Document And Entity Information - USD ($)	12 Months Ended
Document And Entity Information - USD ($)	Dec. 31, 2018	Feb. 22, 2019	Jun. 30, 2018
Document Information [Line Items]
Entity Registrant Name	GRAY TELEVISION INC
Entity Central Index Key	0000043196
Trading Symbol	gtn
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	Yes
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Public Float			$ 1,261,840,180
Document Type	10-K
Document Period End Date	Dec. 31, 2018
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Shell Company	false
Common Stock [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		94,131,367
Common Class A [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		6,892,233

Consolidated Balance Sheets - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Assets:
Cash	$ 666,980,000	$ 462,399,000
Accounts receivable, less allowance for doubtful accounts of $5,346 and $4,606, respectively	183,592,000	171,230,000
Prepaid income taxes	0	13,791,000
Prepaid and other current assets	7,311,000	4,681,000
Total current assets	872,745,000	666,757,000
Property and equipment, net	363,142,000	350,658,000
Broadcast licenses	1,529,574,000	1,530,703,000
Goodwill	612,425,000	611,100,000
Other intangible assets, net	53,214,000	73,784,000
Investments in broadcasting and technology companies	16,599,000	16,599,000
Restricted cash	751,963,000
Other	13,783,000	11,256,000
Total assets	4,213,445,000	3,260,857,000
Liabilities and stockholders’ equity:
Accounts payable	8,403,000	7,840,000
Employee compensation and benefits	34,771,000	30,144,000
Accrued interest	34,289,000	26,624,000
Other accrued expenses	17,384,000	11,970,000
Federal and state income taxes	14,330,000	8,753,000
Deferred revenue	3,703,000	4,004,000
Current portion of long-term debt		6,417,000
Total current liabilities	150,396,000	131,305,000
Long-term debt, less current portion and deferred financing costs	2,549,224,000	1,831,011,000
Program broadcast obligations, less current portion	5,182,000	4,277,000
Deferred income taxes	284,890,000	261,690,000
Accrued pension costs	33,239,000	37,838,000
Other	3,325,000	1,839,000
Total liabilities	3,026,256,000	2,267,960,000
Commitments and contingencies (Note 10)
Stockholders’ equity:
Common stock	907,137,000	902,518,000
Retained earnings	372,497,000	161,694,000
Accumulated other comprehensive loss, net of income tax benefit	(21,377,000)	(22,165,000)
Stockholders' equity before treasury stock	1,284,943,000	1,066,691,000
Treasury stock at cost	(72,270,000)	(49,562,000)
Total stockholders’ equity	1,187,189,000	992,897,000
Total liabilities and stockholders’ equity	4,213,445,000	3,260,857,000
Common Class A [Member]
Stockholders’ equity:
Common stock	26,686,000	24,644,000
Treasury stock at cost	(25,484,000)	(24,232,000)
Network Programming Obligations, Current [Member]
Liabilities and stockholders’ equity:
Accrued network programming fees	22,328,000	20,317,000
Syndicated Program Film Rights, Current [Member]
Assets:
Current portion of program broadcast rights, net	14,862,000	14,656,000
Syndicated Program Film Obliagtions, Current [Member]
Liabilities and stockholders’ equity:
Accrued network programming fees	$ 15,188,000	$ 15,236,000

Consolidated Balance Sheets (Parentheticals) - USD ($) $ / shares in Thousands, $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Accounts receivable, allowance for doubtful accounts	$ 5,346	$ 4,606
Common stock, par value (in dollars per share)	$ 0	$ 0
Common stock, shares authorized (in shares)	200,000,000	100,000,000
Common stock, shares issued (in shares)	89,298,943	88,788,664
Common stock, shares outstanding (in shares)	82,022,500	83,253,588
Treasury stock (in shares)	7,276,443	5,535,076
Common Class A [Member]
Common stock, par value (in dollars per share)	$ 0	$ 0
Common stock, shares authorized (in shares)	25,000,000	15,000,000
Common stock, shares issued (in shares)	8,569,149	8,349,069
Common stock, shares outstanding (in shares)	6,729,035	6,598,377
Treasury stock (in shares)	1,840,114	1,750,692

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Revenue (less agency commissions)	$ 1,084,132	$ 882,728	$ 812,465
Operating expenses before depreciation, amortization, and (gain) loss on disposals of assets, net:
Broadcast	596,403	557,563	474,994
Corporate and administrative	40,910	31,589	40,319
Depreciation	53,883	51,973	45,923
Amortization of intangible assets	20,570	25,072	16,596
(Gain) loss on disposals of assets, net	(16,405)	(74,200)	329
Operating expenses	695,361	591,997	578,161
Operating income	388,771	290,731	234,304
Other income (expense):
Miscellaneous income, net	5,507	657	610
Interest expense	(106,628)	(95,259)	(97,236)
Loss from early extinguishment of debt		(2,851)	(31,987)
Income before income taxes	287,650	193,278	105,691
Income tax expense (benefit)	76,847	(68,674)	43,418
Net income	$ 210,803	$ 261,952	$ 62,273
Basic per share information:
Net income (in dollars per share)	$ 2.39	$ 3.59	$ 0.87
Weighted average shares outstanding (in shares)	88,084	73,061	71,848
Diluted per share information:
Net income (in dollars per share)	$ 2.37	$ 3.55	$ 0.86
Weighted average shares outstanding (in shares)	88,778	73,836	72,764
Dividends declared per common share (in dollars per share)	$ 0	$ 0

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Net income	$ 210,803	$ 261,952	$ 62,273
Other comprehensive income (loss):
Adjustment to pension liability	1,056	(7,410)	(592)
Income tax expense (benefit)	268	(2,890)	(231)
Other comprehensive income (loss)	788	(4,520)	(361)
Comprehensive income	$ 211,591	$ 257,432	$ 61,912

- Definition

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

+ References + Details

Consolidated Statement of Stockholders' Equity - USD ($) $ in Thousands	2007 Incentive Plan [Member] Common Stock [Member] Common Class A [Member]	2007 Incentive Plan [Member] Common Stock [Member]	2007 Incentive Plan [Member] Treasury Stock [Member] Common Class A [Member]	2007 Incentive Plan [Member] Treasury Stock [Member]	2007 Incentive Plan [Member]	The 2017 Equity and Incentive Compensation Plan [Member] Common Stock [Member] Common Class A [Member]	Common Stock [Member] Common Class A [Member]	Common Stock [Member]	Retained Earnings [Member]	Treasury Stock [Member] Common Class A [Member]	Treasury Stock [Member]	AOCI Attributable to Parent [Member]	Total
Balance (in shares) at Dec. 31, 2015							7,855,381	70,989,426		(1,611,371)	(4,882,705)
Balance at Dec. 31, 2015							$ 19,325	$ 655,446	$ (163,638)	$ (22,685)	$ (41,890)	$ (17,284)	$ 429,274
Net income									62,273				62,273
Adjustment to pension liability, net of income tax												(361)	(361)
401(k) plan (in shares)								2,571
401(k) plan								$ 29					29
Restricted stock awards (in shares)	218,612	237,500	(57,760)	(60,518)
Restricted stock awards			$ (655)	$ (798)	$ (1,453)
Repurchase of common stock (in shares)											(192,183)
Repurchase of common stock											$ (2,000)		(2,000)
Share-based compensation (in shares)
Share-based compensation							$ 2,439	$ 2,660					5,099
Balance (in shares) at Dec. 31, 2016							8,073,993	71,229,497		(1,669,131)	(5,135,406)
Balance at Dec. 31, 2016							$ 21,764	$ 658,135	(101,365)	$ (23,340)	$ (44,688)	(17,645)	492,861
Net income									261,952				261,952
Adjustment to pension liability, net of income tax												(4,520)	(4,520)
401(k) plan (in shares)								1,224
401(k) plan								$ 15					15
Restricted stock awards (in shares)	198,220	307,943	(81,561)	(77,632)		76,856
Restricted stock awards			$ (892)	$ (874)	$ (1,766)
Repurchase of common stock (in shares)											(322,038)
Repurchase of common stock											$ (4,000)		(4,000)
Share-based compensation							2,880	5,423					8,303
Adoption of ASU 2016-09 excess tax benefit for stock-based compensation									1,107				1,107
Underwritten public offering (in shares)								17,250,000
Underwritten public offering								$ 238,945					238,945
Balance (in shares) at Dec. 31, 2017							8,349,069	88,788,664		(1,750,692)	(5,535,076)
Balance at Dec. 31, 2017							$ 24,644	$ 902,518	161,694	$ (24,232)	$ (49,562)	(22,165)	992,897
Net income									210,803				210,803
Adjustment to pension liability, net of income tax												788	788
Restricted stock awards (in shares)							220,080	391,836		(89,422)	(107,456)
Restricted stock awards										$ (1,252)	$ (1,757)		(3,009)
Repurchase of common stock (in shares)											(1,551,710)
Repurchase of common stock											$ (19,607)		(19,607)
Share-based compensation (in shares)
Share-based compensation							$ 2,042	$ 5,147					7,189
Restricted stock unit awards (in shares)								209,500			(82,201)
Restricted stock unit awards											$ (1,344)		(1,344)
Forefiture of restricted stock awards (in shares)								(91,057)
Forefiture of restricted stock awards								$ (528)					(528)
Balance (in shares) at Dec. 31, 2018							8,569,149	89,298,943		(1,840,114)	(7,276,443)
Balance at Dec. 31, 2018							$ 26,686	$ 907,137	$ 372,497	$ (25,484)	$ (72,270)	$ (21,377)	$ 1,187,189

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Operating activities
Net income	$ 210,803	$ 261,952	$ 62,273
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	53,883	51,973	45,923
Amortization of intangible assets	20,570	25,072	16,596
Amortization of deferred loan costs	4,630	4,624	4,884
Accretion of original issue discount and premium related to long-term debt, net	(610)	(610)	(779)
Amortization of restricted stock and stock option awards	6,661	8,303	5,099
Amortization of program broadcast rights	21,416	21,033	19,001
Payments on program broadcast obligations	(21,789)	(21,055)	(18,786)
Deferred income taxes	22,932	(77,325)	41,386
(Gain) loss on disposals of assets, net	(16,405)	(74,200)	329
Loss from early extinguishment of debt		2,851	31,987
Other	(2,888)	(3,343)	(1,788)
Changes in operating assets and liabilities:
Accounts receivable	(12,362)	(23,744)	(6,107)
Prepaid income taxes	13,791	851	(14,642)
Other current assets	(2,901)	806	2,032
Accounts payable	563	2,116	518
Employee compensation, benefits and pension costs	4,636	(1,899)	871
Accrued network fees and other expenses	7,444	3,306	(1,723)
Accrued interest	7,665	(5,829)	19,736
Income taxes payable	5,578	5,836	2,145
Deferred revenue	(301)	(703)	1,130
Net cash provided by operating activities	323,316	180,015	210,085
Investing activities
Acquisitions of television businesses and licenses	(425)	(416,018)	(431,846)
Proceeds from sale of television station	8,500		11,200
Proceeds from FCC spectrum auction		90,824
Purchases of property and equipment	(69,975)	(34,516)	(43,604)
Proceeds from Repack (Note 1)	14,217	84
Proceeds from other asset sales	467	103	2,979
Net (increase) decrease in acquisition prepayments and other	(161)	9,724	(18,063)
Net cash used in investing activities	(47,377)	(349,799)	(479,334)
Financing activities
Proceeds from borrowings on long-term debt	750,000	641,438	1,656,000
Repayments of borrowings on long-term debt	(40,208)	(562,641)	(1,100,000)
Payments for the repurchase of common stock	(19,607)	(4,000)	(2,000)
Tender and redemption premiums for 2020 Notes			(27,502)
Proceeds from issuance of common stock		238,945
Deferred and other loan costs	(5,227)	(4,981)	(27,926)
Payments for taxes related to net share settlement of equity awards	(4,353)	(1,767)	(1,452)
Net cash provided by financing activities	680,605	306,994	497,120
Net increase in cash	204,581	137,210	227,871
Net increase in restricted cash, included in non-current assets	751,963
Cash and restricted cash at beginning of period	462,399	325,189	97,318
Cash and restricted cash at end of period	$ 1,418,943	$ 462,399	$ 325,189

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

12 Months Ended

Dec. 31, 2018

Notes to Financial Statements

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. Upon the completion of the Raycom Merger on

January 2, 2019,

we have become

one

of the largest owners of top-rated local television stations and digital assets in the United States. Currently, we own and operate television stations in

television markets broadcasting almost

400

separate program streams including nearly

150

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

collectively as the “Big Four” networks. Our television stations ranked

first

second

among all local television stations in

of our

markets between

December 2017

and

November 2018.

Our station portfolio reaches approximately

24%

of total United States television households. We also own video program production, marketing, and digital businesses including Raycom Sports, Tupelo-Raycom, and RTM Studios, the producer of PowerNation programs and content.

Restricted Cash.

As of

December 31, 2018

our wholly owned subsidiary, Gray Escrow, Inc., held the cash proceeds from and interest earned on the proceeds of our

2027

Notes offering in escrow. We presented this escrow account as restricted cash on our balance sheets. On

January 2, 2019,

these proceeds were released from escrow and used to fund a portion of the cash consideration paid to complete the Raycom Merger.

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, 2018,

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. 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.

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.

Each of these equity investments do

not

have readily determinable fair values. We have applied the measurement alternative as defined in the FASB’s ASU

2016

–

Financial Instruments - Overall

(Subtopic

825

Recognition and Measurement of Financial Assets and Financial Liabilities

. These investments are reported together as a non-current asset on our balance sheets.

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 the years ended

December 31, 2018,

2017

and

2016

were as follows (amounts in thousands):

	Year Ended December 31,
	2018			2017			2016
Trade revenue	$	2,897		$	1,832		$	2,069
Trade expense		(3,012	)		(1,863	)		(1,997	)
Net trade (loss) income	$	(115	)	$	(31	)	$	72

We do

not

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

not

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

not

have a material effect upon net income.

Advertising Expense.

Our advertising expense was

$1.2

million,

$1.6

million and

$1.5

million for the years ended

December 31, 2018,

2017

and

2016,

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 Doubtful Accounts.

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

120

days old or older. We

may

provide allowances for certain receivable balances that are less than

120

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

$2.2

million,

$2.4

million and

$1.9

million for the years ended

December 31, 2018,

2017

and

2016,

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

Property and Equipment.

Property and equipment are carried at cost. Depreciation is computed principally by the straight-line method. The following table lists the components of property and equipment by major category (dollars in thousands):

							Estimated
	December 31,						Useful Lives
	2018			2017			(in years)
Property and equipment:
Land	$	52,511		$	50,458
Buildings and improvements		166,200			156,924			7	to	40
Equipment		547,707			511,878			3	to	20
		766,418			719,260
Accumulated depreciation		(403,276	)		(368,602	)
Total property and equipment, net	$	363,142		$	350,658

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

April 2017,

the Federal Communications Commission (the “FCC”) began a process of reallocating the broadcast spectrum (the “Repack”). Specifically, the FCC is requiring certain television stations to change channels and/or modify their transmission facilities. The U.S. Congress passed legislation which provides the FCC with a

$1.75

billion fund to reimburse all reasonable costs incurred by stations operating under a full power license and a portion of the costs incurred by stations operating under a low power license that are reassigned to new channels. Subsequent legislation in

March 2018

appropriated an additional

$1.0

billion for the Repack fund, of which up to

$750.0

million

may

be made available to reimburse the Repack costs of full power, Class A television stations and multichannel video programming distributors. Other funds are earmarked to assist low power television stations and for other transition costs. The sufficiency of the FCC’s fund to reimburse for Repack costs is dependent upon a number of factors including the amounts to be reimbursed to other industry participants for Repack costs. Therefore, we cannot predict whether the fund will be sufficient to reimburse our Repack costs to the extent authorized under the legislation. As of

December 31, 2018,

of our current full power stations and

of our current low power stations are affected by the Repack. The Repack process began in the summer of

2017

and will take approximately

three

years to complete. The majority of our costs associated with the Repack qualify for capitalization, rather than expense. Upon receipt of funds reimbursing us for our Repack costs, we record those proceeds as a component of our (gain) loss on disposal of assets, net.

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

	Year ended December 31,
	2018			2017			2016
Gain (loss) on disposal of assets, net:
Proceeds from sale of assets	$	8,967		$	90,927		$	44,234
Proceeds from Repack		14,217			84			-
Net book value of assets disposed		(6,779	)		(16,811	)		(44,563	)
Total	$	16,405		$	74,200		$	(329	)

Purchase of property and equipment:
Recurring purchases - operations	$	40,983		$	31,692		$	43,604
Repack		27,081			2,824			-
Repack related		1,911			-			-
Total	$	69,975		$	34,516		$	43,604

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. These debt issuance costs related to a recognized debt liability are presented in our balance sheets as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. Debt issuance costs associated with line-of-credit arrangements are presented as an asset, and amortized over the life of the line-of-credit arrangement.

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

$1.0

million and

$1.1

million as of

December 31, 2018

and

2017,

respectively. During the years ended

December 31, 2018,

2017

and

2016,

we recorded expenses of

$54,000,

$71,000

and

$15,000,

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, 2018

and

2017

and

2016

approximately

25%,

25%

and

22%,

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, 2018,

2017

and

2016

(in thousands):

	Year Ended December 31,
	2018		2017		2016
Weighted-average shares outstanding, basic		88,084		73,061		71,848
Weighted-average shares underlying stock options and restricted shares		694		775		916
Weighted-average shares outstanding, diluted		88,778		73,836		72,764

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 after

December 31, 2001,

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

December 31, 2001,

we allocate the residual value of the station to goodwill.

When renewing broadcast licenses, we incur regulatory filing fees and legal fees. We expense these fees as they are incurred.

Other intangible assets that we have acquired include network affiliation agreements, retransmission agreements, advertising contracts, client lists, talent contracts and leases. Although each of our stations is affiliated with at least

one

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

Impairment Testing of Indefinite-Lived Intangible Assets.

We test for impairment of our indefinite-lived intangible assets on an annual basis on

December 31.

However, if certain triggering events occur, we test for impairment when such events occur.

For purposes of testing goodwill for impairment, each of our individual television markets is considered a separate reporting unit. In the performance of our annual assessment of goodwill for impairment, we have the option to qualitatively assess whether it is more likely than

not

a reporting unit has been impaired. As part of this qualitative assessment we evaluate the relative impact of factors that are specific to the reporting units as well as industry, regulatory, and macroeconomic factors that could affect the significant inputs used to determine the fair value of the assets. We also consider the significance of the excess fair value over the carrying value reflected in prior quantitative assessments and the changes to the reporting units’ carrying value since the last impairment test.

If we conclude that it is more likely than

not

that a reporting unit is impaired, or if we elect

not

to perform the optional qualitative assessment, we will determine the fair value of the reporting unit and compare to the net book value of the reporting unit. If the fair value is less than the net book value, we will record an impairment to goodwill for the amount of the difference. 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 then written down to this implied value.

To estimate the fair value of our reporting units for a quantitative assessment, 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.

In the performance of our annual assessment of broadcast licenses for impairment we have the option to qualitatively assess whether it is more likely than

not

that these assets are impaired. When evaluating our broadcast licenses for impairment, the qualitative assessment is done at the individual television station level. If we conclude that it is more likely than

not

that

one

of our broadcast licenses is impaired, we will perform a quantitative assessment by comparing the fair value of the broadcast license to its carrying 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.”

Accumulated Other Comprehensive Loss.

Our accumulated other comprehensive loss balances as of

December 31, 2018

and

2017

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

	December 31,
	2018			2017
Accumulated balances of items included in accumulated other comprehensive loss:
Increase in pension liability	$	(35,280	)	$	(36,336	)
Income tax benefit		(13,903	)		(14,171	)
Accumulated other comprehensive loss	$	(21,377	)	$	(22,165	)

Recent Accounting Pronouncements.

February 2018,

the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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. We do

not

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

January 2017,

the FASB issued ASU

2017

04,

Intangibles – Goodwill and Other

(Topic

350

) –

Simplifying the Test for Goodwill Impairment

. ASU

2017

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

from the goodwill impairment test. Step

measures a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount of that goodwill. 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 amount 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 a determination as to whether to early-adopt this standard. 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

January 2016,

the FASB issued ASU

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. This ASU 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. ASU

2016

requires equity investments previously measured at cost to be measured at fair value with changes in fair value recognized in net income. However, equity investments without a readily determinable fair value

may

be measured using a prescribed measurement alternative that reflects current fair value with changes in the current fair value recognized in net income and includes a qualitative evaluation of impairment. In

February 2018,

the FASB issued ASU

2018

–

Technical Corrections and Improvements to Financial Instruments-Overall (Subtopic

825

), Recognition and Measurement of Financial Assets and Financial Liabilities.

ASU

2018

clarifies certain aspects of the guidance issued in ASU

2016

01.

ASU

2018

is effective for interim periods beginning after

June 15, 2018.

We adopted the amendments in both updates concurrently beginning in the

first

quarter of

2018.

We currently have equity investments in the television broadcasting industry that do

not

have readily determinable fair values. We have applied the measurement alternative as defined in the amendments. These investments are reported together as a non-current asset on our balance sheets. Accordingly, the adoption of this standard did

not

have a material impact on our financial statements. We evaluate these investments on an interim basis for impairment.

February 2016,

the FASB issued ASU

2016

–

Leases

(Topic

842

). ASU

2016

superseded 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. In

July 2018,

the FASB issued ASU

2018

11,

Leases (Topic

842

) – Targeted Improvements

, which provides the option of applying the requirements of the new lease standard in the period of adoption with

restatement of comparative periods. Under this method, the cumulative effect, if any, of applying the guidance will be recorded in the opening balance of retained earnings. We intend to use this transition method in the adoption of this standard. We have completed the review of our contractual obligations and assessed our internal controls to comply with the requirements of this standard. On

January 1, 2019,

we adopted this standard and our total assets and liabilities as presented in our financial statements increased by approximately

$19.9

million. In addition, we are currently in the process of applying this standard to the contractual obligations that we acquired through our recent Raycom Merger transaction. Due to the proximity of the closing dates of the Raycom Merger to the the filing date of this annual report, we are unable to present a preliminary estimate of the impact on our total assets and liabilities that will result from the implementation of this standard to those acquired contractual obligations.

Note 2 - Revenue

12 Months Ended

Dec. 31, 2018

Notes to Financial Statements

Revenue from Contract with Customer [Text Block]

Revenue

Adoption of New Accounting Standard: ASC Topic

606,

Revenue from Contracts with Customers.

January 1, 2018,

we adopted Accounting Standards Codification (“ASC”) Topic

606

Revenue from Contracts with Customers, as amended

. We adopted this ASC using the modified retrospective method and as a result, comparative information has

not

been restated and continues to be presented as prescribed by the accounting standards in effect during the periods presented. This transition method was applied to all open contracts with customers at the time of adoption. The adoption of this ASC did

not

result in a material impact on our current or historical results.

Revenue Recognition.

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

Seasonality and Cyclicality.

Broadcast advertising revenues are generally highest in the

second

and

fourth

quarters each year. This seasonality results partly from increases in consumer advertising in the spring and retail advertising in the period leading up to and including the holiday season. Broadcast advertising revenues are also typically higher in even-numbered years due to increased spending by political candidates, political parties and special interest groups during the “on-year” of the

two

year election cycle. This political spending typically is heaviest during the

fourth

quarter. In addition, the broadcast of Olympic Games by our NBC affiliated stations during even-numbered years generally leads to increased viewership and revenue during those years.

Disaggregation of Revenue.

The following table presents our revenue from contracts with customers disaggregated by type of service and sales channel (in thousands):

	Year Ended December 31,
	2018		2017		2016
Market and service type:
Advertising:
Local	$	442,728	$	451,261	$	403,336
National		114,192		118,817		98,351
Political		155,074		16,498		90,095
Total advertising		711,994		586,576		591,782
Retransmission consent		355,423		276,603		200,879
Other		16,715		19,549		19,804
Total revenue	$	1,084,132	$	882,728	$	812,465

Sales channel:
Direct	$	551,883	$	473,649	$	373,363
Advertising agency intermediary		532,249		409,079		439,102
Total revenue	$	1,084,132	$	882,728	$	812,465

Advertising Revenue.

Broadcast advertising revenue is generated primarily from the broadcast of television advertising time to local, national and political advertisers. Most advertising contracts are short-term, and generally run only for a few weeks. Our performance obligation is satisfied when the advertisement is broadcast or appears on our stations’ websites or mobile applications. Advertising revenue is recognized when the performance obligation is satisfied and then billed to the customer in the period the revenue is recognized. We have an unconditional right to receive payment of the amount billed generally within

days of the invoice date. Payment terms are expressly stated in our standard terms and conditions. The invoiced amount to be received is recorded in accounts receivable on our balance sheets.

We broadcast the customer’s advertisement either preceding or following a television station’s network programming and within local and syndicated programming. Broadcast advertising is sold in time increments and is priced primarily on the basis of a program’s popularity among the specific audience an advertiser desires to reach. In addition, broadcast advertising rates are affected by the number of advertisers competing for the available time, the size and demographic makeup of the market served by the station and the availability of alternative advertising media in the market area. Broadcast advertising rates are generally the highest during the most desirable viewing hours, with corresponding reductions during other hours. The ratings of a local station affiliated with a major network can be affected by ratings of network programming. Internet advertising is placed on our stations’ websites and mobile applications. These advertisements

may

be in the form of banner advertisements, pre-roll advertisements or video and other types of advertisements or sponsorships.

We generate advertising revenue either by the efforts of our direct sales employees or through

third

party advertising agency intermediaries. Third party advertising intermediaries represent the customer and contract with us to deliver broadcast or internet advertising for the customer.

Retransmission Consent Revenue.

We enter into license agreements with cable, satellite, multichannel video programming distributors and digital delivery system (or “OTT”) customers (collectively “MVPD”) that provide them the right to use our broadcast signal for retransmission across the MVPD system for an agreed period of time. These agreements represent a sales and usage based functional intellectual property license based on the number of subscribers to the licensee’s delivery systems. Our performance obligation is to provide the licensee with access to our intellectual property when it is broadcast. The duration of the typical retransmission consent contract is

three

years. Retransmission consent revenue is recognized continuously during the period of the contract as we transmit our broadcast signal to the MVPD. The amount of revenue recognized is determined based upon a fixed rate per subscriber multiplied by the number of active subscribers to our MVPD customer systems for the given month. We bill our MVPD customers monthly over the life of the retransmission consent contract. We have an unconditional right to receive payment of the amount billed generally within

days from the invoice date. Payment terms are expressly stated in our retransmission consent contracts as well as in the standard terms and conditions. The invoiced amount to be received is recorded in accounts receivable on our balance sheets.

Subscriber data necessary to calculate the amount of retransmission consent revenue to be recognized for the current month is

not

received until subsequent to that month. We estimate the current month retransmission consent revenue based upon the subscriber data from the most recent subscriber report by the MVPD. We record the estimate in the current month as retransmission consent revenue and then adjust the amount recorded in that month when we receive the actual subscriber data. We typically have monthly adjustments to our revenue to account for changes in MVPD subscribers on a monthly basis, however, the number of MVPD subscribers does

not

change materially on a monthly basis and this adjustment does

not

materially impact our recorded retransmission consent revenue on a quarterly or annual basis.

Other

Revenues.

Other revenues consist of production, tower rental and other miscellaneous items. Production revenue is derived from the production of programming. Production revenue is recognized as the programming is produced. Tower rental income is recognized monthly over the life of the lease. All of our leases under which we are the lessor are considered operating leases. Other revenue is comprised of

one

-time or infrequently occurring special projects, dubbing, fees and other miscellaneous items. Other revenue is recognized as the services are performed. Other revenue is generated by our direct sales employees.

Accounts Receivable and Deposit Liability.

When we invoice our customers for completed performance obligations, we are unconditionally entitled to receive payment of the invoiced amounts. Therefore, we record invoiced amounts in accounts receivable on our balance sheets. We generally require amounts due to us under advertising contracts with our political advertising and certain other customers to be paid for in advance. We record the receipt of this cash as deposit liabilities. Once the advertisements have been broadcast, the revenues are earned, and we record these revenues and reduce the balance in these deposit liabilities. Our deposit liabilities of

$3.8

million as of

January 1, 2018

have been recognized in revenue in

2018.

We believe that our deposit liabilities of

$3.4

million as of

December 31, 2018

will be recognized as revenue in

2019.

Expedients.

We expense direct and agency commissions when incurred because our advertising contracts are

one

year or less in duration and the amortization period for capitalized expenses would be less than

one

year. Direct commissions are included in broadcast operating expense and agency commissions are netted against gross revenue in our consolidated statements of operations.

The nature of our contracts with advertising customers is such that our performance obligations arise and are satisfied concurrent with the broadcast or web placement of the advertisement. We did

not

have incomplete or unsatisfied performance obligations at the end of any period presented.

Note 3 - Acquisitions and Dispositions

12 Months Ended

Dec. 31, 2018

Notes to Financial Statements

Mergers, Acquisitions and Dispositions Disclosures [Text Block]

3 .	Acquisitions and Dispositions

December 31, 2018,

in order to facilitate regulatory approval of the Raycom Merger we sold the assets of WSWG-TV (CBS) (DMA

154

) in the Albany, Georgia television market to Marquee Broadcasting Georgia, Inc. for

$8.5

million in cash. In connection with the divestiture of WSWG-TV’s assets, we recorded a gain of approximately

$4.8

million.

During

2017

and

2016,

we completed 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”), using cash on hand.

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 on

January 17, 2017

and continuing through

August 7, 2017,

the date that we were

longer deemed to be the primary beneficiary of GME.

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			3,393			128,859
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			5,191			34,576
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.

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

three

years to

years.

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

$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

$128.9

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”).

To 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 Acquisition, on

February 16, 2016,

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

$16.0

million to

three

third

-party radio broadcasters. We did

not

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

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

$425.0

million (the

“2016

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

“2014

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

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

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

						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.

We refer to the stations acquired and retained in

2016,

as well as the Clarksburg Acquisition, whose stations we began operating under an 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 of

$14.9

million; advertising client relationships of

$1.6

million; and favorable income leases of

$2.6

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

4.9

years for retransmission agreements; approximately

5.5

years for advertising client relationships; and approximately

9.5

years for favorable income leases.

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.

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

assuming that the acquisitions completed in

2016

occurred on

January

2016

(in thousands, except per share data):

	Years Ended
	December 31,
	2016

Revenue (less agency commissions)	$	825,787
Net income	$	57,795

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

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

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 year ended

December 31, 2016

reflects 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 underlying assumptions.

Note 4 - Long-term Debt

12 Months Ended

Dec. 31, 2018

Notes to Financial Statements

Debt Disclosure [Text Block]

4.	Long-term Debt

As of

December 31, 2018

and

2017,

long-term debt consisted of obligations under our

2017

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”) and our

7.0%

senior notes due

2027

(the

“2027

Notes”) as follows (in thousands):

	December 31,
	2018			2017
Long-term debt including current portion:
2017 Senior Credit Facility	$	595,026		$	635,234
2024 Notes		525,000			525,000
2026 Notes		700,000			700,000
2027 Notes		750,000			-
Total outstanding principal		2,570,026			1,860,234
Unamortized deferred loan costs - 2017 Senior Credit Facility		(9,261	)		(11,777	)
Unamortized deferred loan costs - 2024 Notes		(5,744	)		(6,743	)
Unamortized deferred loan costs - 2026 Notes		(8,359	)		(9,473	)
Unamortized deferred loan costs - 2027 Notes		(2,014	)		-
Unamortized premium - 2026 Notes		4,576			5,187
Less current portion		-			(6,417	)
Net carrying value	$	2,549,224		$	1,831,011

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

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”). On

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, 2018,

the

2017

Senior Credit Facility provided total commitments and outstanding loans of

$695.0

million, consisting of the

$595.0

million outstanding principal balance of the

2017

Term Loan and the

$100.0

million

2017

Revolving Credit Facility. As a result of our

July 2018

pre-payment of a portion of the

2017

Term Loan, we have satisfied all principal payment obligations under the

2017

Term loan until it matures on

February 7, 2024.

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. As of

December 31, 2018,

the applicable margin was

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, 2018,

the interest rate on the balance outstanding under the

2017

Term Loan was

4.6%.

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 maturity date of the

2017

Term Loan is

February 7, 2024.

Please refer to Note

“Subsequent Events” for information relating to the

2019

Senior Credit Facility that revised and extended the terms of our revolving credit facility.

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, 2018

and

2017,

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.

As of

December 31, 2018

and

2017,

we had

$700.0

million of

2026

Notes outstanding. On

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.

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.

November 16, 2018,

in preparation for the Raycom Merger, our subsidiary, Gray Escrow, Inc., issued

$750.0

million of

2027

Notes at

100.0%

of par. The interest rate and yield on the

2027

Notes is

7.0%.

The

2027

Notes mature on

May 15, 2027.

Interest is payable semiannually, on

May

and

November

of each year. The obligations under the

2027

Notes were assumed by Gray Television, Inc. concurrent with the closing of the Raycom Merger. Please refer to Note

“Subsequent Events” for further information.

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 through

December 31, 2018,

the

2024

Notes and the

2026

Notes were 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 the

2026

Notes are minor. As of

December 31, 2018,

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 contained affirmative and restrictive covenants with which we were required to 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

2024

Notes,

2026

Notes and the

2027

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

December 31, 2018

and

2017,

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, 2018

were as follows (in thousands):

	Minimum Principal Maturities
	2017 Senior		2024		2026		2027
Year	Credit Facility		Notes		Notes		Notes		Total
2019	$	-	$	-	$	-	$	-	$	-
2020		-		-		-		-		-
2021		-		-		-		-		-
2022		-		-		-		-		-
2023		-		-		-		-		-
Thereafter		595,026		525,000		700,000		750,000		2,570,026
Total	$	595,026	$	525,000	$	700,000	$	750,000	$	2,570,026

Interest Payments

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

$94.5

million,

$97.0

million and

$76.2

million during

2018,

2017

and

2016,

respectively. We did

not

capitalize any interest payments during the years ended

December 31, 2018,

2017

2016.

Financing Transactions related to the Raycom Merger

. Please refer to Note

“Subsequent Events” for further information related to the debt financing transactions for the Raycom Merger completed on

January 2, 2019.

Note 5 - Fair Value Measurement

12 Months Ended

Dec. 31, 2018

Notes to Financial Statements

Fair Value Disclosures [Text Block]

5.	Fair Value Measurement

For purposes of determining a fair value measurement, we utilize market data or assumptions that market participants would use in pricing an asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated or generally unobservable. We utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. These inputs are prioritized into a hierarchy that gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (“Level

1”

) and the lowest priority to unobservable inputs that require assumptions to measure fair value (“Level

3”

). Level

inputs are those that are other than quoted prices on national exchanges included within Level

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 and (vii) deferred revenue.

As of

December 31, 2018,

the carrying amount of our long-term debt was

$2.5

billion and the fair value was

$2.4

billion. As of

December 31, 2017

the carrying amount of our long-term debt was

$1.8

billion and the fair value was

$1.9

million. 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

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 6 - Stockholders' Equity

12 Months Ended

Dec. 31, 2018

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

6.	Stockholders’ Equity

We are authorized to issue

245

million shares of all classes of stock, of which

million shares are designated Class A common stock,

200

million shares are designated common stock, and

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

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, 2018,

2017

and

2016,

we did

not

declare or pay any common stock or Class A common stock dividends.

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 each of

March

and

November 2004,

the Board of Directors of the Company authorized the Company to repurchase up to

2.0

million shares of the Company's common stock and Class A common stock. In

March 2006,

this authorization was increased to an aggregate of

5.0

million shares (the

“2004

2006

Repurchase Authorization”). As of

December 31, 2018,

279,200

shares remain available for repurchase under this authorization, which has

expiration date.

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, 2018,

we purchased

1,551,710

shares of our common stock at an average purchase price of

$12.64

per share under the

2016

Repurchase Authorization, for a total cost of

$19.6

million. As of

December 31, 2018,

$49.5

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 conditions, 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, 2018,

we had reserved

7,078,916

shares and

1,703,064

shares of our common stock and Class A common stock, respectively, for future issuance under various employee benefit plans. 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.

Financing Transactions related to the Raycom Merger

. Please refer to Note

“Subsequent Events” for further information related to the equity financing transactions for the Raycom Merger completed on

January 2, 2019.

Note 7 - Stock-based Compensation

12 Months Ended

Dec. 31, 2018

Notes to Financial Statements

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

7 .	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, 2018,

2017

and

2016

(in thousands):

	Year Ended December 31,
	2018			2017			2016
Stock-based compensation expense, gross	$	6,661		$	8,303		$	5,099
Income tax benefit at our statutory rate associated with stock-based compensation		(1,692	)		(3,238	)		(1,989	)
Stock-based compensation expense, net	$	4,969		$	5,065		$	3,110

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, 2018,

2017

and

2016,

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

2018,

we granted:

●

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 vested on

February 28, 2019,

and

36,680

shares will vest on each of

February 28, 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;

●

318,196

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

$15.25

to certain employees; net of forfeitures,

131,106

shares vested on

February 28, 2019;

69,651

shares will vest on

February 28, 2020;

and

69,652

shares will vest on

February 28, 2021;

and

●

73,640

shares of restricted common stock to our non-employee directors, all of which will vest on

May 31, 2019.

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 vested on

January 31, 2019;

and

102,647

shares will vest on

January 31, 2020;

●

Under the

2007

Incentive Plan,

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 vested 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.

During

2016,

we granted, under the

2007

Incentive Plan:

●

218,452

shares of restricted common stock to certain employees, of which

72,816

shares vested on each of

January 31, 2017

and

2018;

and

72,820

shares vested 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 vested 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.

As of

December 31, 2018,

we had

4.4

million shares of our common stock and

1.7

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

2017

EICP.

As of

December 31, 2018

and

2017,

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 to 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

$3.5

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

December 31, 2018.

There are

shares available for future awards under this plan.

As of

December 31, 2018,

under the Directors Restricted Stock Plan there were

770,000

shares available for future award.

As of

December 31, 2018,

we had

$4.2

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

1.5

years.

A summary of activity for the years ended

December 31, 2018,

2017

and

2016

under our stock based compensation plans is as follows:

	Year Ended December 31,
	2018					2017					2016
				Weighted-					Weighted-					Weighted-
				Average					Average					Average
	Number			Grant Date		Number			Grant Date		Number			Grant Date
	of			Fair Value		of			Fair Value		of			Fair Value
	Shares			Per Share		Shares			Per Share		Shares			Per Share

Restricted stock - common:
Outstanding - beginning of period		503,685		$	11.14		396,033		$	12.06		337,506		$	9.57
Granted		391,836			14.63		307,943			10.40		237,500			12.88
Vested		(225,570	)		11.21		(200,291	)		11.82		(178,973	)		8.46
Forfeited		(91,057	)		13.27		-			-		-			-
Outstanding - end of period		578,894		$	13.14		503,685		$	11.14		396,033		$	12.06

Restricted stock - Class A common:
Outstanding - beginning of period		462,632		$	10.63		415,082		$	10.15		374,693		$	9.46
Granted		220,080			12.65		275,076			10.84		218,612			11.25
Vested		(274,926	)		10.48		(227,526	)		10.00		(178,223	)		10.04
Outstanding - end of period		407,786		$	11.82		462,632		$	10.63		415,082		$	10.15

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

Subsequent Event.

January 2, 2019,

under the

2017

EICP, we granted restricted stock awards for

340,993

shares of our common stock, with a total grant date fair value of approximately

$5.1

million, to certain employees, all of which will vest on

January 2, 2021.

February 1, 2019,

under the

2017

EICP, we granted restricted stock awards for

199,810

shares of our Class A common stock, with a total grant date fair value of approximately

$3.1

million, and

336,609

shares of our common stock, with a grant date fair value of approximately

$5.6

million, to certain employees that will vest in varying amounts over the periods ending

January 31, 2020,

2021,

and

2022.

Note 8 - Income Taxes

12 Months Ended

Dec. 31, 2018

Notes to Financial Statements

Income Tax Disclosure [Text Block]

8 .	Income Taxes

We recognize deferred tax assets and liabilities for future tax consequences attributable to differences between our financial statement carrying amounts of existing assets and liabilities and their respective tax bases. We measure deferred tax assets and liabilities using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to reverse. We recognize the effect on deferred tax assets and liabilities resulting from a change in tax rates in income in the period that includes the date of the change.

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

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

may

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

not

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

not

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

not

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

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 sheets 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,
	2018			2017			2016
Current:
Federal	$	42,531		$	4,633		$	-
State and local		11,447			3,261			2,730
State and local - reserve for uncertain tax positions		(63	)		757			(698	)
Current income tax expense		53,915			8,651			2,032
Deferred:
Federal (1)		17,385			(81,666	)		38,214
State and local		5,547			4,341			3,172
Deferred income tax expense (benefit)		22,932			(77,325	)		41,386
Total income tax expense (benefit)	$	76,847		$	(68,674	)	$	43,418

(

)

Includes a federal tax benefit of

$146.0

million in

2017

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,
	2018		2017
Deferred tax liabilities:
Net book value of property and equipment	$	21,097	$	18,131
Broadcast licenses, goodwill and other intangibles		286,299		272,330
Total deferred tax liabilities		307,396		290,461

Deferred tax assets:
Liability for accrued vacation		1,461		1,438
Liability for accrued bonus		3,993		2,391
Allowance for doubtful accounts		1,358		1,170
Liability under health and welfare plan		639		608
Liability for pension plan		8,437		9,611
State and local operating loss carryforwards		2,358		4,719
Alternative minimum tax carryforwards		-		3,925
Acquisition costs		1,946		2,104
Restricted stock		2,083		2,636
Other		231		244
Total deferred tax assets		22,506		28,846
Valuation allowance for deferred tax assets		-		(75	)
Net deferred tax assets		22,506		28,771

Deferred tax liabilities, net of deferred tax assets	$	284,890	$	261,690

We have an aggregate of approximately

$51.9

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 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, 2018,

2017

and

2016

is as follows (in thousands):

	Year Ended December 31,
	2018			2017			2016
Statutory federal rate applied to income before income tax expense	$	60,406		$	67,647		$	36,992
Current year permanent items		3,065			2,408			1,830
State and local taxes, net of federal tax benefit		14,004			7,889			5,056
Change in valuation allowance		(75	)		(1,457	)		(151	)
Reserve for uncertain tax positions		(63	)		757			(698	)
Rate change due to enactment of tax reform		-			(145,997	)		-
Other items, net		(490	)		79			389
Income tax expense (benefit) as recorded	$	76,847		$	(68,674	)	$	43,418

Effective income tax rate		26.7%			35.5%			41.1%

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

2018,

we decreased our recorded non-current pension liability by

$1.1

million and recognized other comprehensive income of

$0.8

million, net of a

$0.3

million tax expense. 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.

2018,

2017

and

2016,

we made income tax payments (net of refunds) of

$34.2

million,

$2.0

million and

$14.6

million, respectively. At

December 31, 2018

and

2017,

we had current prepaid income taxes of approximately

$0.0

million and

$13.8

million, respectively.

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

not

to be sustained upon examination by taxing authorities.

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

2011.

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 9 - Retirement Plans

12 Months Ended

Dec. 31, 2018

Notes to Financial Statements

Pension and Other Postretirement Benefits Disclosure [Text Block]

9.	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”). 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, 2018

and

2017,

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

December 31, 2018

and

2017,

respectively (dollars in thousands):

	December 31,
	2018			2017
Change in projected benefit obligation:
Projected benefit obligation at beginning of year	$	126,086		$	114,976
Interest cost		4,424			4,669
Actuarial gains		(10,940	)		-
Benefits paid		(2,916	)		(3,529	)
Merger of assumed plans		-			9,970
Projected benefit obligation at end of year	$	116,654		$	126,086

Change in plan assets:
Fair value of pension plan assets at beginning of year	$	88,248		$	80,929
Actual return on plan assets		(4,417	)		7,724
Company contributions		2,500			3,124
Benefits paid		(2,916	)		(3,529	)
Fair value of pension plan assets at end of year		83,415			88,248
Funded status of pension plan	$	(33,239	)	$	(37,838	)

Amounts recognized on our balance sheets consist of:
Accrued benefit cost	$	2,041		$	(1,502	)
Accumulated other comprehensive loss		(35,280	)		(36,336	)
Net liability recognized	$	(33,239	)	$	(37,838	)

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

$116.7

million and

$126.1

million at

December 31, 2018

and

2017,

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,
	2018			2017
Weighted-average assumptions used to determine net periodic benefit cost for the Gray Pension Plan:
Discount rate		3.55	%		4.11	%
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,
	2018			2017
Weighted-average assumptions used to determine benefit obligations:
Discount rate		4.16	%		3.55	%

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,
	2018			2017			2016
Components of net periodic pension cost:
Service cost	$	-		$	-		$	-
Interest cost		4,424			4,670			4,398
Expected return on plan assets		(6,145	)		(5,648	)		(4,836	)
Recognized net actuarial loss		678			484			406
Net periodic pension benefit	$	(1,043	)	$	(494	)	$	(32	)

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

Years	Amount
2019	$	3,371
2020		3,845
2021		4,102
2022		4,383
2023		4,648
2024 - 2028		28,479

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

	As of December 31,
	2018			2017
Asset category:
Insurance general account		19	%		19	%
Cash management accounts		1	%		4	%
Equity accounts		47	%		42	%
Fixed income accounts		31	%		31	%
Real estate accounts		2	%		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 ASU 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, 2018

and

2017,

respectively (in thousands):

Gray Pension Plan Fair Value Measurements

	As of December 31, 2018
	Level 1		Level 2		Level 3		Total
Assets:
Insurance general account	$	-	$	16,458	$	-	$	16,458
Cash management accounts		721		-		-		721
Equity accounts		39,047		-		-		39,047
Fixed income accounts		25,878		-		-		25,878
Real estate accounts		1,311		-		-		1,311
Total	$	66,957	$	16,458	$	-	$	83,415

	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 account		27,146		-		-		27,146
Real estate accounts		3,464		-		-		3,464
Total	$	71,375	$	16,873	$	-	$	88,248

Expected Pension Contributions.

We expect to contribute a combined total of approximately

$2.5

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

December 31, 2019.

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, 2018,

2017

and

2016,

our matching contributions to our Capital Accumulation Plan were

$6.4

million,

$6.6

million and

$5.4

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

December 31, 2019

will be approximately

$12.5

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, 2018,

2017

and

2016,

the Company accrued contributions of

$4.3

million,

$4.1

million and

$3.4

million, respectively, as discretionary profit sharing contributions.

may

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

December 31, 2018,

we had

1,587,719

shares of common stock reserved for issuance under this plan.

Note 10 - Commitments and Contingencies

12 Months Ended

Dec. 31, 2018

Notes to Financial Statements

Commitments and Contingencies Disclosure [Text Block]

10.	Commitments and Contingencies

From time to time we

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 sheets as of

December 31, 2018,

were as follows (in thousands):

	Property		Service and				Syndicated		Network
	and		Other		Operating		Television		Affiliation
Year	Equipment		Agreements		Leases		Programming		Agreements		Total
2019	$	1,375	$	1,324	$	3,343	$	6,241	$	129,485	$	141,768
2020		-		573		3,039		13,034		140,627		157,273
2021		-		-		2,851		1,157		130,424		134,432
2022		-		-		2,618		163		3,026		5,807
2023		-		-		2,540		111		67		2,718
Thereafter		-		-		11,588		-		-		11,588
Total	$	1,375	$	1,897	$	25,979	$	20,706	$	403,629	$	453,586

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, 2018,

2017

and

2016

were

$4.2

million,

$4.0

million and

$3.5

million, respectively. On

January 1, 2019

we adopted ASC

842

–

Leases

, that requires us to record lease assets and liabilities related to these contractual obligations on our balance sheets.

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 11 - Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2018

Notes to Financial Statements

Goodwill and Intangible Assets Disclosure [Text Block]

Goodwill and Intangible Assets

During the years ended

December 31, 2018

and

2017,

we acquired, adjusted and disposed of various television broadcast stations and broadcast licenses. As a result of these transactions, our goodwill and intangible balances changed 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, 2018

and

2017

is as follows (in thousands):

	Net Balance at		Acquisitions										Net Balance at
	December 31,		And										December 31,
	2017		Adjustments		Dispositions			Impairment		Amortization			2018
Goodwill	$	611,100	$	3,077	$	(1,752	)	$	-	$	-		$	612,425
Broadcast licenses		1,530,703	$	425		(1,554	)		-		-			1,529,574
Finite-lived intangible assets		73,784		-		-			-		(20,570	)		53,214
Total intangible assets net of accumulated amortization	$	2,215,587	$	3,502	$	(3,306	)	$	-	$	(20,570	)	$	2,195,213

	Net Balance at		Acquisitions										Net Balance at
	December 31,		And										December 31,
	2016		Adjustments		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

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

December 31, 2018

and

2017

is as follows (in thousands):

	As of			Acquisitions							As of
	December 31,			And							December 31,
	2017			Adjustments		Dispositions			Impairment		2018
Goodwill, gross	$	709,696		$	3,077	$	(1,752	)	$	-	$	711,021
Accumulated goodwill impairment		(98,596	)		-		-			-		(98,596	)
Goodwill, net	$	611,100		$	3,077	$	(1,752	)	$	-	$	612,425

	As of			Acquisitions						As of
	December 31,			And						December 31,
	2016			Adjustments		Dispositions		Impairment		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

December 31, 2018

and

2017,

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

	As of December 31, 2018							As of December 31, 2017
			Accumulated							Accumulated
	Gross		Amortization			Net		Gross		Amortization			Net
Intangible assets not currently subject to amortization:
Broadcast licenses	$	1,583,273	$	(53,699	)	$	1,529,574	$	1,584,402	$	(53,699	)	$	1,530,703
Goodwill		612,425		-			612,425		611,100		-			611,100
	$	2,195,698	$	(53,699	)	$	2,141,999	$	2,195,502	$	(53,699	)	$	2,141,803

Intangible assets subject to amortization:
Network affiliation agreements	$	6,134	$	(6,134	)	$	-	$	6,134	$	(3,551	)	$	2,583
Other finite-lived intangible assets		143,419		(90,205	)		53,214		143,446		(72,245	)		71,201
	$	149,553	$	(96,339	)	$	53,214	$	149,580	$	(75,796	)	$	73,784

Total intangibles	$	2,345,251	$	(150,038	)	$	2,195,213	$	2,345,082	$	(129,495	)	$	2,215,587

Amortization expense for the years ended

December 31, 2018,

2017

and

2016

was

$20.6

million,

$25.1

million and

$16.6

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

December 31, 2018,

we expect that amortization expense for the succeeding

five

years will be as follows:

2019,

$15.4

million;

2020,

$12.4

million;

2021,

$8.3

million;

2022,

$4.8

million; and

2023,

$2.9

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, 2018

and

2017,

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

2018,

2017

2016.

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.

Note 13 - Subsequent Events

12 Months Ended

Dec. 31, 2018

Notes to Financial Statements

Subsequent Events [Text Block]

Subsequent Events

Raycom Merger

Stations acquired and divested

. On

January 2, 2019,

we completed the Raycom Merger for an adjusted purchase price of approximately

$3.66

billion plus transaction related expenses. Upon completion of the transaction we acquired television stations in

television markets as well as various production operations and general and administrative offices.

As described in Note

“Acquisitions and Divestitures” above, to facilitate regulatory approval of the Raycom Merger on

December 31, 2018,

we sold the assets of WSWG-TV (DMA-

154

) in the Albany, Georgia television market. Also to facilitate regulatory approval of the Raycom Merger, on

January 2, 2019,

we sold the assets of the following television stations in

eight

markets that we acquired in the Raycom Merger (dollars in millions):

	Total
	Cash		Television
Purchaser	Consideration		Station	Location	DMA

Lockwood Broadcasting, Inc.	$	67.0	WTNZ-TV	Knoxville, TN		61
			WFXG-TV	Augusta, GA		112
			WPGX-TV	Panama City, FL		151
			WDFX-TV	Dothan, AL		173

Scripps Media, Inc.	$	55.0	KXXV-TV	Waco-Temple-Bryan, TX		86
			KRHD-CD	Waco-Temple-Bryan, TX		86
			WTXL-TV	Tallahassee, FL		108

TEGNA, Inc.	$	105.0	WTOL-TV	Toledo, OH		78
			KWES-TV	Odessa - Midland, TX		144
Total	$	227.0

The net consideration to complete the Raycom Merger consisted of

$2.84

billion of cash,

11.5

million shares of our common stock, valued at

$169.5

million and

$650.0

million of a new series of preferred stock, for a total of

$3.66

billion.

Due to the proximity of the closing dates of the Raycom Merger to the the filing date of this annual report, we are unable to present a preliminary purchase price allocation for the acquired businesses. Fair value estimates of assets acquired, liabilities assumed and resulting goodwill will be based upon management’s estimate of the fair values using valuation techniques including income, cost and market approaches. In estimating the fair value of the acquired assets and liabilities assumed, the fair value estimates will be based on, among other factors, expected future revenue and cash flows, expected future growth rates, and estimated discount rates.

Debt Financing Transactions

January 2, 2019,

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

“2019

Senior Credit Facility”). The

2019

Senior Credit Facility provides total commitments and outstanding loans of

$2.2

billion, consisting of a

$1.4

billion term loan facility (the

“2019

Term Loan”), a

$595.0

million outstanding principal balance under the existing

2017

Term Loan and a

$200.0

million revolving credit facility (the

“2019

Revolving Credit Facility”).

Borrowings under the

2019

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. The applicable margin is

2.5%

for LIBOR borrowings and

1.5%

for Base Rate borrowings. As of

February 22, 2019,

the interest rate on the balance outstanding under the

2019

Term Loan was

5.0%.

Borrowings under the

2019

Revolving Credit Facility currently bear interest, at our option, at either LIBOR plus

2.50%

or Base Rate plus

1.50%,

in each case based on a

first

lien leverage ratio test as set forth in the

2019

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

2019

Revolving Credit Facility, which rate

may

range from

0.375%

0.50%

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

2019

Revolving Credit Facility matures on

January 2, 2024,

and the

2019

Term Loan matures on

January 2, 2026.

As of

December 31, 2018

we incurred

$3.2

million of transaction fees and expenses related to the

2019

Senior Credit Facility. At

December 31, 2018

these were recorded as other long-term assets. In

2019

these were reclassified as a reduction of the balance of the outstanding debt and are amortized over the life of the

2019

Senior Credit Facility. The amortization of these fees will be included in our interest expense. Please refer to Note

“Long Term Debt” for information related to the issuance of the

2027

Notes.

Effective upon the completion of these debt transactions, the aggregate minimum principal maturities of our long-term debt were as follows (in thousands):

	Minimum Principal Maturities
	2019 Senior		2024		2026		2027
Year	Credit Facility		Notes		Notes		Notes		Total
2019	$	14,000	$	-	$	-	$	-	$	14,000
2020		14,000		-		-		-		14,000
2021		14,000		-		-		-		14,000
2022		14,000		-		-		-		14,000
2023		14,000		-		-		-		14,000
Thereafter		1,925,026		525,000		700,000		750,000		3,900,026
Total	$	1,995,026	$	525,000	$	700,000	$	750,000	$	3,970,026

Our obligations under the

2019

Senior Credit Facility.

The

2019

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

2019

Revolving Credit Facility, as well as other customary covenants for credit facilities of this type.

Gray Television, Inc. is a holding company, and has

material independent assets or operations. Upon completion of the Raycom Merger financing transactions, the

2024

Notes,

2026

Notes and

2027

Notes are 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

guarantee the

2024

Notes,

2026

Notes and

2027

Notes are minor. As of

February 22, 2019,

there were

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

2024

Notes,

2026

Notes and

2027

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

Equity Financing Transactions

. Effective on

January 2, 2019,

we issued

11.5

million shares of our common stock at a price of

$14.74

per share to the certain former shareholders of Raycom Media, Inc. as part of the total consideration paid for the Raycom Merger. We incurred transaction fees and expenses related to the issuance of these shares that will be recorded as a reduction of the balance outstanding of our common stock in our balance sheets.

Effective on

January 2, 2019,

we issued

650,000

shares of Preferred Stock to holders of warrants to purchase shares of Raycom Media, Inc.’s capital stock that were outstanding immediately prior to the Raycom Merger. The Preferred Stock was designated as “Series A Perpetual Preferred Stock” and had a liquidation value of

$1,000

per share. The issuance of the Preferred Stock was issued as partial consideration for the Raycom Merger. Because the Preferred Stock is perpetual and

not

convertible into shares of our common stock or Class A common stock we have recorded the balance outstanding as mezzanine equity. The Preferred Stock accrues dividends at

per annum payable in cash or

8.5%

per annum payable in the form of additional Preferred Stock, at the election of Gray. Cash preferred stock dividends are due quarterly on

January 15,

April 15,

July 15

and

October 15

each year. The holders of the Preferred Stock will

not

be entitled to vote on any matter submitted to the stockholders of the Company for a vote, except as required by Georgia law. Upon a liquidation of the Company, holders of the Preferred Stock will be entitled to receive a liquidation preference equal to

$1,000

per share plus all accrued and unpaid dividends.

United Communications Acquisition

February 8, 2019,

we announced that we have entered into an agreement to acquire WWNY-TV (CBS) and WNYF-CD (FOX) in the Watertown, New York market (DMA

178

) and KEYC-TV (CBS/FOX) in the Mankato, Minnesota market (DMA

199

) from United Communications Corporation for a purchase price of

$45.0

million using cash on hand. We expect to complete this transaction following receipt of regulatory and other approvals in the

second

quarter of

2019.

Schedule II - Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2018

Notes to Financial Statements

SEC Schedule, 12-09, 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, 2018:
Allowance for doubtful accounts	$	4,606	$	2,171		$	-	$	(1,431	)	$	5,346
Valuation allowance for deferred tax assets	$	75	$	(75	)	$	-	$	-		$	-

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

(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, 2018

Accounting Policies [Abstract]

Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block]

Restricted Cash.

As of

December 31, 2018

our wholly owned subsidiary, Gray Escrow, Inc., held the cash proceeds from and interest earned on the proceeds of our

2027

Notes offering in escrow. We presented this escrow account as restricted cash on our balance sheets. On

January 2, 2019,

these proceeds were released from escrow and used to fund a portion of the cash consideration paid to complete the Raycom Merger.

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, 2018,

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. 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.

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.

Each of these equity investments do

not

have readily determinable fair values. We have applied the measurement alternative as defined in the FASB’s ASU

2016

–

Financial Instruments - Overall

(Subtopic

825

Recognition and Measurement of Financial Assets and Financial Liabilities

. These investments are reported together as a non-current asset on our balance sheets.

Trade and Barter Transactions, Policy [Policy Text Block]

Trade and Barter Transactions

December 31, 2018,

2017

and

2016

were as follows (amounts in thousands):

	Year Ended December 31,
	2018			2017			2016
Trade revenue	$	2,897		$	1,832		$	2,069
Trade expense		(3,012	)		(1,863	)		(1,997	)
Net trade (loss) income	$	(115	)	$	(31	)	$	72

We do

not

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

not

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

not

have a material effect upon net income.

Advertising Costs, Policy [Policy Text Block]

Advertising Expense.

Our advertising expense was

$1.2

million,

$1.6

million and

$1.5

million for the years ended

December 31, 2018,

2017

and

2016,

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

Use of Estimates, Policy [Policy Text Block]

Use of Estimates.

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

Allowance for Doubtful Accounts.

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

120

days old or older. We

may

provide allowances for certain receivable balances that are less than

120

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

$2.2

million,

$2.4

million and

$1.9

million for the years ended

December 31, 2018,

2017

and

2016,

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.

							Estimated
	December 31,						Useful Lives
	2018			2017			(in years)
Property and equipment:
Land	$	52,511		$	50,458
Buildings and improvements		166,200			156,924			7	to	40
Equipment		547,707			511,878			3	to	20
		766,418			719,260
Accumulated depreciation		(403,276	)		(368,602	)
Total property and equipment, net	$	363,142		$	350,658

April 2017,

$1.75

March 2018

appropriated an additional

$1.0

billion for the Repack fund, of which up to

$750.0

million

may

December 31, 2018,

of our current full power stations and

of our current low power stations are affected by the Repack. The Repack process began in the summer of

2017

and will take approximately

three

	Year ended December 31,
	2018			2017			2016
Gain (loss) on disposal of assets, net:
Proceeds from sale of assets	$	8,967		$	90,927		$	44,234
Proceeds from Repack		14,217			84			-
Net book value of assets disposed		(6,779	)		(16,811	)		(44,563	)
Total	$	16,405		$	74,200		$	(329	)

Purchase of property and equipment:
Recurring purchases - operations	$	40,983		$	31,692		$	43,604
Repack		27,081			2,824			-
Repack related		1,911			-			-
Total	$	69,975		$	34,516		$	43,604

Deferred Charges, Policy [Policy Text Block]

Deferred Loan Costs.

Asset Retirement Obligation [Policy Text Block]

Asset Retirement Obligations.

2062.

The liability recognized for our asset retirement obligations was approximately

$1.0

million and

$1.1

million as of

December 31, 2018

and

2017,

respectively. During the years ended

December 31, 2018,

2017

and

2016,

we recorded expenses of

$54,000,

$71,000

and

$15,000,

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, 2018

and

2017

and

2016

approximately

25%,

25%

and

22%,

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, 2018,

2017

and

2016

(in thousands):

	Year Ended December 31,
	2018		2017		2016
Weighted-average shares outstanding, basic		88,084		73,061		71,848
Weighted-average shares underlying stock options and restricted shares		694		775		916
Weighted-average shares outstanding, diluted		88,778		73,836		72,764

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 after

December 31, 2001,

we allocate the residual value of the station to goodwill.

When renewing broadcast licenses, we incur regulatory filing fees and legal fees. We expense these fees as they are incurred.

one

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

Impairment Testing of Indefinite-Lived Intangible Assets.

We test for impairment of our indefinite-lived intangible assets on an annual basis on

December 31.

However, if certain triggering events occur, we test for impairment when such events occur.

not

If we conclude that it is more likely than

not

that a reporting unit is impaired, or if we elect

not

one

of our television stations.

In the performance of our annual assessment of broadcast licenses for impairment we have the option to qualitatively assess whether it is more likely than

not

that

one

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]

Accumulated Other Comprehensive Loss.

Our accumulated other comprehensive loss balances as of

December 31, 2018

and

2017

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

	December 31,
	2018			2017
Accumulated balances of items included in accumulated other comprehensive loss:
Increase in pension liability	$	(35,280	)	$	(36,336	)
Income tax benefit		(13,903	)		(14,171	)
Accumulated other comprehensive loss	$	(21,377	)	$	(22,165	)

New Accounting Pronouncements, Policy [Policy Text Block]

Recent Accounting Pronouncements.

February 2018,

the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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. We do

not

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

January 2017,

the FASB issued ASU

2017

04,

Intangibles – Goodwill and Other

(Topic

350

) –

Simplifying the Test for Goodwill Impairment

. ASU

2017

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

from the goodwill impairment test. Step

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 a determination as to whether to early-adopt this standard. 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

January 2016,

the FASB issued ASU

2016

–

Financial Instruments - Overall

(Subtopic

825

Recognition and Measurement of Financial Assets and Financial Liabilities

. ASU

2016

may

February 2018,

the FASB issued ASU

2018

–

Technical Corrections and Improvements to Financial Instruments-Overall (Subtopic

825

), Recognition and Measurement of Financial Assets and Financial Liabilities.

ASU

2018

clarifies certain aspects of the guidance issued in ASU

2016

01.

ASU

2018

is effective for interim periods beginning after

June 15, 2018.

We adopted the amendments in both updates concurrently beginning in the

first

quarter of

2018.

We currently have equity investments in the television broadcasting industry that do

not

have a material impact on our financial statements. We evaluate these investments on an interim basis for impairment.

February 2016,

the FASB issued ASU

2016

–

Leases

(Topic

842

). ASU

2016

July 2018,

the FASB issued ASU

2018

11,

Leases (Topic

842

) – Targeted Improvements

, which provides the option of applying the requirements of the new lease standard in the period of adoption with

January 1, 2019,

we adopted this standard and our total assets and liabilities as presented in our financial statements increased by approximately

$19.9

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

12 Months Ended

Dec. 31, 2018

Notes Tables

Schedule of Principal Transactions Revenue [Table Text Block]

	Year Ended December 31,
	2018			2017			2016
Trade revenue	$	2,897		$	1,832		$	2,069
Trade expense		(3,012	)		(1,863	)		(1,997	)
Net trade (loss) income	$	(115	)	$	(31	)	$	72

Property, Plant and Equipment [Table Text Block]

							Estimated
	December 31,						Useful Lives
	2018			2017			(in years)
Property and equipment:
Land	$	52,511		$	50,458
Buildings and improvements		166,200			156,924			7	to	40
Equipment		547,707			511,878			3	to	20
		766,418			719,260
Accumulated depreciation		(403,276	)		(368,602	)
Total property and equipment, net	$	363,142		$	350,658

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

	Year ended December 31,
	2018			2017			2016
Gain (loss) on disposal of assets, net:
Proceeds from sale of assets	$	8,967		$	90,927		$	44,234
Proceeds from Repack		14,217			84			-
Net book value of assets disposed		(6,779	)		(16,811	)		(44,563	)
Total	$	16,405		$	74,200		$	(329	)

Purchase of property and equipment:
Recurring purchases - operations	$	40,983		$	31,692		$	43,604
Repack		27,081			2,824			-
Repack related		1,911			-			-
Total	$	69,975		$	34,516		$	43,604

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

	Year Ended December 31,
	2018		2017		2016
Weighted-average shares outstanding, basic		88,084		73,061		71,848
Weighted-average shares underlying stock options and restricted shares		694		775		916
Weighted-average shares outstanding, diluted		88,778		73,836		72,764

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

	December 31,
	2018			2017
Accumulated balances of items included in accumulated other comprehensive loss:
Increase in pension liability	$	(35,280	)	$	(36,336	)
Income tax benefit		(13,903	)		(14,171	)
Accumulated other comprehensive loss	$	(21,377	)	$	(22,165	)

Note 3 - Acquisitions and Dispositions (Tables)

12 Months Ended

Dec. 31, 2018

Notes Tables

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

						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

Revenue (less agency commissions)	$	825,787
Net income	$	57,795

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

The 2016 Acquisitions [Member]

Notes Tables

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]

Notes Tables

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			3,393			128,859
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			5,191			34,576
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 4 - Long-term Debt (Tables)

12 Months Ended

Dec. 31, 2018

Notes Tables

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

	December 31,
	2018			2017
Long-term debt including current portion:
2017 Senior Credit Facility	$	595,026		$	635,234
2024 Notes		525,000			525,000
2026 Notes		700,000			700,000
2027 Notes		750,000			-
Total outstanding principal		2,570,026			1,860,234
Unamortized deferred loan costs - 2017 Senior Credit Facility		(9,261	)		(11,777	)
Unamortized deferred loan costs - 2024 Notes		(5,744	)		(6,743	)
Unamortized deferred loan costs - 2026 Notes		(8,359	)		(9,473	)
Unamortized deferred loan costs - 2027 Notes		(2,014	)		-
Unamortized premium - 2026 Notes		4,576			5,187
Less current portion		-			(6,417	)
Net carrying value	$	2,549,224		$	1,831,011

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

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

	Minimum Principal Maturities
	2017 Senior		2024		2026		2027
Year	Credit Facility		Notes		Notes		Notes		Total
2019	$	-	$	-	$	-	$	-	$	-
2020		-		-		-		-		-
2021		-		-		-		-		-
2022		-		-		-		-		-
2023		-		-		-		-		-
Thereafter		595,026		525,000		700,000		750,000		2,570,026
Total	$	595,026	$	525,000	$	700,000	$	750,000	$	2,570,026

- 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

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+ Details

Note 7 - Stock-based Compensation (Tables)

12 Months Ended

Dec. 31, 2018

Notes Tables

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

	Year Ended December 31,
	2018			2017			2016
Stock-based compensation expense, gross	$	6,661		$	8,303		$	5,099
Income tax benefit at our statutory rate associated with stock-based compensation		(1,692	)		(3,238	)		(1,989	)
Stock-based compensation expense, net	$	4,969		$	5,065		$	3,110

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

	Year Ended December 31,
	2018					2017					2016
				Weighted-					Weighted-					Weighted-
				Average					Average					Average
	Number			Grant Date		Number			Grant Date		Number			Grant Date
	of			Fair Value		of			Fair Value		of			Fair Value
	Shares			Per Share		Shares			Per Share		Shares			Per Share

Restricted stock - common:
Outstanding - beginning of period		503,685		$	11.14		396,033		$	12.06		337,506		$	9.57
Granted		391,836			14.63		307,943			10.40		237,500			12.88
Vested		(225,570	)		11.21		(200,291	)		11.82		(178,973	)		8.46
Forfeited		(91,057	)		13.27		-			-		-			-
Outstanding - end of period		578,894		$	13.14		503,685		$	11.14		396,033		$	12.06

Restricted stock - Class A common:
Outstanding - beginning of period		462,632		$	10.63		415,082		$	10.15		374,693		$	9.46
Granted		220,080			12.65		275,076			10.84		218,612			11.25
Vested		(274,926	)		10.48		(227,526	)		10.00		(178,223	)		10.04
Outstanding - end of period		407,786		$	11.82		462,632		$	10.63		415,082		$	10.15

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

Note 8 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Notes Tables

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

	Year Ended December 31,
	2018			2017			2016
Current:
Federal	$	42,531		$	4,633		$	-
State and local		11,447			3,261			2,730
State and local - reserve for uncertain tax positions		(63	)		757			(698	)
Current income tax expense		53,915			8,651			2,032
Deferred:
Federal (1)		17,385			(81,666	)		38,214
State and local		5,547			4,341			3,172
Deferred income tax expense (benefit)		22,932			(77,325	)		41,386
Total income tax expense (benefit)	$	76,847		$	(68,674	)	$	43,418

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

	December 31,
	2018		2017
Deferred tax liabilities:
Net book value of property and equipment	$	21,097	$	18,131
Broadcast licenses, goodwill and other intangibles		286,299		272,330
Total deferred tax liabilities		307,396		290,461

Deferred tax assets:
Liability for accrued vacation		1,461		1,438
Liability for accrued bonus		3,993		2,391
Allowance for doubtful accounts		1,358		1,170
Liability under health and welfare plan		639		608
Liability for pension plan		8,437		9,611
State and local operating loss carryforwards		2,358		4,719
Alternative minimum tax carryforwards		-		3,925
Acquisition costs		1,946		2,104
Restricted stock		2,083		2,636
Other		231		244
Total deferred tax assets		22,506		28,846
Valuation allowance for deferred tax assets		-		(75	)
Net deferred tax assets		22,506		28,771

Deferred tax liabilities, net of deferred tax assets	$	284,890	$	261,690

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

	Year Ended December 31,
	2018			2017			2016
Statutory federal rate applied to income before income tax expense	$	60,406		$	67,647		$	36,992
Current year permanent items		3,065			2,408			1,830
State and local taxes, net of federal tax benefit		14,004			7,889			5,056
Change in valuation allowance		(75	)		(1,457	)		(151	)
Reserve for uncertain tax positions		(63	)		757			(698	)
Rate change due to enactment of tax reform		-			(145,997	)		-
Other items, net		(490	)		79			389
Income tax expense (benefit) as recorded	$	76,847		$	(68,674	)	$	43,418

Effective income tax rate		26.7%			35.5%			41.1%

Note 9 - Retirement Plans (Tables)

12 Months Ended

Dec. 31, 2018

Notes Tables

Schedule of Net Funded Status [Table Text Block]

	December 31,
	2018			2017
Change in projected benefit obligation:
Projected benefit obligation at beginning of year	$	126,086		$	114,976
Interest cost		4,424			4,669
Actuarial gains		(10,940	)		-
Benefits paid		(2,916	)		(3,529	)
Merger of assumed plans		-			9,970
Projected benefit obligation at end of year	$	116,654		$	126,086

Change in plan assets:
Fair value of pension plan assets at beginning of year	$	88,248		$	80,929
Actual return on plan assets		(4,417	)		7,724
Company contributions		2,500			3,124
Benefits paid		(2,916	)		(3,529	)
Fair value of pension plan assets at end of year		83,415			88,248
Funded status of pension plan	$	(33,239	)	$	(37,838	)

Amounts recognized on our balance sheets consist of:
Accrued benefit cost	$	2,041		$	(1,502	)
Accumulated other comprehensive loss		(35,280	)		(36,336	)
Net liability recognized	$	(33,239	)	$	(37,838	)

Schedule of Assumptions Used [Table Text Block]

	Year Ended December 31,
	2018			2017
Weighted-average assumptions used to determine net periodic benefit cost for the Gray Pension Plan:
Discount rate		3.55	%		4.11	%
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,
	2018			2017
Weighted-average assumptions used to determine benefit obligations:
Discount rate		4.16	%		3.55	%

Schedule of Net Benefit Costs [Table Text Block]

	Year Ended December 31,
	2018			2017			2016
Components of net periodic pension cost:
Service cost	$	-		$	-		$	-
Interest cost		4,424			4,670			4,398
Expected return on plan assets		(6,145	)		(5,648	)		(4,836	)
Recognized net actuarial loss		678			484			406
Net periodic pension benefit	$	(1,043	)	$	(494	)	$	(32	)

Schedule of Expected Benefit Payments [Table Text Block]

Years	Amount
2019	$	3,371
2020		3,845
2021		4,102
2022		4,383
2023		4,648
2024 - 2028		28,479

Schedule of Allocation of Plan Assets by Asset Category [Table Text Block]

	As of December 31,
	2018			2017
Asset category:
Insurance general account		19	%		19	%
Cash management accounts		1	%		4	%
Equity accounts		47	%		42	%
Fixed income accounts		31	%		31	%
Real estate accounts		2	%		4	%
Total		100	%		100	%

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, 2018
	Level 1		Level 2		Level 3		Total
Assets:
Insurance general account	$	-	$	16,458	$	-	$	16,458
Cash management accounts		721		-		-		721
Equity accounts		39,047		-		-		39,047
Fixed income accounts		25,878		-		-		25,878
Real estate accounts		1,311		-		-		1,311
Total	$	66,957	$	16,458	$	-	$	83,415

	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 account		27,146		-		-		27,146
Real estate accounts		3,464		-		-		3,464
Total	$	71,375	$	16,873	$	-	$	88,248

Note 11 - Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2018

Notes Tables

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

	Net Balance at		Acquisitions										Net Balance at
	December 31,		And										December 31,
	2017		Adjustments		Dispositions			Impairment		Amortization			2018
Goodwill	$	611,100	$	3,077	$	(1,752	)	$	-	$	-		$	612,425
Broadcast licenses		1,530,703	$	425		(1,554	)		-		-			1,529,574
Finite-lived intangible assets		73,784		-		-			-		(20,570	)		53,214
Total intangible assets net of accumulated amortization	$	2,215,587	$	3,502	$	(3,306	)	$	-	$	(20,570	)	$	2,195,213

	Net Balance at		Acquisitions										Net Balance at
	December 31,		And										December 31,
	2016		Adjustments		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

Schedule of Goodwill [Table Text Block]

	As of			Acquisitions							As of
	December 31,			And							December 31,
	2017			Adjustments		Dispositions			Impairment		2018
Goodwill, gross	$	709,696		$	3,077	$	(1,752	)	$	-	$	711,021
Accumulated goodwill impairment		(98,596	)		-		-			-		(98,596	)
Goodwill, net	$	611,100		$	3,077	$	(1,752	)	$	-	$	612,425

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

Schedule of Intangible Assets and Goodwill [Table Text Block]

	As of December 31, 2018							As of December 31, 2017
			Accumulated							Accumulated
	Gross		Amortization			Net		Gross		Amortization			Net
Intangible assets not currently subject to amortization:
Broadcast licenses	$	1,583,273	$	(53,699	)	$	1,529,574	$	1,584,402	$	(53,699	)	$	1,530,703
Goodwill		612,425		-			612,425		611,100		-			611,100
	$	2,195,698	$	(53,699	)	$	2,141,999	$	2,195,502	$	(53,699	)	$	2,141,803

Intangible assets subject to amortization:
Network affiliation agreements	$	6,134	$	(6,134	)	$	-	$	6,134	$	(3,551	)	$	2,583
Other finite-lived intangible assets		143,419		(90,205	)		53,214		143,446		(72,245	)		71,201
	$	149,553	$	(96,339	)	$	53,214	$	149,580	$	(75,796	)	$	73,784

Total intangibles	$	2,345,251	$	(150,038	)	$	2,195,213	$	2,345,082	$	(129,495	)	$	2,215,587

Note 13 - Subsequent Events (Tables)

12 Months Ended

Dec. 31, 2018

Notes Tables

Disposal Groups, Including Discontinued Operations [Table Text Block]

	Total
	Cash		Television
Purchaser	Consideration		Station	Location	DMA

Lockwood Broadcasting, Inc.	$	67.0	WTNZ-TV	Knoxville, TN		61
			WFXG-TV	Augusta, GA		112
			WPGX-TV	Panama City, FL		151
			WDFX-TV	Dothan, AL		173

Scripps Media, Inc.	$	55.0	KXXV-TV	Waco-Temple-Bryan, TX		86
			KRHD-CD	Waco-Temple-Bryan, TX		86
			WTXL-TV	Tallahassee, FL		108

TEGNA, Inc.	$	105.0	WTOL-TV	Toledo, OH		78
			KWES-TV	Odessa - Midland, TX		144
Total	$	227.0

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

	Minimum Principal Maturities
	2017 Senior		2024		2026		2027
Year	Credit Facility		Notes		Notes		Notes		Total
2019	$	-	$	-	$	-	$	-	$	-
2020		-		-		-		-		-
2021		-		-		-		-		-
2022		-		-		-		-		-
2023		-		-		-		-		-
Thereafter		595,026		525,000		700,000		750,000		2,570,026
Total	$	595,026	$	525,000	$	700,000	$	750,000	$	2,570,026

The 2019 Senior Credit Facility [Member]

Notes Tables

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

	Minimum Principal Maturities
	2019 Senior		2024		2026		2027
Year	Credit Facility		Notes		Notes		Notes		Total
2019	$	14,000	$	-	$	-	$	-	$	14,000
2020		14,000		-		-		-		14,000
2021		14,000		-		-		-		14,000
2022		14,000		-		-		-		14,000
2023		14,000		-		-		-		14,000
Thereafter		1,925,026		525,000		700,000		750,000		3,900,026
Total	$	1,995,026	$	525,000	$	700,000	$	750,000	$	3,970,026

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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-Name Accounting Standards Codification
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-SubTopic 20
-Section 50
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+ Details

Note 1 - Description of Business and Summary of Significant Accounting Policies (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Jan. 01, 2019	Jun. 30, 2018
Advertising Expense	$ 1,200,000	$ 1,600,000	$ 1,500,000
Period for Creating Allowance for Doubtful Accounts	120 days
Provision for Doubtful Accounts	$ 2,200,000	2,400,000	1,900,000
Asset Retirement Obligation, Ending Balance	1,000,000	1,100,000
Asset Retirement Obligation, Accretion Expense	$ 54,000	$ 71,000	$ 15,000
Accounting Standards Update 2016-02 [Member] \| Subsequent Event [Member]
Operating Lease, Right-of-Use Asset				$ 19,900,000
Operating Lease, Liability, Total				$ 19,900,000
Sales Revenue, Services, Net [Member] \| Customer Concentration Risk [Member] \| Automotive [Member]
Concentration Risk, Percentage	25.00%	25.00%	22.00%
Tarzian [Member] \| Common Stock [Member]
Cost Method Investments, Ownership Percentage					32.40%
Tarzian [Member] \| Dividends Liquidation Dissolution [Member]
Cost Method Investments, Ownership Percentage					67.90%
Syncbak [Member]
Cost Method Investments, Original Cost			$ 3,000,000

Note 1 - Description of Business and Summary of Significant Accounting Policies - Property and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Property and equipment, gross	$ 766,418	$ 719,260
Accumulated depreciation	(403,276)	(368,602)
Total property and equipment, net	363,142	350,658
Land [Member]
Property and equipment, gross	52,511	50,458
Building and Building Improvements [Member]
Property and equipment, gross	$ 166,200	156,924
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	$ 547,707	$ 511,878
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 - Disposal of Assets and Purchase of Property and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Proceeds from sale of assets	$ 8,967	$ 90,927	$ 44,234
Proceeds from Repack (Note 1)	14,217	84
Net book value of assets disposed	(6,779)	(16,811)	(44,563)
Total	16,405	74,200	(329)
Recurring purchases - operations	40,983	31,692	43,604
Repack	27,081	2,824
Repack related	1,911
Total	$ 69,975	$ 34,516	$ 43,604

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, 2018	Dec. 31, 2017	Dec. 31, 2016
Weighted-average shares outstanding, basic (in shares)	88,084	73,061	71,848
Weighted-average shares underlying stock options and restricted shares (in shares)	694	775	916
Weighted-average shares outstanding, diluted (in shares)	88,778	73,836	72,764

Note 1 - Description of Business and Summary of Significant Accounting Policies - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Accumulated balances of items included in accumulated other comprehensive loss:
Increase in pension liability	$ (35,280)	$ (36,336)
Income tax benefit	(13,903)	(14,171)
Accumulated other comprehensive loss	$ (21,377)	$ (22,165)

Note 2 - Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Revenue	$ 328,220	$ 279,310	$ 250,344	$ 226,258	$ 233,609	$ 218,977	$ 226,681	$ 203,461	$ 1,084,132	$ 882,728	$ 812,465
Sales Channel, Directly to Consumer [Member]
Revenue									551,883	473,649	373,363
Sales Channel, Through Intermediary [Member]
Revenue									532,249	409,079	439,102
Local Advertising [Member]
Revenue									442,728	451,261	403,336
National Advertising [Member]
Revenue									114,192	118,817	98,351
Political Advertising [Member]
Revenue									155,074	16,498	90,095
Advertising [Member]
Revenue									711,994	586,576	591,782
Retransmission Consent [Member]
Revenue									355,423	276,603	200,879
Service, Other [Member]
Revenue									$ 16,715	$ 19,549	$ 19,804

Note 3 - Acquisitions and Dispositions (Details Textual) - USD ($) $ in Thousands										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	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 30, 2016
Proceeds from Divestiture of Businesses										$ 8,500		$ 11,200
Business Combination, Consideration Transferred, Total												473,074
Goodwill, Ending Balance										612,425	611,100	485,318	$ 485,318
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual											79,800	130,400
Business Acquisition, Pro Forma Income (Loss) from Continuing Operations, Net of Tax											33,700	55,800
Business Combination, Acquisition Related Costs											1,100	7,400
Long-term Debt, Total										2,500,000	1,800,000
Finite-lived Intangible Assets Acquired										0	42,606
Goodwill, Acquired During Period										$ 3,077	125,782	72,300
2016 Term Loan [Member]
Long-term Debt, Total								$ 425,000
Fairbanks Acquistion [Member]
Payments to Acquire Businesses, Gross					$ 8,000
Goodwill, Ending Balance											471
Green Bay Acquisition and Davenport Acquisition [Member]
Business Combination, Consideration Transferred, Total				$ 269,900
Clarksburg Acquisition [Member]
Payments to Acquire Businesses, Gross							$ 16,500
Business Combination, Consideration Transferred, Total			$ 26,500
Goodwill, Ending Balance											3,222
Bangor Acquisition and Gainesville Acquisition [Member]
Business Combination, Consideration Transferred, Total			$ 85,000
Burlington and Plattsburg Acquisition [Member]
Payments to Acquire Businesses, Gross	$ 5,800	$ 23,200
Business Combination, Consideration Transferred, Total	$ 29,000
2017 Acquisitions [Member]
Goodwill, Ending Balance											128,859
2017 Acquisitions [Member] \| Retransmission Agreements [Member]
Finite-Lived Intangible Assets, Gross, Total											$ 27,900
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life											5 years 36 days
2017 Acquisitions [Member] \| Advertising Relationships [Member]
Finite-Lived Intangible Assets, Gross, Total											$ 5,300
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life											10 years 255 days
2017 Acquisitions [Member] \| Income Leases [Member]
Finite-Lived Intangible Assets, Gross, Total											$ 3,000
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]
Business Combination, Consideration Transferred, Total								443,100
KYES-TV Acquisition [Member]
Payments to Acquire Businesses, Gross						$ 500
Goodwill, Ending Balance												28
WBXX Acquisition [Member]
Proceeds from Divestiture of Businesses												0
Business Combination, Consideration Transferred, Total												30,000
Goodwill, Ending Balance												10,288
Accounts Receivable Contractual Amounts in Excess of Fair Value												$ 200
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
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
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
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
WSWG-TV [Member]
Proceeds from Divestiture of Businesses										$ 8,500
Gain (Loss) on Disposition of Business										$ 4,800
KAKE-TV [Member]
Proceeds from Divestiture of Businesses									$ 11,200			11,200
Gain (Loss) on Disposition of Business									$ 2,000
Business Combination, Consideration Transferred, Total												$ 0
Schurz Radio Stations [Member]
Proceeds from Divestiture of Businesses								$ 16,000

Note 3 - Acquisitions and Dispositions - Fair Value of Assets Acquired, Liabilities Assumed, and Goodwill from Acquisitions (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 30, 2016
Goodwill, Ending Balance	$ 612,425	$ 611,100	$ 485,318	$ 485,318
Fairbanks Acquistion [Member]
Current assets		122
Property and equipment		2,650
Goodwill, Ending Balance		471
Broadcast licenses		2,228
Other intangible assets		2,702
Other non-current assets		71
Current liabilities		(140)
Other long-term liabilities		(84)
Total Assets Acquired and Liabilities Assumed		8,020
Media General Acquisition [Member]
Current assets		666
Property and equipment		20,181
Goodwill, Ending Balance		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 Assets Acquired and Liabilities Assumed		269,965
Clarksburg Acquisition [Member]
Current assets		462
Property and equipment		4,133
Goodwill, Ending Balance		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 Assets Acquired and Liabilities Assumed		26,500
Diversified Acquisition [Member]
Current assets		361
Property and equipment		12,329
Goodwill, Ending Balance		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 Assets Acquired and Liabilities Assumed		85,000
Vermont Acquisition [Member]
Current assets		312
Property and equipment		9,513
Goodwill, Ending Balance		3,393
Broadcast licenses		7,592
Other intangible assets		5,191
Other non-current assets		3,310
Current liabilities		(311)
Other long-term liabilities		0
Total Assets Acquired and Liabilities Assumed		29,000
2017 Acquisitions [Member]
Current assets		1,923
Property and equipment		48,806
Goodwill, Ending Balance		128,859
Broadcast licenses		202,888
Other intangible assets		34,576
Other non-current assets		3,741
Current liabilities		(2,123)
Other long-term liabilities		(185)
Total Assets Acquired and Liabilities Assumed		$ 418,485

Note 3 - Acquisitions and Dispositions - Purchase Consideration in Acquisition (Details) - USD ($) $ in Thousands		12 Months Ended
	Feb. 01, 2016	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Base purchase price				$ 472,500
Purchase price adjustment				574
Business Combination, Consideration Transferred, Total				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		$ (8,500)		(11,200)
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, Total				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, Total				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, Total				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 3 - Acquisitions and Dispositions - Fair Value of Assets Acquired, Liabilities Assumed, and Goodwill from 2016 Acquisitions (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 30, 2016
Goodwill, Ending Balance	$ 612,425	$ 611,100	$ 485,318	$ 485,318
KYES-TV Acquisition [Member]
Accounts receivable			0
Other current assets			0
Property and equipment			176
Goodwill, Ending Balance			28
Broadcast licenses			254
Other intangible assets			42
Other non-current assets			0
Current liabilities			0
Other long-term liabilities			0
Total Assets Acquired and Liabilities Assumed			500
WBXX Acquisition [Member]
Accounts receivable			0
Other current assets			429
Property and equipment			1,633
Goodwill, Ending Balance			10,288
Broadcast licenses			18,199
Other intangible assets			0
Other non-current assets			408
Current liabilities			(460)
Other long-term liabilities			(497)
Total Assets Acquired and Liabilities Assumed			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, Ending Balance			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 Assets Acquired and Liabilities Assumed			427,074
2016 Acquisitions [Member]
Accounts receivable			19,226
Other current assets			5,035
Property and equipment			99,623
Goodwill, Ending Balance			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 Assets Acquired and Liabilities Assumed			$ 457,574

Note 3 - Acquisitions and Dispositions - Unaudited Pro Forma Results (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
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
Net income		$ 57,795
Basic net income per share (in dollars per share)		$ 0.80
Diluted net income per share (in dollars per share)		$ 0.79

Note 4 - Long-term Debt (Details Textual) - USD ($) $ in Thousands				12 Months Ended
	Apr. 03, 2017	Feb. 07, 2017	Sep. 14, 2016	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Nov. 16, 2018	Jun. 14, 2016
Long-term Debt, Gross				$ 2,570,026
Proceeds from Issuance of Long-term Debt, Total				750,000	$ 641,438	$ 1,656,000
Gain (Loss) on Extinguishment of Debt, Total					(2,851)	(31,987)
Interest Paid, Including Capitalized Interest, Operating and Investing Activities, Total				94,500	97,000	76,200
Interest Costs Capitalized				$ 0	$ 0	$ 0
2024 Notes [Member]
Debt Instrument, Interest Rate, Stated Percentage				5.125%	5.125%
Long-term Debt, Gross				$ 525,000
Unsecured Debt, Total				$ 525,000	$ 525,000
2026 Notes [Member]
Debt Instrument, Interest Rate, Stated Percentage				5.875%	5.875%
Long-term Debt, Gross				$ 700,000
Unsecured Debt, Total				$ 700,000	$ 700,000
Debt Instrument, Face Amount								$ 500,000
2027 Notes [Member]
Debt Instrument, Interest Rate, Stated Percentage				7.00%			7.00%
Long-term Debt, Gross				$ 750,000
Unsecured Debt, Total				750,000
Debt Instrument, Face Amount							$ 750,000
The 2017 Senior Credit Facility [Member]
Long-term Debt, Gross				595,026	635,234
Debt Agreement, Maximum Borrowing Capacity				695,000
Gain (Loss) on Extinguishment of Debt, Total					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]
Debt Instrument, Interest Rate, Stated Percentage				4.60%
Long-term Debt, Gross		$ 556,400		$ 595,000
Proceeds from Issuance of Long-term Debt, Total	$ 85,000
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%
The Additional 2026 Notes [Member]
Debt Instrument, Interest Rate, Stated Percentage				5.875%
Proceeds from Issuance of Long-term Debt, Total			$ 206,000
Debt Instrument, Face Amount			$ 200,000
Debt Instrument, Issueing Price, Percentage			103.00%
Debt Instrument, Interest Rate, Effective Percentage				5.398%

Note 4 - Long-term Debt - Long-term Debt Summary (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Long-term Debt, Gross	$ 2,570,026
Total outstanding principal	2,570,026	$ 1,860,234
Less current portion		(6,417)
Net carrying value	2,549,224	1,831,011
Borrowing availability under the Revolving Credit Facility	100,000	100,000
The 2017 Senior Credit Facility [Member]
Long-term Debt, Gross	595,026	635,234
Unamortized deferred loan costs	(9,261)	(11,777)
2024 Notes [Member]
Long-term Debt, Gross	525,000
Unsecured Debt, Total	525,000	525,000
Unamortized deferred loan costs	(5,744)	(6,743)
2026 Notes [Member]
Long-term Debt, Gross	700,000
Unsecured Debt, Total	700,000	700,000
Unamortized deferred loan costs	(8,359)	(9,473)
Unamortized premium	4,576	5,187
2027 Notes [Member]
Long-term Debt, Gross	750,000
Unsecured Debt, Total	750,000
Unamortized deferred loan costs	$ (2,014)

Note 4 - Long-term Debt - Aggregate Minimum Principal Maturities on Long-term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
2019
2020
2021
2022
2023
Thereafter	2,570,026
Total Debt	2,570,026
The 2017 Senior Credit Facility [Member]
2019
2020
2021
2022
2023
Thereafter	595,026
Total Debt	595,026	$ 635,234
2024 Notes [Member]
2019	0
2020	0
2021	0
2022	0
2023
Thereafter	525,000
Total Debt	525,000
2026 Notes [Member]
2019	0
2020	0
2021	0
2022	0
2023
Thereafter	700,000
Total Debt	700,000
2027 Notes [Member]
2019
2020
2021
2022
2023
Thereafter	750,000
Total Debt	$ 750,000

Note 5 - Fair Value Measurement (Details Textual) - USD ($) $ in Billions	Dec. 31, 2018	Dec. 31, 2017
Long-term Debt, Total	$ 2.5	$ 1.8
Long-term Debt, Fair Value	$ 2.4	$ 1.9

Note 6 - Stockholders' Equity (Details Textual) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	Dec. 31, 2017 USD ($) $ / shares shares	Dec. 31, 2018 USD ($) $ / shares shares	Dec. 31, 2017 USD ($) $ / shares shares	Dec. 31, 2016 USD ($)	Nov. 06, 2016 USD ($)	Mar. 31, 2006 shares	Nov. 30, 2004 shares	Mar. 31, 2004 shares
Capital Units, Authorized		245,000,000
Common Stock, Shares Authorized	100,000,000	200,000,000	100,000,000
Preferred Stock, Shares Authorized		20,000,000
Common Stock, Voting Rights, Votes Per Share		1
Dividends, Common Stock, Total \| $		$ 0	$ 0	$ 0
Proceeds from Issuance of Common Stock \| $			238,945
Treasury Stock, Value, Acquired, Cost Method \| $		$ 19,607	$ 4,000	$ 2,000
Common Stock, Capital Shares Reserved for Future Issuance	7,422,965	7,078,916	7,422,965
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
The 2016 Repurchase Authorization [Member]
Stock Repurchase Program, Authorized Amount \| $					$ 75,000
Treasury Stock, Shares, Acquired		1,551,710
Treasury Stock Acquired, Average Cost Per Share \| $ / shares		$ 12.64
Treasury Stock, Value, Acquired, Cost Method \| $		$ 19,600
Stock Repurchase Program, Remaining Authorized Repurchase Amount \| $		$ 49,500
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
Share Price \| $ / shares	$ 14.50		$ 14.50
Proceeds from Issuance of Common Stock \| $	$ 238,900
Issuance of Stock, Underwriting Discount \| $	10,600
Issuance of Stock, Underwriting Expenses \| $	$ 600
Common Class A [Member]
Common Stock, Shares Authorized	15,000,000	25,000,000	15,000,000
Common Stock, Voting Rights, Votes Per Share		10
Common Stock, Capital Shares Reserved for Future Issuance	1,923,144	1,703,064	1,923,144

Note 7 - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Millions			9 Months Ended	12 Months Ended
	Feb. 01, 2019	Jan. 02, 2019	Sep. 30, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total				$ 4.2
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition				1 year 182 days
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period				391,836	307,943	237,500
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value				$ 14.63	$ 10.40	$ 12.88
Restricted Stock [Member] \| Employee [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period				318,196	307,943	218,452
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] \| Subsequent Event [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	336,609	340,993
Stock Granted, Value, Share-based Compensation, Net of Forfeitures, Total	$ 5.6	$ 5.1
Restricted Stock [Member] \| Employee [Member] \| Share-based Compensation Award, Tranche One [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period				131,106
Restricted Stock [Member] \| Employee [Member] \| Share-based Compensation Award, Tranche Two [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period				69,651
Restricted Stock [Member] \| Employee [Member] \| Share-based Compensation Award, Tranche Three [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period				69,652
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 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	72,820
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 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 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] \| Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period				73,640	76,856	19,048
Restricted Stock [Member] \| Common Class A [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period				220,080	275,076	218,612
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	$ 10.84	$ 11.25
Restricted Stock [Member] \| Common Class A [Member] \| Employee [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period					198,220	166,677
Restricted Stock [Member] \| Common Class A [Member] \| Employee [Member] \| Subsequent Event [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	199,810
Stock Granted, Value, Share-based Compensation, Net of Forfeitures, Total	$ 3.1
Restricted Stock [Member] \| Common Class A [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					66,073
Restricted Stock [Member] \| Common Class A [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					66,073
Restricted Stock [Member] \| Common Class A [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					66,074
Restricted Stock [Member] \| Common Class A [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						55,559
Restricted Stock [Member] \| Common Class A [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						55,559
Restricted Stock [Member] \| Common Class A [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						55,559
Restricted Stock [Member] \| Common Class A [Member] \| Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period						51,935
Service Based Restricted Stock [Member] \| Common Class A [Member] \| Employee [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] \| Common Class A [Member] \| Employee [Member] \| Share-based Compensation Award, Tranche One [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] \| Common Class A [Member] \| Employee [Member] \| Share-based Compensation Award, Tranche Two [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] \| Common Class A [Member] \| Employee [Member] \| Share-based Compensation Award, Tranche Three [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] \| Common Class A [Member] \| Employee [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
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
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
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
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				4,400,000
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				1,700,000
2007 Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant				0	0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance				274,746	274,746
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance				$ 1.99	$ 1.99
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value				$ 3.5

Note 7 - Stock-based Compensation - Stock-based Compensation Expense and Related Income Tax Benefit (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Stock-based compensation expense, gross	$ 6,661	$ 8,303	$ 5,099
Income tax benefit at our statutory rate associated with stock-based compensation	(1,692)	(3,238)	(1,989)
Stock-based compensation expense, net	$ 4,969	$ 5,065	$ 3,110

Note 7 - Stock-based Compensation - Summary of Restricted Common Stock Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Restricted Stock [Member]
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
Granted, Shares (in shares)	391,836	307,943	237,500
Granted, Weighted average grant date fair value (in dollars per share)	$ 14.63	$ 10.40	$ 12.88
Vested, Shares (in shares)	(225,570)	(200,291)	(178,973)
Vested, Weighted average grant date fair value (in dollars per share)	$ 11.21	$ 11.82	$ 8.46
Forfeited, Shares (in shares)	(91,057)	0	0
Forfeited, Weighted average grant date fair value (in dollars per share)	$ 13.27	$ 0	$ 0
Outstanding, Shares (in shares)	578,894	503,685	396,033
Outstanding, Weighted average grant date fair value (in dollars per share)	$ 13.14	$ 11.14	$ 12.06
Restricted Stock [Member] \| Common Class A [Member]
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
Granted, Shares (in shares)	220,080	275,076	218,612
Granted, Weighted average grant date fair value (in dollars per share)	$ 12.65	$ 10.84	$ 11.25
Vested, Shares (in shares)	(274,926)	(227,526)	(178,223)
Vested, Weighted average grant date fair value (in dollars per share)	$ 10.48	$ 10	$ 10.04
Outstanding, Shares (in shares)	407,786	462,632	415,082
Outstanding, Weighted average grant date fair value (in dollars per share)	$ 11.82	$ 10.63	$ 10.15
Restricted Stock Units (RSUs) [Member]
Outstanding, Shares (in shares)	209,500	0	0
Outstanding, Weighted average grant date fair value (in dollars per share)	$ 15.70	$ 0	$ 0
Granted, Shares (in shares)		215,500	0
Granted, Weighted average grant date fair value (in dollars per share)		$ 15.70	$ 0
Vested, Shares (in shares)	(209,500)	0	0
Vested, Weighted average grant date fair value (in dollars per share)	$ 15.70	$ 0	$ 0
Forfeited, Shares (in shares)		(6,000)
Forfeited, Weighted average grant date fair value (in dollars per share)		$ 15.70
Outstanding, Shares (in shares)		209,500	0
Outstanding, Weighted average grant date fair value (in dollars per share)		$ 15.70	$ 0

Note 8 - Income Taxes (Details Textual) - USD ($)	12 Months Ended
Note 8 - Income Taxes (Details Textual) - USD ($)	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability		$ 146,000,000
Increase (Decrease) in Obligation, Pension Benefits	$ (1,100,000)	7,400,000	$ (600,000)
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax, Total	(788,000)	4,520,000	361,000
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax, Total	300,000	2,900,000	200,000
Income Taxes Paid, Net, Total	34,200,000	2,000,000	$ 14,600,000
Prepaid Taxes	0	$ 13,791,000
State and Local Jurisdiction [Member]
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration	$ 51,900,000

Note 8 - Income Taxes - Federal and State Income Tax Expense (Benefit) Summary (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2018

Dec. 31, 2017

Dec. 31, 2016

Federal

$ 42,531

$ 4,633

$ 0

State and local

11,447

3,261

2,730

State and local - reserve for uncertain tax positions

(63)

757

(698)

Current income tax expense

53,915

8,651

2,032

Federal(1)

^[1]

17,385

(81,666)

38,214

State and local

5,547

4,341

3,172

Deferred income tax expense (benefit)

22,932

(77,325)

41,386

Income tax expense (benefit) as recorded

$ 76,847

$ (68,674)

$ 43,418

[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 8 - Income Taxes - Significant Components of Deferred Tax Liabilities and Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Deferred tax liabilities:
Net book value of property and equipment	$ 21,097	$ 18,131
Broadcast licenses, goodwill and other intangibles	286,299	272,330
Total deferred tax liabilities	307,396	290,461
Deferred tax assets:
Liability for accrued vacation	1,461	1,438
Liability for accrued bonus	3,993	2,391
Allowance for doubtful accounts	1,358	1,170
Liability under health and welfare plan	639	608
Liability for pension plan	8,437	9,611
State and local operating loss carryforwards	2,358	4,719
Alternative minimum tax carryforwards		3,925
Acquisition costs	1,946	2,104
Restricted stock	2,083	2,636
Other	231	244
Total deferred tax assets	22,506	28,846
Valuation allowance for deferred tax assets		(75)
Net deferred tax assets	22,506	28,771
Deferred tax liabilities, net of deferred tax assets	$ 284,890	$ 261,690

Note 8 - Income Taxes - Reconciliation of Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Statutory federal rate applied to income before income tax expense	$ 60,406	$ 67,647	$ 36,992
Current year permanent items	3,065	2,408	1,830
State and local taxes, net of federal tax benefit	14,004	7,889	5,056
Change in valuation allowance	(75)	(1,457)	(151)
Reserve for uncertain tax positions	(63)	757	(698)
Rate change due to enactment of tax reform		(145,997)	0
Other items, net	(490)	79	389
Income tax expense (benefit) as recorded	$ 76,847	$ (68,674)	$ 43,418
Effective income tax rate	26.70%	35.50%	41.10%

Note 9 - Retirement Plans (Details Textual) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Common Stock, Capital Shares Reserved for Future Issuance	7,078,916	7,422,965
Pension Plan [Member] \| Gray Pension Plan [Member]
Defined Benefit Plan, Accumulated Benefit Obligation	$ 116.7	$ 126.1
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year	2.5
Capital Accumulation Plan [Member]
Defined Contribution Plan, Employer Discretionary Contribution Amount	6.4	6.6	$ 5.4
Defined Contribution Plan, Expected Contributions In Next Twelve Months	$ 12.5
Common Stock, Capital Shares Reserved for Future Issuance	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%
Profit Sharing Contribution [Member]
Defined Contribution Plan, Employer Discretionary Contribution Amount	$ 4.3	$ 4.1	$ 3.4

Note 9 - Retirement Plans - Summary of Funded Status and Amounts Recognized on Balance Sheets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Projected benefit obligation at beginning of year	$ 126,086	$ 114,976
Interest cost	4,424	4,669	$ 4,398
Actuarial gains	(10,940)
Benefits paid	(2,916)	(3,529)
Merger of assumed plans		9,970
Projected benefit obligation at end of year	116,654	126,086	114,976
Fair value of pension plan assets at beginning of year	88,248	80,929
Actual return on plan assets	(4,417)	7,724
Company contributions	2,500	3,124
Benefits paid	(2,916)	(3,529)
Fair value of pension plan assets at end of year	83,415	88,248	$ 80,929
Funded status of pension plan	(33,239)	(37,838)
Accrued benefit cost	2,041
Accrued benefit cost		(1,502)
Accumulated other comprehensive loss	(35,280)	(36,336)
Net liability recognized	$ (33,239)	$ (37,838)

Note 9 - Retirement Plans - Estimated Rate of Increase in Compensation Levels (Details)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Weighted-average assumptions used to determine net periodic benefit cost for the Gray Pension Plan:
Discount rate	3.55%	4.11%
Expected long-term rate of return on pension plan assets	7.00%	7.00%
Estimated rate of increase in compensation levels
Weighted-average assumptions used to determine benefit obligations:
Discount rate	4.16%	3.55%

Note 9 - Retirement Plans - Components of Net Periodic Benefit Cost for Pension Plans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Components of net periodic pension cost:
Service cost	$ 0	$ 0
Interest cost	4,424	4,669	4,398
Expected return on plan assets	(6,145)	(5,648)	(4,836)
Recognized net actuarial loss	678	484	406
Net periodic pension benefit	$ (1,043)	$ (494)	$ (32)

Note 9 - Retirement Plans - Estimated Future Benefit Payments for Subsequent Years (Details) $ in Thousands	Dec. 31, 2018 USD ($)
2019	$ 3,371
2020	3,845
2021	4,102
2022	4,383
2023	4,648
2024-2028	$ 28,479

Note 9 - Retirement Plans - Allocation of Plan Assets (Details)	Dec. 31, 2018	Dec. 31, 2017
Asset category:
Plan assets, percent	100.00%	100.00%
Insurance General Account [Member]
Asset category:
Plan assets, percent	19.00%	19.00%
Cash and Cash Equivalents [Member]
Asset category:
Plan assets, percent	1.00%	4.00%
Equity Securities [Member]
Asset category:
Plan assets, percent	47.00%	42.00%
Fixed Income Securities [Member]
Asset category:
Plan assets, percent	31.00%	31.00%
Real Estate [Member]
Asset category:
Plan assets, percent	2.00%	4.00%

Note 9 - Retirement Plans - Target Asset Allocation (Details)	Dec. 31, 2018
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 9 - Retirement Plans - Pension Plan Fair Value Measurements (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Defined benefit plan, fair value of plan assets	$ 83,415	$ 88,248	$ 80,929
Fair Value, Inputs, Level 1 [Member]
Defined benefit plan, fair value of plan assets	66,957	71,375
Fair Value, Inputs, Level 2 [Member]
Defined benefit plan, fair value of plan assets	16,458	16,873
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	16,458	16,873
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	16,458	16,873
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	721	3,229
Cash and Cash Equivalents [Member] \| Fair Value, Inputs, Level 1 [Member]
Defined benefit plan, fair value of plan assets	721	3,229
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	39,047	37,536
Equity Securities [Member] \| Fair Value, Inputs, Level 1 [Member]
Defined benefit plan, fair value of plan assets	39,047	37,536
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	25,878	27,146
Fixed Income Securities [Member] \| Fair Value, Inputs, Level 1 [Member]
Defined benefit plan, fair value of plan assets	25,878	27,146
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	1,311	3,464
Real Estate [Member] \| Fair Value, Inputs, Level 1 [Member]
Defined benefit plan, fair value of plan assets	1,311	3,464
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 10 - Commitments and Contingencies - Commitments Summary (Details) $ in Thousands	Dec. 31, 2018 USD ($)
Purchase obligations	$ 3,343
Contractual obligations	141,768
Year 2020	3,039
Contractual obligations	157,273
Purchase obligations	134,432
Year 2021	2,851
Year 2022	2,618
Contractual obligations	5,807
Year 2023	2,540
Contractual obligations	2,718
Year Thereafter	11,588
Contractual obligations	11,588
Year Total	25,979
Contractual obligations	453,586
Service and Other Agreements [Member]
Purchase obligations	1,324
Purchase obligations	573
Purchase obligations	0
Purchase obligations	0
Purchase obligations	0
Purchase obligations	1,897
Equipment [Member]
Purchase obligations	1,375
Purchase obligations	0
Purchase obligations	0
Purchase obligations	0
Purchase obligations	0
Purchase obligations	1,375
Syndicated Television Programming [Member]
Year 2019	6,241
Purchase obligations	13,034
Purchase obligations	1,157
Purchase obligations	163
Purchase obligations	111
Purchase obligations	20,706
Network Affiliation Agreements [Member]
Purchase obligations	129,485
Purchase obligations	140,627
Purchase obligations	130,424
Purchase obligations	3,026
Purchase obligations	67
Purchase obligations	0
Purchase obligations	$ 403,629

Note 11 - Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Thousands		12 Months Ended
	Aug. 07, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Sep. 30, 2018
Amortization of Intangible Assets, Total		$ 20,570	$ 25,072	$ 16,596
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months					$ 15,400
Finite-Lived Intangible Assets, Amortization Expense, Year Two					12,400
Finite-Lived Intangible Assets, Amortization Expense, Year Three					8,300
Finite-Lived Intangible Assets, Amortization Expense, Year Four					4,800
Finite-Lived Intangible Assets, Amortization Expense, Year Five					$ 2,900
Goodwill, Impairment Loss		0	0	0
Proceeds from Spectrum Auction			$ 90,824
FCC [Member]
Proceeds from Spectrum Auction	$ 90,800
FCC [Member] \| Broadcast Licenses [Member]
Intangible Asset Dispositions from Spectrum Auction	$ 13,100

Note 11 - Goodwill and Intangible Assets - Changes in Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Goodwill beginning of year	$ 611,100	$ 485,318
Goodwill, Acquired During Period	3,077	125,782	$ 72,300
Goodwill	(1,752)	0
Goodwill end of year	612,425	611,100	485,318
Broadcast licenses	1,530,703
Broadcast licenses	0	0
Broadcast licenses	1,529,574	1,530,703
Finite-lived intangible assets	73,784	56,250
Finite-lived Intangible Assets Acquired	0	42,606
Finite-lived intangible assets	(20,570)	(25,072)	(16,596)
Finite-lived intangible assets	53,214	73,784	56,250
Total intangible assets net of accumulated amortization	2,215,587	1,881,873
Total intangible assets net of accumulated amortization	3,502	371,891
Total intangible assets net of accumulated amortization	(3,306)	(13,105)
Total intangible assets net of accumulated amortization	2,195,213	2,215,587	1,881,873
Broadcast Licenses [Member]
Broadcast licenses	1,530,703	1,340,305
Broadcast licenses	425	203,503
Broadcast licenses	(1,554)	(13,105)
Broadcast licenses	$ 1,529,574	$ 1,530,703	$ 1,340,305

Note 11 - Goodwill and Intangible Assets - Summary of Changes in Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 30, 2016
Goodwill, gross beginning of year	$ 709,696	$ 583,914
Goodwill, Acquired During Period	3,077	125,782	$ 72,300
Goodwill	(1,752)	0
Goodwill, gross end of year	711,021	709,696	583,914
Accumulated goodwill impairment	(98,596)	(98,596)
Goodwill	$ 612,425	$ 611,100	$ 485,318	$ 485,318

Note 11 - Goodwill and Intangible Assets - Intangible Assets and Related Accumulated Amortization (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 30, 2016
Goodwill, Gross	$ 711,021	$ 709,696	$ 583,914
Goodwill	612,425	611,100	485,318	$ 485,318
Other intangible assets, net	53,214	73,784	56,250
Intangible Assets Gross (Including Goodwill)	2,345,251	2,345,082
Accumulated Amortization Intangible Assets	(150,038)	(129,495)
Intangible Assets, Net (Including Goodwill)	2,195,213	2,215,587	$ 1,881,873
Network Affiliate [Member]
Finite-Lived Intangible Assets, Gross	6,134	6,134
Finite-Lived Intangible Assets, Accumulated Amortization	(6,134)	(3,551)
Other intangible assets, net		2,583
Finite-Lived Intangible Assets, Accumulated Amortization	6,134	3,551
Other Intangible Assets [Member]
Finite-Lived Intangible Assets, Gross	143,419	143,446
Finite-Lived Intangible Assets, Accumulated Amortization	90,205	72,245
Other intangible assets, net	53,214	71,201
Finite-Lived Intangible Assets, Accumulated Amortization	(90,205)	(72,245)
Intangible Assets Subject to Amortization [Member]
Finite-Lived Intangible Assets, Gross	149,553	149,580
Finite-Lived Intangible Assets, Accumulated Amortization	(96,339)	(75,796)
Other intangible assets, net	53,214	73,784
Finite-Lived Intangible Assets, Accumulated Amortization	96,339	75,796
Broadcast Licenses [Member]
Indefinite-lived Intangible Assets (Excluding Goodwill), Gross	1,583,273	1,584,402
Indefinite-Lived Intangible Assets (Excluding Goodwill), Accumulated Amortization	(53,699)	(53,699)
Indefinite-Lived Intangible Assets (Excluding Goodwill)	1,529,574	1,530,703
Goodwill Not Amortizable [Member]
Goodwill, Gross	612,425	611,100
Goodwill	612,425	611,100
Intangible Assets Not Subject to Amortization [Member]
Goodwill and Indefinite-Lived Intangible Assets, Gross	2,195,698	2,195,502
Goodwill and Indefinite-lived Intangible Assets, Accumulated Amortization	(53,699)	(53,699)
Goodwill and Indefinite-Lived Assets, Net	$ 2,141,999	$ 2,141,803

Note 12 - Selected Quarterly Financial Data (Unaudited) - Schedule of Selected Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Revenue (less agency commissions)	$ 328,220	$ 279,310	$ 250,344	$ 226,258	$ 233,609	$ 218,977	$ 226,681	$ 203,461	$ 1,084,132	$ 882,728	$ 812,465
Operating income	150,644	108,402	79,690	50,035	54,965	49,900	142,394	43,472	388,771	290,731	234,304
Net income	$ 88,267	$ 61,886	$ 40,705	$ 19,945	$ 165,570	$ 15,316	$ 70,561	$ 10,505	$ 210,803	$ 261,952	$ 62,273
Net income (in dollars per share)	$ 1.01	$ 0.71	$ 0.46	$ 0.22	$ 2.15	$ 0.21	$ 0.98	$ 0.15	$ 2.39	$ 3.59	$ 0.87
Diluted net income per share (in dollars per share)	$ 1	$ 0.70	$ 0.46	$ 0.22	$ 2.13	$ 0.21	$ 0.97	$ 0.14	$ 2.37	$ 3.55	$ 0.86

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

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+ Details

- Definition

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

+ References + Details

Note 13 - Subsequent Events (Details Textual) - USD ($) $ / shares in Units, $ in Thousands			5 Months Ended	12 Months Ended
	Jan. 02, 2019	Feb. 07, 2017	Jun. 30, 2019	Dec. 31, 2018	Dec. 31, 2016	Feb. 22, 2019	Dec. 31, 2017
Business Combination, Consideration Transferred, Total					$ 473,074
Long-term Debt, Gross				$ 2,570,026
The 2019 Senior Credit Facility [Member]
Debt Issuance Costs, Net, Total				3,200
The 2017 Senior Credit Facility [Member]
Debt Agreement, Maximum Borrowing Capacity				695,000
Long-term Debt, Gross				595,026			$ 635,234
Debt Issuance Costs, Net, Total				9,261			$ 11,777
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		$ 595,000
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%
The 2017 Senior Credit Facility [Member] \| The 2017 Term Loan [Member] \| Base Rate [Member]
Debt Instrument, Basis Spread on Variable Rate				1.25%
Subsequent Event [Member]
Long-term Debt, Gross	$ 3,970,026
Subsequent Event [Member] \| The 2019 Senior Credit Facility [Member]
Debt Agreement, Maximum Borrowing Capacity	2,200,000
Long-term Debt, Gross	1,995,026
Subsequent Event [Member] \| The 2019 Senior Credit Facility [Member] \| Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 200,000
Subsequent Event [Member] \| The 2019 Senior Credit Facility [Member] \| Revolving Credit Facility [Member] \| Minimum [Member]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	0.375%
Subsequent Event [Member] \| The 2019 Senior Credit Facility [Member] \| Revolving Credit Facility [Member] \| Maximum [Member]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	0.50%
Subsequent Event [Member] \| The 2019 Senior Credit Facility [Member] \| Revolving Credit Facility [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate	2.50%
Debt Instrument, Basis Spread Used to Define Base Rate	1.00%
Subsequent Event [Member] \| The 2019 Senior Credit Facility [Member] \| Revolving Credit Facility [Member] \| Base Rate [Member]
Debt Instrument, Basis Spread on Variable Rate	1.50%
Subsequent Event [Member] \| The 2019 Senior Credit Facility [Member] \| Revolving Credit Facility [Member] \| Federal Funds Effective Swap Rate [Member]
Debt Instrument, Basis Spread Used to Define Base Rate	0.50%
Subsequent Event [Member] \| The 2019 Senior Credit Facility [Member] \| The 2019 Term Loan [Member]
Long-term Debt, Gross	$ 1,400,000
Debt Instrument, Interest Rate, Effective Percentage						5.00%
Subsequent Event [Member] \| The 2019 Senior Credit Facility [Member] \| The 2019 Term Loan [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate	2.50%
Subsequent Event [Member] \| The 2019 Senior Credit Facility [Member] \| The 2019 Term Loan [Member] \| Base Rate [Member]
Debt Instrument, Basis Spread on Variable Rate	1.50%
Subsequent Event [Member] \| Series A Perpetual Preferred Stock [Member]
Preferred Stock, Liquidation Preference Per Share	$ 1,000
Preferred Stock, Dividend Rate, Cash, Percentage	8.00%
Preferred Stock, Dividend Rate, Additional Preferred Stock, Percentage	8.50%
Raycom [Member] \| Subsequent Event [Member]
Business Combination, Consideration Transferred, Total	$ 3,660,000
Payments to Acquire Businesses, Gross	$ 2,840,000
Raycom [Member] \| Subsequent Event [Member] \| Common Stock [Member]
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares	11,500,000
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable	$ 169,500
Business Acquisition, Share Price	$ 14.74
Raycom [Member] \| Subsequent Event [Member] \| Preferred Stock [Member] \| New Preferred Stock [Member]
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable	$ 650,000
Raycom [Member] \| Subsequent Event [Member] \| Preferred Stock [Member] \| Series A Perpetual Preferred Stock [Member]
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares	650,000
The WWNY-TV and WNYF-CD [Member] \| Scenario, Forecast [Member]
Payments to Acquire Businesses, Gross			$ 45,000

Note 13 - Subsequent Events - Assets Sold from the Raycom Merger (Details) - USD ($) $ in Thousands		12 Months Ended
	Jan. 02, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Proceeds from sale of television station		$ 8,500		$ 11,200
Subsequent Event [Member] \| WTNZ-TV, WFXG-TV, WPGX-TV, and WDFX-TV [Member] \| Lockwood Broadcasting, Inc. [Member]
Proceeds from sale of television station	$ 67,000
Subsequent Event [Member] \| KXXV-TV, KRHD-CD, and WTXL-TV [Member] \| Scripps Media, Inc. [Member]
Proceeds from sale of television station	55,000
Subsequent Event [Member] \| WTOL-TV and KWES-TV [Member] \| TEGNA, Inc. [Member]
Proceeds from sale of television station	105,000
Subsequent Event [Member] \| WTNZ-TV, WFXG-TV, WPGX-TV, WDFX-TV, KXXV-TV, KRHD-CD, WTXL-TV, WTOL-TV and KWES-TV [Member]
Proceeds from sale of television station	$ 227,000

Note 13 - Subsequent Events - Aggregate Minimum Principal Maturities on Long-term Debt (Details) - USD ($) $ in Thousands	Jan. 02, 2019	Dec. 31, 2018
2020
2021
2022
2023
Thereafter		2,570,026
Total		2,570,026
Subsequent Event [Member]
2019	$ 14,000
2020	14,000
2021	14,000
2022	14,000
2023	14,000
Thereafter	3,900,026
Total	3,970,026
The 2019 Senior Credit Facility [Member] \| Subsequent Event [Member]
2019	14,000
2020	14,000
2021	14,000
2022	14,000
2023	14,000
Thereafter	1,925,026
Total	1,995,026
2024 Notes [Member]
2020		0
2021		0
2022		0
2023
Thereafter		525,000
Total		525,000
2024 Notes [Member] \| Subsequent Event [Member]
2019
2020
2021
2022
2023
Thereafter	525,000
Total	525,000
2026 Notes [Member]
2020		0
2021		0
2022		0
2023
Thereafter		700,000
Total		700,000
2026 Notes [Member] \| Subsequent Event [Member]
2019
2020
2021
2022
2023
Thereafter	700,000
Total	700,000
2027 Notes [Member]
2020
2021
2022
2023
Thereafter		750,000
Total		$ 750,000
2027 Notes [Member] \| Subsequent Event [Member]
2019
2020
2021
2022
2023
Thereafter	750,000
Total	$ 750,000

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

12 Months Ended

Dec. 31, 2018

Dec. 31, 2017

Dec. 31, 2016

SEC Schedule, 12-09, Allowance, Credit Loss [Member]

Allowance for doubtful accounts

$ 4,606

$ 3,163

$ 1,794

Allowance for doubtful accounts

2,171

2,400

1,917

Allowance for doubtful accounts

^[1]

167

Allowance for doubtful accounts

^[2]

(1,431)

(957)

(715)

Allowance for doubtful accounts

5,346

4,606

3,163

SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset [Member]

Allowance for doubtful accounts

1,532

1,683

Allowance for doubtful accounts

(75)

(1,457)

Allowance for doubtful accounts

^[1]

Allowance for doubtful accounts

^[2]

(151)

Allowance for doubtful accounts

$ 75

$ 1,532

[1]	In 2016, the change in the allowance for doubtful accounts represents the fair value of balances assumed in acquisition transactions. See Note 3 Acquisitions and Dispositions of the notes to our audited consolidated financial statements included elsewhere herein for further information.
[2]	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.

Note 2 - Revenue (Details Textual) - USD ($) $ in Millions	Dec. 31, 2018	Jan. 01, 2018
Deferred Revenue [Member]
Deposit Liability, Current	$ 3.4	$ 3.8