Note 11 - Subsequent Events

6 Months Ended

Jun. 30, 2017

Notes to Financial Statements

Subsequent Events [Text Block]

11 .  Subsequent Events

On

August 1, 2017,

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

97

) from Mt. Mansfield Television, Inc., for

$29.0

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

June 1, 2017,

we advanced

$23.2

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

$5.8

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

The preliminary fair value estimates of the assets acquired, liabilities assumed and resulting goodwill of the Vermont Acquisition are summarized as follows (in thousands):

	Total
Property and equipment	$	10,500
Goodwill		750
Broadcast licenses		14,250
Other intangible assets		3,500
Total	$	29,000