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Selected Quarterly Financial Data (unaudited)
 12 Months Ended
Jun. 30, 2019
Selected Quarterly Financial Information [Abstract]  
Selected Quarterly Financial Data (unaudited)
20. Selected Quarterly Financial Data (unaudited)

Year ended June 30, 2019
First
Quarter
 
Second 
Quarter
 
Third  
Quarter
 
Fourth 
Quarter
 
Total   
(In millions except per share data)
 
 
 
 
 
 
 
 
 
Revenues
 
 
 
 
 
 
 
 
 
National media
$
560.6

 
$
616.2

 
$
562.3

 
$
587.5

 
$
2,326.6

Local media
214.4

 
262.4

 
188.4

 
198.6

 
863.8

Intersegment elimination
(0.6
)
 
(0.2
)
 
(0.6
)
 
(0.5
)
 
(1.9
)
Total revenues
$
774.4

 
$
878.4

 
$
750.1

 
$
785.6

 
$
3,188.5

Operating profit
 
 
 
 
 
 
 
 
 
National media
$
18.1

 
$
47.0

 
$
54.5

 
$
6.4

 
$
126.0

Local media
67.5

 
106.6

 
41.6

 
62.6

 
278.3

Unallocated corporate
(31.4
)
 
(19.9
)
 
(20.5
)
 
(45.5
)
 
(117.3
)
Income from operations
$
54.2

 
$
133.7

 
$
75.6

 
$
23.5

 
$
287.0

 
 
 
 
 
 
 
 
 
 
Earnings (loss) from continuing operations
$
16.2

 
$
88.1

 
$
28.4

 
$
(3.6
)
 
129.1

Discontinued operations
0.8

 
(69.5
)
 
(4.7
)
 
(9.4
)
 
(82.8
)
Net earnings (loss)
$
17.0

 
$
18.6

 
$
23.7

 
$
(13.0
)
 
$
46.3

 
 
 
 
 
 
 
 
 
 
Basic earnings (loss) per share attributable to common shareholders
 
 
 
 
 
 
 
 
 
Earnings (loss) from continuing operations
$
(0.07
)
 
$
1.50

 
$
0.20

 
$
(0.51
)
 
$
1.12

Net earnings (loss)
(0.06
)
 
(0.03
)
 
0.10

 
(0.72
)
 
(0.71
)
 
 
 
 
 
 
 
 
 


Diluted earnings (loss) per share attributable to common shareholders
 
 
 
 
 
 
 
 
 
Earnings (loss) from continuing operations
(0.07
)
 
1.46

 
0.20

 
(0.51
)
 
1.12

Net earnings (loss)
(0.06
)
 
(0.01
)
 
0.10

 
(0.72
)
 
(0.70
)
 
 
 
 
 
 
 
 
 
 
Dividends per share
0.545

 
0.545

 
0.575

 
0.575

 
2.240



In the first quarter of fiscal 2019, the Company recorded $23.4 million related to acquisition, disposition, and restructuring related costs. These charges were partially offset by a gain on the sale the Company’s remaining 30 percent interest in Charleston Tennis LLC of $10.4 million.

The Company recorded $27.7 million related to acquisition, disposition, and restructuring related costs and a loss on the extinguishment of debt of $9.8 million in the second quarter of fiscal 2019.

In the third quarter of fiscal 2019, the Company recorded $16.8 million related to acquisition, disposition, and restructuring related costs.

The Company recorded an additional $39.3 million in acquisition, disposition, and restructuring related costs, and a $41.8 million impairment of trademarks in the fourth quarter of fiscal 2019.

Since its acquisition on January 31, 2018, as part of Time, the Money brand had been included in discontinued operations as it had been held for sale. In the fourth quarter of fiscal 2019, due to a change in vision, the decision was made to retain the Money brand. As such, the operations of the Money brand have been reclassified as continuing operations and results from the date of acquisition have been adjusted to reflect this change.


Year ended June 30, 2018
First
Quarter
 
Second 
Quarter
 
Third  
Quarter
 
Fourth 
Quarter
 
Total   
(In millions except per share data)
 
 
 
 
 
 
 
 
 
Revenues
 
 
 
 
 
 
 
 
 
National media
$
239.0

 
$
247.4

 
$
485.6

 
$
600.6

 
$
1,572.6

Local media
153.8

 
170.3

 
170.1

 
198.9

 
693.1

Intersegment elimination
—

 
—

 
(0.7
)
 
(0.8
)
 
(1.5
)
Total revenues
$
392.8


$
417.7


$
655.0


$
798.7

 
$
2,264.2

Operating profit
 
 
 
 
 
 
 
 
 
National media
$
27.5

 
$
11.6

 
$
4.5

 
$
41.4

 
$
85.0

Local media
40.3

 
49.9

 
38.3

 
58.2

 
186.7

Unallocated corporate
(11.6
)
 
(24.8
)
 
(115.3
)
 
(33.1
)
 
(184.8
)
Income (loss) from operations
$
56.2

 
$
36.7

 
$
(72.5
)
 
$
66.5

 
$
86.9

 
 
 
 
 
 
 
 
 
 
Earnings (loss) from continuing operations
$
33.4

 
$
159.4

 
$
(95.4
)
 
$
16.6

 
$
114.0

Discontinued operations
—

 
—

 
(14.9
)
 
0.3

 
(14.6
)
Net earnings (loss)
$
33.4

 
$
159.4

 
$
(110.3
)
 
$
16.9

 
$
99.4

 
 
 
 
 
 
 
 
 
 
Basic earnings (loss) per share attributable to common shareholders
 
 
 
 
 
 
 
 


Earnings (loss) from continuing operations
$
0.75

 
$
3.55

 
$
(2.41
)
 
$
(0.06
)
 
$
1.80

Net earnings (loss)
0.75

 
3.55

 
(2.74
)
 
(0.06
)
 
1.48

 
 
 
 
 
 
 
 
 
 
Diluted earnings (loss) per share attributable to common shareholders
 
 
 
 
 
 
 
 


Earnings (loss) from continuing operations
0.73

 
3.49

 
(2.41
)
 
(0.06
)
 
1.79

Net earnings (loss)
0.73

 
3.49

 
(2.74
)
 
(0.06
)
 
1.47

 
 
 
 
 
 
 
 
 
 
Dividends per share
0.520

 
0.520

 
0.545

 
0.545

 
2.130



In the second quarter of fiscal 2018, the Company recorded an impairment of a trademark of $19.8 million, transaction expenses associated with the Acquisition of $12.1 million, and a $3.1 million pre-tax restructuring charge.

In the third quarter of fiscal 2018, the Company recorded $153.0 million in costs related to acquisition, disposition, and restructuring related costs associated with the Acquisition, and a $12.9 million loss on an equity method investment. In addition, the quarter’s results include two-months of contribution from the acquired Time properties.

The fourth quarter was the first full quarter in which the acquired Time properties’ operations were included in the results. The Company recorded an additional $31.1 million in acquisition, disposition, and restructuring related costs, and a $2.9 million impairment of a trademark. These charges were partially offset by a gain on the sale of MXM of $11.5 million.

As a result of changes in shares outstanding during the year as well as the issuance of Series A preferred stock on January 31, 2018, the sum of the four quarters’ earnings per share may not necessarily equal the earnings per share for the year. See Note 14 for additional information on the Series A preferred stock and Note 16 for detail on the calculation of earnings per share.