Note 11 - Commitments and Contingencies

6 Months Ended

Jun. 30, 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 and Divestitures

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 acquisitions, we expect that this transaction will close later in 2019, using cash on hand.

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. On May 31, 2019, we pre-paid this purchase price to the seller. 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). We expect these transactions will close later in 2019.