Summary of Significant Accounting Policies

As used in the Notes to Condensed Consolidated Financial Statements, the terms “Scripps,” “Company,” “we,” “our,” or “us” may, depending on the context, refer to The E.W. Scripps Company, to one or more of its consolidated subsidiary companies, or to all of them taken as a whole.

Basis of Presentation — The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. The interim financial statements should be read in conjunction with the audited consolidated financial statements, including the notes thereto included in our 2017 Annual Report on Form 10-K. In management's opinion, all adjustments (consisting of normal recurring accruals) necessary for a fair presentation of the interim periods have been made.

Results of operations are not necessarily indicative of the results that may be expected for future interim periods or for the full year.

Nature of Operations — We are a diverse media enterprise, serving audiences and businesses through a portfolio of local and national media brands. All of our media businesses provide content and advertising services via digital platforms, including the Internet, smartphones and tablets. Our media businesses are organized into the following reportable business segments: Local Media, National Media and Other. Additional information for our business segments is presented in the Notes to Condensed Consolidated Financial Statements.

In the fourth quarter of 2017, we began the process to divest our radio business. As such, we have classified the radio segment as held for sale in our Condensed Consolidated Balance Sheets and reported its results as discontinued operations in our Condensed Consolidated Statements of Operations. For additional information on our radio business, see Note 16.

Use of Estimates — Preparing financial statements in accordance with accounting principles generally accepted in the United States of America requires us to make a variety of decisions that affect the reported amounts and the related disclosures. Such decisions include the selection of accounting principles that reflect the economic substance of the underlying transactions and the assumptions on which to base accounting estimates. In reaching such decisions, we apply judgment based on our understanding and analysis of the relevant circumstances, including our historical experience, actuarial studies and other assumptions.

Our financial statements include estimates and assumptions used in accounting for our defined benefit pension plans; the periods over which long-lived assets are depreciated or amortized; the fair value of long-lived assets, goodwill and indefinite lived assets; the liability for uncertain tax positions and valuation allowances against deferred income tax assets; the fair value of assets acquired and liabilities assumed in business combinations; and self-insured risks.

While we re-evaluate our estimates and assumptions on an ongoing basis, actual results could differ from those estimated at the time of preparation of the financial statements.

Nature of Products and Services — The following is a description of principal activities from which we generate revenue.

Core Advertising — Core advertising is comprised of sales to local and national customers. The advertising includes a combination of broadcast air time, as well as digital advertising. Pricing of advertising time is based on audience size and share, the demographic of our audiences and the demand for our limited inventory of commercial time. Advertising time is sold through a combination of local sales staff and national sales representative firms. Digital revenues are primarily generated from the sale of advertising to local and national customers on our local television websites, smartphone apps, tablet apps and other platforms.

Political Advertising — Political advertising is generally sold through our Washington D.C. sales office. Advertising is sold to presidential, gubernatorial, Senate and House of Representative candidates, as well as for state and local issues. It is also sold to political action groups (PACs) or other advocacy groups.

Retransmission Revenues — We earn revenue from retransmission consent agreements with multi-channel video programming distributors (“MVPDs”) in our markets. The MVPDs are cable operators and satellite carriers who pay us to offer our programming to their customers. We also receive fees from over-the-top virtual MVPDs such as YouTubeTV, DirectTV Now and Sony Vue. The fees we receive are typically based on the number of subscribers in our local market and the contracted rate per subscriber.

Other Products and Services — We derive revenue from sponsorships and community events through our Local Media segment. Our National Media segment offers subscription services for access to premium content to its customers. Our podcast business acts as a sales and marketing representative and earns commission for its work.

Refer to Note 12. Segment Information for further information, including revenue by significant product and service offering.

Revenue Recognition — Revenue is measured based on the consideration we expect to be entitled to in exchange for promised goods or services provided to customers, and excludes any amounts collected on behalf of third parties. Revenue is recognized upon transfer of control of promised products or services to customers.

Advertising revenue is recognized, net of agency commissions, over time primarily as ads are aired or impressions are delivered and any contracted audience guarantees are met. We apply the practical expedient to recognize revenue at the amount we have the right to invoice, which corresponds directly to the value a customer has received relative to our performance. For advertising sold based on audience guarantees, audience deficiency may result in an obligation to deliver additional advertisements to the customer. To the extent that we do not satisfy contracted audience ratings, we record deferred revenue until such time that the audience guarantee has been satisfied.

Retransmission revenues are considered licenses of functional intellectual property and are recognized at the point in time the content is transferred to the customer. MVPDs report their subscriber numbers to us generally on a 30- to 90-day lag. Prior to receiving the MVPD reporting, we record revenue based on estimates of the number of subscribers, utilizing historical levels and trends of subscribers for each MVPD.

Refer to Note 2. Recently Adopted and Issued Accounting Standards for further information on the adoption of the new revenue recognition standard.

Contract Balances — Timing of revenue recognition may differ from the timing of invoicing to customers. We record a receivable when revenue is recognized prior to invoicing, or unearned revenue when revenue is recognized subsequent to invoicing.

Payment terms may vary by contract type, although our terms generally include a requirement of payment within 30 to 90 days. In instances where the timing of revenue recognition differs from the timing of invoicing, we have determined our contracts do not include a significant financing component. The primary purpose of our invoicing terms is to provide customers with simplified and predictable ways of purchasing our products and services, not to receive financing from our customers.

The allowance for doubtful accounts reflects our best estimate of probable losses inherent in the accounts receivable balance. We determine the allowance based on known troubled accounts, historical experience and other currently available evidence. Allowance for doubtful accounts totaled $2.2 million at June 30, 2018 and $1.9 million December 31, 2017.

We record unearned revenue when cash payments are received in advance of our performance. We generally require amounts payable under advertising contracts with political advertising customers to be paid in advance. Unearned revenue totaled $7.5 million at June 30, 2018 and is expected to be recognized within revenue over the next 12 months. Unearned revenue totaled $7.4 million at December 31, 2017.

Assets Recognized from the Costs to Obtain a Contract with a Customer — We recognize an asset for the incremental costs of obtaining a contract with a customer if we expect the benefit of those costs to be longer than one year. We apply and use the practical expedient in the revenue guidance to expense costs as incurred for costs to obtain a contract when the amortization period is one year or less. This expedient applies to advertising sales commissions since advertising contracts are short-term in nature. In addition, we also may provide inducement payments to secure carriage agreements with distributors of our content. These inducement payments are capitalized and amortized to expense over the term of the distribution contract. Capitalized costs to obtain a contract with a customer totaled $10.3 million at June 30, 2018 and $8.0 million at December 31, 2017 and are included within miscellaneous assets of our condensed consolidated balance sheets. Amortization of these costs totaled $0.3 million for the year-to-date period of 2018.

Use of Other Practical Expedients — For our arrangements that have an original duration of one year or less, we use the practical expedient applicable to such arrangements and do not consider the time value of money. In addition, we do not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts for which we recognize revenue at the amount to which we have the right to invoice for services performed.

Share-Based Compensation — We have a Long-Term Incentive Plan (the “Plan”) which is described more fully in our 2017 Annual Report on Form 10-K. The Plan provides for the award of incentive and nonqualified stock options, stock appreciation rights, restricted stock units (RSUs) and unrestricted Class A Common shares and performance units to key employees and non-employee directors.

Share-based compensation costs totaled $2.9 million for the second quarter of 2018 and 2017. Year-to-date share-based compensation costs totaled $6.3 million and $8.7 million in 2018 and 2017, respectively.

Earnings Per Share (“EPS”) — Unvested awards of share-based payments with rights to receive dividends or dividend equivalents, such as our RSUs, are considered participating securities for purposes of calculating EPS. Under the two-class method, we allocate a portion of net income to these participating securities and, therefore, exclude that income from the calculation of EPS for common stock. We do not allocate losses to the participating securities.

The following table presents information about basic and diluted weighted-average shares outstanding:



	Three Months Ended June 30,						Six Months Ended June 30,
(in thousands)	2018			2017			2018			2017

Numerator (for basic and diluted earnings per share)
Income from continuing operations, net of tax	$	8,662		$	6,855		$	85		$	4,122
Loss attributable to noncontrolling interest	—			—			632			—
Less income allocated to RSUs	(153		)	(93		)	(13		)	(60		)
Numerator for basic and diluted earnings per share from continuing operations attributable to the shareholders of The E.W. Scripps Company	$	8,509		$	6,762		$	704		$	4,062
Denominator
Basic weighted-average shares outstanding	81,824			82,302			81,535			82,191
Effect of dilutive securities:
Stock options held by employees and directors	28			163			69			198
Diluted weighted-average shares outstanding	81,852			82,465			81,604			82,389

Recently Adopted Standards and Issued Accounting Standards (Notes)

6 Months Ended

Jun. 30, 2018

Recently Adopted Standards and Issued Accounting Standards

Recently Adopted and Issued Accounting Standards

Recently Adopted Accounting Standards — In August 2016, the FASB issued new guidance related to classification of certain cash receipts and payments in the statement of cash flows. This new guidance was issued with the objective of reducing diversity in practice around eight specific types of cash flows. The new guidance was effective for us January 1, 2018 and did not have an impact on our condensed consolidated statements of cash flows.

In January 2016, the FASB issued new guidance on the recognition and measurement of financial instruments. This guidance primarily affects the accounting for equity method investments, financial liabilities under the fair value option and the presentation and disclosure requirements for financial instruments. The new standard was effective for us on January 1, 2018 and did not have an impact on our condensed consolidated financial statements.

In May 2014, the FASB issued a new standard related to revenue recognition. Under this standard, revenue is recognized when a customer obtains control of promised goods or services in an amount that reflects the consideration the entity expects to be entitled to in exchange for those goods or services. The standard creates a five-step process that requires entities to exercise judgment when considering the terms of the contract(s) and all relevant facts and circumstances. In addition, the standard requires expanded footnote disclosure.

We adopted this standard on January 1, 2018, using the full retrospective method. Regarding our advertising contracts, which comprised 65% of 2017 operating revenues, the contracts are short-term in nature with transaction price consideration agreed upon in advance. Revenue on broadcast advertising spots continue to be recognized when commercials are aired. Online advertising revenue earned through the display of digital advertisements across various digital platforms typically take the form of an impression-based contract, fixed fee time-based contract or transaction-based contract. Revenue continues to be recognized evenly over the contract term for fixed fee contracts where a minimum number of impressions or click-throughs is not guaranteed. Revenue is recognized as the service is delivered for impression and transaction-based contracts. Retransmission revenue, which comprised 30% of 2017 operating revenues, is recognized under the licensing of intellectual property guidance in the standard, which did not result in a change to our previous revenue recognition.

The only identified impacts of the standard were to record certain revenue transactions on a gross basis that were previously recorded on a net basis and to no longer recognize barter revenue and expense related to syndicated programming.

Adoption of this standard on January 1, 2018 using the full retrospective method required us to adjust certain previously reported results. The following tables present the impact of adoption of the standard on our condensed consolidated statements of operations:



	Three Months Ended June 30, 2017
(in thousands)	As Previously Reported		Adjustments for Adoption of New Revenue Standard			As Adjusted

Operating Revenues:
Advertising	$	137,716	$	(214	)	$	137,502
Retransmission and carriage	66,059		—			66,059
Other	9,974		2,707			12,681
Total operating revenues	213,749		2,493			216,242
Costs and Expenses:
Employee compensation and benefits	87,990		—			87,990
Programming	46,685		2,493			49,178
Other expenses	46,927		—			46,927
Total costs and expenses	$	181,602	$	2,493		$	184,095



	Six Months Ended June 30, 2017
(in thousands)	As Previously Reported		Adjustments for Adoption of New Revenue Standard			As Adjusted

Operating Revenues:
Advertising	$	257,827	$	(429	)	$	257,398
Retransmission and carriage	132,270		—			132,270
Other	19,981		5,068			25,049
Total operating revenues	410,078		4,639			414,717
Costs and Expenses:
Employee compensation and benefits	182,915		—			182,915
Programming	93,262		4,639			97,901
Other expenses	87,693		—			87,693
Total costs and expenses	$	363,870	$	4,639		$	368,509

Adoption of the new revenue recognition standard had no impact on our condensed consolidated balance sheets, condensed consolidated statements of comprehensive income (loss), condensed consolidated statements of cash flows or condensed consolidated statements of equity.

In February 2018, the FASB issued new guidance that permits companies to reclassify the disproportionate tax effect in accumulated other comprehensive income ("AOCI") caused by the Tax Cuts and Jobs Act of 2017. We have adopted this guidance as of December 31, 2017. The impact of the adoption was to reclassify $19.4 million of tax effects related to our defined benefits plans from AOCI to retained earnings.

Recently Issued Accounting Standards — In June 2016, the FASB issued new guidance that changes the impairment model for most financial assets and certain other instruments. For trade and other receivables, held-to-maturity debt securities, loans and other instruments, entities will be required to use a new forward-looking “expected loss” model that will replace today’s “incurred loss” model, which generally will result in the earlier recognition of allowances for losses. For available-for-sale debt securities with unrealized losses, entities will measure credit losses in a manner similar to current practice, except that the losses will be recognized as an allowance. The guidance is effective in 2020 with early adoption permitted in 2019. We are currently evaluating the impact of this guidance on our condensed consolidated financial statements, as well as the timing of adoption.

In February 2016, the FASB issued new guidance on the accounting for leases. Under this guidance, lessees will be required to recognize a lease liability and a right-of-use asset for all leases (with the exception of short-term leases) at the commencement date. The new guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018. In March 2018, the FASB approved amendments to create an optional transition method. The amendments provide an option to implement the new leasing standard through a cumulative-effect adjustment in the period of adoption without having to restate the comparative periods presented. We are currently evaluating the impact of this guidance on our condensed consolidated financial statements, but expect a significant increase in the assets and liabilities recorded on the condensed consolidated balance sheets.

Acquisitions

6 Months Ended

Jun. 30, 2018

Business Combinations [Abstract]

Acquisitions

Katz

On October 2, 2017, we acquired the Katz networks for $292 million, which is net of a 5.33% noncontrolling interest we owned prior to the acquisition date. Katz owns and operates four national television networks — Bounce, Grit, Escape and Laff. The acquisition was funded through the issuance of a new term loan B. Katz is included as part of our National Media segment.

Pending the finalization of asset valuations, the following table summarizes the preliminary fair values of the assets acquired and the liabilities assumed:



(in thousands)

Assets:
Cash	$	21,372
Accounts receivable	44,306
Current portion of programming	47,120
Intangible assets	32,300
Goodwill	209,572
Programming (less current portion)	74,998
Other assets	1,395
Total assets acquired	431,063
Accounts payable and accrued liabilities	29,339
Current portion of programming liabilities	46,376
Programming liabilities	53,036
Net purchase price	$	302,312

Of the $32 million allocated to intangible assets, $8 million was assigned to trade names with a life of 10 years and $24 million was assigned to advertiser relationships with a life of 5 years.

The goodwill of $210 million arises from being able to enter into the market for established over-the-air networks. The goodwill was allocated to our National Media segment. We treated the transaction as an asset acquisition for income tax purposes with a step-up in the assets acquired. The goodwill is deductible for income tax purposes.

Pro forma results of operations

Pro forma results of operations, assuming the Katz acquisition had taken place at the beginning of 2017, are presented in the following table. The pro forma information includes the historical results of operations of Scripps and Katz, as well as adjustments for additional depreciation and amortization of the assets acquired and additional interest expense related to the financing of the transaction. The pro forma information does not include efficiencies, cost reductions or synergies expected to result from the acquisition. The unaudited pro forma financial information is not necessarily indicative of the results that actually would have occurred had the acquisition been completed at the beginning of the period.



	Three Months Ended June 30,		Six Months Ended June 30,
(in thousands, except per share data) (unaudited)	2017		2017

Operating revenues	$	254,342	$	487,630
Income from continuing operations, net of tax	7,864		5,326
Income per share from continuing operations attributable to the shareholders of The E.W. Scripps Company:
Basic	$	0.10	$	0.06
Diluted	0.10		0.06

Asset Write-Downs and Other Charges and Credits	6 Months Ended
Asset Write-Downs and Other Charges and Credits	Jun. 30, 2018
Restructuring and Related Activities [Abstract]
Asset Write-Downs and Other Charges and Credits	Asset Write-Downs and Other Charges and Credits Income from continuing operations includes the following: 2018 - In the second quarter, costs associated with our previously announced restructuring totaled $2.3 million. For the six months ended June 30, 2018 these restructuring costs totaled $6.1 million. 2017 - In the second quarter, we sold our newspaper syndication business, resulting in a gain of $3.0 million. In the second quarter, there was a $2.5 million reduction to the Midroll earn out provision resulting in other income.

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2018
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes We file a consolidated federal income tax return, consolidated unitary tax returns in certain states and other separate state income tax returns for our subsidiary companies. The income tax provision for interim periods is generally determined based upon the expected effective income tax rate for the full year and the tax rate applicable to certain discrete transactions in the interim period. To determine the annual effective income tax rate, we must estimate both the total income (loss) before income tax for the full year and the jurisdictions in which that income (loss) is subject to tax. The actual effective income tax rate for the full year may differ from these estimates if income (loss) before income tax is greater than or less than what was estimated or if the allocation of income (loss) to jurisdictions in which it is taxed is different from the estimated allocations. We review and adjust our estimated effective income tax rate for the full year each quarter based upon our most recent estimates of income (loss) before income tax for the full year and the jurisdictions in which we expect that income will be taxed. The effective income tax rate for the six months ended June 30, 2018 and 2017 was 92% and (23)%, respectively. On December 22, 2017, the U.S. government enacted comprehensive tax legislation referred to as the Tax Cuts and Jobs Act (the "Tax Act"). The Tax Act significantly revises the future ongoing U.S. corporate income tax by, among other things, lowering U.S. corporate income tax rates. The U.S. federal statutory rate was 21% in the second quarter 2018 and 35% in the second quarter 2017, impacting the comparability of the income tax provision between those periods. We made a preliminary estimate of the impact of the Tax Act on our deferred taxes in our 2017 consolidated financial statements. There were no changes to that provisional estimate during the second quarter of 2018. Other differences between our effective income tax rate and the U.S. federal statutory rate are the impact of state taxes, non-deductible expenses, release of reserves for uncertain tax positions and excess tax benefits or expense on share-based compensation ($0.7 million expense and $2.4 million benefit in 2018 and 2017, respectively). Deferred tax assets totaled $17.5 million at June 30, 2018, which includes the tax effect of state net operating loss carryforwards. We recognize state net operating loss carryforwards as deferred tax assets, subject to valuation allowances. At each balance sheet date, we estimate the amount of carryforwards that are not expected to be used prior to expiration of the carryforward period. The tax effect of the carryforwards that are not expected to be used prior to their expiration is included in the valuation allowance.

Restricted Cash	6 Months Ended
Restricted Cash	Jun. 30, 2018
Cash and Cash Equivalents [Abstract]
Restricted Cash	Restricted Cash At June 30, 2018 and December 31, 2017, our cash and cash equivalents included $5.1 million held in a restricted cash account on deposit with our insurance carrier. This account serves as collateral, in place of an irrevocable stand-by letter of credit, to provide financial assurance that we will fulfill our obligations with respect to cash requirements associated with our workers' compensation self-insurance. This cash is to remain on deposit with the carrier until all claims have been paid or we provide a letter of credit in lieu of the cash deposit.

Goodwill and Other Intangible Assets

6 Months Ended

Jun. 30, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

Goodwill consisted of the following:



(in thousands)	Local Media			National Media			Total

Gross balance as of December 31, 2017	$	708,133		$	315,133		$	1,023,266
Accumulated impairment losses	(216,914		)	(50,403		)	(267,317		)
Net balance as of December 31, 2017	$	491,219		$	264,730		$	755,949

Gross balance as of June 30, 2018	$	708,133		$	315,133		$	1,023,266
Accumulated impairment losses	(216,914		)	(50,403		)	(267,317		)
Net balance as of June 30, 2018	$	491,219		$	264,730		$	755,949

Other intangible assets consisted of the following:



(in thousands)	As of June 30, 2018			As of December 31, 2017

Amortizable intangible assets:
Carrying amount:
Television network affiliation relationships	$	248,444		$	248,444
Customer lists and advertiser relationships	69,500			69,500
Other	42,823			37,069
Total carrying amount	360,767			355,013
Accumulated amortization:
Television network affiliation relationships	(55,830		)	(49,639		)
Customer lists and advertiser relationships	(28,255		)	(26,345		)
Other	(16,982		)	(10,269		)
Total accumulated amortization	(101,067		)	(86,253		)
Net amortizable intangible assets	259,700			268,760
Indefinite-lived intangible assets — FCC licenses	157,215			157,215
Total other intangible assets	$	416,915		$	425,975

Estimated amortization expense of intangible assets for each of the next five years is $13.8 million for the remainder of 2018, $27.5 million in 2019, $26.3 million in 2020, $23.9 million in 2021, $20.8 million in 2022, $15.8 million in 2023 and $131.6 million in later years.

- Definition

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

+ References + Details

Long-Term Debt

6 Months Ended

Jun. 30, 2018

Debt Disclosure [Abstract]

Long-Term Debt

Long-term debt consisted of the following:



(in thousands)	As of June 30, 2018			As of December 31, 2017

Variable rate credit facility	$	—		$	—
Senior unsecured notes	400,000			400,000
Term loan B	297,750			299,250
Unsecured subordinated notes	2,656			2,656
Total outstanding principal	700,406			701,906
Less: Debt issuance costs	(8,091		)	(8,631		)
Less: Current portion	(5,656		)	(5,656		)
Net carrying value of long-term debt	$	686,659		$	687,619
Fair value of long-term debt *	$	679,425		$	703,572

* Fair value of the Senior Notes and the term loan B were estimated based on quoted private market transactions and are classified as Level 1 in the fair value hierarchy. The fair value of the unsecured subordinated notes is determined based on a discounted cash flow analysis using current market interest rates of comparable instruments and is classified as Level 2 in the fair value hierarchy.

Senior Unsecured Notes

On April 28, 2017, we issued $400 million of senior unsecured notes ("the Senior Notes"), which bear interest at a rate of 5.125% per annum and mature on May 15, 2025. The proceeds of the Senior Notes were used to repay our term loan B, for the payment of the related issuance costs and for general corporate purposes. The Senior Notes were priced at 100% of par value and interest is payable semi-annually on May 15 and November 15. Prior to May 15, 2020, we may redeem the Senior Notes, in whole or in part, at any time, or from time to time, at a price equal to 100% of the principal amount of the Senior Notes, plus accrued and unpaid interest, if any, to the date of redemption, plus a “make-whole” premium, as set forth in the Senior Notes indenture. In addition, on or prior to May 15, 2020, we may redeem up to 40% of the Senior Notes, using proceeds of equity offerings. If we sell certain of our assets or have a change of control, the holders of the Senior Notes may require us to repurchase some or all of the notes. The Senior Notes are also guaranteed by us and the majority of our subsidiaries. The Senior Notes contain covenants with which we must comply that are typical for borrowing transactions of this nature.

We incurred approximately $7.0 million of deferred financing costs in connection with the issuance of the Senior Notes, which are being amortized over the life of the Senior Notes. Additionally, we wrote off $2.4 million of deferred financing costs associated with our old term loan B to interest expense in the second quarter of 2017.

Term Loan B

On October 2, 2017, we issued a $300 million term loan B which matures in October 2024. We amended term loan B on April 4, 2018, reducing the interest rate by 25 basis points. Following the amendment, interest is payable on term loan B at a rate based on LIBOR, plus a fixed margin of 2.00%. Interest will reduce to a rate of LIBOR plus a fixed margin of 1.75% if the company’s total net leverage, as defined by the amended agreement, is below 2.75. Term loan B requires annual principal payments of $3 million.

Our Financing Agreement also includes a provision that in certain circumstances we must use a portion of excess cash flow to repay debt. As of June 30, 2018, we were not required to make any additional principal payments for excess cash flow.

Under a previous financing agreement, we had a $400 million term loan B that matured in November 2020. We repaid the term loan B in 2017 with the proceeds of our Senior Notes.

As of June 30, 2018 and December 31, 2017, the interest rate on the term loan B was 4.09% and 3.82%, respectively. The weighted-average interest rate on the term loan B was 3.97% for the six months ended June 30, 2018.

Revolving Credit Facility

On April 28, 2017, we amended and restated our $100 million revolving credit facility ("Revolving Credit Facility"), increasing its capacity to $125 million and extending the maturity to April 2022. Interest is payable on the Revolving Credit Facility at rates based on LIBOR, plus a margin based on our leverage ratio, ranging from 1.75% to 2.50%.

The Revolving Credit Facility includes maintaining a net leverage ratio when we have outstanding borrowings on the facility, as well as other restrictions on payments (dividends and share repurchases). Additionally, we can make acquisitions as long as the pro forma net leverage ratio is less than 5.5 to 1.0.

We granted the lenders pledges of our equity interests in our subsidiaries and security interests in substantially all other personal property including cash, accounts receivables, and equipment.

Commitment fees of 0.30% to 0.50% per annum, based on our leverage ratio, of the total unused commitment are payable under the Revolving Credit Facility.

Unsecured Subordinated Notes

The unsecured subordinated promissory notes bear interest at a rate of 7.25% per annum, payable quarterly. The remaining principal payment of $2.7 million will be paid in the third quarter of 2018.

Supplemental Cash Flow Information

6 Months Ended

Jun. 30, 2018

Supplemental Cash Flow Elements [Abstract]

Supplemental Cash Flow Information

The following table presents additional information about the change in certain working capital accounts:



	Six Months Ended June 30,
(in thousands)	2018			2017

Accounts receivable	$	(5,363	)	$	(9,086	)
Other current assets	(5,040		)	(8,939		)
Accounts payable	8,836			(3,905		)
Accrued employee compensation and benefits	(4,812		)	(3,406		)
Other accrued liabilities	(4,484		)	6,764
Other, net	788			(1,575		)
Total	$	(10,075	)	$	(20,147	)

Employee Benefit Plans

6 Months Ended

Jun. 30, 2018

Retirement Benefits [Abstract]

Employee Benefit Plans

We sponsor two noncontributory defined benefit pension plans, as well as two non-qualified Supplemental Executive Retirement Plans ("SERPs"). Both of the defined benefit pension plans and the SERPs have frozen the accrual of future benefits.

We sponsor a defined contribution plan covering substantially all non-union and certain union employees. We match a portion of employees' voluntary contributions to this plan.

The components of the employee benefit plans expense consisted of the following:



	Three Months Ended June 30,						Six Months Ended June 30,
(in thousands)	2018			2017			2018			2017

Interest cost	$	5,925		$	6,486		$	11,850		$	12,971
Expected return on plan assets, net of expenses	(5,733		)	(4,360		)	(11,465		)	(8,720		)
Amortization of actuarial loss	920			1,084			1,841			2,168
Total for defined benefit pension plans	1,112			3,210			2,226			6,419
Multi-employer plans	44			59			91			133
SERPs	277			257			551			515
Defined contribution plan	1,978			1,957			4,771			4,861
Net periodic benefit cost	3,411			5,483			7,639			11,928
Allocated to discontinued operations	(174		)	(177		)	(377		)	(368		)
Net periodic benefit cost — continuing operations	$	3,237		$	5,306		$	7,262		$	11,560

We contributed $1.7 million to fund current benefit payments for our SERPs and $6.6 million for our defined benefit pension plans during the six months ended June 30, 2018. During the remainder of 2018, we anticipate contributing an additional $4.8 million to fund the SERPs' benefit payments and an additional $10.8 million to fund our qualified defined benefit pension plans.

Segment Information

6 Months Ended

Jun. 30, 2018

Segment Reporting [Abstract]

Segment Information

We determine our business segments based upon our management and internal reporting structures, as well as the basis that our chief operating decision maker makes resource allocation decisions.

Effective December 31, 2017, we realigned our businesses into a new internal organization and began reporting to reflect this new structure. Under the new structure, we have the following reportable segments: Local Media, National Media and Other. We have recast the operating results for all periods to reflect this change.

Our Local Media segment includes our local broadcast stations and their related digital operations. It is comprised of fifteen ABC affiliates, five NBC affiliates, two FOX affiliates and two CBS affiliates. We also have two MyTV affiliates, one CW affiliate, one independent station and three Azteca America Spanish-language affiliates. Our Local Media segment earns revenue primarily from the sale of advertising to local, national and political advertisers and retransmission fees received from cable operators, telecommunications companies and satellite carriers. We also receive retransmission fees from over-the-top virtual MVPDs such as YouTubeTV, DirectTV Now and Sony Vue.

Our National Media segment includes our collection of national brands. Our national brands include Katz, Midroll, Newsy and other national brands. These operations earn revenue primarily through the sale of advertising.

We allocate a portion of certain corporate costs and expenses, including information technology, certain employee benefits and shared services, to our business segments. The allocations are generally amounts agreed upon by management, which may differ from an arms-length amount. Corporate assets are primarily cash and cash equivalents, restricted cash, property and equipment primarily used for corporate purposes and deferred income taxes.

Our chief operating decision maker evaluates the operating performance of our business segments and makes decisions about the allocation of resources to our business segments using a measure called segment profit. Segment profit excludes interest, defined benefit pension plan expense, income taxes, depreciation and amortization, impairment charges, divested operating units, restructuring activities, investment results and certain other items that are included in net income (loss) determined in accordance with accounting principles generally accepted in the United States of America.

Information regarding our business segments is as follows:



	Three Months Ended June 30,						Six Months Ended June 30,
(in thousands)	2018			2017			2018			2017

Segment operating revenues:
Local Media	$	213,248		$	201,430		$	405,307		$	388,494
National Media	68,226			13,016			128,947			22,703
Other	1,921			1,796			3,332			3,520
Total operating revenues	$	283,395		$	216,242		$	537,586		$	414,717
Segment profit (loss):
Local Media	$	53,368		$	48,736		$	84,987		$	81,087
National Media	2,037			(3,596		)	4,072			(7,553		)
Other	(1,643		)	(1,658		)	(1,894		)	(1,409		)
Shared services and corporate	(13,647		)	(11,335		)	(27,734		)	(25,917		)
Restructuring costs	(2,330		)	—			(6,137		)	—
Depreciation and amortization of intangibles	(15,382		)	(13,781		)	(30,802		)	(27,642		)
Gains (losses), net on disposal of property and equipment	66			(15		)	(651		)	(62		)
Interest expense	(9,279		)	(8,248		)	(18,038		)	(12,443		)
Defined benefit pension plan expense	(1,389		)	(3,467		)	(2,777		)	(6,934		)
Miscellaneous, net	(156		)	5,103			11			4,224
Income from continuing operations before income taxes	$	11,645		$	11,739		$	1,037		$	3,351
Depreciation:
Local Media	$	7,331		$	8,002		$	14,887		$	15,837
National Media	134			15			230			22
Other	38			59			76			126
Shared services and corporate	387			474			796			956
Total depreciation	$	7,890		$	8,550		$	15,989		$	16,941
Amortization of intangibles:
Local Media	$	3,705		$	3,632		$	7,410		$	7,586
National Media	3,448			1,260			6,726			2,438
Shared services and corporate	339			339			677			677
Total amortization of intangibles	$	7,492		$	5,231		$	14,813		$	10,701
Additions to property and equipment:
Local Media	$	10,613		$	4,855		$	20,113		$	8,802
National Media	4,051			186			5,725			197
Shared services and corporate	13			22			73			121
Total additions to property and equipment	$	14,677		$	5,063		$	25,911		$	9,120

A disaggregation of the principal activities from which we generate revenue is as follows:



	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2018		2017		2018		2017

Operating revenues:
Core advertising	$	179,294	$	134,977	$	345,847	$	253,832
Political advertising	14,882		2,525		17,466		3,566
Retransmission and carriage	74,658		66,059		145,718		132,270
Other	14,561		12,681		28,555		25,049
Total operating revenues	$	283,395	$	216,242	$	537,586	$	414,717

Capital Stock	6 Months Ended
Capital Stock	Jun. 30, 2018
Equity [Abstract]
Capital Stock	Capital Stock Capital Stock — We have two classes of common shares, Common Voting shares and Class A Common shares. The Class A Common shares are only entitled to vote on the election of the greater of three or one-third of the directors and other matters as required by Ohio law. Share Repurchase Plan — Shares may be repurchased from time to time at management's discretion. In November 2016, our Board of Directors authorized a repurchase program of up to $100 million of our Class A Common shares. The authorization currently expires on March 1, 2020. Shares can be repurchased under the authorization via open market purchase or privately negotiated transactions, including accelerated stock repurchase transactions, block trades, or pursuant to trades intending to comply with rule 10b5-1 of the Securities Exchange Act of 1934. For the six months ended June 30, 2017, we repurchased $6.3 million of shares at prices ranging from $16.82 to $23.01 and for the six months ended June 30, 2018, we repurchased $4.4 million of shares at prices ranging from $13.29 to $16.86 per share. At June 30, 2018, $78.2 million remained under this authorization.

Accumulated Other Comprehensive Loss

6 Months Ended

Jun. 30, 2018

Accumulated Other Comprehensive Income [Abstract]

Accumulated Other Comprehensive Loss

Accumulated Other Comprehensive Income (Loss)

Changes in accumulated other comprehensive income (loss) ("AOCI") by component, including items reclassified out of AOCI, were as follows:



	Three Months Ended June 30, 2018
(in thousands)	Defined Benefit Pension Items			Other		Total

Beginning balance, March 31, 2018	$	(102,215	)	$	33	$	(102,182	)
Other comprehensive income before reclassifications	—			—		—
Amounts reclassified from accumulated other comprehensive loss:
Actuarial gain (loss), net of tax of $249 ^(a)	740			—		740
Net current-period other comprehensive income	740			—		740
Ending balance, June 30, 2018	$	(101,475	)	$	33	$	(101,442	)



	Three Months Ended June 30, 2017
(in thousands)	Defined Benefit Pension Items			Other			Total

Beginning balance, March 31, 2017	$	(92,981	)	$	313		$	(92,668	)
Other comprehensive income before reclassifications	—			—			—
Amounts reclassified from accumulated other comprehensive loss:
Actuarial gain (loss), net of tax of $423 ^(a)	695			(16		)	679
Net current-period other comprehensive income (loss)	695			(16		)	679
Ending balance, June 30, 2017	$	(92,286	)	$	297		$	(91,989	)



	Six Months Ended June 30, 2018
(in thousands)	Defined Benefit Pension Items			Other		Total

Beginning balance, December 31, 2017	$	(102,955	)	$	33	$	(102,922	)
Other comprehensive income before reclassifications	—			—		—
Amounts reclassified from accumulated other comprehensive loss:
Actuarial gain (loss), net of tax of $497 ^(a)	1,480			—		1,480
Net current-period other comprehensive income (loss)	1,480			—		1,480
Ending balance, June 30, 2018	$	(101,475	)	$	33	$	(101,442	)



	Six Months Ended June 30, 2017
(in thousands)	Defined Benefit Pension Items			Other			Total

Beginning balance, December 31, 2016	$	(93,676	)	$	329		$	(93,347	)
Other comprehensive income before reclassifications	—			—			—
Amounts reclassified from accumulated other comprehensive loss:
Actuarial gain (loss), net of tax of $846 ^(a)	1,390			(32		)	1,358
Net current-period other comprehensive income (loss)	1,390			(32		)	1,358
Ending balance, June 30, 2017	$	(92,286	)	$	297		$	(91,989	)

^(a) Actuarial gain (loss) is included in defined benefit pension plan expense in the condensed consolidated statements of operations

Noncontrolling Interest	6 Months Ended
Noncontrolling Interest	Jun. 30, 2018
Noncontrolling Interest [Abstract]
Noncontrolling Interest	Noncontrolling Interest A noncontrolling owner holds a 30% interest in our venture to develop, produce and air our lifestyle daytime talk show. In April 2017, on the formation of the venture, the noncontrolling owner made a $2.1 million non-cash contribution to the venture. The contribution included the rights to the show concept, contractual rights with the show's talent, as well as other pre-production items.

Assets Held for Sale and Discontinued Operations

6 Months Ended

Jun. 30, 2018

Discontinued Operations and Disposal Groups [Abstract]

Assets Held for Sale and Discontinued Operations

Radio Divestiture

In the fourth quarter of 2017, we began the process to divest our radio business. Our radio business consists of 34 radio stations in eight markets. We have classified the radio segment as held for sale in our condensed consolidated balance sheets and reported its results as discontinued operations in our condensed consolidated statements of operations.

Operating results of our discontinued radio operations were as follows:



	Three Months Ended June 30,						Six Months Ended June 30,
(in thousands)	2018			2017			2018			2017

Operating revenues	$	17,386		$	17,784		$	30,685		$	32,213
Total costs and expenses	(13,421		)	(14,163		)	(24,937		)	(26,353		)
Depreciation and amortization of intangibles	—			(868		)	—			(1,731		)
Impairment of goodwill	(5,900		)	—			(25,900		)	—
Other, net	(9		)	(211		)	(157		)	(251		)
Income (loss) from discontinued operations before income taxes	(1,944		)	2,542			(20,309		)	3,878
Provision for income taxes	998			852			1,137			1,394
Net income (loss) from discontinued operations	$	(2,942	)	$	1,690		$	(21,446	)	$	2,484

During the first quarter of 2018, we recorded a $20 million non-cash impairment charge to write-down the goodwill of our radio business to fair value. For the second quarter of 2018, operating results of our discontinued radio operations include a $5.9 million charge to adjust the carrying value of our radio business assets to sale prices agreed to with buyers for our Tulsa and Milwaukee stations and estimated values of the remaining stations.

The following table presents a summary of the radio assets held for sale included in our condensed consolidated balance sheets.



(in thousands)	As of June 30, 2018		As of December 31, 2017

Assets:
Total current assets	$	13,206	$	12,891
Property and equipment	36,055		35,470
Goodwill and intangible assets	61,562		87,462
Other assets	181		181
Total assets included in the disposal group	111,004		136,004
Liabilities:
Total current liabilities	3,841		3,248
Deferred income taxes	16,290		16,288
Other liabilities	—		—
Total liabilities included in the disposal group	20,131		19,536
Net assets included in the disposal group	$	90,873	$	116,468

On June 22, 2018, we entered into a definitive agreement to sell our five Tulsa, OK radio stations for $12.5 million. The transaction is subject to, among other things, FCC approval and other customary closing conditions, and is expected to close in the fourth quarter of 2018.

We also entered into a Local Marketing Agreement (“LMA”) on June 22, 2018 with the acquirer of the Tulsa radio stations. Under the terms of this agreement, the acquiring entity will pay us a monthly LMA fee and will also reimburse us for certain station expenses, as defined in the agreement, in exchange for the right to program and sell advertising from the stations' inventory of broadcast time. The LMA became effective on July 30, 2018.

In the third quarter of 2018, we entered into a definitive agreement to sell our two Milwaukee, WI radio stations for $16.0 million. The transaction is subject to, among other things, FCC approval and other customary closing conditions, and is expected to close in the fourth quarter of 2018.

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2018
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation — The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. The interim financial statements should be read in conjunction with the audited consolidated financial statements, including the notes thereto included in our 2017 Annual Report on Form 10-K. In management's opinion, all adjustments (consisting of normal recurring accruals) necessary for a fair presentation of the interim periods have been made. Results of operations are not necessarily indicative of the results that may be expected for future interim periods or for the full year.
Nature of Operations	Nature of Operations — We are a diverse media enterprise, serving audiences and businesses through a portfolio of local and national media brands. All of our media businesses provide content and advertising services via digital platforms, including the Internet, smartphones and tablets. Our media businesses are organized into the following reportable business segments: Local Media, National Media and Other. Additional information for our business segments is presented in the Notes to Condensed Consolidated Financial Statements. In the fourth quarter of 2017, we began the process to divest our radio business. As such, we have classified the radio segment as held for sale in our Condensed Consolidated Balance Sheets and reported its results as discontinued operations in our Condensed Consolidated Statements of Operations. For additional information on our radio business, see Note 16.
Use of Estimates	Use of Estimates — Preparing financial statements in accordance with accounting principles generally accepted in the United States of America requires us to make a variety of decisions that affect the reported amounts and the related disclosures. Such decisions include the selection of accounting principles that reflect the economic substance of the underlying transactions and the assumptions on which to base accounting estimates. In reaching such decisions, we apply judgment based on our understanding and analysis of the relevant circumstances, including our historical experience, actuarial studies and other assumptions. Our financial statements include estimates and assumptions used in accounting for our defined benefit pension plans; the periods over which long-lived assets are depreciated or amortized; the fair value of long-lived assets, goodwill and indefinite lived assets; the liability for uncertain tax positions and valuation allowances against deferred income tax assets; the fair value of assets acquired and liabilities assumed in business combinations; and self-insured risks. While we re-evaluate our estimates and assumptions on an ongoing basis, actual results could differ from those estimated at the time of preparation of the financial statements.
Nature of Products and Services	Nature of Products and Services — The following is a description of principal activities from which we generate revenue. Core Advertising — Core advertising is comprised of sales to local and national customers. The advertising includes a combination of broadcast air time, as well as digital advertising. Pricing of advertising time is based on audience size and share, the demographic of our audiences and the demand for our limited inventory of commercial time. Advertising time is sold through a combination of local sales staff and national sales representative firms. Digital revenues are primarily generated from the sale of advertising to local and national customers on our local television websites, smartphone apps, tablet apps and other platforms. Political Advertising — Political advertising is generally sold through our Washington D.C. sales office. Advertising is sold to presidential, gubernatorial, Senate and House of Representative candidates, as well as for state and local issues. It is also sold to political action groups (PACs) or other advocacy groups. Retransmission Revenues — We earn revenue from retransmission consent agreements with multi-channel video programming distributors (“MVPDs”) in our markets. The MVPDs are cable operators and satellite carriers who pay us to offer our programming to their customers. We also receive fees from over-the-top virtual MVPDs such as YouTubeTV, DirectTV Now and Sony Vue. The fees we receive are typically based on the number of subscribers in our local market and the contracted rate per subscriber. Other Products and Services — We derive revenue from sponsorships and community events through our Local Media segment. Our National Media segment offers subscription services for access to premium content to its customers. Our podcast business acts as a sales and marketing representative and earns commission for its work. Refer to Note 12. Segment Information for further information, including revenue by significant product and service offering.
Revenue Recognition	Revenue Recognition — Revenue is measured based on the consideration we expect to be entitled to in exchange for promised goods or services provided to customers, and excludes any amounts collected on behalf of third parties. Revenue is recognized upon transfer of control of promised products or services to customers. Advertising revenue is recognized, net of agency commissions, over time primarily as ads are aired or impressions are delivered and any contracted audience guarantees are met. We apply the practical expedient to recognize revenue at the amount we have the right to invoice, which corresponds directly to the value a customer has received relative to our performance. For advertising sold based on audience guarantees, audience deficiency may result in an obligation to deliver additional advertisements to the customer. To the extent that we do not satisfy contracted audience ratings, we record deferred revenue until such time that the audience guarantee has been satisfied. Retransmission revenues are considered licenses of functional intellectual property and are recognized at the point in time the content is transferred to the customer. MVPDs report their subscriber numbers to us generally on a 30- to 90-day lag. Prior to receiving the MVPD reporting, we record revenue based on estimates of the number of subscribers, utilizing historical levels and trends of subscribers for each MVPD. Refer to Note 2. Recently Adopted and Issued Accounting Standards for further information on the adoption of the new revenue recognition standard.
Contract Balances	Contract Balances — Timing of revenue recognition may differ from the timing of invoicing to customers. We record a receivable when revenue is recognized prior to invoicing, or unearned revenue when revenue is recognized subsequent to invoicing. Payment terms may vary by contract type, although our terms generally include a requirement of payment within 30 to 90 days. In instances where the timing of revenue recognition differs from the timing of invoicing, we have determined our contracts do not include a significant financing component. The primary purpose of our invoicing terms is to provide customers with simplified and predictable ways of purchasing our products and services, not to receive financing from our customers. The allowance for doubtful accounts reflects our best estimate of probable losses inherent in the accounts receivable balance. We determine the allowance based on known troubled accounts, historical experience and other currently available evidence. Allowance for doubtful accounts totaled $2.2 million at June 30, 2018 and $1.9 million December 31, 2017. We record unearned revenue when cash payments are received in advance of our performance. We generally require amounts payable under advertising contracts with political advertising customers to be paid in advance. Unearned revenue totaled $7.5 million at June 30, 2018 and is expected to be recognized within revenue over the next 12 months. Unearned revenue totaled $7.4 million at December 31, 2017.
Assets Recognized from the Costs to Obtain a Contract with a Customer	Assets Recognized from the Costs to Obtain a Contract with a Customer — We recognize an asset for the incremental costs of obtaining a contract with a customer if we expect the benefit of those costs to be longer than one year. We apply and use the practical expedient in the revenue guidance to expense costs as incurred for costs to obtain a contract when the amortization period is one year or less. This expedient applies to advertising sales commissions since advertising contracts are short-term in nature. In addition, we also may provide inducement payments to secure carriage agreements with distributors of our content. These inducement payments are capitalized and amortized to expense over the term of the distribution contract. Capitalized costs to obtain a contract with a customer totaled $10.3 million at June 30, 2018 and $8.0 million at December 31, 2017 and are included within miscellaneous assets of our condensed consolidated balance sheets. Amortization of these costs totaled $0.3 million for the year-to-date period of 2018.
Use of Other Practical Expedients	Use of Other Practical Expedients — For our arrangements that have an original duration of one year or less, we use the practical expedient applicable to such arrangements and do not consider the time value of money. In addition, we do not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts for which we recognize revenue at the amount to which we have the right to invoice for services performed.
Share-Based Compensation	Share-Based Compensation — We have a Long-Term Incentive Plan (the “Plan”) which is described more fully in our 2017 Annual Report on Form 10-K. The Plan provides for the award of incentive and nonqualified stock options, stock appreciation rights, restricted stock units (RSUs) and unrestricted Class A Common shares and performance units to key employees and non-employee directors. Share-based compensation costs totaled $2.9 million for the second quarter of 2018 and 2017. Year-to-date share-based compensation costs totaled $6.3 million and $8.7 million in 2018 and 2017, respectively.
Earnings Per Share (EPS)	Earnings Per Share (“EPS”) — Unvested awards of share-based payments with rights to receive dividends or dividend equivalents, such as our RSUs, are considered participating securities for purposes of calculating EPS. Under the two-class method, we allocate a portion of net income to these participating securities and, therefore, exclude that income from the calculation of EPS for common stock. We do not allocate losses to the participating securities.

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2018

Components of basic and diluted weighted-average shares

The following table presents information about basic and diluted weighted-average shares outstanding:



	Three Months Ended June 30,						Six Months Ended June 30,
(in thousands)	2018			2017			2018			2017

Numerator (for basic and diluted earnings per share)
Income from continuing operations, net of tax	$	8,662		$	6,855		$	85		$	4,122
Loss attributable to noncontrolling interest	—			—			632			—
Less income allocated to RSUs	(153		)	(93		)	(13		)	(60		)
Numerator for basic and diluted earnings per share from continuing operations attributable to the shareholders of The E.W. Scripps Company	$	8,509		$	6,762		$	704		$	4,062
Denominator
Basic weighted-average shares outstanding	81,824			82,302			81,535			82,191
Effect of dilutive securities:
Stock options held by employees and directors	28			163			69			198
Diluted weighted-average shares outstanding	81,852			82,465			81,604			82,389

Recently Adopted Standards and Issued Accounting Standards (Tables)

6 Months Ended

Jun. 30, 2018

Impact of the Adoption of New Accounting Standards

The following tables present the impact of adoption of the standard on our condensed consolidated statements of operations:



	Three Months Ended June 30, 2017
(in thousands)	As Previously Reported		Adjustments for Adoption of New Revenue Standard			As Adjusted

Operating Revenues:
Advertising	$	137,716	$	(214	)	$	137,502
Retransmission and carriage	66,059		—			66,059
Other	9,974		2,707			12,681
Total operating revenues	213,749		2,493			216,242
Costs and Expenses:
Employee compensation and benefits	87,990		—			87,990
Programming	46,685		2,493			49,178
Other expenses	46,927		—			46,927
Total costs and expenses	$	181,602	$	2,493		$	184,095



	Six Months Ended June 30, 2017
(in thousands)	As Previously Reported		Adjustments for Adoption of New Revenue Standard			As Adjusted

Operating Revenues:
Advertising	$	257,827	$	(429	)	$	257,398
Retransmission and carriage	132,270		—			132,270
Other	19,981		5,068			25,049
Total operating revenues	410,078		4,639			414,717
Costs and Expenses:
Employee compensation and benefits	182,915		—			182,915
Programming	93,262		4,639			97,901
Other expenses	87,693		—			87,693
Total costs and expenses	$	363,870	$	4,639		$	368,509

Acquisitions (Tables)

6 Months Ended

Jun. 30, 2018

Business Combinations [Abstract]

Schedule of Preliminary Fair Value of Assets Acquired and Liabilities Assumed

Pending the finalization of asset valuations, the following table summarizes the preliminary fair values of the assets acquired and the liabilities assumed:



(in thousands)

Assets:
Cash	$	21,372
Accounts receivable	44,306
Current portion of programming	47,120
Intangible assets	32,300
Goodwill	209,572
Programming (less current portion)	74,998
Other assets	1,395
Total assets acquired	431,063
Accounts payable and accrued liabilities	29,339
Current portion of programming liabilities	46,376
Programming liabilities	53,036
Net purchase price	$	302,312

Schedule of Pro Forma Information



	Three Months Ended June 30,		Six Months Ended June 30,
(in thousands, except per share data) (unaudited)	2017		2017

Operating revenues	$	254,342	$	487,630
Income from continuing operations, net of tax	7,864		5,326
Income per share from continuing operations attributable to the shareholders of The E.W. Scripps Company:
Basic	$	0.10	$	0.06
Diluted	0.10		0.06

Goodwill and Other Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

Goodwill consisted of the following:



(in thousands)	Local Media			National Media			Total

Gross balance as of December 31, 2017	$	708,133		$	315,133		$	1,023,266
Accumulated impairment losses	(216,914		)	(50,403		)	(267,317		)
Net balance as of December 31, 2017	$	491,219		$	264,730		$	755,949

Gross balance as of June 30, 2018	$	708,133		$	315,133		$	1,023,266
Accumulated impairment losses	(216,914		)	(50,403		)	(267,317		)
Net balance as of June 30, 2018	$	491,219		$	264,730		$	755,949

Summary of other finite-lived intangible assets

Other intangible assets consisted of the following:



(in thousands)	As of June 30, 2018			As of December 31, 2017

Amortizable intangible assets:
Carrying amount:
Television network affiliation relationships	$	248,444		$	248,444
Customer lists and advertiser relationships	69,500			69,500
Other	42,823			37,069
Total carrying amount	360,767			355,013
Accumulated amortization:
Television network affiliation relationships	(55,830		)	(49,639		)
Customer lists and advertiser relationships	(28,255		)	(26,345		)
Other	(16,982		)	(10,269		)
Total accumulated amortization	(101,067		)	(86,253		)
Net amortizable intangible assets	259,700			268,760
Indefinite-lived intangible assets — FCC licenses	157,215			157,215
Total other intangible assets	$	416,915		$	425,975

Summary of other indefinite-lived intangible assets

Other intangible assets consisted of the following:



(in thousands)	As of June 30, 2018			As of December 31, 2017

Amortizable intangible assets:
Carrying amount:
Television network affiliation relationships	$	248,444		$	248,444
Customer lists and advertiser relationships	69,500			69,500
Other	42,823			37,069
Total carrying amount	360,767			355,013
Accumulated amortization:
Television network affiliation relationships	(55,830		)	(49,639		)
Customer lists and advertiser relationships	(28,255		)	(26,345		)
Other	(16,982		)	(10,269		)
Total accumulated amortization	(101,067		)	(86,253		)
Net amortizable intangible assets	259,700			268,760
Indefinite-lived intangible assets — FCC licenses	157,215			157,215
Total other intangible assets	$	416,915		$	425,975

Long-Term Debt (Tables)

6 Months Ended

Jun. 30, 2018

Debt Disclosure [Abstract]

Components of Long-term debt

Long-term debt consisted of the following:



(in thousands)	As of June 30, 2018			As of December 31, 2017

Variable rate credit facility	$	—		$	—
Senior unsecured notes	400,000			400,000
Term loan B	297,750			299,250
Unsecured subordinated notes	2,656			2,656
Total outstanding principal	700,406			701,906
Less: Debt issuance costs	(8,091		)	(8,631		)
Less: Current portion	(5,656		)	(5,656		)
Net carrying value of long-term debt	$	686,659		$	687,619
Fair value of long-term debt *	$	679,425		$	703,572

Supplemental Cash Flow Information (Tables)

6 Months Ended

Jun. 30, 2018

Supplemental Cash Flow Elements [Abstract]

Change in certain working capital accounts

The following table presents additional information about the change in certain working capital accounts:



	Six Months Ended June 30,
(in thousands)	2018			2017

Accounts receivable	$	(5,363	)	$	(9,086	)
Other current assets	(5,040		)	(8,939		)
Accounts payable	8,836			(3,905		)
Accrued employee compensation and benefits	(4,812		)	(3,406		)
Other accrued liabilities	(4,484		)	6,764
Other, net	788			(1,575		)
Total	$	(10,075	)	$	(20,147	)

Employee Benefit Plans (Tables)

6 Months Ended

Jun. 30, 2018

Retirement Benefits [Abstract]

Components of benefit expense

The components of the employee benefit plans expense consisted of the following:



	Three Months Ended June 30,						Six Months Ended June 30,
(in thousands)	2018			2017			2018			2017

Interest cost	$	5,925		$	6,486		$	11,850		$	12,971
Expected return on plan assets, net of expenses	(5,733		)	(4,360		)	(11,465		)	(8,720		)
Amortization of actuarial loss	920			1,084			1,841			2,168
Total for defined benefit pension plans	1,112			3,210			2,226			6,419
Multi-employer plans	44			59			91			133
SERPs	277			257			551			515
Defined contribution plan	1,978			1,957			4,771			4,861
Net periodic benefit cost	3,411			5,483			7,639			11,928
Allocated to discontinued operations	(174		)	(177		)	(377		)	(368		)
Net periodic benefit cost — continuing operations	$	3,237		$	5,306		$	7,262		$	11,560

Segment Information (Tables)

6 Months Ended

Jun. 30, 2018

Segment Reporting [Abstract]

Information regarding business segments

Information regarding our business segments is as follows:



	Three Months Ended June 30,						Six Months Ended June 30,
(in thousands)	2018			2017			2018			2017

Segment operating revenues:
Local Media	$	213,248		$	201,430		$	405,307		$	388,494
National Media	68,226			13,016			128,947			22,703
Other	1,921			1,796			3,332			3,520
Total operating revenues	$	283,395		$	216,242		$	537,586		$	414,717
Segment profit (loss):
Local Media	$	53,368		$	48,736		$	84,987		$	81,087
National Media	2,037			(3,596		)	4,072			(7,553		)
Other	(1,643		)	(1,658		)	(1,894		)	(1,409		)
Shared services and corporate	(13,647		)	(11,335		)	(27,734		)	(25,917		)
Restructuring costs	(2,330		)	—			(6,137		)	—
Depreciation and amortization of intangibles	(15,382		)	(13,781		)	(30,802		)	(27,642		)
Gains (losses), net on disposal of property and equipment	66			(15		)	(651		)	(62		)
Interest expense	(9,279		)	(8,248		)	(18,038		)	(12,443		)
Defined benefit pension plan expense	(1,389		)	(3,467		)	(2,777		)	(6,934		)
Miscellaneous, net	(156		)	5,103			11			4,224
Income from continuing operations before income taxes	$	11,645		$	11,739		$	1,037		$	3,351
Depreciation:
Local Media	$	7,331		$	8,002		$	14,887		$	15,837
National Media	134			15			230			22
Other	38			59			76			126
Shared services and corporate	387			474			796			956
Total depreciation	$	7,890		$	8,550		$	15,989		$	16,941
Amortization of intangibles:
Local Media	$	3,705		$	3,632		$	7,410		$	7,586
National Media	3,448			1,260			6,726			2,438
Shared services and corporate	339			339			677			677
Total amortization of intangibles	$	7,492		$	5,231		$	14,813		$	10,701
Additions to property and equipment:
Local Media	$	10,613		$	4,855		$	20,113		$	8,802
National Media	4,051			186			5,725			197
Shared services and corporate	13			22			73			121
Total additions to property and equipment	$	14,677		$	5,063		$	25,911		$	9,120

Disaggregation of Principal Revenue Generating Activities

A disaggregation of the principal activities from which we generate revenue is as follows:



	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2018		2017		2018		2017

Operating revenues:
Core advertising	$	179,294	$	134,977	$	345,847	$	253,832
Political advertising	14,882		2,525		17,466		3,566
Retransmission and carriage	74,658		66,059		145,718		132,270
Other	14,561		12,681		28,555		25,049
Total operating revenues	$	283,395	$	216,242	$	537,586	$	414,717

Accumulated Other Comprehensive Loss (Tables)

6 Months Ended

Jun. 30, 2018

Accumulated Other Comprehensive Income [Abstract]

Schedule of Accumulated Other Comprehensive Loss

Changes in accumulated other comprehensive income (loss) ("AOCI") by component, including items reclassified out of AOCI, were as follows:



	Three Months Ended June 30, 2018
(in thousands)	Defined Benefit Pension Items			Other		Total

Beginning balance, March 31, 2018	$	(102,215	)	$	33	$	(102,182	)
Other comprehensive income before reclassifications	—			—		—
Amounts reclassified from accumulated other comprehensive loss:
Actuarial gain (loss), net of tax of $249 ^(a)	740			—		740
Net current-period other comprehensive income	740			—		740
Ending balance, June 30, 2018	$	(101,475	)	$	33	$	(101,442	)



	Three Months Ended June 30, 2017
(in thousands)	Defined Benefit Pension Items			Other			Total

Beginning balance, March 31, 2017	$	(92,981	)	$	313		$	(92,668	)
Other comprehensive income before reclassifications	—			—			—
Amounts reclassified from accumulated other comprehensive loss:
Actuarial gain (loss), net of tax of $423 ^(a)	695			(16		)	679
Net current-period other comprehensive income (loss)	695			(16		)	679
Ending balance, June 30, 2017	$	(92,286	)	$	297		$	(91,989	)



	Six Months Ended June 30, 2018
(in thousands)	Defined Benefit Pension Items			Other		Total

Beginning balance, December 31, 2017	$	(102,955	)	$	33	$	(102,922	)
Other comprehensive income before reclassifications	—			—		—
Amounts reclassified from accumulated other comprehensive loss:
Actuarial gain (loss), net of tax of $497 ^(a)	1,480			—		1,480
Net current-period other comprehensive income (loss)	1,480			—		1,480
Ending balance, June 30, 2018	$	(101,475	)	$	33	$	(101,442	)



	Six Months Ended June 30, 2017
(in thousands)	Defined Benefit Pension Items			Other			Total

Beginning balance, December 31, 2016	$	(93,676	)	$	329		$	(93,347	)
Other comprehensive income before reclassifications	—			—			—
Amounts reclassified from accumulated other comprehensive loss:
Actuarial gain (loss), net of tax of $846 ^(a)	1,390			(32		)	1,358
Net current-period other comprehensive income (loss)	1,390			(32		)	1,358
Ending balance, June 30, 2017	$	(92,286	)	$	297		$	(91,989	)

^(a) Actuarial gain (loss) is included in defined benefit pension plan expense in the condensed consolidated statements of operations

Assets Held for Sale and Discontinued Operations (Tables)

6 Months Ended

Jun. 30, 2018

Discontinued Operations and Disposal Groups [Abstract]

Summary of discontinued operations and assets held for sale

Operating results of our discontinued radio operations were as follows:



	Three Months Ended June 30,						Six Months Ended June 30,
(in thousands)	2018			2017			2018			2017

Operating revenues	$	17,386		$	17,784		$	30,685		$	32,213
Total costs and expenses	(13,421		)	(14,163		)	(24,937		)	(26,353		)
Depreciation and amortization of intangibles	—			(868		)	—			(1,731		)
Impairment of goodwill	(5,900		)	—			(25,900		)	—
Other, net	(9		)	(211		)	(157		)	(251		)
Income (loss) from discontinued operations before income taxes	(1,944		)	2,542			(20,309		)	3,878
Provision for income taxes	998			852			1,137			1,394
Net income (loss) from discontinued operations	$	(2,942	)	$	1,690		$	(21,446	)	$	2,484

The following table presents a summary of the radio assets held for sale included in our condensed consolidated balance sheets.



(in thousands)	As of June 30, 2018		As of December 31, 2017

Assets:
Total current assets	$	13,206	$	12,891
Property and equipment	36,055		35,470
Goodwill and intangible assets	61,562		87,462
Other assets	181		181
Total assets included in the disposal group	111,004		136,004
Liabilities:
Total current liabilities	3,841		3,248
Deferred income taxes	16,290		16,288
Other liabilities	—		—
Total liabilities included in the disposal group	20,131		19,536
Net assets included in the disposal group	$	90,873	$	116,468

- 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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+ Details

Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Accounting Policies [Abstract]
Allowance for doubtful accounts	$ 2,156		$ 2,156		$ 1,949
Unearned revenue	7,544		7,544		7,353
Capitalized customer acquisition costs	10,300		10,300		$ 8,000
Amortization of customer acquisition costs			300
Share-based compensation costs	$ 2,900	$ 2,900	$ 6,300	$ 8,700

- Definition

Total carrying amount of consideration received or receivable as of the balance sheet date on potential earnings that were not recognized as revenue or other forms of income in conformity with GAAP, and which are expected to be recognized as such within one year or the normal operating cycle, if longer.

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-SubTopic 10
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-Paragraph 1
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+ Details

Summary of Significant Accounting Policies - Earnings Per Share (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Numerator (for basic and diluted earnings per share)
Income from continuing operations, net of tax	$ 8,662	$ 6,855	$ 85	$ 4,122
Loss attributable to noncontrolling interest	0	0	(632)	0
Less income allocated to RSUs	(153)	(93)	(13)	(60)
Numerator for basic and diluted earnings per share from continuing operations attributable to the shareholders of The E.W. Scripps Company	$ 8,509	$ 6,762	$ 704	$ 4,062
Denominator
Basic weighted-average shares outstanding	81,824	82,302	81,535	82,191
Effect of dilutive securities:
Stock options held by employees and directors	28	163	69	198
Diluted weighted-average shares outstanding	81,852	82,465	81,604	82,389

Recently Adopted Standards and Issued Accounting Standards (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended		12 Months Ended
	Jan. 01, 2018	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Advertising		$ 194,176	$ 137,502	$ 363,313	$ 257,398
Retransmission and carriage		74,658	66,059	145,718	132,270
Other		14,561	12,681	28,555	25,049
Total operating revenues		283,395	216,242	537,586	414,717
Employee compensation and benefits		95,071	87,990	193,560	182,915
Programming		84,427	49,178	167,790	97,901
Other expenses		63,782	46,927	116,805	87,693
Operating Costs and Expenses		$ 245,610	184,095	$ 484,292	368,509
Accounting Standards Update 2018-02 \| Accumulated Other Comprehensive Loss
Tax effects reclassified related to defined benefits plans						$ 19,400
Customer Concentration Risk \| Advertising Contracts
Concentration risk	65.00%
Customer Concentration Risk \| Retransmission Revenue
Concentration risk	30.00%
As Previously Reported
Advertising			137,716		257,827
Retransmission and carriage			66,059		132,270
Other			9,974		19,981
Total operating revenues			213,749		410,078
Employee compensation and benefits			87,990		182,915
Programming			46,685		93,262
Other expenses			46,927		87,693
Operating Costs and Expenses			181,602		363,870
Adjustments for Adoption of New Revenue Standard \| Accounting Standards Update 2014-09
Advertising			(214)		(429)
Retransmission and carriage			0		0
Other			2,707		5,068
Total operating revenues			2,493		4,639
Employee compensation and benefits			0		0
Programming			2,493		4,639
Other expenses			0		0
Operating Costs and Expenses			$ 2,493		$ 4,639

Acquisitions (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended	6 Months Ended
	Oct. 02, 2017	Jun. 30, 2017	Jun. 30, 2017	Jun. 30, 2018	Dec. 31, 2017
Business Acquisition [Line Items]
Current portion of programming				$ 55,067	$ 53,468
Goodwill				755,949	755,949
Programming (less current portion)				82,889	85,269
Current portion of programming liabilities				50,481	58,176
Programming liabilities				$ 55,318	$ 54,641
Business Acquisition, Pro Forma Information [Abstract]
Operating revenues		$ 254,342	$ 487,630
Income from continuing operations, net of tax		$ 7,864	$ 5,326
Earnings Per Share, Pro Forma [Abstract]
Basic (in USD per share)		$ 0.10	$ 0.06
Diluted (in USD per share)		$ 0.10	$ 0.06
Katz Broadcasting
Business Acquisition [Line Items]
Business acquisition, purchase price	$ 292,000
Noncontrolling interest owned	5.33%
Cash	$ 21,372
Accounts receivable	44,306
Current portion of programming	47,120
Intangible assets	32,300
Goodwill	209,572
Programming (less current portion)	74,998
Other assets	1,395
Total assets acquired	431,063
Accounts payable and accrued liabilities	29,339
Current portion of programming liabilities	46,376
Programming liabilities	53,036
Net purchase price	302,312
Katz Broadcasting \| Trade Names
Business Acquisition [Line Items]
Intangible assets	$ 8,000
Intangible asset, estimated amortization period	10 years
Katz Broadcasting \| Advertiser Relationship
Business Acquisition [Line Items]
Intangible assets	$ 24,000
Intangible asset, estimated amortization period	5 years

Asset Write-Downs and Other Charges and Credits (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 2,330	$ 0	$ 6,137	$ 0
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Newspaper Syndication
Restructuring Cost and Reserve [Line Items]
Gain on disposal		3,000
Midroll
Restructuring Cost and Reserve [Line Items]
Reduction in earn out provision		$ 2,500

Income Taxes (Details) - USD ($) $ in Thousands	6 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Effective income tax rate	92.00%	(23.00%)
U.S. Federal statutory rate	21.00%	35.00%
Excess tax benefits on share-based compensation	$ 700	$ 2,400
Deferred tax assets	$ 17,524		$ 20,076

Restricted Cash (Details) - USD ($) $ in Millions	Jun. 30, 2018	Dec. 31, 2017
Cash and Cash Equivalents [Abstract]
Restricted cash and cash equivalents, current	$ 5.1	$ 5.1

Goodwill and Other Intangible Assets - Goodwill (Details) $ in Thousands	Jun. 30, 2018 USD ($)
Goodwill [Roll Forward]
Goodwill, gross, beginning balance	$ 1,023,266
Accumulated impairment losses, beginning balance	(267,317)
Goodwill net, beginning balance	755,949
Goodwill, gross, ending balance	1,023,266
Accumulated impairment losses, ending balance	(267,317)
Goodwill net, ending balance	755,949
Local Media
Goodwill [Roll Forward]
Goodwill, gross, beginning balance	708,133
Accumulated impairment losses, beginning balance	(216,914)
Goodwill net, beginning balance	491,219
Goodwill, gross, ending balance	708,133
Accumulated impairment losses, ending balance	(216,914)
Goodwill net, ending balance	491,219
National Media
Goodwill [Roll Forward]
Goodwill, gross, beginning balance	315,133
Accumulated impairment losses, beginning balance	(50,403)
Goodwill net, beginning balance	264,730
Goodwill, gross, ending balance	315,133
Accumulated impairment losses, ending balance	(50,403)
Goodwill net, ending balance	$ 264,730

Goodwill and Other Intangible Assets - Summary of other intangible assets (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Carrying amount:
Total carrying amount	$ 360,767	$ 355,013
Accumulated amortization:
Total accumulated amortization	(101,067)	(86,253)
Net amortizable intangible assets	259,700	268,760
Total other intangible assets	416,915	425,975
Indefinite-lived intangible assets - FCC licenses
Accumulated amortization:
Indefinite-lived intangible assets — FCC licenses	157,215	157,215
Television network affiliation relationships
Carrying amount:
Total carrying amount	248,444	248,444
Accumulated amortization:
Total accumulated amortization	(55,830)	(49,639)
Customer lists and advertiser relationships
Carrying amount:
Total carrying amount	69,500	69,500
Accumulated amortization:
Total accumulated amortization	(28,255)	(26,345)
Other
Carrying amount:
Total carrying amount	42,823	37,069
Accumulated amortization:
Total accumulated amortization	$ (16,982)	$ (10,269)

Goodwill and Other Intangible Assets - Narrative (Details) $ in Millions	Jun. 30, 2018 USD ($)
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Amortization Expense, Remainder of Fiscal Year	$ 13.8
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months	27.5
Finite-Lived Intangible Assets, Amortization Expense, Year Two	26.3
Finite-Lived Intangible Assets, Amortization Expense, Year Three	23.9
Finite-Lived Intangible Assets, Amortization Expense, Year Four	20.8
Finite-Lived Intangible Assets, Amortization Expense, Year Five	15.8
Finite-Lived Intangible Assets, Amortization Expense, after Year Five	$ 131.6

Long-Term Debt - Components of Long-Term Debt (Details) - USD ($)
$ in Thousands

Jun. 30, 2018

Dec. 31, 2017

Less: Debt issuance costs

$ 700,406

$ 701,906

(8,091)

(8,631)

Less: Current portion

(5,656)

Long-term debt (less current portion)

686,659

687,619

Fair value of long-term debt

^[1]

679,425

703,572

Senior unsecured notes

Unsecured subordinated notes

400,000

Variable rate credit facility | Revolving credit facility

2,656

Term Loan B, Maturing 2024

Accumulated Other Comprehensive Loss [Roll Forward]

$ 297,750

$ 299,250

[1]

Fair value of the Senior Notes and the term loan B were estimated based on quoted private market transactions and are classified as Level 1 in the fair value hierarchy. The fair value of the unsecured subordinated notes is determined based on a discounted cash flow analysis using current market interest rates of comparable instruments and is classified as Level 2 in the fair value hierarchy.

Long-Term Debt - Narrative (Details)				3 Months Ended	6 Months Ended
Long-Term Debt - Narrative (Details)	Apr. 04, 2018	Oct. 02, 2017 USD ($)	Apr. 28, 2017 USD ($)	Jun. 30, 2017 USD ($)	Jun. 30, 2018 USD ($)	Dec. 31, 2017 USD ($)
Debt Instrument [Line Items]
Debt issuance costs					$ 8,091,000	$ 8,631,000
Unsecured subordinated notes
Debt Instrument [Line Items]
Debt stated rate					7.25%
Unsecured subordinated notes payable periodic payment					$ 2,700,000
Senior 5.125% Unsecured Notes, Due 2025 \| Senior unsecured notes
Debt Instrument [Line Items]
Debt issued			$ 400,000,000
Debt stated rate			5.125%
Debt issuance price as percentage of par			100.00%
Debt issuance costs			$ 7,000,000
Senior 5.125% Unsecured Notes, Due 2025 \| Senior unsecured notes \| Redemption Period One
Debt Instrument [Line Items]
Debt redemption price			100.00%
Senior 5.125% Unsecured Notes, Due 2025 \| Senior unsecured notes \| Redemption Period Two
Debt Instrument [Line Items]
Debt redemption price			40.00%
Term Loan B, Maturing 2020
Debt Instrument [Line Items]
Write off of deferred financing costs				$ 2,400,000
Debt Instrument, Repurchased Face Amount						$ 400,000,000
Term Loan B, Maturing 2024
Debt Instrument [Line Items]
Debt issued		$ 300,000,000
Interest rate reduction	25.00%
Net leverage ratio requirement		2.75
Variable interest rate					4.09%	3.82%
Weighted average interest rate					3.97%
Unsecured subordinated notes payable periodic payment		$ 3,000,000
Term Loan B, Maturing 2024 \| Minimum \| LIBOR
Debt Instrument [Line Items]
LIBOR plus margin range		2.00%
Term Loan B, Maturing 2024 \| Maximum \| LIBOR
Debt Instrument [Line Items]
LIBOR plus margin range		1.75%
Revolving credit facility, variable rate \| Revolving credit facility
Debt Instrument [Line Items]
Revolving credit and term loan agreement			$ 100,000,000
Amended and restated revolving credit facility \| Revolving credit facility
Debt Instrument [Line Items]
Revolving credit and term loan agreement			$ 125,000,000
Net leverage ratio requirement					5.5
Amended and restated revolving credit facility \| Revolving credit facility \| Minimum
Debt Instrument [Line Items]
Percentage of commitment fees of total unused commitment under revolving credit facility					0.30%
Amended and restated revolving credit facility \| Revolving credit facility \| Minimum \| LIBOR
Debt Instrument [Line Items]
LIBOR plus margin range					1.75%
Amended and restated revolving credit facility \| Revolving credit facility \| Maximum
Debt Instrument [Line Items]
Percentage of commitment fees of total unused commitment under revolving credit facility					0.50%
Amended and restated revolving credit facility \| Revolving credit facility \| Maximum \| LIBOR
Debt Instrument [Line Items]
LIBOR plus margin range					2.50%

Other Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Other liabilities
Employee compensation and benefits	$ 20,424	$ 18,520
Programming liability	55,318	54,641
Liability for pension benefits	200,843	207,406
Liabilities for uncertain tax positions	676	644
Other	12,769	12,445
Other liabilities (less current portion)	$ 290,030	$ 293,656

Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Other Changes in Certain Working Capital Accounts, Net
Accounts receivable	$ (5,363)	$ (9,086)
Other current assets	(5,040)	(8,939)
Accounts payable	8,836	(3,905)
Accrued employee compensation and benefits	(4,812)	(3,406)
Other accrued liabilities	(4,484)	6,764
Other, net	788	(1,575)
Total	$ (10,075)	$ (20,147)

Employee Benefit Plans - Components of Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Net periodic benefit cost	$ 3,411	$ 5,483	$ 7,639	$ 11,928
Pension and Other Postretirement Benefit Expense, Discontinued Operations	174	177	377	368
Pension and Other Postretirement Benefit Expense, Continuing Operations	3,237	5,306	7,262	11,560
Defined contribution plans
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Net periodic benefit cost	1,978	1,957	4,771	4,861
Multi-employer plans
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Net periodic benefit cost	44	59	91	133
Defined benefit plans
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Interest cost	5,925	6,486	11,850	12,971
Expected return on plan assets, net of expenses	(5,733)	(4,360)	(11,465)	(8,720)
Amortization of actuarial loss	920	1,084	1,841	2,168
Total for defined benefit pension plans	1,112	3,210	2,226	6,419
SERPs
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Net periodic benefit cost	$ 277	$ 257	$ 551	$ 515

Employee Benefit Plans - Narrative (Details) $ in Millions	6 Months Ended
Employee Benefit Plans - Narrative (Details) $ in Millions	Jun. 30, 2018 USD ($) plan
SERPs
Defined Benefit Plan Disclosure [Line Items]
Number of non-qualified defined benefit plan \| plan	2
Contributions to benefit plan	$ 1.7
Estimated future contributions	$ 4.8
Defined benefit plans
Defined Benefit Plan Disclosure [Line Items]
Number of non-qualified defined benefit plan \| plan	2
Contributions to benefit plan	$ 6.6
Estimated future contributions	$ 10.8

Segment Information - Narrative (Details) - Local Media	Jun. 30, 2018 affiliate
ABC affiliates
Segment Reporting Information [Line Items]
Number of affiliates	15
NBC affiliates
Segment Reporting Information [Line Items]
Number of affiliates	5
FOX affiliates
Segment Reporting Information [Line Items]
Number of affiliates	2
CBS affiliates
Segment Reporting Information [Line Items]
Number of affiliates	2
My TV Affiliates
Segment Reporting Information [Line Items]
Number of affiliates	2
CW affiliate
Segment Reporting Information [Line Items]
Number of affiliates	1
Independent station
Segment Reporting Information [Line Items]
Number of affiliates	1
Azteca America affiliates
Segment Reporting Information [Line Items]
Number of affiliates	3

Segment Information - Schedule of Business Segments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Information regarding business segments
Total operating revenues	$ 283,395	$ 216,242	$ 537,586	$ 414,717
Segment profit (loss)	22,469	18,351	21,841	18,504
Restructuring costs	(2,330)	0	(6,137)	0
Depreciation and amortization of intangibles	(15,382)	(13,781)	(30,802)	(27,642)
Gains (losses), net on disposal of property and equipment	66	(15)	(651)	(62)
Interest expense	(9,279)	(8,248)	(18,038)	(12,443)
Defined benefit pension plan expense	(1,389)	(3,467)	(2,777)	(6,934)
Miscellaneous, net	(156)	5,103	11	4,224
Income from continuing operations before income taxes	11,645	11,739	1,037	3,351
Depreciation:
Total depreciation	7,890	8,550	15,989	16,941
Amortization of intangibles:
Total amortization of intangibles	7,492	5,231	14,813	10,701
Additions to property and equipment:
Total additions to property and equipment	14,677	5,063	25,911	9,120
Local Media
Information regarding business segments
Total operating revenues	213,248	201,430	405,307	388,494
Segment profit (loss)	53,368	48,736	84,987	81,087
Depreciation:
Total depreciation	7,331	8,002	14,887	15,837
Amortization of intangibles:
Total amortization of intangibles	3,705	3,632	7,410	7,586
Additions to property and equipment:
Total additions to property and equipment	10,613	4,855	20,113	8,802
National Media
Information regarding business segments
Total operating revenues	68,226	13,016	128,947	22,703
Segment profit (loss)	2,037	(3,596)	4,072	(7,553)
Depreciation:
Total depreciation	134	15	230	22
Amortization of intangibles:
Total amortization of intangibles	3,448	1,260	6,726	2,438
Additions to property and equipment:
Total additions to property and equipment	4,051	186	5,725	197
Other
Information regarding business segments
Total operating revenues	1,921	1,796	3,332	3,520
Segment profit (loss)	(1,643)	(1,658)	(1,894)	(1,409)
Depreciation:
Total depreciation	38	59	76	126
Shared services and corporate
Information regarding business segments
Segment profit (loss)	(13,647)	(11,335)	(27,734)	(25,917)
Depreciation:
Total depreciation	387	474	796	956
Amortization of intangibles:
Total amortization of intangibles	339	339	677	677
Additions to property and equipment:
Total additions to property and equipment	$ 13	$ 22	$ 73	$ 121

Segment Information - Disaggregation of Revenue Generating Activities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Disaggregation of Revenue [Line Items]
Total operating revenues	$ 283,395	$ 216,242	$ 537,586	$ 414,717
Core advertising
Disaggregation of Revenue [Line Items]
Total operating revenues	179,294	134,977	345,847	253,832
Political advertising
Disaggregation of Revenue [Line Items]
Total operating revenues	14,882	2,525	17,466	3,566
Retransmission and carriage
Disaggregation of Revenue [Line Items]
Total operating revenues	74,658	66,059	145,718	132,270
Other
Disaggregation of Revenue [Line Items]
Total operating revenues	$ 14,561	$ 12,681	$ 28,555	$ 25,049

Capital Stock (Details)	6 Months Ended
Capital Stock (Details)	Jun. 30, 2018 USD ($) director common_share $ / shares	Jun. 30, 2017 USD ($) $ / shares	Nov. 30, 2016 USD ($)
Class of Stock [Line Items]
Classes of common shares \| common_share	2
Stock repurchased during period, value	$ 4,409,000	$ 6,257,000
Minimum
Class of Stock [Line Items]
Minimum number of directors up for election to entitle shareholders to vote \| director	0.3333
Maximum
Class of Stock [Line Items]
Minimum number of directors up for election to entitle shareholders to vote \| director	3
Common stock, Class A
Class of Stock [Line Items]
Stock repurchase program, authorized amount			$ 100,000,000
Stock repurchased during period, value	$ 4,400,000	$ 6,300,000
Stock repurchase program, remaining authorized amount	$ 78,200,000
Common stock, Class A \| Minimum
Class of Stock [Line Items]
Stock repurchased during period (in dollars per share) \| $ / shares	$ 13.29	$ 16.82
Common stock, Class A \| Maximum
Class of Stock [Line Items]
Stock repurchased during period (in dollars per share) \| $ / shares	$ 16.86	$ 23.01

Accumulated Other Comprehensive Loss (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2018

Jun. 30, 2017

Jun. 30, 2018

Jun. 30, 2017

Beginning balance

$ (102,182)

$ (92,668)

$ (102,922)

$ (93,347)

Other comprehensive income before reclassifications

Reclassification out of Accumulated Other Comprehensive Income

^[1]

740

Ending balance

(101,442)

(91,989)

(101,442)

(91,989)

Accumulated Other Comprehensive Loss [Roll Forward]

Net current-period other comprehensive income

^[1]

740

679

1,480

1,358

740

679

1,480

1,358

Defined Benefit Pension Items

Accumulated Other Comprehensive Loss [Roll Forward]

Beginning balance

(102,215)

(92,981)

(102,955)

(93,676)

Other comprehensive income before reclassifications

Ending balance

(101,475)

(92,286)

(101,475)

(92,286)

Defined Benefit Pension Items | Reclassification out of Accumulated Other Comprehensive Income

Accumulated Other Comprehensive Loss [Roll Forward]

Net current-period other comprehensive income

^[1]

695

1,480

1,390

740

695

1,480

1,390

Actuarial gain (loss) tax amount

249

423

497

846

Other

Accumulated Other Comprehensive Loss [Roll Forward]

Beginning balance

313

329

Other comprehensive income before reclassifications

Ending balance

297

Other | Reclassification out of Accumulated Other Comprehensive Income

Accumulated Other Comprehensive Loss [Roll Forward]