Note 11 - Commitments and Contingencies

3 Months Ended

Mar. 31, 2019

Notes to Financial Statements

Commitments and Contingencies Disclosure [Text Block]

11

.

Commitments and Contingencies

Legal Proceedings and Claims

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

not

materially affect our financial position, results of operations or cash flows, although legal proceedings are subject to inherent uncertainties, and unfavorable rulings or events could have a material adverse impact on our financial position, results of operations or cash flows.

Pending Acquisitions

On

May 1, 2018,

we entered into an agreement to acquire KDLT-TV (NBC), in the Sioux Falls, South Dakota market (DMA

115

), for

$32.5

million. The transaction is subject to regulatory approvals and other customary closing conditions. Pending such approvals and conditions, we expect that this transaction will close in the

second

or

third

quarter of

2019,

using cash on hand.

Charlottesville Transactions

- On

February 28, 2019,

we entered into an agreement to acquire the assets of WVIR-TV (NBC) in the Charlottesville, Virginia market (DMA

183

) from Waterman Broadcasting Corporation for

$12.0

million, using cash on hand. Also on

February 28, 2019,

in order to meet regulatory requirements, we agreed to divest our stations in that market, WCAV-TV (CBS/FOX) and WVAW-TV (ABC), for

$25.0

million in cash to Lockwood Broadcasting, Inc. We expect these transactions will close later in the

second

quarter of

2019.