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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities:      
Net income $ 455,000 $ 90,000 $ 410,000
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 129,000 104,000 96,000
Amortization of intangible assets 207,000 117,000 105,000
Amortization of deferred loan costs 16,000 12,000 12,000
Accretion of original issue discount and premium related to long-term debt, net (1,000) (1,000) (1,000)
Amortization of restricted stock awards 22,000 14,000 16,000
Amortization of program broadcast rights 48,000 38,000 38,000
Payments on program broadcast obligations (49,000) (38,000) (39,000)
Common stock contributed to 401(k) plan 9,000 8,000 6,000
Deferred income taxes (20,000) (22,000) 75,000
(Gain) loss on disposal of assets, net (2,000) 42,000 (29,000)
Loss on early extinguishment of debt 0 0 12,000
Impairment of investments 18,000 0 0
Other 0 (14,000) 12,000
Changes in operating assets and liabilities, net of acquisitions:      
Accounts receivable (26,000) (30,000) (14,000)
Income tax receivable or prepaid (4,000) (40,000) (21,000)
Other current assets 0 10,000 (36,000)
Accounts payable (5,000) 22,000 (1,000)
Employee compensation, benefits and pension costs 3,000 21,000 (16,000)
Accrued network fees and other expenses 6,000 (27,000) 7,000
Accrued interest 8,000 14,000 0
Income taxes payable 5,000 (8,000) 7,000
Deferred revenue 10,000 (12,000) 13,000
Net cash provided by operating activities 829,000 300,000 652,000
Cash flows from investing activities:      
Acquisitions of television businesses and licenses, net of cash acquired (58,000) (3,765,000) (91,000)
Proceeds from sale of television stations 0 473,000 0
Purchases of property and equipment (436,000) (207,000) (110,000)
Proceeds from Repack reimbursement (Note 1) 7,000 11,000 29,000
Proceeds from asset sales 4,000 5,000 9,000
Investments in broadcast, production and technology companies (16,000) (49,000) (48,000)
Other (4,000) (2,000) 0
Net cash used in investing activities (503,000) (3,534,000) (211,000)
Cash flows from financing activities:      
Borrowings - long-term debt 0 2,800,000 800,000
Repayments - long-term debt (315,000) 0 (525,000)
Borrowings - revolving credit facility 0 250,000 0
Repayments - revolving credit facility 0 (250,000) 0
Repurchases of common stock (50,000) (30,000) (75,000)
Common stock dividends (30,000) (31,000) 0
Preferred stock dividends (52,000) (52,000) (52,000)
Deferred and other loan costs 0 (30,000) (22,000)
Payments for taxes related to net share settlement of equity awards (7,000) (7,000) (6,000)
Net cash provided by (used in) financing activities (454,000) 2,650,000 120,000
Net (decrease) increase in cash (128,000) (584,000) 561,000
Cash at beginning of year 189,000 773,000 212,000
Cash at end of year $ 61,000 $ 189,000 $ 773,000