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Acquisitions and dispositions
12 Months Ended
Dec. 31, 2018
Business Combinations [Abstract]  
Acquisitions and dispositions
Acquisitions and dispositions

We made the following acquisitions, investments and dispositions during 2016 through the date of this report:

Acquisitions
On January 2, 2019, we completed our acquisition of WTOL, the CBS affiliate in Toledo, OH, and KWES, the NBC affiliate in Midland-Odessa, TX from Gray Television, Inc. for approximately $108.9 million in cash (which includes $3.9 million for estimated working capital paid at closing). The acquisition was funded through the use of available cash and borrowings under our revolving credit facility.

On February 15, 2018, we acquired assets in San Diego consisting of KFMB-TV (CBS affiliate station on its primary channel and a CW affiliate on multicast channel KFMB-D2) and radio stations KFMB-AM and KFMB-FM, collectively KFMB. The transaction price was $328.4 million in cash, which we funded through the use of available cash and borrowings under our revolving credit facility.

Dispositions
On October 18, 2017, we completed the sale of our equity investment in Livestream, a business specializing in live video
streaming. Our share of the sale proceeds was $21.4 million.

On July 31, 2017, we sold our majority ownership interest in CareerBuilder. Per the terms of the sale agreement, we remain an ongoing partner in CareerBuilder, reducing our 53% controlling interest to approximately 17% interest (or approximately 10% on a fully-diluted basis). As a result, subsequent to the sale, CareerBuilder is no longer consolidated within our reported operating results. See Note 14 for further details regarding the sale.

On May 31, 2017, we completed the previously announced spin-off of Cars.com into a separate, stand-alone publicly traded company. See Note 14 for further details regarding the spin-off.

On December 15, 2016, we sold our Cofactor business to Liquidus LLC. The historical financial results of Cofactor had previously been included in the Digital Segment, and were not reclassified to discontinued operations (as the sale did not meet the criteria for discontinued operation reporting when the business was sold).