis. For the years ended December 31, 2017, 2016 and 2015, we did not declare or pay any common stock or Class A common stock dividends. In December 2017, we completed an underwritten public offering of 17.25 million shares of our common stock at a price to the public of $14.50 per share. The net proceeds from the offering were $238.9 million, after deducting underwriting discounts of $10.6 million and expenses of $0.6 million. The proceeds of this offering are currently being held in our corporate treasury. In March 2015, we completed an underwritten public offering of 13.5 million shares of our common stock at a price to the public of $13.00 per share. The net proceeds from the offering were $167.3 million, after deducting underwriting discounts of $7.5 million and expenses of $0.9 million. We used the net proceeds from the offering to pay a significant portion of the consideration to complete the 2015 Acquisitions. In each of March and November 2004, the Board of Directors of the Company authorized the Company to repurcha se up to 2.0 million shares of the Company's common stock and Class A common stock. In March 2006, this authorization was increased to an aggregate of 5.0 million shares (the “2004 - 2006 Repurchase Authorization”). As of December 31, 2017, 279,200 shares remain available for repurchase under this authorization, which has no expiration date. On November 6, 2016, the Board of Directors of the Company authorized the Company to purchase up to an additional $75.0 million of our outstanding common stock prior to December 31, 2019 ( the “2016 Repurchase Authorization”). The 2016 Repurchase Authorization prohibits the Company from purchasing shares directly from the Company’s officers, directors, or the Gray Television, Inc. Capital Accumulation Plan (the “401k Plan”). During the year ended December 31, 2017, we purchased 322,038 shares of our common stock at an average purchase price of $12.39 per share under the 2016 Repurchase Authorization, for a total cost of $4.0 million. As of December 31, 2017, $69.0 million remains available to purchase shares of our common stock under the 2016 Repurchase Authorization. The extent to which the Company repurchases any of its shares, the number of shares and the timing of any repurchases will depend on general market condition s, regulatory requirements, alternative investment opportunities and other considerations. The Company is not required to repurchase a minimum number of shares, and the repurchase authorizations may be modified, suspended or terminated at any time without prior notice. Under our various employee benefit plans, we may, at our discretion, issue authorized and unissued shares, or previously issued shares held in treasury, of our Class A common stock or common stock. As of December 31, 2017, we had reserved 7,422,965 shares and 1,923,144 shares of our common stock and Class A common stock, respectively, for future issuance under various employee benefit plans. As of December 31, 2016, we had reserved 5,449,148 shares and 257,581 shares of our common stock and Class A common stock, respectively, for future issuance under various employee benefit plans.

Note 6 - Stock-based Compensation

12 Months Ended

Dec. 31, 2017

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

. Stock-Based Compensation

We recognize

compensation expense for share-based payment awards made to our employees, consultants and directors. Our active stock-based compensation plans include our

2017

Equity and Incentive Compensation Plan (the

“2017

EICP”); our

2007

Long-Term Incentive Plan, as amended (the

“2007

Incentive Plan”); and our Directors’ Restricted Stock Plan. The following table presents our stock-based compensation expense and related income tax benefits for the years ended

December 31, 2017,

2016

and

2015

(in thousands):

	Year Ended December 31,
	2017			2016			2015
Stock-based compensation expense, gross	$	8,303		$	5,099		$	4,019
Income tax benefit at our statutory rate associated with stock-based compensation		(3,238	)		(1,989	)		(1,567	)
Stock-based compensation expense, net	$	5,065		$	3,110		$	2,452

Currently,

the

2017

EICP provides for, and, while awards were available for grant thereunder the

2007

Incentive Plan provided for, the grant of incentive stock options, nonqualified stock options, restricted stock awards, restricted stock unit awards, stock appreciation rights, and performance awards to acquire shares of our Class A common stock or common stock, or other awards based on our performance. Under the Directors’ Restricted Stock Plan, each director can be awarded up to

10,000

shares of restricted common stock or Class A common stock each calendar year. During the years ended

December 31, 2017,

2016

and

2015,

we did

not

grant any awards under the Directors’ Restricted Stock Plan. All shares of common stock and Class A common stock underlying outstanding options, restricted stock units and performance awards are counted as issued under the

2017

EICP, the

2007

Incentive Plan and the Directors’ Restricted Stock Plan for purposes of determining the number of shares available for future issuance.

During

2017,

we granted:

●

Under the

2007

Incentive

Plan,

307,943

shares of restricted common stock to certain employees, of which

102,648

shares vested on

January 31, 2018;

102,648

shares will vest on

January 31, 2019;

and

102,647

shares will vest on

January 31, 2020;


	●	Under the 2007 Incentive P lan, 198,220 shares of restricted Class A common stock to an employee, of which 66,073 shares vested on January 31, 2018; 66,073 shares will vest on of January 31, 2019; and 66,074 shares will vest on January 31, 2020;

	●	Under the 2017 EICP, 76,856 shares of restricted Class A common stock to our non-employee directors, all of which vested on January 31, 2018; and

●

Under the

2017

EICP,

restricted stock units representing

215,500

shares of our common stock, of which

209,500

shares vested on

January 31, 2018 with the remaining 6,000 shares being forfeited.

During

2016,

we granted, under the

2007

Incentive Plan:

●

218,452

shares of restricted common stock to certain employees, of which

72,816

ares vested on each of

January 31, 2017

and

2018;

and

72,820

shares will vest on

January 31, 2019;


	●	166,677 shares of restricted Class A common stock to an employee, of which 55,559 shares vested on each of January 31, 2017 and 2018; and 55,559 shares will vest on January 31, 2019; and

●

19,048

shares of restricted common stock and

51,935

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

January 31, 2017.

During

2015,

we granted, under the

2007

Incentive Plan:

●

150,308

shares of restricted common stock to certain employees, of which

50,102

shares vested on

January 31, 2016;

50,100

shares vested on

January 31, 2017;

and

50,106

shares vested on

January 31, 2018;


	●	229,322 shares of restricted Class A common stock to certain employees, of which 76,442 shares vested on each of January 31, 2016 and 2017; and 76,438 shares vested on January 31, 2018; and

●

58,191

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

January 31, 2016.

As of

December 31, 2017,

we had

4.8

million shares of our common stock and

1.9

million shares of our Class A common stock available for issuance under the

2017

EICP.

As of

December 31, 2017

and

2016,

we had outstanding options to acquire

274,746

shares of our common stock, all of which were vested and exercisable under the

2007

Incentive Plan. All outstanding options were granted with exercise prices equal the market value of the underlying stock at the close of business on the date of the grant. The exercise price of all our outstanding stock options is

$1.99

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

$4.1

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

December 31, 2017.

There are

shares available for future awards under this plan.

As of

December 31, 2017,

under the Directors Restricted Stock Plan there were

770,000

shares available for future award.

As of

December 31, 2017,

we had

$3.4

million of total unrecognized compensation expense related to all non-vested share based compensation arrangements. This expense is expected to be recognized over a period of

1.4

years.

A summary

of activity for the years ended

December 31, 2017,

2016

and

2015

under our stock based compensation plans is as follows:

	Year Ended December 31,
	2017					2016					2015
	Number of Shares			Weighted- Average Grant Date Fair Value Per Share		Number of Shares			Weighted- Average Grant Date Fair Value Per Share		Number of Shares			Weighted- Average Grant Date Fair Value Per Share

Restricted stock - common:
Outstanding - beginning of period		396,033		$	12.06		337,506		$	9.57		385,056		$	9.09
Granted		307,943			10.40		237,500			12.88		150,308			10.27
Vested		(200,291	)		11.82		(178,973	)		8.46		(197,858	)		9.16
Outstanding - end of period		503,685		$	11.14		396,033		$	12.06		337,506		$	9.57

Restricted stock - Class A common:
Outstanding - beginning of period		415,082		$	10.15		374,693		$	9.46		204,473		$	9.81
Granted		275,076			10.84		218,612			11.25		287,513			9.37
Vested		(227,526	)		10.00		(178,223	)		10.04		(117,293	)		9.85
Outstanding - end of period		462,632		$	10.63		415,082		$	10.15		374,693		$	9.46

Restricted stock units - common:
Outstanding - beginning of period		-		$	-
Granted		215,500			15.70
Vested		-			-
Forfeited		(6,000	)		15.70
Outstanding - end of period		209,500		$	15.70

Subsequent Event.

February 14, 2018,

we granted the following restricted stock awards, with a total grant date fair value of approximately

$7.6

million, under the

2017

EICP:

●

110,040

shares of restricted Class A common stock with a grant date fair value per share of

$12.65

to an employee, of which

36,680

shares will vest on each of

February 28, 2019,

2020

and

2021;

●

110,040

shares of restricted Class A common stock with a grant date fair value per share of

$12.65

to an employee, subject to the achievement of certain performance measures, which will vest on

February 28, 2021;

and

●

318,196

shares of restricted common stock with a grant date fair value per share of

$15.25

to certain employees, of which

153,406

shares will vest on

February 28, 2019,

82,394

shares will vest on

February 28, 2020,

and

82,396

shares will vest on

February 28, 2021

Note 7 - Income Taxes

12 Months Ended

Dec. 31, 2017

Income Tax Disclosure [Text Block]

. Income Taxes

We recognize deferred tax assets and liabilities for future tax consequences attributable to differences between our financial statement carrying amounts of existing assets and liabilities and their respe

ctive tax bases. We measure deferred tax assets and liabilities using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to reverse. We recognize the effect on deferred tax assets and liabilities resulting from a change in tax rates in income in the period that includes the date of the change.

The

TCJA was signed into law on

December 22, 2017.

The TCJA reduced the value of our deferred tax liabilities resulting in the recognition of a tax benefit of approximately

$146.0

million in the

fourth

quarter of

2017

with a credit to earnings for a reduction of those liabilities. In addition, the TCJA contains significant changes to corporate taxes that will materially affect the taxes owed by us in

2018

and subsequent years. Among other things, the new law reduces the maximum federal corporate income tax rate from

35%

21%,

which should have a positive effect on our net earnings and earnings per share. It also limits or eliminates certain deductions to which we have been entitled in past years.

It also includes an option to claim accelerated depreciation deductions on qualified property but limits or eliminates certain deductions to which we have been entitled in past years

The SEC staff issued

Staff Accounting Bulletin

No.

118

(“SAB

118”

) to address the application of U.S. GAAP in situations when a registrant does

not

have the necessary information available, prepared, or analyzed (including computations) in reasonable detail to complete the accounting for certain income tax effects of the TCJA. We have recognized the provisional tax impacts related primarily to depreciation deductions and included these amounts in our consolidated financial statements for the year ended

December 31, 2017.

The ultimate impact

may

differ from these provisional amounts, possibly materially, due to, among other things, additional analysis, changes in interpretations and assumptions we have made, additional regulatory guidance that

may

be issued, and actions we

may

take as a result of the TCJA. The accounting is expected to be complete when the

2017

U.S. corporate income tax return is filed later in

2018

Under certain circumstances, we recognize liabilities in our financial statements for positions taken on uncertain tax issues.

When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others

may

be subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, we believe it is more likely than

not

that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are

not

offset or aggregated with other positions. Tax positions that meet the more-likely-than-

not

recognition threshold are measured as the largest amount of tax benefit that is more than

percent likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits on the balance sheet along with any associated interest and penalties that would be payable to the taxing authorities upon examination. Interest and penalties associated with unrecognized tax benefits are classified as income tax expense in the statement of operations.

Federal and state

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

	Year Ended December 31,
	2017			2016			2015
Current:
Federal	$	4,633		$	-		$	-
State and local		3,261			2,730			1,259
State and local - reserve for uncertain tax positions		757			(698	)		(581	)
Current income tax expense (benefit)		8,651			2,032			678
Deferred:
Federal (1)		(81,666	)		38,214			24,067
State and local		4,341			3,172			1,703
Deferred income tax (benefit) expense		(77,325	)		41,386			25,770
Total income tax (benefit) expense	$	(68,674	)	$	43,418		$	26,448

(

)

Includes a federal tax benefit of

$146.0

million from the restatement of deferred taxes resulting from the reduction of the corporate tax rate due to the enactment of the TCJA.

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

	December 31,
	2017			2016
Deferred tax liabilities:
Net book value of property and equipment	$	18,131		$	26,620
Broadcast licenses, goodwill and other intangibles		272,330			369,275
Total deferred tax liabilities		290,461			395,895

Deferred tax assets:
Liability for accrued vacation		1,438			2,232
Liability for accrued bonus		2,391			5,483
Loan acquisition costs		47			336
Allowance for doubtful accounts		1,170			1,168
Liability under health and welfare plan		608			1,201
Liability for pension plan		9,611			13,278
Federal operating loss carryforwards		-			20,401
State and local operating loss carryforwards		4,719			4,555
Alternative minimum tax carryforwards		3,925			386
Unearned income		2			3
Stock options		113			174
Acquisition costs		2,104			3,140
Restricted stock		2,636			1,950
Other		82			109
Total deferred tax assets		28,846			54,416
Valuation allowance for deferred tax assets		(75	)		(1,532	)
Net deferred tax assets		28,771			52,884

Deferred tax liabilities, net of deferred tax assets	$	261,690		$	343,011

We have approximately

$61.6

million in federal operating loss carryforwards from

2016,

which will be fully utilized when we file our

2017

tax return. Additionally, we have an aggregate of approximately

$101.7

million of various state operating loss carryforwards. We project to have taxable income in the carryforward periods. Therefore, we believe that it is more likely than

not

that our state net operating loss carryforwards will be fully utilized.

A valuation allowance has been provided for a portion of the state net operating loss carryforwards. We believe that we will

not

meet the more likely than

not

threshold in certain states due to the uncertainty of generating sufficient income. Therefore, the state valuation allowance at

December 31, 2017

and

2016

was

$0.1

million and

$1.5

million, respectively.

Our total valuation allowance provided for deferred income tax assets decreased $

1.4

million for the year ended

December 31, 2017

due to changes in estimated utilization of state operating loss carryforwards. Our total valuation allowance provided for deferred income tax assets decreased

$0.2

million for the year ended

December 31, 2016

due to changes in estimated utilization of state operating loss carryforwards.

A reconciliation of income tax expense at the statutory federal income tax rate and income taxes as reflected in the consolidated financial statements for the years ended

December 31, 2017,

2016

and

2015

is as follows (in thousands):

	Year Ended December 31,
	2017			2016			2015
Statutory federal rate applied to income before income tax expense	$	67,647		$	36,992		$	23,012
Current year permanent items		2,408			1,830			1,192
State and local taxes, net of federal tax benefit		7,889			5,056			2,831
Change in valuation allowance		(1,457	)		(151	)		(369	)
Reserve for uncertain tax positions		757			(698	)		(581	)
Rate change due to enactment of tax reform		(145,997	)		-			-
Other items, net		79			389			363
Income tax (benfit) expense as recorded	$	(68,674	)	$	43,418		$	26,448

Effective income tax (benefit) expense rate		(35.5)%			41.1%			40.2%

As of each year end, we are required to adjust our pension liability to an amount equal to the funded status of our pension plans with a corresponding adjustment to other comprehensive income on a net of tax basis. During

2017,

we increased our recorded non-current pension liability by

$7.4

million and recognized other comprehensive loss of

$4.5

million, net of a

$2.9

million tax benefit. During

2016,

we increased our recorded non-current pension liability by

$0.6

million and recognized other comprehensive loss of

$0.4

million, net of a

$0.2

million tax benefit. During

2015,

we decreased our recorded non-current pension liability by

$5.8

million and recognized other comprehensive income of

$3.5

million, net of a

$2.3

million tax expense.

2017,

2016

and

2015,

we made income tax payments (net of refunds) of

$2.0

million,

$14.6

million and

$1.8

million, respectively. At

December 31, 2017,

we had current prepaid income taxes of approximately

$13.8

million and at

December 31, 2016,

we had current prepaid income taxes of approximately

$14.6

million.

prescribe a recognition threshold and measurement attribution for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. For benefits to be recognized, a tax position must be more likely than

not

to be sustained upon examination by taxing authorities.

We file income tax returns in the U.S. federal and multiple state jurisdictions.

With few exceptions, we are

longer subject to U.S. federal, or state and local tax examinations by tax authorities for years prior to

2007.

This extended open adjustment period is due to material amounts of net operating loss carryforwards, which exist at the federal level and in multiple-state jurisdictions arising from the

2009

and

2011

tax years.

Note 8 - Retirement Plans

12 Months Ended

Dec. 31, 2017

Pension and Other Postretirement Benefits Disclosure [Text Block]

. Retirement Plans

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

Our defined benefit pension plan is the Gray Television, Inc. Retirement Plan (the “Gray Pension Plan”). On

December 31, 2016,

two

plans that were assumed in prior years when we acquired the related businesses were merged into the Gray Pension Plan. Monthly plan benefits under the Gray Pension Plan are frozen and can

longer increase, and

new participants can be added to the Gray Pension Plan.

The

Gray Pension Plan’s funding policy is consistent with the funding requirements of existing federal laws and regulations under the Employee Retirement Income Security Act of

1974.

The measurement dates used to determine the benefit information for the Gray Pension Plan were

December 31, 2017

and

2016,

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

December 31, 2017

and

2016,

respectively (dollars in thousands):

	December 31,
	2017			2016
Change in projected benefit obligation:
Projected benefit obligation at beginning of year	$	114,976		$	103,199
Interest cost		4,669			4,398
Actuarial losses		-			1,839
Benefits paid		(3,529	)		(2,790	)
Merger of assumed plans		9,970			8,330
Projected benefit obligation at end of year	$	126,086		$	114,976

Change in plan assets:
Fair value of pension plan assets at beginning of year	$	80,929		$	69,246
Actual return on plan assets		7,724			5,918
Company contributions		3,124			2,775
Benefits paid		(3,529	)		(2,790	)
Merger of assumed plans		-			5,780
Fair value of pension plan assets at end of year		88,248			80,929
Funded status of pension plan	$	(37,838	)	$	(34,047	)

Amounts recognized on our balance sheets consist of:
Accrued benefit cost	$	(1,502	)	$	(5,121	)
Accumulated other comprehensive loss		(36,336	)		(28,926	)
Net liability recognized	$	(37,838	)	$	(34,047	)

Because the Gray Pension Plan is frozen the projected benefit obligation and the accumulated benefit obligation are the same. The accumulated benefit obligation was

$126.1

million and

$115.0

million at

December 31, 2017

and

2016,

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

not

required because of the Plan’s frozen status:

	Year Ended December 31,
	2017			2016
Weighted-average assumptions used to determine net periodic benefit cost for the Gray Pension Plan:
Discount rate		4.11	%		4.31	%
Expected long-term rate of return on pension plan assets		7.00	%		7.00	%
Estimated rate of increase in compensation levels		N/A			N/A

	As of December 31,
	2017			2016
Weighted-average assumptions used to determine benefit obligations:
Discount rate		3.55	%		4.11	%

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

	Year Ended December 31,
	2017			2016			2015
Components of net periodic pension cost:
Service cost	$	-		$	-		$	3,130
Interest cost		4,670			4,398			4,159
Expected return on plan assets		(5,648	)		(4,836	)		(4,782	)
Recognized net actuarial loss		484			406			1,580
Net periodic pension (benefit) cost	$	(494	)	$	(32	)	$	4,087

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

Years			Amount
2018			$	2,924
2019				3,279
2020				3,768
2021				4,047
2022				4,324
2023	-	2027		26,680

The

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

	As of December 31,
	2017			2016
Asset category:
Insurance general account		19	%		23	%
Cash management accounts		4	%		6	%
Equity accounts		42	%		39	%
Fixed income accounts		31	%		28	%
Real estate accounts		4	%		4	%
Total		100	%		100	%

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

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

Our equity portfolio contains securities of companies necessary to build a diversified portfolio, and that we believe are financially sound. Our fixed income portfolio contains obligations generally rated A or better with

maturity restrictions and an actively managed duration. The cash equivalents strategy uses securities of the highest credit quality.

Fair Value of Gray

Pension Plan Assets

We calculate the fair value of the Gray Pension Plan’s assets based upon the observable and unobservable net asset value of its underlying investments. We utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. These inputs are prioritized by the fair value hierarchy proscribed by Accounting Standards Codification Topic

820,

described in Note

“Fair Value Measurement.”

The following table presents the fair value of

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

December 31, 2017

and

2016,

respectively (in thousands):

Gray Pension Plan Fair Value Measurements

	As of December 31, 2017
	Level 1		Level 2		Level 3		Total
Assets:
Insurance general account	$	-	$	16,873	$	-	$	16,873
Cash management accounts		3,229		-		-		3,229
Equity accounts		37,536		-		-		37,536
Fixed income accounts		27,146		-		-		27,146
Real estate accounts		3,464		-		-		3,464
Total	$	71,375	$	16,873	$	-	$	88,248

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

Expected Pension

Contributions

We expect to contribute a combined total of approximately

$2.0

million to the Gray Pension Plan during the year ending

December 31, 2018.

Capital Accumulation Plan

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

401

(k) of the Internal Revenue Code. Employer contributions under the Capital Accumulation Plan include matching cash contributions at a rate of

100%

of the

first

of each employee’s salary deferral, and

50%

of the next

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

December 31, 2017,

2016

and

2015,

our matching

contributions to our Capital Accumulation Plan were

$6.6

million,

$5.4

million and

$1.8

million, respectively. We estimate that our matching cash contributions to the Capital Accumulation Plan for year ending

December 31, 2018

will be approximately

$6.8

million.

In addition, the Company, at its discretion,

may

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

December 31, 2017,

2016

and

2015,

the Company had accrued contributions of

$4.1

million,

$3.4

million and

$1.6

million, respectively, as discretionary profit sharing contributions.

may

also make matching contributions of our common stock under the Capital Accumulation Plan. As of

December 31, 2017,

we had

1,587,719

shares of common stock reserved for issuance under this plan. During the years ended

December 31, 2017,

2016

and

2015,

we made matching contributions of our common stock to the Capital Accumulation Plan as follows (dollars in thousands):

	Year Ended December 31,
	2017				2016				2015
	Shares		Amount		Shares		Amount		Shares		Amount
Matching contributions to the Capital Accumulation Plan		1,224	$	15		2,571	$	29		1,898	$	26

Note 9 - Commitments and Contingencies

12 Months Ended

Dec. 31, 2017

Commitments and Contingencies Disclosure [Text Block]

. Commitments and Contingencies

From time to time w

may

have various contractual and other commitments requiring future payments. These commitments

may

include amounts required to be paid for: the acquisition of television stations; the purchase of property and equipment; service and other agreements; operating lease commitments for equipment, land and office space; commitments for various syndicated television programs; and commitments under affiliation agreements with networks. Future minimum payments for these commitments, in addition to the liabilities accrued for on our consolidated balance sheet as of

December 31, 2017,

were as follows (in thousands):

	Property		Service and				Syndicated		Network
	and		Other		Operating		Television		Affiliation
Year	Equipment		Agreements		Leases		Programming		Agreements		Total
2018	$	3,887	$	2,856	$	3,286	$	6,214	$	176,669	$	192,912
2019		-		749		2,651		18,330		130,014		151,744
2020		-		-		2,284		12,571		140,357		155,212
2021		-		-		2,125		1,510		130,117		133,752
2022		-		-		1,952		691		2,679		5,322
Thereafter		-		-		5,294		451		-		5,745
Total	$	3,887	$	3,605	$	17,592	$	39,767	$	579,836	$	644,687

Leases

We have

material capital leases. Where leases include rent holidays, rent escalations, rent concessions and leasehold improvement incentives, the value of these incentives are amortized over the lease term including anticipated renewal periods. Leasehold improvements are depreciated over the associated lease term including anticipated renewal periods. Rent expense resulting from operating leases for the years ended

December 31, 2017,

2016

and

2015

were

$4.0

million,

$3.5

million and

$2.8

million, respectively.

Legal Proceedings and Claims

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

not

materially affect our financial position, results of operations or cash flows, although legal proceedings are subject to inherent uncertainties, and unfavorable rulings or events could occur that could negatively affect us, possibly materially.

Note 10 - Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2017

Goodwill and Intangible Assets Disclosure [Text Block]

. Goodwill and Intangible Assets

During the year

s ended

December 31, 2017

and

2016,

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

“Acquisitions and Dispositions” for more information regarding these transactions. A summary of changes in our goodwill and other intangible assets, on a net basis, for the years ended

December 31, 2017

and

2016

is as follows (in thousands):

	Net Balance at												Net Balance at
	December 31,												December 31,
	2016		Acquisitions		Dispositions			Impairment		Amortization			2017
Goodwill	$	485,318	$	125,782	$	-		$	-	$	-		$	611,100
Broadcast licenses		1,340,305	$	203,503		(13,105	)		-		-			1,530,703
Finite-lived intangible assets		56,250		42,606		-			-		(25,072	)		73,784
Total intangible assets net of accumulated amortization	$	1,881,873	$	371,891	$	(13,105	)	$	-	$	(25,072	)	$	2,215,587

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

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

December 31, 2017

and

2016

is as follows (in thousands):

	As of									As of
	December 31, 2016			Acquisitions		Dispositions		Impairment		December 31, 2017
Goodwill, gross	$	583,914		$	125,782	$	-	$	-	$	709,696
Accumulated goodwill impairment		(98,596	)		-		-		-		(98,596	)
Goodwill, net	$	485,318		$	125,782	$	-	$	-	$	611,100

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

As of

December 31, 2017

and

2016,

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

	As of December 31, 2017							As of December 31, 2016
			Accumulated							Accumulated
	Gross		Amortization			Net		Gross		Amortization			Net
Intangible assets not currently subject to amortization:
Broadcast licenses	$	1,584,402	$	(53,699	)	$	1,530,703	$	1,394,004	$	(53,699	)	$	1,340,305
Goodwill		611,100		-			611,100		485,318		-			485,318
	$	2,195,502	$	(53,699	)	$	2,141,803	$	1,879,322	$	(53,699	)	$	1,825,623

Intangible assets subject to amortization:
Network affiliation agreements	$	6,134	$	(3,551	)	$	2,583	$	1,264	$	(1,264	)	$	-
Other finite-lived intangible assets		143,446		(72,245	)		71,201		105,792		(49,542	)		56,250
	$	149,580	$	(75,796	)	$	73,784	$	107,056	$	(50,806	)	$	56,250

Total intangibles	$	2,345,082	$	(129,495	)	$	2,215,587	$	1,986,378	$	(104,505	)	$	1,881,873

Amortization expense for the years ended

December 31, 2017,

2016

and

2015

was

$25.1

million,

$16.6

million and

$12.0

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

December 31, 2017,

we expect that amortization expense for the succeeding

five

years will be as follows:

2018,

$20.6

million;

2019,

$15.4

million;

2020,

$12.4

million;

2021,

$8.3

million; and

2022,

$4.8

million. If and when acquisitions and dispositions occur in the future, actual amounts

may

vary from these estimates.

Impairment of goodwill and broadcast license

As of

December 31, 2017

and

2016,

we tested our goodwill, broadcast licenses and other intangible asset recorded values for potential impairment and concluded that the balances were reasonably stated. As a result, we did

not

record an impairment expense for our goodwill, broadcast licenses or other intangible assets during

2017,

2016

2015.

Completion

of FCC Spectrum Auction.

August 7, 2017,

we received

$90.8

million resulting from our relinquishment of

two

licenses in the FCC’s Spectrum Auction. In connection with this transaction we tendered

two

of our broadcast licenses and made other modifications to our broadcast spectrum related to our participation in the FCC Spectrum Auction. The cost of the assets disposed of was

$13.1

million. The income tax obligations related to this gain have been deferred on a long-term basis.

See Note

“Description of Business and Summary of Significant Accounting Policies”

for further discussion of our accounting policies regarding goodwill, broadcast licenses and other intangible assets.

- Definition

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

+ References + Details

Note 11 - Selected Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2017

Quarterly Financial Information [Text Block]

. Selected Quarterly Financial Data (Unaudited)

	Fiscal Quarter
	First		Second		Third			Fourth
	(In thousands, except for per share data)
Year Ended December 31, 2017:
Revenue (less agency commissions)	$	203,461	$	226,681	$	218,977		$	233,609
Operating income		43,558		142,555		50,024			55,089
Net income		10,505		70,561		15,316			165,570

Basic net income per share	$	0.15	$	0.98	$	0.21		$	2.15

Diluted net income per share	$	0.14	$	0.97	$	0.21		$	2.13

Year Ended December 31, 2016:
Revenue (less agency commissions)	$	173,723	$	196,633	$	204,490		$	237,619
Operating income		36,111		53,687		60,467			83,874
Net income (loss)		8,990		17,662		(213	)		35,834

Basic net income (loss) per share	$	0.13	$	0.25	$	-		$	0.50

Diluted net income (loss) per share	$	0.12	$	0.24	$	-		$	0.49

Because of the method used in calculating per share data, the

sum of the quarterly per share data will

not

necessarily equal the per share data as computed for the year.

Schedule II - Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2017

Schedule of Valuation and Qualifying Accounts Disclosure [Text Block]

GRAY TELEVISION, INC.

SCHEDULE II

– VALUATION AND QUALIFYING ACCOUNTS

(in thousands)

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

Year Ended December 31, 2017:
Allowance for doubtful accounts	$	3,163	$	2,400		$	-	$	(957	)	$	4,606
Valuation allowance for deferred tax assets	$	1,532	$	(1,457	)	$	-	$	-		$	75

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

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

(a)

2016,

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

“Acquisitions and Dispositions” of the notes to our audited consolidated financial statements included elsewhere herein for further information.

(b)

Deductions from allowance for doubtful accounts represent write-offs of receivable balances

not

considered collectible

. The deduction from the valuation allowance for deferred tax assets represents changes in estimates of our future taxable income and our estimated future usage of certain net operating loss carryforwards, as well as expiration of certain net operating loss carryforwards.

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2017

Accounting Policies [Abstract]

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

Variable Interest Entity (“VIE”).

January 17, 2017,

we acquired

the assets of

two

television stations that were divested by Nexstar Broadcasting, Inc. upon its merger with Media General, Inc. (“Media General”): WBAY-TV (ABC), in the Green Bay, Wisconsin television market (DMA

), and KWQC-TV (NBC), in the Davenport, Iowa, Rock Island, Illinois, and Moline, Illinois or “Quad Cities” television market (DMA

102

), for an adjusted purchase price of

$269.9

May 30, 2017,

August 7, 2017,

we completed the acquisition of the broadcast licenses from GME.

January 17, 2017

and continuing through

August 7, 2017,

the date that we were

longer deemed to be the primary beneficiary of GME.

Investment, Policy [Policy Text Block]

Investments in Broadcasting and Technology Companies

We have an investment in Sarkes Tarzian, Inc. (“Tarzian”) whose principal business is the ownership and operation of

two

television stations. As of

June 30, 2017,

the most recent period for which we have Tarzian’s financial statements, our investment represented

32.4%

of the total outstanding common stock of Tarzian (both in terms of the number of shares of common stock outstanding and in terms of voting rights), but such investment represented

67.9%

2016,

we made a

$3.0

million strategic equity investment in Syncbak, a technology company that replicates over-the-air broadcasts for delivery over-the-top of the Internet. This

investment does

not

represent a controlling interest in Syncbak, nor are we committed to fund Syncbak’s operations. One member of our senior management holds a seat on Syncbak’s board of directors. We do

not

Revenue Recognition, Policy [Policy Text Block]

Revenue Recognition

Cash received that has

not

yet been recognized as revenue is presented as deferred revenue. Revenue that has been earned but

not

yet received is recognized as revenue and presented as a receivable.

Advertising Barter Transactions, Policy [Policy Text Block]

Trade

and Barter

Transactions

December 31, 2017,

2016

and

2015

were as follows (amounts in thousands):

	Year Ended December 31,
	2017			2016			2015
Trade revenue	$	1,832		$	2,069		$	2,299
Trade expense		(1,863	)		(1,997	)		(2,188	)
Net trade (loss) income	$	(31	)	$	72		$	111

e do

not

account for barter revenue and related barter expense generated from network or syndicated programming as such amounts are

not

material. Furthermore, any such barter revenue recognized would then require the recognition of an equal amount of barter expense. The recognition of these amounts would

not

have a material effect upon net income.

Advertising Costs, Policy [Policy Text Block]

Advertising Expense

Our advertising expense was

$1.6

million,

$1.5

million and

$1.0

million for the years ended

December 31, 2017,

2016

and

2015,

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

Use of Estimates, Policy [Policy Text Block]

Use of Estimates

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

Allowance for Dou

btful Accounts.

Our allowance for doubtful accounts is equal to a portion of our receivable balances that are

120

days old or older. We

may

provide allowances for certain receivable balances that are less than

120

days old when warranted by specific facts and circumstances. We recorded expenses for this allowance of

$2.4

million,

$1.9

million and

$0.6

million for the years ended

December 31, 2017,

2016

and

2015,

respectively. We generally write off accounts receivable balances when the customer files for bankruptcy or when all commonly used methods of collection have been exhausted.

Program Broadcast Rights [Policy Text Block]

Program Broadcast Rights

We have

two

types of syndicated television program contracts:

first

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

Wheel of Fortune

and off network reruns are programs such as

Seinfeld

. First run programs have

not

first

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

first

run program contracts are recorded on the current balance sheet, because the programs for the later years of the contract period have

not

been produced or delivered.

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

Property and Equipment

The following table lists

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

							Estimated
	December 31,						Useful Lives
	2017			2016			(in years)
Property and equipment:
Land	$	50,458		$	44,611
Buildings and improvements		156,924			139,078			7	to	40
Equipment		511,878			471,798			3	to	20
		719,260			655,487
Accumulated depreciation		(368,602	)		(329,394	)
Total property and equipment, net	$	350,658		$	326,093

For the year ended

December 31, 2017,

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

$45.7

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

December 31, 2016

and

December 31, 2017

was due to routine purchases of equipment, less retirements.

Deferred Charges, Policy [Policy Text Block]

Deferred Loan Costs

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

April 2015,

the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”)

No.

2015

03,

Interest - Imputation of Interest (Subtopic

835

) -

Simplifying the Presentation of Debt Issuance Costs.

ASU

2015

not

affected by the amendments in this ASU. In

August 2015

, the FASB issued ASU

No.

2015

15,

Interest - Imputation of Interest (Subtopic

835

) -

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

June 18, 2015

EITF Meeting.

ASU

2015

amended previous guidance to codify the

June 18, 2015

staff announcement that the SEC staff would

not

January 1, 2016.

Asset Retirement Obligation [Policy Text Block]

Asset Retirement Obligations

2062.

The liability recognized for our asset retirement obligations was approximately

$1.1

million and

$0.8

million as of

December 31, 2017

and

2016,

respectively. During the years ended

December 31, 2017,

2016

and

2015,

we recorded expenses of

$71,000,

$15,000

and

$34,000,

respectively, related to our asset retirement obligations.

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

Concentration of Credit Risk

not

required except for political advertising. Credit losses are provided for in the financial statements and consistently have been within our expectations that are based upon our prior experience.

Excluding political

advertising revenue, which is cyclical based on election cycles, our most significant category of customer is automotive. During the years ended

December 31, 2017

and

2016

and

2015

approximately

25%,

22%

and

24%,

one

customer accounted for in excess of

of our broadcast advertising revenue in any of these periods. Furthermore, we believe that our large geographic operating area partially mitigates the potential effect of regional economic impacts.

Earnings Per Share, Policy [Policy Text Block]

arnings Per Share

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

The following table reconciles basic weighted-average shares outstanding to diluted weighted-average shares outstanding for the years ended

December 31, 2017,

2016

and

2015

(in thousands):

	Year Ended December 31,
	2017		2016		2015
Weighted-average shares outstanding – basic		73,061		71,848		68,330
Weighted-average shares underlying stock options and restricted shares		775		916		657
Weighted-average shares outstanding - diluted		73,836		72,764		68,987

Goodwill and Intangible Assets, Policy [Policy Text Block]

Valuation of Broadcast Licenses, Goodwill and Other Intangible Assets

For broadcast licenses acquired prior to

January 1, 2002,

For broadcast licenses acquired afte

December 31, 2001,

we allocate the residual value of the station to goodwill.

When renewing broadcast licenses, we incur regulato

ry filing fees and legal fees. We expense these fees as they are incurred.

Other intangible assets that we have acquired include network affiliation agreements,

retransmission agreements, advertising contracts, client lists, talent contracts and leases. Although each of our stations is affiliated with at least

one

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

Impairment Testing of

Indefinite-Lived Intangible Assets.

For purposes of testing goodwill for impairment, each of our individual television

goodwill impairment is deemed to exist. If the estimated fair value of the reporting unit does

not

one

of our television stations.

impairment expense is recorded. If the fair value does

not

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

see Note

“Goodwill and Intangible Assets.”

Comprehensive Income, Policy [Policy Text Block]

ccumulated Other Comprehensive Loss.

Our accumulated other comprehensive loss balances as of

December 31, 2017

and

2016

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

	December 31,
	2017			2016
Accumulated balances of items included in accumulated other comprehensive loss:
Increase in pension liability	$	(36,336	)	$	(28,926	)
Income tax benefit		(14,171	)		(11,281	)
Accumulated other comprehensive loss	$	(22,165	)	$	(17,645	)

New Accounting Pronouncements, Policy [Policy Text Block]

Recent Accounting Pronouncements

February 2016,

the FASB issued ASU

2016

–

Leases

(Topic

842

). ASU

2016

will supersede Topic

840,

Leases

December 15, 2018.

This standard is expected to have a material effect on our balance sheets. Specifically, we expect that, once adopted, we will record a right of use asset and lease obligation liability. As of

December 31, 2017,

the values of those assets and related liabilities were each approximately

$17.6

January 2017,

the FASB issued ASU

2017

04,

Intangibles – Goodwill and Other

(Topic

350

) –

Simplifying the Test for Goodwill Impairment

. ASU

2017

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

from the goodwill impairment test. Step

measures a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount of that goodwill.

nt exceeds the reporting unit’s fair value; however, the loss recognized will

not

exceed the total amount of goodwill allocated to that reporting unit.

The standard is effective for fiscal years beginning after

December 15, 2019,

including interim periods within those fiscal years. The standard allows for early adoption, but we have

not

yet made that determination. We do

not

expect that the adoption of this standard will have a material impact on our financial statements.

February 2018,

the FASB issued ASU

2018

02,

Income Statement

Reporting Comprehensive Income

(Topic

220

)

–

Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income

. ASU

2018

allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act of

2017

not

affected.

The standard is effective for fiscal years beginning after

December 15, 2018,

including interim periods within those fiscal years. The standard allows for early adoption, but we have

not

yet made that determination. We do

not

expect that the adoption of this standard will have a material impact on our financial statements.

Adoption of Accounting Standards and Reclassifications.

May 2014,

the FASB issued ASU

2014

–

Revenue from Contracts with Customers

(Topic

606

). ASU

2014

August 2015,

the FASB issued ASU

2015

14,

Revenue from Contracts with Customers

(Topic

606

Deferral of the Effective Date

. ASU

2015

deferred the effective date of ASU

2014

one

year to interim and annual reporting periods beginning after

December 15, 2017,

and permitted early adoption of the standard, but

not

before the original effective date of

December 15, 2016.

The standard permits the use of either a retrospective to each reporting period presented method, or a retrospective with the cumulative effect method to adopt the standard. In

March 2016,

the FASB issued ASU

2016

08,

Principal versus Agent Considerations

. This ASU amends the guidance of ASU

2014

to clarify the implementation guidance on principal versus agent considerations for reporting gross revenue versus net revenue. In

April 2016,

the FASB issued ASU

2016

10,

Revenue from Contracts with Customers

(Topic

606

Identifying Performance Obligations and Licensing

. This ASU amends the guidance of ASU

2014

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

May 2016,

the FASB issued ASU

2016

12,

Revenue from Contracts with Customers

(Topic

606

Narrow Scope Improvements and Practical Expedients

December 2016,

the FASB issued ASU

2016

20,

Revenue from Contracts with Customers

(Topic

606

Technical Corrections and Improvements

. This ASU was issued to clarify the standard and to correct unintended application of guidance.

We have completed our assessment and concluded that the adoption of ASC

606

will

not

change the timing of recognition related to our revenue streams. We adopted this standard beginning in the

first

quarter of

2018.

not

be changing, with the exception of those controls related to presentation and disclosure.

January 2016,

the FASB issued ASU

No.

2016

–

Financial Instruments - Overall

(Subtopic

825

Recognition and Measurement of Financial Assets and Financial Liabilities

. ASU

2016

first

quarter of

2018.

The adoption of this standard did

not

have a material impact on our financial statements.

March 2016,

the FASB issued ASU

2016

09,

Compensation – Stock Compensation

(Topic

718

) –

Improvements to Employee Share-Based Payment Accounting.

ASU

2016

January 1, 2017,

by approximately

$1.1

million. Beginning in

2017,

we began recording similar net excess or deficit tax deductions as current tax benefit or expense and as reductions in the related income tax prepaid or payable, or deferred tax assets.

August 2016,

the FASB issued ASU

2016

15,

Statement of Cash Flows

(Topic

230

)

– Classification of Certain Cash Receipts and Cash Payments

. ASU

2016

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

eight

specific cash flow issues with the objective of reducing the existing diversity in practice. We adopted this standard beginning in the

first

quarter of

2018.

The adoption of this standard did

not

have a material impact on our financial statements.

January 2017,

the FASB issued ASU

2017

01,

Business Combinations

(Topic

805

) –

Clarifying the Definition of a Business

. ASU

2017

first

quarter of

2018.

The adoption of this standard did

not

have a material impact on our financial statements.

March 2017,

the FASB issued ASU

2017

07,

Compensation – Retirement Benefits

(Topic

715

) -

Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost

. ASU

2017

first

quarter of

2018.

The adoption of this standard did

not

have a material impact on our financial statements.

Certain amounts in the consolidated statement of cash flows have been reclassified to conform to the current presentation.

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

12 Months Ended

Dec. 31, 2017

Schedule of Principal Transactions Revenue [Table Text Block]

	Year Ended December 31,
	2017			2016			2015
Trade revenue	$	1,832		$	2,069		$	2,299
Trade expense		(1,863	)		(1,997	)		(2,188	)
Net trade (loss) income	$	(31	)	$	72		$	111

Property, Plant and Equipment [Table Text Block]

							Estimated
	December 31,						Useful Lives
	2017			2016			(in years)
Property and equipment:
Land	$	50,458		$	44,611
Buildings and improvements		156,924			139,078			7	to	40
Equipment		511,878			471,798			3	to	20
		719,260			655,487
Accumulated depreciation		(368,602	)		(329,394	)
Total property and equipment, net	$	350,658		$	326,093

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

	Year Ended December 31,
	2017		2016		2015
Weighted-average shares outstanding – basic		73,061		71,848		68,330
Weighted-average shares underlying stock options and restricted shares		775		916		657
Weighted-average shares outstanding - diluted		73,836		72,764		68,987

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

	December 31,
	2017			2016
Accumulated balances of items included in accumulated other comprehensive loss:
Increase in pension liability	$	(36,336	)	$	(28,926	)
Income tax benefit		(14,171	)		(11,281	)
Accumulated other comprehensive loss	$	(22,165	)	$	(17,645	)

Note 2 - Acquisitions and Dispositions (Tables)

12 Months Ended

Dec. 31, 2017

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

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

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

Business Acquisition, Pro Forma Information [Table Text Block]

	Years Ended
	December 31,
	2017		2016

Revenue (less agency commissions)	$	895,081	$	926,799
Net income	$	260,909	$	88,679

Basic net income per share	$	3.57	$	1.23
Diluted net income per share	$	3.53	$	1.22

	Years Ended
	December 31,
	2016		2015

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

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

	Year Ended
	December 31,
	2015

Revenue (less agency commissions)	$	621,530
Net income	$	46,181

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

The 2015 Acquisitions [Member]

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

	Acquisition
	Cedar Rapids			Odessa			Twin Falls			Wausau			Presque Isle			Laredo			Total

Other current assets	$	503		$	87		$	93		$	87		$	45		$	22		$	837
Property and equipment		13,754			4,629			5,172			1,985			2,822			1,411			29,773
Goodwill		25,006			3,719			2,587			11,616			245			5,154			48,327
Broadcast licenses		55,676			22,253			6,333			-			6,150			-			90,412
Other intangible assets		5,849			3,067			3,485			397			1,039			2,435			16,272
Other non-current assets		13			13			32			87			-			13			158
Current liabilities		(792	)		(155	)		(170	)		(85	)		(51	)		(22	)		(1,275	)
Other long-term liabilities		(13	)		(13	)		(32	)		(87	)		-			(13	)		(158	)

Total	$	99,996		$	33,600		$	17,500		$	14,000		$	10,250		$	9,000		$	184,346

The 2016 Acquisitions [Member]

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

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

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

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

2017 Acquisitions [Member]

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

	Acquisition
	Fairbanks			Media General			Clarksburg			Diversified			Vermont			Total

Current assets	$	122		$	666		$	462		$	361		$	312		$	1,923
Property and equipment		2,650			20,181			4,133			12,329			9,513			48,806
Goodwill		471			86,287			3,222			35,486			316			125,782
Broadcast licenses		2,228			149,846			17,003			26,219			7,592			202,888
Other intangible assets		2,702			13,398			2,234			11,051			8,268			37,653
Other non-current assets		71			282			51			27			3,310			3,741
Current liabilities		(140	)		(695	)		(554	)		(423	)		(311	)		(2,123	)
Other long-term liabilities		(84	)		-			(51	)		(50	)		-			(185	)

Total	$	8,020		$	269,965		$	26,500		$	85,000		$	29,000		$	418,485

Note 3 - Long-term Debt (Tables)

12 Months Ended

Dec. 31, 2017

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

	December 31,
	2017			2016
Long-term debt including current portion:
2014 Senior Credit Facility	$	-		$	556,438
2017 Senior Credit Facility		635,234			-
2024 Notes		525,000			525,000
2026 Notes		700,000			700,000
Total outstanding principal		1,860,234			1,781,438
Unamortized deferred loan costs - 2014 Senior Credit Facility		-			(12,158	)
Unamortized deferred loan costs - 2017 Senior Credit Facility		(11,777	)		-
Unamortized deferred loan costs - 2024 Notes		(6,743	)		(7,742	)
Unamortized deferred loan costs - 2026 Notes		(9,473	)		(10,588	)
Unamortized premium - 2026 Notes		5,187			5,797
Less current portion		(6,417	)		-
Net carrying value	$	1,831,011		$	1,756,747

Borrowing availability under the Revolving Credit Facility	$	100,000		$	60,000

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

	Minimum Principal Maturities
	2017 Senior		2024		2026
Year	Credit Facility		Notes		Notes		Total
2018	$	6,417	$	-	$	-	$	6,417
2019		6,417		-		-		6,417
2020		6,417		-		-		6,417
2021		6,417		-		-		6,417
2022		6,417		-		-		6,417
Thereafter		603,149		525,000		700,000		1,828,149
Total	$	635,234	$	525,000	$	700,000	$	1,860,234

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=84159872&loc=d3e21475-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

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

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

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=84159872&loc=d3e21538-112644

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=84159872&loc=d3e21506-112644

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

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

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=84159872&loc=d3e21521-112644

+ Details

Note 6 - Stock-based Compensation (Tables)

12 Months Ended

Dec. 31, 2017

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

	Year Ended December 31,
	2017			2016			2015
Stock-based compensation expense, gross	$	8,303		$	5,099		$	4,019
Income tax benefit at our statutory rate associated with stock-based compensation		(3,238	)		(1,989	)		(1,567	)
Stock-based compensation expense, net	$	5,065		$	3,110		$	2,452

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

	Year Ended December 31,
	2017					2016					2015
	Number of Shares			Weighted- Average Grant Date Fair Value Per Share		Number of Shares			Weighted- Average Grant Date Fair Value Per Share		Number of Shares			Weighted- Average Grant Date Fair Value Per Share

Restricted stock - common:
Outstanding - beginning of period		396,033		$	12.06		337,506		$	9.57		385,056		$	9.09
Granted		307,943			10.40		237,500			12.88		150,308			10.27
Vested		(200,291	)		11.82		(178,973	)		8.46		(197,858	)		9.16
Outstanding - end of period		503,685		$	11.14		396,033		$	12.06		337,506		$	9.57

Restricted stock - Class A common:
Outstanding - beginning of period		415,082		$	10.15		374,693		$	9.46		204,473		$	9.81
Granted		275,076			10.84		218,612			11.25		287,513			9.37
Vested		(227,526	)		10.00		(178,223	)		10.04		(117,293	)		9.85
Outstanding - end of period		462,632		$	10.63		415,082		$	10.15		374,693		$	9.46

Restricted stock units - common:
Outstanding - beginning of period		-		$	-
Granted		215,500			15.70
Vested		-			-
Forfeited		(6,000	)		15.70
Outstanding - end of period		209,500		$	15.70

Note 7 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

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

	Year Ended December 31,
	2017			2016			2015
Current:
Federal	$	4,633		$	-		$	-
State and local		3,261			2,730			1,259
State and local - reserve for uncertain tax positions		757			(698	)		(581	)
Current income tax expense (benefit)		8,651			2,032			678
Deferred:
Federal (1)		(81,666	)		38,214			24,067
State and local		4,341			3,172			1,703
Deferred income tax (benefit) expense		(77,325	)		41,386			25,770
Total income tax (benefit) expense	$	(68,674	)	$	43,418		$	26,448

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

	December 31,
	2017			2016
Deferred tax liabilities:
Net book value of property and equipment	$	18,131		$	26,620
Broadcast licenses, goodwill and other intangibles		272,330			369,275
Total deferred tax liabilities		290,461			395,895

Deferred tax assets:
Liability for accrued vacation		1,438			2,232
Liability for accrued bonus		2,391			5,483
Loan acquisition costs		47			336
Allowance for doubtful accounts		1,170			1,168
Liability under health and welfare plan		608			1,201
Liability for pension plan		9,611			13,278
Federal operating loss carryforwards		-			20,401
State and local operating loss carryforwards		4,719			4,555
Alternative minimum tax carryforwards		3,925			386
Unearned income		2			3
Stock options		113			174
Acquisition costs		2,104			3,140
Restricted stock		2,636			1,950
Other		82			109
Total deferred tax assets		28,846			54,416
Valuation allowance for deferred tax assets		(75	)		(1,532	)
Net deferred tax assets		28,771			52,884

Deferred tax liabilities, net of deferred tax assets	$	261,690		$	343,011

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

	Year Ended December 31,
	2017			2016			2015
Statutory federal rate applied to income before income tax expense	$	67,647		$	36,992		$	23,012
Current year permanent items		2,408			1,830			1,192
State and local taxes, net of federal tax benefit		7,889			5,056			2,831
Change in valuation allowance		(1,457	)		(151	)		(369	)
Reserve for uncertain tax positions		757			(698	)		(581	)
Rate change due to enactment of tax reform		(145,997	)		-			-
Other items, net		79			389			363
Income tax (benfit) expense as recorded	$	(68,674	)	$	43,418		$	26,448

Effective income tax (benefit) expense rate		(35.5)%			41.1%			40.2%

Note 8 - Retirement Plans (Tables)

12 Months Ended

Dec. 31, 2017

Schedule of Net Funded Status [Table Text Block]

	December 31,
	2017			2016
Change in projected benefit obligation:
Projected benefit obligation at beginning of year	$	114,976		$	103,199
Interest cost		4,669			4,398
Actuarial losses		-			1,839
Benefits paid		(3,529	)		(2,790	)
Merger of assumed plans		9,970			8,330
Projected benefit obligation at end of year	$	126,086		$	114,976

Change in plan assets:
Fair value of pension plan assets at beginning of year	$	80,929		$	69,246
Actual return on plan assets		7,724			5,918
Company contributions		3,124			2,775
Benefits paid		(3,529	)		(2,790	)
Merger of assumed plans		-			5,780
Fair value of pension plan assets at end of year		88,248			80,929
Funded status of pension plan	$	(37,838	)	$	(34,047	)

Amounts recognized on our balance sheets consist of:
Accrued benefit cost	$	(1,502	)	$	(5,121	)
Accumulated other comprehensive loss		(36,336	)		(28,926	)
Net liability recognized	$	(37,838	)	$	(34,047	)

Schedule of Assumptions Used [Table Text Block]

	Year Ended December 31,
	2017			2016
Weighted-average assumptions used to determine net periodic benefit cost for the Gray Pension Plan:
Discount rate		4.11	%		4.31	%
Expected long-term rate of return on pension plan assets		7.00	%		7.00	%
Estimated rate of increase in compensation levels		N/A			N/A

	As of December 31,
	2017			2016
Weighted-average assumptions used to determine benefit obligations:
Discount rate		3.55	%		4.11	%

Schedule of Net Benefit Costs [Table Text Block]

	Year Ended December 31,
	2017			2016			2015
Components of net periodic pension cost:
Service cost	$	-		$	-		$	3,130
Interest cost		4,670			4,398			4,159
Expected return on plan assets		(5,648	)		(4,836	)		(4,782	)
Recognized net actuarial loss		484			406			1,580
Net periodic pension (benefit) cost	$	(494	)	$	(32	)	$	4,087

Schedule of Expected Benefit Payments [Table Text Block]

Years			Amount
2018			$	2,924
2019				3,279
2020				3,768
2021				4,047
2022				4,324
2023	-	2027		26,680

Schedule of Allocation of Plan Assets [Table Text Block]

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

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

	As of December 31, 2017
	Level 1		Level 2		Level 3		Total
Assets:
Insurance general account	$	-	$	16,873	$	-	$	16,873
Cash management accounts		3,229		-		-		3,229
Equity accounts		37,536		-		-		37,536
Fixed income accounts		27,146		-		-		27,146
Real estate accounts		3,464		-		-		3,464
Total	$	71,375	$	16,873	$	-	$	88,248

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

Asset Categories [Member]

Schedule of Allocation of Plan Assets [Table Text Block]

	As of December 31,
	2017			2016
Asset category:
Insurance general account		19	%		23	%
Cash management accounts		4	%		6	%
Equity accounts		42	%		39	%
Fixed income accounts		31	%		28	%
Real estate accounts		4	%		4	%
Total		100	%		100	%

Capital Accumulation Plan [Member]

Defined Contribution Plan Disclosures [Table Text Block]

	Year Ended December 31,
	2017				2016				2015
	Shares		Amount		Shares		Amount		Shares		Amount
Matching contributions to the Capital Accumulation Plan		1,224	$	15		2,571	$	29		1,898	$	26

Note 10 - Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2017

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

	Net Balance at												Net Balance at
	December 31,												December 31,
	2016		Acquisitions		Dispositions			Impairment		Amortization			2017
Goodwill	$	485,318	$	125,782	$	-		$	-	$	-		$	611,100
Broadcast licenses		1,340,305	$	203,503		(13,105	)		-		-			1,530,703
Finite-lived intangible assets		56,250		42,606		-			-		(25,072	)		73,784
Total intangible assets net of accumulated amortization	$	1,881,873	$	371,891	$	(13,105	)	$	-	$	(25,072	)	$	2,215,587

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

Schedule of Goodwill [Table Text Block]

	As of									As of
	December 31, 2016			Acquisitions		Dispositions		Impairment		December 31, 2017
Goodwill, gross	$	583,914		$	125,782	$	-	$	-	$	709,696
Accumulated goodwill impairment		(98,596	)		-		-		-		(98,596	)
Goodwill, net	$	485,318		$	125,782	$	-	$	-	$	611,100

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

Schedule of Intangible Assets and Goodwill [Table Text Block]

	As of December 31, 2017							As of December 31, 2016
			Accumulated							Accumulated
	Gross		Amortization			Net		Gross		Amortization			Net
Intangible assets not currently subject to amortization:
Broadcast licenses	$	1,584,402	$	(53,699	)	$	1,530,703	$	1,394,004	$	(53,699	)	$	1,340,305
Goodwill		611,100		-			611,100		485,318		-			485,318
	$	2,195,502	$	(53,699	)	$	2,141,803	$	1,879,322	$	(53,699	)	$	1,825,623

Intangible assets subject to amortization:
Network affiliation agreements	$	6,134	$	(3,551	)	$	2,583	$	1,264	$	(1,264	)	$	-
Other finite-lived intangible assets		143,446		(72,245	)		71,201		105,792		(49,542	)		56,250
	$	149,580	$	(75,796	)	$	73,784	$	107,056	$	(50,806	)	$	56,250

Total intangibles	$	2,345,082	$	(129,495	)	$	2,215,587	$	1,986,378	$	(104,505	)	$	1,881,873

Note 1 - Description of Business and Summary of Significant Accounting Policies (Details Textual) - USD ($)		12 Months Ended
	Jan. 17, 2017	Dec. 31, 2019	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Jun. 30, 2017	Jan. 01, 2017
Business Combination, Consideration Transferred				$ 473,074,000
Advertising Expense			$ 1,600,000	1,500,000	$ 1,000,000
Period for Creating Allowance for Doubtful Accounts			120 days
Provision for Doubtful Accounts			$ 2,400,000	1,900,000	600,000
Property, Plant and Equipment, Additions			45,700,000
Asset Retirement Obligation			1,100,000	800,000
Asset Retirement Obligation, Accretion Expense			71,000	$ 15,000	$ 34,000
Cumulative Effect of New Accounting Principle in Period of Adoption			$ 1,107,000
Scenario, Forecast [Member] \| Accounting Standards Update 2016-02 [Member]
New Accounting Pronouncement Effect, Right of Use Assets		$ 17,600,000
New Accounting Pronouncement Effect, Lease Obligation Liability		$ 17,600,000
Sales Revenue, Services, Net [Member] \| Customer Concentration Risk [Member] \| Automotive [Member]
Concentration Risk, Percentage			25.00%	22.00%	24.00%
Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption			$ 1,107,000
Retained Earnings [Member] \| Accounting Standards Update 2016-09 [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption							$ 1,100,000
Tarzian [Member] \| Common Stock [Member]
Cost Method Investments, Ownership Percentage						32.40%
Tarzian [Member] \| Dividends Liquidation Dissolution [Member]
Cost Method Investments, Ownership Percentage						67.90%
Syncbak [Member]
Cost Method Investments, Original Cost				$ 3,000,000
Green Bay Acquisition and Davenport Acquisition [Member]
Business Combination, Consideration Transferred	$ 269,900,000

Note 1 - Description of Business and Summary of Significant Accounting Policies - Trade Revenue and Expense (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Net trade (loss) income	$ 165,570	$ 15,316	$ 70,561	$ 10,505	$ 35,834	$ (213)	$ 17,662	$ 8,990	$ 261,952	$ 62,273	$ 39,301
Advertising Barter Transactions [Member]
Trade revenue									1,832	2,069	2,299
Trade expense									(1,863)	(1,997)	(2,188)
Net trade (loss) income									$ (31)	$ 72	$ 111

Note 1 - Description of Business and Summary of Significant Accounting Policies - Property and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Property and equipment, gross	$ 719,260	$ 655,487
Accumulated depreciation	(368,602)	(329,394)
Total property and equipment, net	350,658	326,093
Land [Member]
Property and equipment, gross	50,458	44,611
Building and Building Improvements [Member]
Property and equipment, gross	$ 156,924	139,078
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	$ 511,878	$ 471,798
Equipment [Member] \| Minimum [Member]
Estimated Useful Lives (Year)	3 years
Equipment [Member] \| Maximum [Member]
Estimated Useful Lives (Year)	20 years

Note 1 - Description of Business and Summary of Significant Accounting Policies - Reconciliation of Basic to Diluted Weighted-average Shares Outstanding (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Weighted-average shares outstanding – basic (in shares)	73,061	71,848	68,330
Weighted-average shares underlying stock options and restricted shares (in shares)	775	916	657
Weighted-average shares outstanding - diluted (in shares)	73,836	72,764	68,987

Note 1 - Description of Business and Summary of Significant Accounting Policies - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Accumulated balances of items included in accumulated other comprehensive loss:
Increase in pension liability	$ (36,336)	$ (28,926)
Income tax benefit	(14,171)	(11,281)
Accumulated other comprehensive loss	$ (22,165)	$ (17,645)

Note 2 - Acquisitions and Dispositions (Details Textual) - USD ($)												12 Months Ended
	Aug. 01, 2017	Jun. 01, 2017	May 01, 2017	Jan. 17, 2017	Jan. 13, 2017	Jun. 27, 2016	Jun. 01, 2016	Feb. 16, 2016	Feb. 01, 2016	Sep. 01, 2015	Jul. 02, 2015	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Business Combination, Consideration Transferred													$ 473,074,000
Goodwill												$ 611,100,000	485,318,000	$ 423,236,000
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual												79,800,000	130,400,000
Business Acquisition, Pro Forma Income (Loss) from Continuing Operations, Net of Tax												33,700,000	55,800,000
Business Combination, Acquisition Related Costs												1,100,000	7,400,000
Proceeds from Divestiture of Businesses												0	11,200,000	0
Long-term Debt												1,800,000,000	1,800,000,000
Finite-lived Intangible Assets Acquired												42,606,000	19,566,000
Goodwill, Acquired During Period												125,782,000	72,296,000	48,300,000
2016 Term Loan [Member]
Long-term Debt								$ 425,000,000
KAKE-TV [Member]
Business Combination, Consideration Transferred									$ 443,100,000				0
Proceeds from Divestiture of Businesses									11,200,000				11,200,000
Gain (Loss) on Disposition of Business									$ 2,000,000
Helena Montana Disposition [Member]
Gain (Loss) on Disposition of Assets										$ 100,000
NBC Affiliate and Television Station KTVH-TV [Member]
Gain (Loss) on Disposition of Assets														900,000
Disposal Group, Including Discontinued Operation, Consideration														3,000,000
Fairbanks Acquistion [Member]
Payments to Acquire Businesses, Gross					$ 8,000,000
Goodwill												471,000
Green Bay Acquisition and Davenport Acquisition [Member]
Business Combination, Consideration Transferred				$ 269,900,000
Clarksburg Acquisition [Member]
Payments to Acquire Businesses, Gross							$ 16,500,000
Business Combination, Consideration Transferred			$ 26,500,000
Goodwill												3,222,000
Bangor Acquisition and Gainesville Acquisition [Member]
Business Combination, Consideration Transferred			$ 85,000,000
Burlington and Plattsburg Acquisition [Member]
Payments to Acquire Businesses, Gross	$ 5,800,000	$ 23,200,000
Business Combination, Consideration Transferred	$ 29,000,000
2017 Acquisitions [Member]
Goodwill												125,782,000
2017 Acquisitions [Member] \| Retransmission Agreements [Member]
Finite-Lived Intangible Assets, Gross												$ 27,900,000
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life												5 years 36 days
2017 Acquisitions [Member] \| Advertising Relationships [Member]
Finite-Lived Intangible Assets, Gross												$ 5,300,000
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life												10 years 255 days
2017 Acquisitions [Member] \| Income Leases [Member]
Finite-Lived Intangible Assets, Gross												$ 3,000,000
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life												11 years 328 days
2017 Acquisitions [Member] \| Minimum [Member]
Property, Plant and Equipment, Useful Life												3 years
2017 Acquisitions [Member] \| Maximum [Member]
Property, Plant and Equipment, Useful Life												40 years
Schurz Acquisition [Member]
Proceeds from Divestiture of Businesses								$ 16,000,000
KYES-TV Acquisition [Member]
Payments to Acquire Businesses, Gross						$ 500,000
Goodwill													28,000
WBXX Acquisition [Member]
Business Combination, Consideration Transferred													30,000,000
Goodwill													10,288,000
Proceeds from Divestiture of Businesses													0
Accounts Receivable Contractual Amounts in Excess of Fair Value													$ 200,000
Schurz Acquisition and Related Transaction [Member] \| Retransmission Agreements [Member]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life													4 years 328 days
Finite-lived Intangible Assets Acquired													$ 14,900,000
Schurz Acquisition and Related Transaction [Member] \| Advertising Relationships [Member]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life													5 years 182 days
Finite-lived Intangible Assets Acquired													$ 1,600,000
Schurz Acquisition and Related Transaction [Member] \| Off-Market Favorable Lease [Member]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life													9 years 182 days
Finite-lived Intangible Assets Acquired													$ 2,600,000
Schurz Acquisition and Related Transaction [Member] \| Minimum [Member]
Property, Plant and Equipment, Useful Life													3 years
Schurz Acquisition and Related Transaction [Member] \| Maximum [Member]
Property, Plant and Equipment, Useful Life													40 years
Cedar Rapids [Member]
Business Combination, Consideration Transferred										$ 100,000,000
Goodwill														25,006,000
Odessa [Member]
Business Combination, Consideration Transferred											$ 33,600,000
Goodwill														3,719,000
Twin Falls [Member]
Business Combination, Consideration Transferred											17,500,000
Goodwill														2,587,000
Wausau [Member]
Business Combination, Consideration Transferred											14,000,000
Goodwill														11,616,000
Presque Isle [Member]
Business Combination, Consideration Transferred											10,300,000
Goodwill														245,000
Laredo [Member]
Business Combination, Consideration Transferred											$ 9,000,000
Goodwill														5,154,000
The 2015 Acquisitions [Member]
Goodwill														48,327,000
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual														23,200,000
Business Acquisition, Pro Forma Income (Loss) from Continuing Operations, Net of Tax														8,600,000
The 2015 Acquisitions [Member] \| General and Administrative Expense [Member]
Business Combination, Acquisition Related Costs														$ 6,500,000
The 2015 Acquisitions [Member] \| Retransmission Agreements [Member]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life														5 years 109 days
Finite-lived Intangible Assets Acquired														$ 9,700,000
The 2015 Acquisitions [Member] \| Advertising Relationships [Member]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life														9 years 219 days
Finite-lived Intangible Assets Acquired														$ 1,000,000
The 2015 Acquisitions [Member] \| Income Leases [Member]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life														16 years 328 days
Finite-lived Intangible Assets Acquired														$ 5,400,000
The 2015 Acquisitions [Member] \| Minimum [Member]
Property, Plant and Equipment, Useful Life														3 years
The 2015 Acquisitions [Member] \| Maximum [Member]
Property, Plant and Equipment, Useful Life														40 years

Note 2 - Acquisitions and Dispositions - Fair Value of Assets Acquired, Liabilities Assumed, and Goodwill from Acquisitions (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Goodwill	$ 611,100	$ 485,318	$ 423,236
Fairbanks Acquistion [Member]
Current assets	122
Property and equipment	2,650
Goodwill	471
Broadcast licenses	2,228
Other intangible assets	2,702
Other non-current assets	71
Current liabilities	(140)
Other long-term liabilities	(84)
Total	8,020
Media General Acquisition [Member]
Current assets	666
Property and equipment	20,181
Goodwill	86,287
Broadcast licenses	149,846
Other intangible assets	13,398
Other non-current assets	282
Current liabilities	(695)
Other long-term liabilities	0
Total	269,965
Clarksburg Acquisition [Member]
Current assets	462
Property and equipment	4,133
Goodwill	3,222
Broadcast licenses	17,003
Other intangible assets	2,234
Other non-current assets	51
Current liabilities	(554)
Other long-term liabilities	(51)
Total	26,500
Diversified Acquisition [Member]
Current assets	361
Property and equipment	12,329
Goodwill	35,486
Broadcast licenses	26,219
Other intangible assets	11,051
Other non-current assets	27
Current liabilities	(423)
Other long-term liabilities	(50)
Total	85,000
Vermont Acquisition [Member]
Current assets	312
Property and equipment	9,513
Goodwill	316
Broadcast licenses	7,592
Other intangible assets	8,268
Other non-current assets	3,310
Current liabilities	(311)
Other long-term liabilities	0
Total	29,000
2017 Acquisitions [Member]
Current assets	1,923
Property and equipment	48,806
Goodwill	125,782
Broadcast licenses	202,888
Other intangible assets	37,653
Other non-current assets	3,741
Current liabilities	(2,123)
Other long-term liabilities	(185)
Total	$ 418,485

Note 2 - Acquisitions and Dispositions - Purchase Consideration in Acquisition (Details) - USD ($) $ in Thousands		12 Months Ended
	Feb. 01, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Base purchase price			$ 472,500
Purchase price adjustment			574
Business Combination, Consideration Transferred			473,074
Cash consideration received from sale of Schurz Radio Stations			(16,000)
Net adjusted purchase price allocated to assets acquired and liabilities assumed			457,074
Non-cash consideration received			(30,000)
Cash consideration received		$ 0	(11,200)	$ 0
Net consideration - the Schurz Acquisition and Related Transactions			415,874
WBXX Acquisition [Member]
Base purchase price			30,000
Purchase price adjustment			0
Business Combination, Consideration Transferred			30,000
Cash consideration received from sale of Schurz Radio Stations			0
Net adjusted purchase price allocated to assets acquired and liabilities assumed			30,000
Non-cash consideration received			0
Cash consideration received			0
Net consideration - the Schurz Acquisition and Related Transactions			30,000
Schurz Acquisition and the Acquisition of WLUC-TV [Member]
Base purchase price			442,500
Purchase price adjustment			574
Business Combination, Consideration Transferred			443,074
Cash consideration received from sale of Schurz Radio Stations			(16,000)
Net adjusted purchase price allocated to assets acquired and liabilities assumed			427,074
Non-cash consideration received			0
Cash consideration received			0
Net consideration - the Schurz Acquisition and Related Transactions			427,074
KAKE-TV [Member]
Base purchase price			0
Purchase price adjustment			0
Business Combination, Consideration Transferred	$ 443,100		0
Cash consideration received from sale of Schurz Radio Stations			0
Net adjusted purchase price allocated to assets acquired and liabilities assumed			0
Non-cash consideration received			(30,000)
Cash consideration received	$ (11,200)		(11,200)
Net consideration - the Schurz Acquisition and Related Transactions			$ (41,200)

Note 2 - Acquisitions and Dispositions - Fair Value of Assets Acquired, Liabilities Assumed, and Goodwill from 2016 Acquisitions (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Goodwill	$ 611,100	$ 485,318	$ 423,236
KYES-TV Acquisition [Member]
Accounts receivable		0
Other current assets		0
Property and equipment		176
Goodwill		28
Broadcast licenses		254
Other intangible assets		42
Other non-current assets		0
Current liabilities		0
Other long-term liabilities		0
Total		500
WBXX Acquisition [Member]
Accounts receivable		0
Other current assets		429
Property and equipment		1,633
Goodwill		10,288
Broadcast licenses		18,199
Other intangible assets		0
Other non-current assets		408
Current liabilities		(460)
Other long-term liabilities		(497)
Total		30,000
Schurz Acquisition and the Acquisition of WLUC-TV [Member]
Accounts receivable		19,226
Other current assets		4,606
Property and equipment		97,814
Goodwill		61,981
Broadcast licenses		231,391
Other intangible assets		19,523
Other non-current assets		3,028
Current liabilities		(8,903)
Other long-term liabilities		(1,592)
Total		427,074
2016 Acquisitions [Member]
Accounts receivable		19,226
Other current assets		5,035
Property and equipment		99,623
Goodwill		72,297
Broadcast licenses		249,844
Other intangible assets		19,565
Other non-current assets		3,436
Current liabilities		(9,363)
Other long-term liabilities		(2,089)
Total		$ 457,574

Note 2 - Acquisitions and Dispositions - Fair Value of Assets Acquired, Liabilities Assumed, and Goodwill from 2015 Acquisitions (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Goodwill	$ 611,100	$ 485,318	$ 423,236
Cedar Rapids [Member]
Other current assets			503
Property and equipment			13,754
Goodwill			25,006
Broadcast licenses			55,676
Other intangible assets			5,849
Other non-current assets			13
Current liabilities			(792)
Other long-term liabilities			(13)
Total			99,996
Odessa [Member]
Other current assets			87
Property and equipment			4,629
Goodwill			3,719
Broadcast licenses			22,253
Other intangible assets			3,067
Other non-current assets			13
Current liabilities			(155)
Other long-term liabilities			(13)
Total			33,600
Twin Falls [Member]
Other current assets			93
Property and equipment			5,172
Goodwill			2,587
Broadcast licenses			6,333
Other intangible assets			3,485
Other non-current assets			32
Current liabilities			(170)
Other long-term liabilities			(32)
Total			17,500
Wausau [Member]
Other current assets			87
Property and equipment			1,985
Goodwill			11,616
Broadcast licenses			0
Other intangible assets			397
Other non-current assets			87
Current liabilities			(85)
Other long-term liabilities			(87)
Total			14,000
Presque Isle [Member]
Other current assets			45
Property and equipment			2,822
Goodwill			245
Broadcast licenses			6,150
Other intangible assets			1,039
Other non-current assets			0
Current liabilities			(51)
Other long-term liabilities			0
Total			10,250
Laredo [Member]
Other current assets			22
Property and equipment			1,411
Goodwill			5,154
Broadcast licenses			0
Other intangible assets			2,435
Other non-current assets			13
Current liabilities			(22)
Other long-term liabilities			(13)
Total			9,000
The 2015 Acquisitions [Member]
Other current assets			837
Property and equipment			29,773
Goodwill			48,327
Broadcast licenses			90,412
Other intangible assets			16,272
Other non-current assets			158
Current liabilities			(1,275)
Other long-term liabilities			(158)
Total			$ 184,346

Note 2 - Acquisitions and Dispositions - Unaudited Pro Forma Results (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Acquisitions Completed in 2017 [Member]
Revenue (less agency commissions)	$ 895,081	$ 926,799
Net income	$ 260,909	$ 88,679
Basic net income per share (in dollars per share)	$ 3.57	$ 1.23
Diluted net income per share (in dollars per share)	$ 3.53	$ 1.22
Acquisitions Completed in 2016 [Member]
Revenue (less agency commissions)		$ 825,787	$ 701,550
Net income		$ 57,795	$ 39,360
Basic net income per share (in dollars per share)		$ 0.80	$ 0.58
Diluted net income per share (in dollars per share)		$ 0.79	$ 0.57
Acquisitions Completed in 2015 [Member]
Revenue (less agency commissions)			$ 621,530
Net income			$ 46,181
Basic net income per share (in dollars per share)			$ 0.68
Diluted net income per share (in dollars per share)			$ 0.67

Note 3 - Long-term Debt (Details Textual) - USD ($) $ in Thousands				12 Months Ended
	Apr. 03, 2017	Feb. 07, 2017	Sep. 14, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Jun. 14, 2016
Long-term Debt, Gross				$ 1,860,234
Proceeds from Issuance of Long-term Debt				641,438	$ 1,656,000	$ 0
Gain (Loss) on Extinguishment of Debt				(2,851)	(31,987)	0
Interest Paid				97,000	76,200	76,900
Interest Costs Capitalized				0	0	$ 0
The 2017 Senior Credit Facility [Member]
Long-term Debt, Gross				635,234	0
Debt Agreement, Maximum Borrowing Capacity				735,200
Gain (Loss) on Extinguishment of Debt				(2,900)
Debt Issuance Costs, Gross				5,000
The 2017 Senior Credit Facility [Member] \| Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity		$ 100,000		100,000
The 2017 Senior Credit Facility [Member] \| Revolving Credit Facility [Member] \| Minimum [Member]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage		0.375%
The 2017 Senior Credit Facility [Member] \| Revolving Credit Facility [Member] \| Maximum [Member]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage		0.50%
The 2017 Senior Credit Facility [Member] \| Revolving Credit Facility [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread Used to Define Base Rate		1.00%
The 2017 Senior Credit Facility [Member] \| Revolving Credit Facility [Member] \| London Interbank Offered Rate (LIBOR) [Member] \| Minimum [Member]
Debt Instrument, Basis Spread on Variable Rate		1.50%
The 2017 Senior Credit Facility [Member] \| Revolving Credit Facility [Member] \| Base Rate [Member] \| Minimum [Member]
Debt Instrument, Basis Spread on Variable Rate		0.50%
The 2017 Senior Credit Facility [Member] \| Revolving Credit Facility [Member] \| Federal Funds Effective Swap Rate [Member]
Debt Instrument, Basis Spread Used to Define Base Rate		0.50%
The 2017 Senior Credit Facility [Member] \| The 2017 Term Loan [Member]
Long-term Debt, Gross		$ 556,400
Proceeds from Issuance of Long-term Debt	$ 85,000
Debt Instrument, Quarterly Principal Payment				$ 1,600
Debt Instrument, Interest Rate, Stated Percentage				3.60%
The 2017 Senior Credit Facility [Member] \| The 2017 Term Loan [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate		2.25%
Debt Instrument, Basis Spread on Variable Rate if Leverage Ratio is Less Than or Equal to 5.25		2.25%
Debt Instrument, Interest Rate, Applicable Margin, If Leverage Ratio is Greater than 5.25		2.50%
The 2017 Senior Credit Facility [Member] \| The 2017 Term Loan [Member] \| Base Rate [Member]
Debt Instrument, Basis Spread on Variable Rate		1.25%
Debt Instrument, Basis Spread on Variable Rate if Leverage Ratio is Less Than or Equal to 5.25		1.25%
Debt Instrument, Interest Rate, Applicable Margin, If Leverage Ratio is Greater than 5.25		1.50%
2014 Senior Credit Facility [Member]
Long-term Debt, Gross				$ 0	$ 556,438
Debt Instrument, Interest Rate, Stated Percentage					3.90%
2024 Notes [Member]
Long-term Debt, Gross				$ 525,000
Debt Instrument, Interest Rate, Stated Percentage				5.125%	5.125%
Unsecured Debt				$ 525,000	$ 525,000
2026 Notes [Member]
Long-term Debt, Gross				$ 700,000
Debt Instrument, Interest Rate, Stated Percentage				5.875%	5.875%
Unsecured Debt				$ 700,000	$ 700,000
Debt Instrument, Face Amount							$ 500,000
The Additional 2026 Notes [Member]
Proceeds from Issuance of Long-term Debt			$ 206,000
Debt Instrument, Interest Rate, Stated Percentage				5.875%
Debt Instrument, Face Amount			$ 200,000
Debt Instrument, Issueing Price, Percentage			103.00%
Debt Instrument, Interest Rate, Effective Percentage				5.398%

Note 3 - Long-term Debt - Long-term Debt Summary (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Long-term debt including current portion:
Senior Credit Facility	$ 1,860,234
Total outstanding principal	1,860,234	$ 1,781,438
Less current portion	(6,417)	0
Net carrying value	1,831,011	1,756,747
Borrowing availability under the Revolving Credit Facility	100,000	60,000
2014 Senior Credit Facility [Member]
Long-term debt including current portion:
Senior Credit Facility	0	556,438
Unamortized deferred loan costs	0	(12,158)
The 2017 Senior Credit Facility [Member]
Long-term debt including current portion:
Senior Credit Facility	635,234	0
Unamortized deferred loan costs	(11,777)	0
2024 Notes [Member]
Long-term debt including current portion:
Senior Credit Facility	525,000
Unsecured Debt	525,000	525,000
Unamortized deferred loan costs	(6,743)	(7,742)
2026 Notes [Member]
Long-term debt including current portion:
Senior Credit Facility	700,000
Unsecured Debt	700,000	700,000
Unamortized deferred loan costs	(9,473)	(10,588)
Unamortized premium	$ 5,187	$ 5,797

Note 3 - Long-term Debt - Aggregate Minimum Principal Maturities on Long-term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
2018	$ 6,417
2019	6,417
2020	6,417
2021	6,417
2022	6,417
Thereafter	1,828,149
Total	1,860,234
The 2017 Senior Credit Facility [Member]
2018	6,417
2019	6,417
2020	6,417
2021	6,417
2022	6,417
Thereafter	603,149
Total	635,234	$ 0
2024 Notes [Member]
2018	0
2019	0
2020	0
2021	0
2022	0
Thereafter	525,000
Total	525,000
2026 Notes [Member]
2018	0
2019	0
2020	0
2021	0
2022	0
Thereafter	700,000
Total	$ 700,000

Note 4 - Fair Value Measurement (Details Textual) - USD ($) $ in Billions	Dec. 31, 2017	Dec. 31, 2016
Long-term Debt	$ 1.8	$ 1.8
Long-term Debt, Fair Value	$ 1.9	$ 1.8

Note 5 - Stockholders' Equity (Details Textual) $ / shares in Units, $ in Thousands	1 Months Ended		12 Months Ended
	Dec. 31, 2017 USD ($) $ / shares shares	Mar. 31, 2015 USD ($) $ / shares shares	Dec. 31, 2017 USD ($) $ / shares shares	Dec. 31, 2016 USD ($) shares	Dec. 31, 2015 USD ($)	Nov. 06, 2016 USD ($)	Mar. 31, 2006 shares	Nov. 30, 2004 shares	Mar. 31, 2004 shares
Capital Units, Authorized	135,000,000		135,000,000
Common Stock, Shares Authorized	100,000,000		100,000,000	100,000,000
Common Stock, Voting Rights, Votes Per Share	1		1
Dividends, Common Stock \| $			$ 0	$ 0	$ 0
Proceeds from Issuance of Common Stock \| $			238,945	0	167,313
Treasury Stock, Value, Acquired, Cost Method \| $			$ 4,000	$ 2,000
Common Stock, Capital Shares Reserved for Future Issuance	7,422,965		7,422,965	5,449,148
Payments of Dividends \| $			$ 0	$ 0	$ 0
March 2004 Authorization [Member]
Stock Repurchase Program, Number of Shares Authorized to be Repurchased									2,000,000
The 2004-2006 Repurchase Authorization [Member]
Stock Repurchase Program, Number of Shares Authorized to be Repurchased							5,000,000
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased	279,200		279,200
The 2016 Repurchase Authorization [Member]
Stock Repurchase Program, Authorized Amount \| $						$ 75,000
Treasury Stock, Shares, Acquired			322,038
Treasury Stock Acquired, Average Cost Per Share \| $ / shares			$ 12.39
Treasury Stock, Value, Acquired, Cost Method \| $			$ 4,000
Stock Repurchase Program, Remaining Authorized Repurchase Amount \| $	$ 69,000		$ 69,000
November 2004 Authorization [Member]
Stock Repurchase Program, Number of Shares Authorized to be Repurchased								2,000,000
Underwritten Offering [Member]
Stock Issued During Period, Shares, New Issues	17,250,000	13,500,000
Share Price \| $ / shares	$ 14.50	$ 13	$ 14.50
Proceeds from Issuance of Common Stock \| $	$ 238,900	$ 167,300
Issuance of Stock, Underwriting Discount \| $	10,600	7,500
Issuance of Stock, Underwriting Expenses \| $	$ 600	$ 900
Common Class A [Member]
Common Stock, Shares Authorized	15,000,000		15,000,000	15,000,000
Common Stock, Voting Rights, Votes Per Share	10		10
Common Stock, Capital Shares Reserved for Future Issuance	1,923,144		1,923,144	257,581
Blank Check Preferred Stock [Member]
Preferred Stock, Shares Authorized	20,000,000		20,000,000

Note 6 - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Millions		12 Months Ended
	Feb. 14, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized		$ 3.4
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition		1 year 146 days
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period		307,943	237,500	150,308
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value		$ 10.40	$ 12.88	$ 10.27
Restricted Stock [Member] \| Subsequent Event [Member]
Stock Granted, Value, Share-based Compensation, Net of Forfeitures	$ 7.6
Restricted Stock [Member] \| Common Class A [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period		275,076	218,612	287,513
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value		$ 10.84	$ 11.25	$ 9.37
Restricted Stock [Member] \| Employee [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period		307,943	218,452	150,308
Restricted Stock [Member] \| Employee [Member] \| Subsequent Event [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	318,196
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 15.25
Restricted Stock [Member] \| Employee [Member] \| Common Class A [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period		198,220	166,677	229,322
Restricted Stock [Member] \| Employee [Member] \| Share-based Compensation Award, Tranche One, Vesting January 31, 2018 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period		102,648
Restricted Stock [Member] \| Employee [Member] \| Share-based Compensation Award, Tranche One, Vesting January 31, 2018 [Member] \| Common Class A [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period		66,073
Restricted Stock [Member] \| Employee [Member] \| Share-based Compensation Award, Tranche Two, Vesting January 31, 2019 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period		102,648
Restricted Stock [Member] \| Employee [Member] \| Share-based Compensation Award, Tranche Two, Vesting January 31, 2019 [Member] \| Common Class A [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period		66,073
Restricted Stock [Member] \| Employee [Member] \| Share-based Compensation Award, Tranche Three, Vesting January 31, 2020 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period		102,647
Restricted Stock [Member] \| Employee [Member] \| Share-based Compensation Award, Tranche Three, Vesting January 31, 2020 [Member] \| Common Class A [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period		66,074
Restricted Stock [Member] \| Employee [Member] \| Share-based Compensation Award, Tranche Two, Vesting January 31, 2018 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period			72,816
Restricted Stock [Member] \| Employee [Member] \| Share-based Compensation Award, Tranche Two, Vesting January 31, 2018 [Member] \| Common Class A [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period			55,559
Restricted Stock [Member] \| Employee [Member] \| Share-based Compensation Award, Tranche One, Vesting January 31, 2017 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period			72,816
Restricted Stock [Member] \| Employee [Member] \| Share-based Compensation Award, Tranche One, Vesting January 31, 2017 [Member] \| Common Class A [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period			55,559
Restricted Stock [Member] \| Employee [Member] \| Share-based Compensation Award, Tranche Three, Vesting January 31, 2019 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period			72,820
Restricted Stock [Member] \| Employee [Member] \| Share-based Compensation Award, Tranche Three, Vesting January 31, 2019 [Member] \| Common Class A [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period			55,559
Restricted Stock [Member] \| Employee [Member] \| Share-based Compensation Award, Tranche One, Vested on January 31, 2016 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period				50,102
Restricted Stock [Member] \| Employee [Member] \| Share-based Compensation Award, Tranche One, Vested on January 31, 2016 [Member] \| Common Class A [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period				76,442
Restricted Stock [Member] \| Employee [Member] \| Share-based Compensation Award, Tranche Two, Vesting on January 31, 2017 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period				50,100
Restricted Stock [Member] \| Employee [Member] \| Share-based Compensation Award, Tranche Three, Vesting on January 31, 2018 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period				50,106
Restricted Stock [Member] \| Employee [Member] \| Share-based Compensation Award, Tranche Three, Vesting on January 31, 2018 [Member] \| Common Class A [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period				76,438
Restricted Stock [Member] \| Employee [Member] \| Share-based Compensation Award, Tranche One [Member] \| Subsequent Event [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	153,406
Restricted Stock [Member] \| Employee [Member] \| Share-based Compensation Award, Tranche Two [Member] \| Subsequent Event [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	82,394
Restricted Stock [Member] \| Employee [Member] \| Share-based Compensation Award, Tranche Three [Member] \| Subsequent Event [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	82,396
Restricted Stock [Member] \| Employee [Member] \| Share-based Compensation Award, Tranche Two, Vested on January 31, 2017 [Member] \| Common Class A [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period				76,442
Restricted Stock [Member] \| Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period			19,048
Restricted Stock [Member] \| Director [Member] \| Common Class A [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period			51,935	58,191
Restricted Stock [Member] \| Director [Member] \| Share-based Compensation Award, Tranche Two, Vesting January 31, 2018 [Member] \| Common Class A [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period		76,856
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period		215,500	0	0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value		$ 15.70	$ 0	$ 0
Restricted Stock Units (RSUs) [Member] \| Share-based Compensation Award, Tranche One, Vesting January 31, 2018 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period		209,500
Service Based Restricted Stock [Member] \| Employee [Member] \| Common Class A [Member] \| Subsequent Event [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	110,040
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 12.65
Service Based Restricted Stock [Member] \| Employee [Member] \| Share-based Compensation Award, Tranche One [Member] \| Common Class A [Member] \| Subsequent Event [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	36,680
Service Based Restricted Stock [Member] \| Employee [Member] \| Share-based Compensation Award, Tranche Two [Member] \| Common Class A [Member] \| Subsequent Event [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	36,680
Service Based Restricted Stock [Member] \| Employee [Member] \| Share-based Compensation Award, Tranche Three [Member] \| Common Class A [Member] \| Subsequent Event [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	36,680
Performance Based Restricted Stock [Member] \| Employee [Member] \| Common Class A [Member] \| Subsequent Event [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	110,040
Directors Restricted Stock Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award Maximum Number of Restricted Shares Authorized Yearly Per Director		10,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant		770,000
Directors Restricted Stock Plan [Member] \| Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period		0	0	0
The 2017 Equity and Incentive Compensation Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant		4,800,000
The 2017 Equity and Incentive Compensation Plan [Member] \| Common Class A [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant		1,900,000
2007 Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant		0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number		274,746	274,746
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price		$ 1.99	$ 1.99
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value		$ 4.1

Note 6 - Stock-based Compensation - Stock-based Compensation Expense and Related Income Tax Benefit (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Stock-based compensation expense, gross	$ 8,303	$ 5,099	$ 4,019
Income tax benefit at our statutory rate associated with stock-based compensation	(3,238)	(1,989)	(1,567)
Stock-based compensation expense, net	$ 5,065	$ 3,110	$ 2,452

Note 6 - Stock-based Compensation - Summary of Restricted Common Stock Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Restricted Stock [Member]
Outstanding, Shares (in shares)	396,033	337,506	385,056
Outstanding, Weighted average grant date fair value (in dollars per share)	$ 12.06	$ 9.57	$ 9.09
Granted, Shares (in shares)	307,943	237,500	150,308
Granted, Weighted average grant date fair value (in dollars per share)	$ 10.40	$ 12.88	$ 10.27
Vested, Shares (in shares)	(200,291)	(178,973)	(197,858)
Vested, Weighted average grant date fair value (in dollars per share)	$ 11.82	$ 8.46	$ 9.16
Outstanding, Shares (in shares)	503,685	396,033	337,506
Outstanding, Weighted average grant date fair value (in dollars per share)	$ 11.14	$ 12.06	$ 9.57
Restricted Stock [Member] \| Common Class A [Member]
Outstanding, Shares (in shares)	415,082	374,693	204,473
Outstanding, Weighted average grant date fair value (in dollars per share)	$ 10.15	$ 9.46	$ 9.81
Granted, Shares (in shares)	275,076	218,612	287,513
Granted, Weighted average grant date fair value (in dollars per share)	$ 10.84	$ 11.25	$ 9.37
Vested, Shares (in shares)	(227,526)	(178,223)	(117,293)
Vested, Weighted average grant date fair value (in dollars per share)	$ 10	$ 10.04	$ 9.85
Outstanding, Shares (in shares)	462,632	415,082	374,693
Outstanding, Weighted average grant date fair value (in dollars per share)	$ 10.63	$ 10.15	$ 9.46
Restricted Stock Units (RSUs) [Member]
Outstanding, Shares (in shares)	0	0	0
Outstanding, Weighted average grant date fair value (in dollars per share)	$ 0	$ 0	$ 0
Granted, Shares (in shares)	215,500	0	0
Granted, Weighted average grant date fair value (in dollars per share)	$ 15.70	$ 0	$ 0
Vested, Shares (in shares)	0	0	0
Vested, Weighted average grant date fair value (in dollars per share)	$ 0	$ 0	$ 0
Outstanding, Shares (in shares)	209,500	0	0
Outstanding, Weighted average grant date fair value (in dollars per share)	$ 15.70	$ 0	$ 0
Forfeited, Shares (in shares)	(6,000)	0	0
Forfeited, Weighted average grant date fair value (in dollars per share)	$ 15.70	$ 0	$ 0

Note 7 - Income Taxes (Details Textual) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability	$ (146,000)
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent			35.00%
Deferred Tax Assets, Valuation Allowance	75		$ 75	$ 1,532
Increase (Decrease) in Obligation, Pension Benefits			(7,400)	(600)	$ (5,800)
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax			4,520	361	(3,528)
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax			2,900	200	2,300
Income Taxes Paid, Net			2,000	14,600	$ 1,800
Accrued Income Taxes	13,800		13,800	14,600
Capital Loss Carryforward [Member]
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount			(1,400)	(200)
Domestic Tax Authority [Member]
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration				61,600
State and Local Jurisdiction [Member]
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration				101,700
State and Local Jurisdiction [Member] \| Valuation Allowance, Operating Loss Carryforwards [Member]
Deferred Tax Assets, Valuation Allowance	$ 100		$ 100	$ 1,500
Scenario, Forecast [Member]
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent		21.00%

Note 7 - Income Taxes - Federal and State Income Tax Expense (Benefit) Summary (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2017

Dec. 31, 2016

Dec. 31, 2015

Federal

$ 4,633

$ 0

State and local

3,261

2,730

1,259

State and local - reserve for uncertain tax positions

757

(698)

(581)

Current income tax expense (benefit)

8,651

2,032

678

Federal(1)

^[1]

(81,666)

38,214

24,067

State and local

4,341

3,172

1,703

Deferred income tax (benefit) expense

(77,325)

41,386

25,770

Income tax (benfit) expense as recorded

$ (68,674)

$ 43,418

$ 26,448

[1]	Includes a federal tax benefit of $146.0 million from the restatement of deferred taxes resulting from the reduction of the corporate tax rate due to the enactment of the TCJA.

Note 7 - Income Taxes - Significant Components of Deferred Tax Liabilities and Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Deferred tax liabilities:
Net book value of property and equipment	$ 18,131	$ 26,620
Broadcast licenses, goodwill and other intangibles	272,330	369,275
Total deferred tax liabilities	290,461	395,895
Deferred tax assets:
Liability for accrued vacation	1,438	2,232
Liability for accrued bonus	2,391	5,483
Loan acquisition costs	47	336
Allowance for doubtful accounts	1,170	1,168
Liability under health and welfare plan	608	1,201
Liability for pension plan	9,611	13,278
Federal operating loss carryforwards	0	20,401
State and local operating loss carryforwards	4,719	4,555
Alternative minimum tax carryforwards	3,925	386
Unearned income	2	3
Stock options	113	174
Acquisition costs	2,104	3,140
Restricted stock	2,636	1,950
Other	82	109
Total deferred tax assets	28,846	54,416
Valuation allowance for deferred tax assets	(75)	(1,532)
Net deferred tax assets	28,771	52,884
Deferred tax liabilities, net of deferred tax assets	$ 261,690	$ 343,011

Note 7 - Income Taxes - Reconciliation of Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Statutory federal rate applied to income before income tax expense	$ 67,647	$ 36,992	$ 23,012
Current year permanent items	2,408	1,830	1,192
State and local taxes, net of federal tax benefit	7,889	5,056	2,831
Change in valuation allowance	(1,457)	(151)	(369)
Reserve for uncertain tax positions	757	(698)	(581)
Rate change due to enactment of tax reform	(145,997)	0	0
Other items, net	79	389	363
Income tax (benfit) expense as recorded	$ (68,674)	$ 43,418	$ 26,448
Effective income tax (benefit) expense rate	(35.50%)	41.10%	40.20%

Note 8 - Retirement Plans (Details Textual) $ in Millions	12 Months Ended
Note 8 - Retirement Plans (Details Textual) $ in Millions	Dec. 31, 2017 USD ($) shares	Dec. 31, 2016 USD ($) shares	Dec. 31, 2015 USD ($)
Common Stock, Capital Shares Reserved for Future Issuance \| shares	7,422,965	5,449,148
Capital Accumulation Plan [Member]
Defined Contribution Plan, Employer Discretionary Contribution Amount	$ 6.6	$ 5.4	$ 1.8
Defined Contribution Plan, Expected Contributions In Next Twelve Months	$ 6.8
Common Stock, Capital Shares Reserved for Future Issuance \| shares	1,587,719
Capital Accumulation Plan [Member] \| First 3% of Each Employee's Salary Deferral [Member]
Defined Contribution Plan, Employer Matching Contribution, Percent of Match	100.00%
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay	3.00%
Capital Accumulation Plan [Member] \| Next 2% of Each Employee's Salary Deferral [Member]
Defined Contribution Plan, Employer Matching Contribution, Percent of Match	50.00%
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay	2.00%
Pension Plan [Member] \| Assumed Plans [Member]
Number of Underfunded Pension Plans		2
Pension Plan [Member] \| Gray Pension Plan [Member]
Defined Benefit Plan, Accumulated Benefit Obligation	$ 126.1	$ 115.0
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year	2.0
Profit Sharing Contribution [Member]
Defined Contribution Plan, Employer Discretionary Contribution Amount	$ 4.1	$ 3.4	$ 1.6

Note 8 - Retirement Plans - Summary of Funded Status and Amounts Recognized on Balance Sheets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Projected benefit obligation at beginning of year	$ 114,976	$ 103,199
Interest cost	4,669	4,398	$ 4,159
Actuarial losses	0	1,839
Benefits paid	(3,529)	(2,790)
Merger of assumed plans	9,970	8,330
Projected benefit obligation at end of year	126,086	114,976	103,199
Fair value of pension plan assets at beginning of year	80,929	69,246
Actual return on plan assets	7,724	5,918
Company contributions	3,124	2,775
Benefits paid	(3,529)	(2,790)
Merger of assumed plans	0	5,780
Fair value of pension plan assets at end of year	88,248	80,929	$ 69,246
Funded status of pension plan	(37,838)	(34,047)
Accrued benefit cost	(1,502)	(5,121)
Accumulated other comprehensive loss	(36,336)	(28,926)
Net liability recognized	$ (37,838)	$ (34,047)

Note 8 - Retirement Plans - Estimated Rate of Increase in Compensation Levels (Details)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Weighted-average assumptions used to determine net periodic benefit cost for the Gray Pension Plan:
Discount rate	4.11%	4.31%
Expected long-term rate of return on pension plan assets	7.00%	7.00%
Estimated rate of increase in compensation levels
Discount rate	3.55%	4.11%

Note 8 - Retirement Plans - Components of Net Periodic Benefit Cost for Pension Plans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Components of net periodic pension cost:
Service cost	$ 0	$ 0	$ 3,130
Interest cost	4,669	4,398	4,159
Expected return on plan assets	(5,648)	(4,836)	(4,782)
Recognized net actuarial loss	484	406	1,580
Net periodic pension (benefit) cost	$ (494)	$ (32)	$ 4,087

Note 8 - Retirement Plans - Estimated Future Benefit Payments for Subsequent Years (Details) $ in Thousands	Dec. 31, 2017 USD ($)
2018	$ 2,924
2019	3,279
2020	3,768
2021	4,047
2022	4,324
2023-2027	$ 26,680

Note 8 - Retirement Plans - Allocation of Plan Assets (Details)	Dec. 31, 2017	Dec. 31, 2016
Asset category:
Plan assets, percent	100.00%	100.00%
Insurance General Account [Member]
Asset category:
Plan assets, percent	19.00%	23.00%
Cash and Cash Equivalents [Member]
Asset category:
Plan assets, percent	4.00%	6.00%
Equity Securities [Member]
Asset category:
Plan assets, percent	42.00%	39.00%
Fixed Income Securities [Member]
Asset category:
Plan assets, percent	31.00%	28.00%
Real Estate [Member]
Asset category:
Plan assets, percent	4.00%	4.00%

Note 8 - Retirement Plans - Target Asset Allocation (Details)	Dec. 31, 2017
Large Cap Value [Member]
Target range	5.00%
Large Cap Value [Member] \| Minimum [Member]
Target range	0.00%
Large Cap Value [Member] \| Maximum [Member]
Target range	50.00%
Large Cap Blend [Member]
Target range	5.00%
Large Cap Blend [Member] \| Minimum [Member]
Target range	0.00%
Large Cap Blend [Member] \| Maximum [Member]
Target range	50.00%
Large Cap Growth [Member]
Target range	5.00%
Large Cap Growth [Member] \| Minimum [Member]
Target range	0.00%
Large Cap Growth [Member] \| Maximum [Member]
Target range	50.00%
Mid-cap Blend [Member]
Target range	15.00%
Mid-cap Blend [Member] \| Minimum [Member]
Target range	0.00%
Mid-cap Blend [Member] \| Maximum [Member]
Target range	40.00%
Small Cap Core [Member]
Target range	5.00%
Small Cap Core [Member] \| Minimum [Member]
Target range	0.00%
Small Cap Core [Member] \| Maximum [Member]
Target range	25.00%
Foreign Large Blend [Member]
Target range	10.00%
Foreign Large Blend [Member] \| Minimum [Member]
Target range	0.00%
Foreign Large Blend [Member] \| Maximum [Member]
Target range	40.00%
Emerging Markets [Member]
Target range	10.00%
Emerging Markets [Member] \| Minimum [Member]
Target range	0.00%
Emerging Markets [Member] \| Maximum [Member]
Target range	25.00%
Real Estate [Member]
Target range	5.00%
Real Estate [Member] \| Minimum [Member]
Target range	0.00%
Real Estate [Member] \| Maximum [Member]
Target range	20.00%
US Treasury Securities [Member]
Target range	5.00%
US Treasury Securities [Member] \| Minimum [Member]
Target range	0.00%
US Treasury Securities [Member] \| Maximum [Member]
Target range	25.00%
Intermediate Term Bond [Member]
Target range	10.00%
Intermediate Term Bond [Member] \| Minimum [Member]
Target range	0.00%
Intermediate Term Bond [Member] \| Maximum [Member]
Target range	50.00%
US Government Agencies Debt Securities [Member]
Target range	5.00%
US Government Agencies Debt Securities [Member] \| Minimum [Member]
Target range	0.00%
US Government Agencies Debt Securities [Member] \| Maximum [Member]
Target range	40.00%
High Yield Bond [Member]
Target range	10.00%
High Yield Bond [Member] \| Minimum [Member]
Target range	0.00%
High Yield Bond [Member] \| Maximum [Member]
Target range	25.00%
Emerging Markets Bond [Member]
Target range	10.00%
Emerging Markets Bond [Member] \| Minimum [Member]
Target range	0.00%
Emerging Markets Bond [Member] \| Maximum [Member]
Target range	20.00%
Money Market Funds [Member]
Target range	0.00%
Money Market Funds [Member] \| Minimum [Member]
Target range	0.00%
Money Market Funds [Member] \| Maximum [Member]
Target range	100.00%

Note 8 - Retirement Plans - Pension Plan Fair Value Measurements (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Defined benefit plan, fair value of plan assets	$ 88,248	$ 80,929	$ 69,246
Fair Value, Inputs, Level 1 [Member]
Defined benefit plan, fair value of plan assets	71,375	62,572
Fair Value, Inputs, Level 2 [Member]
Defined benefit plan, fair value of plan assets	16,873	18,357
Fair Value, Inputs, Level 3 [Member]
Defined benefit plan, fair value of plan assets	0	0
Insurance General Account [Member]
Defined benefit plan, fair value of plan assets	16,873	18,357
Insurance General Account [Member] \| Fair Value, Inputs, Level 1 [Member]
Defined benefit plan, fair value of plan assets	0	0
Insurance General Account [Member] \| Fair Value, Inputs, Level 2 [Member]
Defined benefit plan, fair value of plan assets	16,873	18,357
Insurance General Account [Member] \| Fair Value, Inputs, Level 3 [Member]
Defined benefit plan, fair value of plan assets	0	0
Cash and Cash Equivalents [Member]
Defined benefit plan, fair value of plan assets	3,229	5,089
Cash and Cash Equivalents [Member] \| Fair Value, Inputs, Level 1 [Member]
Defined benefit plan, fair value of plan assets	3,229	5,089
Cash and Cash Equivalents [Member] \| Fair Value, Inputs, Level 2 [Member]
Defined benefit plan, fair value of plan assets	0	0
Cash and Cash Equivalents [Member] \| Fair Value, Inputs, Level 3 [Member]
Defined benefit plan, fair value of plan assets	0	0
Equity Securities [Member]
Defined benefit plan, fair value of plan assets	37,536	31,963
Equity Securities [Member] \| Fair Value, Inputs, Level 1 [Member]
Defined benefit plan, fair value of plan assets	37,536	31,963
Equity Securities [Member] \| Fair Value, Inputs, Level 2 [Member]
Defined benefit plan, fair value of plan assets	0	0
Equity Securities [Member] \| Fair Value, Inputs, Level 3 [Member]
Defined benefit plan, fair value of plan assets	0	0
Fixed Income Securities [Member]
Defined benefit plan, fair value of plan assets	27,146	22,544
Fixed Income Securities [Member] \| Fair Value, Inputs, Level 1 [Member]
Defined benefit plan, fair value of plan assets	27,146	22,544
Fixed Income Securities [Member] \| Fair Value, Inputs, Level 2 [Member]
Defined benefit plan, fair value of plan assets	0	0
Fixed Income Securities [Member] \| Fair Value, Inputs, Level 3 [Member]
Defined benefit plan, fair value of plan assets	0	0
Real Estate [Member]
Defined benefit plan, fair value of plan assets	3,464	2,976
Real Estate [Member] \| Fair Value, Inputs, Level 1 [Member]
Defined benefit plan, fair value of plan assets	3,464	2,976
Real Estate [Member] \| Fair Value, Inputs, Level 2 [Member]
Defined benefit plan, fair value of plan assets	0	0
Real Estate [Member] \| Fair Value, Inputs, Level 3 [Member]
Defined benefit plan, fair value of plan assets	$ 0	$ 0

Note 9 - Commitments and Contingencies - Commitments Summary (Details) $ in Thousands	Dec. 31, 2017 USD ($)
Purchase obligations	$ 3,286
Contractual obligations	192,912
Purchase obligations	2,651
Contractual obligations	151,744
2020	2,284
Contractual obligations	155,212
2021	2,125
Contractual obligations	133,752
2022	1,952
Contractual obligations	5,322
Thereafter	5,294
Contractual obligations	5,745
Total	17,592
Contractual obligations	644,687
Service and Other Agreements [Member]
Purchase obligations	2,856
Purchase obligations	749
Purchase obligations	0
Purchase obligations	0
Purchase obligations	0
Purchase obligations	0
Purchase obligations	3,605
Equipment [Member]
Purchase obligations	3,887
Purchase obligations	0
Purchase obligations	0
Purchase obligations	0
Purchase obligations	0
Purchase obligations	0
Purchase obligations	3,887
Syndicated Television Programming [Member]
2018	6,214
2019	18,330
Purchase obligations	12,571
Purchase obligations	1,510
Purchase obligations	691
Purchase obligations	451
Purchase obligations	39,767
Network Affiliation Agreements [Member]
Purchase obligations	176,669
2019	130,014
Purchase obligations	140,357
Purchase obligations	130,117
Purchase obligations	2,679
Purchase obligations	0
Purchase obligations	$ 579,836

Note 10 - Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Thousands		12 Months Ended
	Aug. 07, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Amortization of Intangible Assets		$ 25,072	$ 16,596	$ 11,982
Finite-Lived Intangible Assets, Amortization Expense, Year Two		20,600
Finite-Lived Intangible Assets, Amortization Expense, Year Three		15,400
Finite-Lived Intangible Assets, Amortization Expense, Year Four		12,400
Finite-Lived Intangible Assets, Amortization Expense, Year Five		8,300
Finite-Lived Intangible Assets, Amortization Expense, Year Six		4,800
Goodwill, Impairment Loss		0	0	0
Proceeds from Spectrum Auction		$ 90,824	$ 0	$ 0
FCC [Member]
Proceeds from Spectrum Auction	$ 90,800
FCC [Member] \| Broadcast Licenses [Member]
Intangible Asset Dispositions from Spectrum Auction	$ (13,100)

Note 10 - Goodwill and Intangible Assets - Changes in Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Goodwill	$ 485,318	$ 423,236
Goodwill, Acquired During Period	125,782	72,296	$ 48,300
Goodwill		(10,214)
Goodwill	611,100	485,318	423,236
Broadcast licenses	1,340,305
Broadcast licenses		0
Broadcast licenses	1,530,703	1,340,305
Finite-lived intangible assets	56,250	53,280
Finite-lived Intangible Assets Acquired	42,606	19,566
Finite-lived intangible assets	(25,072)	(16,596)	(11,982)
Finite-lived intangible assets	73,784	56,250	53,280
Total intangible assets net of accumulated amortization	1,881,873	1,591,142
Total intangible assets net of accumulated amortization	371,891	342,897
Total intangible assets net of accumulated amortization	(13,105)	(35,570)
Total intangible assets net of accumulated amortization	2,215,587	1,881,873	1,591,142
Broadcast Licenses [Member]
Broadcast licenses	1,340,305	1,114,626
Broadcast licenses	203,503	251,035
Broadcast licenses	(13,105)	(25,356)
Broadcast licenses	$ 1,530,703	$ 1,340,305	$ 1,114,626

Note 10 - Goodwill and Intangible Assets - Summary of Changes in Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Goodwill, gross	$ 583,914	$ 521,832
Goodwill, Acquired During Period	125,782	72,296	$ 48,300
Goodwill		(10,214)
Goodwill, gross	709,696	583,914	521,832
Accumulated goodwill impairment	(98,596)	(98,596)	(98,596)
Goodwill	$ 611,100	$ 485,318	$ 423,236

Note 10 - Goodwill and Intangible Assets - Intangible Assets and Related Accumulated Amortization (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Goodwill, Gross	$ 709,696	$ 583,914	$ 521,832
Goodwill	611,100	485,318	423,236
Other intangible assets, net	73,784	56,250	53,280
Intangible Assets Gross (Including Goodwill)	2,345,082	1,986,378
Accumulated Amortization Intangible Assets	(129,495)	(104,505)
Intangible Assets, Net (Including Goodwill)	2,215,587	1,881,873	$ 1,591,142
Network Affiliate [Member]
Finite-Lived Intangible Assets, Gross	6,134	1,264
Finite-Lived Intangible Assets, Accumulated Amortization	(3,551)	(1,264)
Other intangible assets, net	2,583	0
Other Intangible Assets [Member]
Finite-Lived Intangible Assets, Gross	143,446	105,792
Finite-Lived Intangible Assets, Accumulated Amortization	(72,245)	(49,542)
Other intangible assets, net	71,201	56,250
Intangible Assets Subject to Amortization [Member]
Finite-Lived Intangible Assets, Gross	149,580	107,056
Finite-Lived Intangible Assets, Accumulated Amortization	(75,796)	(50,806)
Other intangible assets, net	73,784	56,250
Broadcast Licenses [Member]
Indefinite-lived Intangible Assets (Excluding Goodwill), Gross	1,584,402	1,394,004
Indefinite-Lived Intangible Assets (Excluding Goodwill), Accumulated Amortization	(53,699)	(53,699)
Indefinite-Lived Intangible Assets (Excluding Goodwill)	1,530,703	1,340,305
Goodwill Not Amortizable [Member]
Goodwill, Gross	611,100	485,318
Goodwill	611,100	485,318
Intangible Assets Not Subject to Amortization [Member]
Goodwill and Indefinite-Lived Intangible Assets, Gross	2,195,502	1,879,322
Goodwill and Indefinite-lived Intangible Assets, Accumulated Amortization	(53,699)	(53,699)
Goodwill and Indefinite-Lived Assets, Net	$ 2,141,803	$ 1,825,623

Note 11 - Selected Quarterly Financial Data (Unaudited) - Selected Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Revenue (less agency commissions)	$ 233,609	$ 218,977	$ 226,681	$ 203,461	$ 237,619	$ 204,490	$ 196,633	$ 173,723	$ 882,728	$ 812,465	$ 597,356
Operating income	55,089	50,024	142,555	43,558	83,874	60,467	53,687	36,111	291,226	234,139	140,057
Net income	$ 165,570	$ 15,316	$ 70,561	$ 10,505	$ 35,834	$ (213)	$ 17,662	$ 8,990	$ 261,952	$ 62,273	$ 39,301
Net income (in dollars per share)	$ 2.15	$ 0.21	$ 0.98	$ 0.15	$ 0.50	$ 0	$ 0.25	$ 0.13	$ 3.59	$ 0.87	$ 0.58
Diluted net income per share (in dollars per share)	$ 2.13	$ 0.21	$ 0.97	$ 0.14	$ 0.49	$ 0	$ 0.24	$ 0.12	$ 3.55	$ 0.86	$ 0.57

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

12 Months Ended

Dec. 31, 2017

Dec. 31, 2016

Dec. 31, 2015

Allowance for Doubtful Accounts [Member]

$ 3,163

$ 1,794

$ 1,667

2,400

1,917

606

^[1]

167

^[2]

(957)

(715)

(479)

Valuation Allowance of Deferred Tax Assets [Member]

4,606

3,163

1,794

1,532

1,683

2,052

(1,457)

^[1]

^[2]

(151)

(369)