ý | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 36-1880355 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |
435 North Michigan Avenue, Chicago, Illinois | 60611 | |
(Address of principal executive offices) | (Zip Code) |
Large Accelerated Filer | ý | Accelerated Filer | o | Non-Accelerated Filer | o |
Smaller Reporting Company | o | Emerging Growth Company | o |
Item No. | Page | ||
Part I. Financial Information | |||
Item 1. | Financial Statements | ||
Unaudited Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2017 and June 30, 2016 | |||
Unaudited Condensed Consolidated Statements of Comprehensive (Loss) Income for the Three and Six Months Ended June 30, 2017 and June 30, 2016 | |||
Unaudited Condensed Consolidated Balance Sheets at June 30, 2017 and December 31, 2016 | |||
Unaudited Condensed Consolidated Statement of Shareholders’ Equity for the Six Months Ended June 30, 2017 | |||
Unaudited Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2017 and June 30, 2016 | |||
Notes to Unaudited Condensed Consolidated Financial Statements | |||
Note 1: | Basis of Presentation and Significant Accounting Policies | ||
Note 2: | Discontinued Operations | ||
Note 3: | Real Estate Sales and Assets Held for Sale | ||
Note 4: | Goodwill and Other Intangible Assets | ||
Note 5: | Investments | ||
Note 6: | Debt | ||
Note 7: | Fair Value Measurements | ||
Note 8: | Commitments and Contingencies | ||
Note 9: | Income Taxes | ||
Note 10: | Pension and Other Retirement Plans | ||
Note 11: | Capital Stock | ||
Note 12: | Stock-Based Compensation | ||
Note 13: | Earnings Per Share | ||
Note 14: | Accumulated Other Comprehensive (Loss) Income | ||
Note 15: | Related Party Transactions | ||
Note 16: | Business Segments | ||
Note 17: | Condensed Consolidating Financial Statements | ||
Note 18: | Subsequent Events | ||
Item 2. | Management's Discussion and Analysis of Financial Condition and Results of Operations | ||
Item 3. | Quantitative and Qualitative Disclosures About Market Risk | ||
Item 4. | Controls and Procedures | ||
Part II. Other Information | |||
Item 1. | Legal Proceedings | ||
Item 1A. | Risk Factors | ||
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | ||
Item 3. | Defaults Upon Senior Securities | ||
Item 4. | Mine Safety Disclosures | ||
Item 5. | Other Information | ||
Item 6. | Exhibits | ||
Signature | |||
Exhibit Index |
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, 2017 | June 30, 2016 | June 30, 2017 | June 30, 2016 | ||||||||||||
Operating Revenues | |||||||||||||||
Television and Entertainment | $ | 466,061 | $ | 468,134 | $ | 902,094 | $ | 924,009 | |||||||
Other | 3,456 | 11,662 | 7,333 | 24,259 | |||||||||||
Total operating revenues | 469,517 | 479,796 | 909,427 | 948,268 | |||||||||||
Operating Expenses | |||||||||||||||
Programming | 157,084 | 122,803 | 298,330 | 246,970 | |||||||||||
Direct operating expenses | 96,940 | 96,523 | 195,747 | 194,095 | |||||||||||
Selling, general and administrative | 141,576 | 148,127 | 301,435 | 308,761 | |||||||||||
Depreciation | 13,927 | 14,467 | 27,498 | 28,909 | |||||||||||
Amortization | 41,664 | 41,670 | 83,323 | 83,335 | |||||||||||
Total operating expenses | 451,191 | 423,590 | 906,333 | 862,070 | |||||||||||
Operating Profit | 18,326 | 56,206 | 3,094 | 86,198 | |||||||||||
Income on equity investments, net | 40,761 | 44,306 | 77,798 | 82,558 | |||||||||||
Interest and dividend income | 548 | 228 | 1,053 | 360 | |||||||||||
Interest expense | (40,185 | ) | (38,071 | ) | (78,943 | ) | (76,212 | ) | |||||||
Loss on extinguishment and modification of debt | — | — | (19,052 | ) | — | ||||||||||
Gain on investment transaction | — | — | 4,950 | — | |||||||||||
Write-downs of investment | (58,800 | ) | — | (180,800 | ) | — | |||||||||
Other non-operating gain (loss), net | 71 | (75 | ) | 45 | 421 | ||||||||||
Reorganization items, net | (449 | ) | (366 | ) | (699 | ) | (800 | ) | |||||||
(Loss) Income from Continuing Operations Before Income Taxes | (39,728 | ) | 62,228 | (192,554 | ) | 92,525 | |||||||||
Income tax (benefit) expense | (9,905 | ) | 214,856 | (61,519 | ) | 230,051 | |||||||||
Loss from Continuing Operations | (29,823 | ) | (152,628 | ) | (131,035 | ) | (137,526 | ) | |||||||
(Loss) Income from Discontinued Operations, net of taxes (Note 2) | (579 | ) | (8,935 | ) | 15,039 | (12,944 | ) | ||||||||
Net Loss | $ | (30,402 | ) | $ | (161,563 | ) | $ | (115,996 | ) | $ | (150,470 | ) | |||
Basic (Loss) Earnings Per Common Share from: | |||||||||||||||
Continuing Operations | $ | (0.34 | ) | $ | (1.66 | ) | $ | (1.51 | ) | $ | (1.50 | ) | |||
Discontinued Operations | (0.01 | ) | (0.10 | ) | 0.17 | (0.14 | ) | ||||||||
Net Loss Per Common Share | $ | (0.35 | ) | $ | (1.76 | ) | $ | (1.34 | ) | $ | (1.64 | ) | |||
Diluted (Loss) Earnings Per Common Share from: | |||||||||||||||
Continuing Operations | $ | (0.34 | ) | $ | (1.66 | ) | $ | (1.51 | ) | $ | (1.50 | ) | |||
Discontinued Operations | (0.01 | ) | (0.10 | ) | 0.17 | (0.14 | ) | ||||||||
Net Loss Per Common Share | $ | (0.35 | ) | $ | (1.76 | ) | $ | (1.34 | ) | $ | (1.64 | ) | |||
Regular dividends declared per common share | $ | 0.25 | $ | 0.25 | $ | 0.50 | $ | 0.50 | |||||||
Special dividends declared per common share | $ | — | $ | — | $ | 5.77 | $ | — |
TRIBUNE MEDIA COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (In thousands of dollars) (Unaudited) | |||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, 2017 | June 30, 2016 | June 30, 2017 | June 30, 2016 | ||||||||||||
Net Loss | $ | (30,402 | ) | $ | (161,563 | ) | $ | (115,996 | ) | $ | (150,470 | ) | |||
Less: (Loss) Income from Discontinued Operations, net of taxes | (579 | ) | (8,935 | ) | 15,039 | (12,944 | ) | ||||||||
Net Loss from Continuing Operations | (29,823 | ) | (152,628 | ) | (131,035 | ) | (137,526 | ) | |||||||
Other Comprehensive (Loss) Income from Continuing Operations, net of taxes | |||||||||||||||
Pension and other post-retirement benefit items: | |||||||||||||||
Change in unrecognized benefit plan gains and losses arising during the period, net of taxes of $(285) and $2,367 for the three and six months ended June 30, 2017 and June 30, 2016, respectively | (442 | ) | 3,671 | (442 | ) | 3,671 | |||||||||
Adjustment for previously unrecognized benefit plan gains and losses included in net income, net of taxes of $(23) and $(20) for the three months ended June 30, 2017 and June 30, 2016, respectively, and $(51) and $(57) for the six months ended June 30, 2017 and June 30, 2016, respectively | (36 | ) | (30 | ) | (80 | ) | (88 | ) | |||||||
Change in unrecognized benefit plan gains and losses, net of taxes | (478 | ) | 3,641 | (522 | ) | 3,583 | |||||||||
Marketable securities: | |||||||||||||||
Change in unrealized holding gains and losses arising during the period, net of taxes of $0 and $909 for the three months ended June 30, 2017 and June 30, 2016, respectively, and $(60) and $685 for the six months ended June 30, 2017 and June 30, 2016, respectively | (1 | ) | 1,346 | (95 | ) | 998 | |||||||||
Adjustment for gain on investment sale included in net income, net of taxes of $(1,961) for the six months ended June 30, 2017 | — | — | (3,042 | ) | — | ||||||||||
Change in marketable securities, net of taxes | (1 | ) | 1,346 | (3,137 | ) | 998 | |||||||||
Cash flow hedging instruments: | |||||||||||||||
Unrealized gains and losses, net of taxes of $(2,107) and $(3,454) for the three and six months ended June 30, 2017 | (3,269 | ) | — | (5,357 | ) | — | |||||||||
Gains and losses reclassified to net income, net of taxes of $621 and $1,129 for the three and six months ended June 30, 2017 | 963 | — | 1,751 | — | |||||||||||
Change in unrecognized gains and losses on cash flow hedging instruments, net of taxes | (2,306 | ) | — | (3,606 | ) | — | |||||||||
Foreign currency translation adjustments: | |||||||||||||||
Change in foreign currency translation adjustments, net of taxes of $2,609 and $(1,161) for the three months ended June 30, 2017 and June 30, 2016, respectively, and $2,710 and $(1,095) for the six months ended June 30, 2017 and June 30, 2016, respectively | 5,052 | (1,990 | ) | 5,404 | (1,155 | ) | |||||||||
Other Comprehensive (Loss) Income from Continuing Operations, net of taxes | 2,267 | 2,997 | (1,861 | ) | 3,426 | ||||||||||
Comprehensive Loss from Continuing Operations, net of taxes | (27,556 | ) | (149,631 | ) | (132,896 | ) | (134,100 | ) | |||||||
Comprehensive (Loss) Income from Discontinued Operations, net of taxes | (579 | ) | (11,121 | ) | 26,810 | (11,922 | ) | ||||||||
Comprehensive Loss | $ | (28,135 | ) | $ | (160,752 | ) | $ | (106,086 | ) | $ | (146,022 | ) |
TRIBUNE MEDIA COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands of dollars, except for share and per share data) (Unaudited) | |||||||
June 30, 2017 | December 31, 2016 | ||||||
Assets | |||||||
Current Assets | |||||||
Cash and cash equivalents | $ | 380,567 | $ | 577,658 | |||
Restricted cash and cash equivalents | 17,566 | 17,566 | |||||
Accounts receivable (net of allowances of $17,320 and $12,504) | 397,571 | 429,112 | |||||
Broadcast rights | 105,054 | 157,817 | |||||
Income taxes receivable | 15,515 | 9,056 | |||||
Current assets of discontinued operations | — | 62,605 | |||||
Prepaid expenses | 22,130 | 35,862 | |||||
Other | 7,724 | 6,624 | |||||
Total current assets | 946,127 | 1,296,300 | |||||
Properties | |||||||
Property, plant and equipment | 644,422 | 711,068 | |||||
Accumulated depreciation | (210,800 | ) | (187,148 | ) | |||
Net properties | 433,622 | 523,920 | |||||
Other Assets | |||||||
Broadcast rights | 144,998 | 153,457 | |||||
Goodwill | 3,228,585 | 3,227,930 | |||||
Other intangible assets, net | 1,735,938 | 1,819,134 | |||||
Non-current assets of discontinued operations | — | 608,153 | |||||
Assets held for sale | 54,282 | 17,176 | |||||
Investments | 1,423,182 | 1,674,883 | |||||
Other | 78,541 | 80,098 | |||||
Total other assets | 6,665,526 | 7,580,831 | |||||
Total Assets (1) | $ | 8,045,275 | $ | 9,401,051 |
TRIBUNE MEDIA COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands of dollars, except for share and per share data) (Unaudited) | |||||||
June 30, 2017 | December 31, 2016 | ||||||
Liabilities and Shareholders’ Equity | |||||||
Current Liabilities | |||||||
Accounts payable | $ | 46,305 | $ | 60,553 | |||
Debt due within one year (net of unamortized discounts and debt issuance costs of $3,786 and $7,917) | 17,878 | 19,924 | |||||
Income taxes payable | 52,307 | 21,166 | |||||
Employee compensation and benefits | 68,276 | 77,123 | |||||
Contracts payable for broadcast rights | 207,895 | 241,255 | |||||
Deferred revenue | 11,633 | 13,690 | |||||
Interest payable | 30,042 | 30,305 | |||||
Current liabilities of discontinued operations | — | 54,284 | |||||
Other | 40,870 | 32,553 | |||||
Total current liabilities | 475,206 | 550,853 | |||||
Non-Current Liabilities | |||||||
Long-term debt (net of unamortized discounts and debt issuance costs of $37,421 and $38,830) | 3,010,784 | 3,391,627 | |||||
Deferred income taxes | 836,354 | 984,248 | |||||
Contracts payable for broadcast rights | 275,088 | 314,840 | |||||
Pension obligations, net | 434,273 | 444,401 | |||||
Postretirement, medical, life and other benefits | 10,657 | 11,385 | |||||
Other obligations | 79,833 | 62,700 | |||||
Non-current liabilities of discontinued operations | — | 95,314 | |||||
Total non-current liabilities | 4,646,989 | 5,304,515 | |||||
Total Liabilities (1) | 5,122,195 | 5,855,368 | |||||
Commitments and Contingent Liabilities (Note 8) | |||||||
Shareholders’ Equity | |||||||
Preferred stock ($0.001 par value per share) | |||||||
Authorized: 40,000,000 shares; No shares issued and outstanding at June 30, 2017 and at December 31, 2016 | — | — | |||||
Class A Common Stock ($0.001 par value per share) | |||||||
Authorized: 1,000,000,000 shares; 101,284,525 shares issued and 87,182,340 shares outstanding at June 30, 2017 and 100,416,516 shares issued and 86,314,063 shares outstanding at December 31, 2016 | 101 | 100 | |||||
Class B Common Stock ($0.001 par value per share) | |||||||
Authorized: 1,000,000,000 shares; Issued and outstanding: 5,605 shares at June 30, 2017 and at December 31, 2016 | — | — | |||||
Treasury stock, at cost: 14,102,185 shares at June 30, 2017 and 14,102,453 shares at December 31, 2016 | (632,194 | ) | (632,207 | ) | |||
Additional paid-in-capital | 4,044,480 | 4,561,760 | |||||
Retained deficit | (424,355 | ) | (308,105 | ) | |||
Accumulated other comprehensive loss | (71,872 | ) | (81,782 | ) | |||
Total Tribune Media Company shareholders’ equity | 2,916,160 | 3,539,766 | |||||
Noncontrolling interest | 6,920 | 5,917 | |||||
Total shareholders’ equity | 2,923,080 | 3,545,683 | |||||
Total Liabilities and Shareholders’ Equity | $ | 8,045,275 | $ | 9,401,051 |
(1) | The Company’s consolidated total assets as of June 30, 2017 and December 31, 2016 include total assets of variable interest entities (“VIEs”) of $92 million and $97 million, respectively, which can only be used to settle the obligations of the VIEs. The Company’s consolidated total liabilities as of June 30, 2017 and December 31, 2016 include total liabilities of the VIEs of $2 million and $3 million, respectively, for which the creditors of the VIEs have no recourse to the Company (see Note 1). |
TRIBUNE MEDIA COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY (In thousands, except for share data) (Unaudited) | |||||||||||||||||||||||||||||
Retained Deficit | Accumulated Other Comprehensive (Loss) Income | Additional Paid-In Capital | Common Stock | ||||||||||||||||||||||||||
Total | Class A | Class B | |||||||||||||||||||||||||||
Treasury Stock | Non- controlling Interest | Amount (at Cost) | Shares | Amount (at Cost) | Shares | ||||||||||||||||||||||||
Balance at December 31, 2016 | $ | 3,545,683 | $ | (308,105 | ) | $ | (81,782 | ) | $ | 4,561,760 | $ | (632,207 | ) | $ | 5,917 | $ | 100 | 100,416,516 | $ | — | 5,605 | ||||||||
Comprehensive loss: | |||||||||||||||||||||||||||||
Net loss | (115,996 | ) | (115,996 | ) | — | — | — | — | — | — | — | — | |||||||||||||||||
Other comprehensive income, net of taxes | 9,910 | — | 9,910 | — | — | — | — | — | — | — | |||||||||||||||||||
Comprehensive loss | (106,086 | ) | |||||||||||||||||||||||||||
Special dividends declared to shareholders and warrant holders, $5.77 per share | (499,107 | ) | — | — | (499,107 | ) | — | — | — | — | — | — | |||||||||||||||||
Regular dividends declared to shareholders and warrant holders, $0.50 per share | (43,558 | ) | — | — | (43,558 | ) | — | — | — | — | — | — | |||||||||||||||||
Warrant exercises | — | — | — | — | — | — | — | 44,848 | — | — | |||||||||||||||||||
Stock-based compensation | 22,319 | — | — | 22,319 | — | — | — | — | — | — | |||||||||||||||||||
Net share settlements of stock-based awards | 2,662 | — | — | 2,648 | 13 | — | 1 | 823,161 | — | — | |||||||||||||||||||
Cumulative effect of a change in accounting principle | 164 | (254 | ) | — | 418 | — | — | — | — | — | — | ||||||||||||||||||
Contributions from noncontrolling interest | 1,003 | — | — | — | — | 1,003 | — | — | — | — | |||||||||||||||||||
Balance at June 30, 2017 | $ | 2,923,080 | $ | (424,355 | ) | $ | (71,872 | ) | $ | 4,044,480 | $ | (632,194 | ) | $ | 6,920 | $ | 101 | 101,284,525 | $ | — | 5,605 |
TRIBUNE MEDIA COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands of dollars) (Unaudited) | |||||||
Six Months Ended | |||||||
June 30, 2017 | June 30, 2016 | ||||||
Operating Activities | |||||||
Net loss | $ | (115,996 | ) | $ | (150,470 | ) | |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||
Stock-based compensation | 22,093 | 18,003 | |||||
Pension credit, net of contributions | (11,024 | ) | (12,055 | ) | |||
Depreciation | 27,498 | 34,857 | |||||
Amortization of contract intangible assets and liabilities | 429 | (8,048 | ) | ||||
Amortization of other intangible assets | 83,323 | 98,799 | |||||
Income on equity investments, net | (77,798 | ) | (82,558 | ) | |||
Distributions from equity investments | 149,650 | 125,604 | |||||
Non-cash loss on extinguishment and modification of debt | 6,823 | — | |||||
Original issue discount payments | (6,873 | ) | — | ||||
Write-downs of investment | 180,800 | — | |||||
Amortization of debt issuance costs and original issue discount | 4,127 | 5,559 | |||||
Gain on sale of business | (34,510 | ) | — | ||||
Gain on investment transaction | (4,950 | ) | — | ||||
Impairments of real estate | 757 | 14,600 | |||||
(Gain) loss on sales of real estate, net | (300 | ) | 449 | ||||
Other non-operating gain, net | (45 | ) | (421 | ) | |||
Changes in working capital items: | |||||||
Accounts receivable, net | 32,074 | 18,256 | |||||
Prepaid expenses and other current assets | 14,659 | 27,120 | |||||
Accounts payable | (8,896 | ) | 4,498 | ||||
Employee compensation and benefits, accrued expenses and other current liabilities | (17,014 | ) | (30,405 | ) | |||
Deferred revenue | (2,726 | ) | (5,693 | ) | |||
Income taxes | 24,756 | 151,485 | |||||
Change in broadcast rights, net of liabilities | (11,893 | ) | (49,261 | ) | |||
Deferred income taxes | (141,944 | ) | 57,489 | ||||
Other, net | 9,594 | 23,511 | |||||
Net cash provided by operating activities | 122,614 | 241,319 | |||||
Investing Activities | |||||||
Capital expenditures | (28,099 | ) | (35,431 | ) | |||
Investments | — | (3,451 | ) | ||||
Net proceeds from the sale of business (Note 2) | 557,793 | — | |||||
Proceeds from sales of real estate and other assets | 59,751 | 33,702 | |||||
Proceeds from the sale of investment | 4,950 | — | |||||
Distribution from cost investment | 805 | — | |||||
Transfers from restricted cash | — | 297 | |||||
Net cash provided by (used in) investing activities | 595,200 | (4,883 | ) |
TRIBUNE MEDIA COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands of dollars) (Unaudited) | |||||||
Six Months Ended | |||||||
June 30, 2017 | June 30, 2016 | ||||||
Financing Activities | |||||||
Long-term borrowings | 202,694 | — | |||||
Repayments of long-term debt | (589,661 | ) | (13,920 | ) | |||
Long-term debt issuance costs | (1,689 | ) | (784 | ) | |||
Payments of dividends | (542,665 | ) | (46,174 | ) | |||
Settlement of contingent consideration | — | (750 | ) | ||||
Common stock repurchases | — | (66,548 | ) | ||||
Tax withholdings related to net share settlements of share-based awards | (7,351 | ) | (4,377 | ) | |||
Proceeds from stock option exercises | 10,013 | — | |||||
Contributions from noncontrolling interest | 1,003 | 113 | |||||
Net cash used in financing activities | (927,656 | ) | (132,440 | ) | |||
Net (Decrease) Increase in Cash and Cash Equivalents | (209,842 | ) | 103,996 | ||||
Cash and cash equivalents, beginning of period (1) | 590,409 | 262,644 | |||||
Cash and cash equivalents, end of period | $ | 380,567 | $ | 366,640 | |||
Supplemental Schedule of Cash Flow Information | |||||||
Cash paid during the period for: | |||||||
Interest | $ | 76,264 | $ | 81,989 | |||
Income taxes, net | $ | 68,685 | $ | 15,868 |
(1) | Cash and cash equivalents at the beginning of the six months ended June 30, 2017 of $590 million are comprised of $578 million of cash and cash equivalents from continuing operations as reflected in the Company’s unaudited Condensed Consolidated Balance Sheets and $13 million of cash and cash equivalents reflected in current assets of discontinued operations, as further described in Note 2. |
June 30, 2017 | December 31, 2016 | ||||||
Property, plant and equipment, net | $ | 45 | $ | 91 | |||
Broadcast rights | 792 | 2,634 | |||||
Other intangible assets, net | 77,178 | 82,442 | |||||
Other assets | 176 | 134 | |||||
Total Assets | $ | 78,191 | $ | 85,301 | |||
Debt due within one year | $ | 4,010 | $ | 4,003 | |||
Contracts payable for broadcast rights | 940 | 2,758 | |||||
Long-term debt | 8,760 | 10,767 | |||||
Other liabilities | 49 | 85 | |||||
Total Liabilities | $ | 13,759 | $ | 17,613 |
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, 2017 (1) | June 30, 2016 | June 30, 2017 (1) | June 30, 2016 | ||||||||||||
Operating revenues | $ | — | $ | 46,884 | $ | 18,168 | $ | 99,476 | |||||||
Direct operating expenses | — | 18,862 | 7,292 | 35,556 | |||||||||||
Selling, general and administrative | — | 27,285 | 15,349 | 55,350 | |||||||||||
Depreciation (2) | — | 3,052 | — | 5,948 | |||||||||||
Amortization (2) | — | 7,751 | — | 15,464 | |||||||||||
Operating loss | — | (10,066 | ) | (4,473 | ) | (12,842 | ) | ||||||||
Interest income | — | 13 | 16 | 26 | |||||||||||
Interest expense (3) | — | (3,836 | ) | (1,261 | ) | (7,671 | ) | ||||||||
Loss before income taxes | — | (13,889 | ) | (5,718 | ) | (20,487 | ) | ||||||||
Pretax (loss) gain on the disposal of discontinued operations | (952 | ) | — | 34,510 | — | ||||||||||
Total pretax (loss) income on discontinued operations | (952 | ) | (13,889 | ) | 28,792 | (20,487 | ) | ||||||||
Income tax (benefit) expense (4) | (373 | ) | (4,954 | ) | 13,753 | (7,543 | ) | ||||||||
(Loss) income from discontinued operations, net of taxes | $ | (579 | ) | $ | (8,935 | ) | $ | 15,039 | $ | (12,944 | ) |
(1) | Results of operations for the Gracenote Companies are reflected through January 31, 2017, the date of the Gracenote Sale. |
(2) | No depreciation expense or amortization expense was recorded by the Company in 2017 as the Gracenote Companies’ assets were held for sale as of December 31, 2016. |
(3) | The Company used $400 million of proceeds from the Gracenote Sale to pay down a portion of its outstanding borrowings under the Company’s Term Loan Facility (as defined and described in Note 6). Interest expense associated with the Company’s outstanding Term Loan Facility was allocated to discontinued operations based on the ratio of the $400 million prepayment to the total outstanding indebtedness under the Term Loan Facility in effect in each respective period. |
(4) | The effective tax rates on pretax (loss) income from discontinued operations were 39.2% and 35.7% for the three months ended June 30, 2017 and June 30, 2016, respectively, and 47.8% and 36.8% for the six months ended June 30, 2017 and June 30, 2016, respectively. The 2017 rate differs from the U.S. federal statutory rate of 35% primarily due to state income taxes (net of federal benefit), foreign tax rate differences, and an adjustment relating to the sale of the Gracenote Companies. The 2016 rates differ from the U.S. federal statutory rate of 35% primarily due to state income taxes (net of federal benefit) and foreign tax rate differences. |
December 31, 2016 | |||
Carrying Amounts of Major Classes of Current Assets Included as Part of Discontinued Operations | |||
Cash and cash equivalents | $ | 12,751 | |
Accounts receivable, net | 38,727 | ||
Prepaid expenses and other | 11,127 | ||
Total current assets of discontinued operations | 62,605 | ||
Carrying Amounts of Major Classes of Non-Current Assets Included as Part of Discontinued Operations | |||
Property, plant and equipment, net | 49,348 | ||
Goodwill | 333,258 | ||
Other intangible assets, net | 219,287 | ||
Other long-term assets | 6,260 | ||
Total non-current assets of discontinued operations | 608,153 | ||
Total Assets Classified as Discontinued Operations in the Unaudited Condensed Consolidated Balance Sheets | $ | 670,758 | |
Carrying Amounts of Major Classes of Current Liabilities Included as Part of Discontinued Operations | |||
Accounts payable | $ | 6,237 | |
Employee compensation and benefits | 17,011 | ||
Deferred revenue | 27,113 | ||
Accrued expenses and other current liabilities | 3,923 | ||
Total current liabilities of discontinued operations | 54,284 | ||
Carrying Amounts of Major Classes of Non-Current Liabilities Included as Part of Discontinued Operations | |||
Deferred income taxes | 89,029 | ||
Postretirement, medical, life and other benefits | 2,786 | ||
Other obligations | 3,499 | ||
Total non-current liabilities discontinued operations | 95,314 | ||
Total Liabilities Classified as Discontinued Operations in the Unaudited Condensed Consolidated Balance Sheets | $ | 149,598 | |
Net Assets Classified as Discontinued Operations | $ | 521,160 |
Six Months Ended | |||||||
June 30, 2017 (1) | June 30, 2016 | ||||||
Significant operating non-cash items: | |||||||
Stock-based compensation | $ | 1,992 | $ | 1,988 | |||
Depreciation (2) | — | 5,948 | |||||
Amortization (2) | — | 15,464 | |||||
Significant investing items (3): | |||||||
Capital expenditures | 1,578 | 10,969 | |||||
Net proceeds from the sale of business (4) | 557,793 | — | |||||
Significant financing items (3): | |||||||
Settlement of contingent consideration | — | (750 | ) |
(1) | Results of operations for the Gracenote Companies are reflected through January 31, 2017, the date of the Gracenote Sale. |
(2) | No depreciation expense or amortization expense was recorded by the Company in 2017 as the Gracenote Companies’ assets were held for sale as of December 31, 2016. |
(3) | Non-cash investing and financing activities of Digital and Data businesses included in the Gracenote Sale were immaterial. |
(4) | Net proceeds from the sale of business reflects the gross proceeds from the Gracenote sale of $584 million, net of $17 million of the Gracenote Companies’ cash and cash equivalents included in the sale and $9 million of selling costs. |
June 30, 2017 | December 31, 2016 | ||||||
Real estate | $ | 54,282 | $ | 17,176 |
June 30, 2017 | December 31, 2016 | ||||||||||||||||||||||
Gross Amount | Accumulated Amortization | Net Amount | Gross Amount | Accumulated Amortization | Net Amount | ||||||||||||||||||
Other intangible assets subject to amortization | |||||||||||||||||||||||
Affiliate relationships (useful life of 16 years) | $ | 212,000 | $ | (59,625 | ) | $ | 152,375 | $ | 212,000 | $ | (53,000 | ) | $ | 159,000 | |||||||||
Advertiser relationships (useful life of 8 years) | 168,000 | (94,500 | ) | 73,500 | 168,000 | (84,000 | ) | 84,000 | |||||||||||||||
Network affiliation agreements (useful life of 5 to 16 years) | 362,000 | (154,531 | ) | 207,469 | 362,000 | (133,725 | ) | 228,275 | |||||||||||||||
Retransmission consent agreements (useful life of 7 to 12 years) | 830,100 | (332,014 | ) | 498,086 | 830,100 | (286,994 | ) | 543,106 | |||||||||||||||
Other (useful life of 5 to 15 years) | 16,138 | (5,630 | ) | 10,508 | 15,448 | (4,695 | ) | 10,753 | |||||||||||||||
Total | $ | 1,588,238 | $ | (646,300 | ) | 941,938 | $ | 1,587,548 | $ | (562,414 | ) | 1,025,134 | |||||||||||
Other intangible assets not subject to amortization | |||||||||||||||||||||||
FCC licenses | 779,200 | 779,200 | |||||||||||||||||||||
Trade name | 14,800 | 14,800 | |||||||||||||||||||||
Total other intangible assets, net | 1,735,938 | 1,819,134 | |||||||||||||||||||||
Goodwill | 3,228,585 | 3,227,930 | |||||||||||||||||||||
Total goodwill and other intangible assets | $ | 4,964,523 | $ | 5,047,064 |
Other intangible assets subject to amortization | |||
Balance as of December 31, 2016 | $ | 1,025,134 | |
Amortization | (83,764 | ) | |
Foreign currency translation adjustment | 568 | ||
Balance as of June 30, 2017 | $ | 941,938 | |
Other intangible assets not subject to amortization | |||
Balance as of June 30, 2017 and December 31, 2016 | $ | 794,000 | |
Goodwill | |||
Gross balance as of December 31, 2016 | $ | 3,608,930 | |
Accumulated impairment losses at December 31, 2016 | (381,000 | ) | |
Balance at December 31, 2016 | 3,227,930 | ||
Foreign currency translation adjustment | 655 | ||
Balance as of June 30, 2017 | $ | 3,228,585 | |
Total goodwill and other intangible assets as of June 30, 2017 | $ | 4,964,523 |
June 30, 2017 | December 31, 2016 | ||||||
Equity method investments | $ | 1,396,379 | $ | 1,642,117 | |||
Cost method investments | 25,943 | 26,748 | |||||
Marketable equity securities | 860 | 6,018 | |||||
Total investments | $ | 1,423,182 | $ | 1,674,883 |
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, 2017 | June 30, 2016 | June 30, 2017 | June 30, 2016 | ||||||||||||
Income from equity investments, net, before amortization of basis difference | $ | 53,311 | $ | 57,950 | $ | 106,199 | $ | 109,873 | |||||||
Amortization of basis difference | (12,550 | ) | (13,644 | ) | (28,401 | ) | (27,315 | ) | |||||||
Income from equity investments, net | $ | 40,761 | $ | 44,306 | $ | 77,798 | $ | 82,558 |
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, 2017 | June 30, 2016 | June 30, 2017 | June 30, 2016 | ||||||||||||
Cash distributions from equity investments | $ | 38,141 | $ | 36,258 | $ | 149,650 | $ | 125,604 |
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, 2017 | June 30, 2016 | June 30, 2017 | June 30, 2016 | ||||||||||||
Revenues, net | $ | 308,758 | $ | 298,275 | $ | 606,114 | $ | 575,451 | |||||||
Operating income | $ | 197,474 | $ | 188,381 | $ | 390,156 | $ | 370,377 | |||||||
Net income | $ | 164,878 | $ | 157,213 | $ | 324,339 | $ | 305,530 |
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, 2017 | June 30, 2016 | June 30, 2017 | June 30, 2016 | ||||||||||||
Revenues, net | $ | 169,403 | $ | 182,275 | $ | 339,422 | $ | 355,008 | |||||||
Operating income | $ | 3,180 | $ | 27,257 | $ | 10,034 | $ | 44,189 | |||||||
Net income | $ | 5,508 | $ | 26,477 | $ | 13,248 | $ | 44,362 |
June 30, 2017 | December 31, 2016 | ||||||
Term Loan Facility | |||||||
Term B Loans due 2020, effective interest rate of 3.84% and 3.82%, net of unamortized discount and debt issuance costs of $2,339 and $31,230 | $ | 197,661 | $ | 2,312,218 | |||
Term C Loans due 2024, effective interest rate of 3.85%, net of unamortized discount and debt issuance costs of $24,759 | 1,732,285 | — | |||||
5.875% Senior Notes due 2022, net of debt issuance costs of $14,054 and $15,437 | 1,085,946 | 1,084,563 | |||||
Dreamcatcher Credit Facility due 2018, effective interest rate of 4.08%, net of unamortized discount and debt issuance costs of $55 and $80 | 12,770 | 14,770 | |||||
Total debt | 3,028,662 | 3,411,551 | |||||
Less: Debt due within one year | 17,878 | 19,924 | |||||
Long-term debt, net of current portion | $ | 3,010,784 | $ | 3,391,627 |
• | Level 1 – Assets and liabilities whose values are based on unadjusted quoted prices for identical assets or liabilities in an active market. |
• | Level 2 – Assets and liabilities whose values are based on inputs other than those included in Level 1, including quoted market prices in markets that are not active; quoted prices of assets or liabilities with similar attributes in active markets; or valuation models whose inputs are observable or unobservable but corroborated by market data. |
• | Level 3 – Assets and liabilities whose values are based on valuation models or pricing techniques that utilize unobservable inputs that are significant to the overall fair value measurement. |
June 30, 2017 | December 31, 2016 | ||||||||||||||
Fair Value | Carrying Amount | Fair Value | Carrying Amount | ||||||||||||
Cost method investments | $ | 25,943 | $ | 25,943 | $ | 26,748 | $ | 26,748 | |||||||
Term Loan Facility | |||||||||||||||
Term B Loans due 2020 | $ | 201,626 | $ | 197,661 | $ | 2,359,571 | $ | 2,312,218 | |||||||
Term C Loans due 2024 | $ | 1,770,222 | $ | 1,732,285 | $ | — | $ | — | |||||||
5.875% Senior Notes due 2022 | $ | 1,155,484 | $ | 1,085,946 | $ | 1,120,482 | $ | 1,084,563 | |||||||
Dreamcatcher Credit Facility | $ | 12,929 | $ | 12,770 | $ | 14,952 | $ | 14,770 |
Pension Benefits | |||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, 2017 | June 30, 2016 | June 30, 2017 | June 30, 2016 | ||||||||||||
Service cost | $ | 198 | $ | 177 | $ | 384 | $ | 346 | |||||||
Interest cost | 19,528 | 20,611 | 39,097 | 41,362 | |||||||||||
Expected return on plans’ assets | (25,236 | ) | (26,895 | ) | (50,563 | ) | (53,808 | ) | |||||||
Amortization of prior service costs | 35 | 45 | 58 | 45 | |||||||||||
Net periodic benefit credit | $ | (5,475 | ) | $ | (6,062 | ) | $ | (11,024 | ) | $ | (12,055 | ) |
2017 | 2016 | ||||||||||||||
Per Share | Total Amount | Per Share | Total Amount | ||||||||||||
First quarter | $ | 0.25 | $ | 21,742 | $ | 0.25 | $ | 23,215 | |||||||
Second quarter | $ | 0.25 | $ | 21,816 | $ | 0.25 | $ | 22,959 | |||||||
Total quarterly cash dividends declared and paid | $ | 0.50 | $ | 43,558 | $ | 0.50 | $ | 46,174 |
• | Non-Qualified Stock Options - The number of NSOs outstanding as of the Ex-dividend Date was increased via the calculated Ratio and the strike price of NSOs was decreased via the Ratio in order to preserve the fair value of NSOs; |
• | Restricted Stock Units - The number of outstanding restricted stock units (“RSUs”) as of the Ex-dividend Date was increased utilizing the calculated Ratio in order to preserve the fair value of RSUs; and |
• | Performance Share Units - The number of outstanding performance share units (“PSUs”) as of the Ex-dividend Date was increased utilizing the calculated Ratio in order to preserve the fair value of PSUs. |
Six Months Ended June 30, 2017 | ||||||
Shares | Weighted Avg. Exercise Price | |||||
Outstanding, beginning of period | 2,396,160 | $ | 45.82 | |||
Granted | 931,913 | 32.12 | ||||
Exercised | (350,711 | ) | 28.55 | |||
Forfeited | (375,634 | ) | 28.95 | |||
Cancelled | (70,714 | ) | 47.85 | |||
Adjustment due to the 2017 Special Cash Dividend | 452,738 | * | ||||
Outstanding, end of period | 2,983,752 | $ | 38.66 | |||
Vested and exercisable, end of period | 1,247,501 | $ | 47.70 |
* | Not meaningful |
Six Months Ended June 30, 2017 | ||||||
Shares | Weighted Avg. Fair Value | |||||
Outstanding, beginning of period | 1,230,676 | $ | 40.92 | |||
Granted | 616,042 | 32.65 | ||||
Dividend equivalent units granted | 15,834 | 38.02 | ||||
Vested | (555,039 | ) | 38.31 | |||
Dividend equivalent units vested | (19,358 | ) | 32.32 | |||
Forfeited | (300,472 | ) | 32.03 | |||
Dividend equivalent units forfeited | (8,913 | ) | 32.01 | |||
Adjustment due to the 2017 Special Cash Dividend | 223,698 | * | ||||
Outstanding and nonvested, end of period | 1,202,468 | $ | 32.64 |
* | Not meaningful |
Six Months Ended June 30, 2017 | ||||||
Shares | Weighted Avg. Fair Value | |||||
Outstanding, beginning of period | — | $ | — | |||
Granted | 10,147 | 34.98 | ||||
Vested | (10,147 | ) | 34.98 | |||
Outstanding and nonvested, end of period | — | $ | — |
Six Months Ended June 30, 2017 | ||||||
Shares | Weighted Avg. Fair Value | |||||
Outstanding, beginning of period | 347,000 | $ | 27.23 | |||
Granted (1) | 117,777 | 31.45 | ||||
Dividend equivalent units granted | 2,425 | 38.01 | ||||
Vested | (145,621 | ) | 34.22 | |||
Dividend equivalent units vested | (3,726 | ) | 32.50 | |||
Forfeited | (46,836 | ) | 33.73 | |||
Dividend equivalent units forfeited | (5,601 | ) | 40.72 | |||
Adjustment due to the 2017 Special Cash Dividend (1)(2) | 24,244 | * | ||||
Outstanding and nonvested, end of period | 289,662 | $ | 22.05 |
* | Not meaningful |
(1) | Represents shares of PSUs for which performance targets have been established and which are deemed granted under U.S. GAAP. |
(2) | Excludes 19,725 PSUs which have not yet been deemed granted under U.S. GAAP. |
Unrecognized Compensation Cost | Weighted Average Remaining Recognition Period | ||||
Nonvested awards | $ | 47,714 | 2.8 |
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, 2017 | June 30, 2016 | June 30, 2017 | June 30, 2016 | ||||||||||||
EPS numerator: | |||||||||||||||
Loss from continuing operations, as reported | $ | (29,823 | ) | $ | (152,628 | ) | $ | (131,035 | ) | $ | (137,526 | ) | |||
Less: Dividends distributed to Warrants | 21 | 40 | 46 | 88 | |||||||||||
Less: Undistributed earnings allocated to Warrants | — | — | — | — | |||||||||||
Loss from continuing operations attributable to common shareholders for basic EPS | $ | (29,844 | ) | $ | (152,668 | ) | $ | (131,081 | ) | $ | (137,614 | ) | |||
Add: Undistributed earnings allocated to dilutive securities | — | — | — | — | |||||||||||
Loss from continuing operations attributable to common shareholders for diluted EPS | $ | (29,844 | ) | $ | (152,668 | ) | $ | (131,081 | ) | $ | (137,614 | ) | |||
(Loss) income from discontinued operations attributable to common shareholders for basic and diluted EPS | $ | (579 | ) | $ | (8,935 | ) | $ | 15,039 | $ | (12,944 | ) | ||||
Net loss attributable to common shareholders for basic EPS | $ | (30,423 | ) | $ | (161,603 | ) | $ | (116,042 | ) | $ | (150,558 | ) | |||
Net loss attributable to common shareholders for diluted EPS | $ | (30,423 | ) | $ | (161,603 | ) | $ | (116,042 | ) | $ | (150,558 | ) | |||
EPS denominator: | |||||||||||||||
Weighted average shares outstanding - basic | 87,058 | 91,676 | 86,846 | 92,083 | |||||||||||
Impact of dilutive securities | — | — | — | — | |||||||||||
Weighted average shares outstanding - diluted | 87,058 | 91,676 | 86,846 | 92,083 | |||||||||||
Basic (Loss) Earnings Per Common Share from: | |||||||||||||||
Continuing Operations | $ | (0.34 | ) | $ | (1.66 | ) | $ | (1.51 | ) | $ | (1.50 | ) | |||
Discontinued Operations | (0.01 | ) | (0.10 | ) | 0.17 | (0.14 | ) | ||||||||
Net Loss Per Common Share | $ | (0.35 | ) | $ | (1.76 | ) | $ | (1.34 | ) | $ | (1.64 | ) | |||
Diluted (Loss) Earnings Per Common Share from: | |||||||||||||||
Continuing Operations | $ | (0.34 | ) | $ | (1.66 | ) | $ | (1.51 | ) | $ | (1.50 | ) | |||
Discontinued Operations | (0.01 | ) | (0.10 | ) | 0.17 | (0.14 | ) | ||||||||
Net Loss Per Common Share | $ | (0.35 | ) | $ | (1.76 | ) | $ | (1.34 | ) | $ | (1.64 | ) |
Pension and Other Post-Retirement Benefit Items | Marketable Securities | Cash Flow Hedging Instruments | Foreign Currency Translation Adjustments | Total | |||||||||||||||
Balance at December 31, 2016 | $ | (64,883 | ) | $ | 3,075 | $ | — | $ | (19,974 | ) | $ | (81,782 | ) | ||||||
Other comprehensive (loss) income before reclassifications | (442 | ) | (95 | ) | (5,357 | ) | 4,410 | (1,484 | ) | ||||||||||
Amounts reclassified from AOCI | (80 | ) | (3,042 | ) | 1,751 | 12,765 | 11,394 | ||||||||||||
Balance at June 30, 2017 | $ | (65,405 | ) | $ | (62 | ) | $ | (3,606 | ) | $ | (2,799 | ) | $ | (71,872 | ) |
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, 2017 | June 30, 2016 | June 30, 2017 | June 30, 2016 | ||||||||||||
Operating Revenues from Continuing Operations (1) | |||||||||||||||
Television and Entertainment | $ | 466,061 | $ | 468,134 | $ | 902,094 | $ | 924,009 | |||||||
Corporate and Other | 3,456 | 11,662 | 7,333 | 24,259 | |||||||||||
Total operating revenues | $ | 469,517 | $ | 479,796 | $ | 909,427 | $ | 948,268 | |||||||
Operating profit (loss) from Continuing Operations (1)(2) | |||||||||||||||
Television and Entertainment | $ | 50,219 | $ | 83,346 | $ | 70,232 | $ | 141,951 | |||||||
Corporate and Other | (31,893 | ) | (27,140 | ) | (67,138 | ) | (55,753 | ) | |||||||
Total operating profit | $ | 18,326 | $ | 56,206 | $ | 3,094 | $ | 86,198 | |||||||
Depreciation from Continuing Operations (3) | |||||||||||||||
Television and Entertainment | $ | 10,530 | $ | 11,108 | $ | 20,569 | $ | 22,125 | |||||||
Corporate and Other | 3,397 | 3,359 | 6,929 | 6,784 | |||||||||||
Total depreciation | $ | 13,927 | $ | 14,467 | $ | 27,498 | $ | 28,909 | |||||||
Amortization from Continuing Operations (3) | |||||||||||||||
Television and Entertainment | $ | 41,664 | $ | 41,670 | $ | 83,323 | $ | 83,335 | |||||||
Capital Expenditures | |||||||||||||||
Television and Entertainment | $ | 11,727 | $ | 6,603 | $ | 22,534 | $ | 13,436 | |||||||
Corporate and Other | 1,738 | 4,934 | 3,987 | 11,026 | |||||||||||
Discontinued Operations | — | 6,046 | 1,578 | 10,969 | |||||||||||
Total capital expenditures | $ | 13,465 | $ | 17,583 | $ | 28,099 | $ | 35,431 |
June 30, 2017 | December 31, 2016 | ||||||
Assets | |||||||
Television and Entertainment | $ | 7,186,225 | $ | 7,484,591 | |||
Corporate and Other | 804,768 | 1,228,526 | |||||
Assets held for sale (4) | 54,282 | 17,176 | |||||
Discontinued Operations | — | 670,758 | |||||
Total assets | $ | 8,045,275 | $ | 9,401,051 |
(1) | See Note 2 for the disclosures of operating revenues and operating loss included in discontinued operations for the historical periods. |
(2) | Operating profit (loss) for each segment excludes income and loss on equity investments, interest and dividend income, interest expense, non-operating items, reorganization costs and income taxes. |
(3) | Depreciation and amortization from discontinued operations totaled $3 million and $8 million respectively, for the three months ended June 30, 2016 and $6 million and $15 million, respectively, for the six months ended June 30, 2016. |
(4) | See Note 3 for information regarding real estate assets held for sale. |
Parent (Tribune Media Company) | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Tribune Media Company Consolidated | |||||||||||||||
Operating Revenues | $ | — | $ | 467,198 | $ | 2,319 | $ | — | $ | 469,517 | |||||||||
Programming and direct operating expenses | — | 249,597 | 4,427 | — | 254,024 | ||||||||||||||
Selling, general and administrative | 29,858 | 110,804 | 914 | — | 141,576 | ||||||||||||||
Depreciation and amortization | 2,938 | 49,527 | 3,126 | — | 55,591 | ||||||||||||||
Total Operating Expenses | 32,796 | 409,928 | 8,467 | — | 451,191 | ||||||||||||||
Operating (Loss) Profit | (32,796 | ) | 57,270 | (6,148 | ) | — | 18,326 | ||||||||||||
(Loss) income on equity investments, net | (570 | ) | 41,331 | — | — | 40,761 | |||||||||||||
Interest and dividend income | 534 | 14 | — | — | 548 | ||||||||||||||
Interest expense | (40,024 | ) | — | (161 | ) | — | (40,185 | ) | |||||||||||
Write-downs of investment | — | (58,800 | ) | — | — | (58,800 | ) | ||||||||||||
Other non-operating items | (378 | ) | — | — | — | (378 | ) | ||||||||||||
Intercompany income (charges) | 19,468 | (19,426 | ) | (42 | ) | — | — | ||||||||||||
(Loss) Income from Continuing Operations Before Income Taxes and Earnings (Losses) from Consolidated Subsidiaries | (53,766 | ) | 20,389 | (6,351 | ) | — | (39,728 | ) | |||||||||||
Income tax (benefit) expense | (16,877 | ) | 9,468 | (2,496 | ) | — | (9,905 | ) | |||||||||||
Equity (deficit) in earnings of consolidated subsidiaries, net of taxes | 7,066 | (2,448 | ) | — | (4,618 | ) | — | ||||||||||||
(Loss) Income from Continuing Operations | $ | (29,823 | ) | $ | 8,473 | $ | (3,855 | ) | $ | (4,618 | ) | $ | (29,823 | ) | |||||
Loss from Discontinued Operations, net of taxes | (579 | ) | — | — | — | (579 | ) | ||||||||||||
Net (Loss) Income | $ | (30,402 | ) | $ | 8,473 | $ | (3,855 | ) | $ | (4,618 | ) | $ | (30,402 | ) | |||||
Comprehensive (Loss) Income | $ | (28,135 | ) | $ | 12,521 | $ | (2,851 | ) | $ | (9,670 | ) | $ | (28,135 | ) |
Parent (Tribune Media Company) | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Tribune Media Company Consolidated | |||||||||||||||
Operating Revenues | $ | — | $ | 477,491 | $ | 2,305 | $ | — | $ | 479,796 | |||||||||
Programming and direct operating expenses | — | 218,373 | 953 | — | 219,326 | ||||||||||||||
Selling, general and administrative | 23,981 | 123,301 | 845 | — | 148,127 | ||||||||||||||
Depreciation and amortization | 2,768 | 50,159 | 3,210 | — | 56,137 | ||||||||||||||
Total Operating Expenses | 26,749 | 391,833 | 5,008 | — | 423,590 | ||||||||||||||
Operating (Loss) Profit | (26,749 | ) | 85,658 | (2,703 | ) | — | 56,206 | ||||||||||||
(Loss) income on equity investments, net | (678 | ) | 44,984 | — | — | 44,306 | |||||||||||||
Interest and dividend income | 217 | 11 | — | — | 228 | ||||||||||||||
Interest expense | (37,868 | ) | — | (203 | ) | — | (38,071 | ) | |||||||||||
Other non-operating items | (441 | ) | — | — | — | (441 | ) | ||||||||||||
Intercompany income (charges) | 21,989 | (21,933 | ) | (56 | ) | — | — | ||||||||||||
(Loss) Income from Continuing Operations Before Income Taxes and Earnings (Losses) from Consolidated Subsidiaries | (43,530 | ) | 108,720 | (2,962 | ) | — | 62,228 | ||||||||||||
Income tax expense | 58,383 | 51,017 | 105,456 | — | 214,856 | ||||||||||||||
(Deficit) equity in earnings of consolidated subsidiaries, net of taxes | (50,715 | ) | (577 | ) | — | 51,292 | — | ||||||||||||
(Loss) Income from Continuing Operations | $ | (152,628 | ) | $ | 57,126 | $ | (108,418 | ) | $ | 51,292 | $ | (152,628 | ) | ||||||
(Loss) Income from Discontinued Operations, net of taxes | (8,935 | ) | (8,688 | ) | (431 | ) | 9,119 | (8,935 | ) | ||||||||||
Net (Loss) Income | $ | (161,563 | ) | $ | 48,438 | $ | (108,849 | ) | $ | 60,411 | $ | (161,563 | ) | ||||||
Comprehensive (Loss) Income | $ | (160,752 | ) | $ | 46,636 | $ | (111,221 | ) | $ | 64,585 | $ | (160,752 | ) |
Parent (Tribune Media Company) | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Tribune Media Company Consolidated | |||||||||||||||
Operating Revenues | $ | — | $ | 904,685 | $ | 4,742 | $ | — | $ | 909,427 | |||||||||
Programming and direct operating expenses | — | 488,829 | 5,248 | — | 494,077 | ||||||||||||||
Selling, general and administrative | 62,825 | 236,893 | 1,717 | — | 301,435 | ||||||||||||||
Depreciation and amortization | 5,886 | 98,689 | 6,246 | — | 110,821 | ||||||||||||||
Total Operating Expenses | 68,711 | 824,411 | 13,211 | — | 906,333 | ||||||||||||||
Operating (Loss) Profit | (68,711 | ) | 80,274 | (8,469 | ) | — | 3,094 | ||||||||||||
(Loss) income on equity investments, net | (1,039 | ) | 78,837 | — | — | 77,798 | |||||||||||||
Interest and dividend income | 1,016 | 37 | — | — | 1,053 | ||||||||||||||
Interest expense | (78,616 | ) | — | (327 | ) | — | (78,943 | ) | |||||||||||
Loss on extinguishment and modification of debt | (19,052 | ) | — | — | — | (19,052 | ) | ||||||||||||
Gain on investment transaction | 4,950 | — | — | — | 4,950 | ||||||||||||||
Write-downs of investment | — | (180,800 | ) | — | — | (180,800 | ) | ||||||||||||
Other non-operating items | (654 | ) | — | — | — | (654 | ) | ||||||||||||
Intercompany income (charges) | 47,686 | (47,577 | ) | (109 | ) | — | — | ||||||||||||
Loss from Continuing Operations Before Income Taxes and Earnings (Losses) from Consolidated Subsidiaries | (114,420 | ) | (69,229 | ) | (8,905 | ) | — | (192,554 | ) | ||||||||||
Income tax benefit | (40,592 | ) | (17,473 | ) | (3,454 | ) | — | (61,519 | ) | ||||||||||
(Deficit) equity in earnings of consolidated subsidiaries, net of taxes | (57,207 | ) | (2,674 | ) | — | 59,881 | — | ||||||||||||
(Loss) Income from Continuing Operations | $ | (131,035 | ) | $ | (54,430 | ) | $ | (5,451 | ) | $ | 59,881 | $ | (131,035 | ) | |||||
Income (Loss) from Discontinued Operations, net of taxes | 15,039 | (1,904 | ) | 807 | 1,097 | 15,039 | |||||||||||||
Net (Loss) Income | $ | (115,996 | ) | $ | (56,334 | ) | $ | (4,644 | ) | $ | 60,978 | $ | (115,996 | ) | |||||
Comprehensive (Loss) Income | $ | (106,086 | ) | $ | (50,410 | ) | $ | 7,727 | $ | 42,683 | $ | (106,086 | ) |
Parent (Tribune Media Company) | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Tribune Media Company Consolidated | |||||||||||||||
Operating Revenues | $ | — | $ | 943,461 | $ | 4,807 | $ | — | $ | 948,268 | |||||||||
Programming and direct operating expenses | — | 438,900 | 2,165 | — | 441,065 | ||||||||||||||
Selling, general and administrative | 49,410 | 257,687 | 1,664 | — | 308,761 | ||||||||||||||
Depreciation and amortization | 5,337 | 100,517 | 6,390 | — | 112,244 | ||||||||||||||
Total Operating Expenses | 54,747 | 797,104 | 10,219 | — | 862,070 | ||||||||||||||
Operating (Loss) Profit | (54,747 | ) | 146,357 | (5,412 | ) | — | 86,198 | ||||||||||||
(Loss) income on equity investments, net | (1,398 | ) | 83,956 | — | — | 82,558 | |||||||||||||
Interest and dividend income | 308 | 52 | — | — | 360 | ||||||||||||||
Interest expense | (75,762 | ) | — | (450 | ) | — | (76,212 | ) | |||||||||||
Other non-operating items | (379 | ) | — | — | — | (379 | ) | ||||||||||||
Intercompany income (charges) | 43,981 | (43,869 | ) | (112 | ) | — | — | ||||||||||||
(Loss) Income from Continuing Operations Before Income Taxes and Earnings (Losses) from Consolidated Subsidiaries | (87,997 | ) | 186,496 | (5,974 | ) | — | 92,525 | ||||||||||||
Income tax expense | 41,059 | 84,677 | 104,315 | — | 230,051 | ||||||||||||||
(Deficit) equity in earnings of consolidated subsidiaries, net of taxes | (8,470 | ) | (1,326 | ) | — | 9,796 | — | ||||||||||||
(Loss) Income from Continuing Operations | $ | (137,526 | ) | $ | 100,493 | $ | (110,289 | ) | $ | 9,796 | $ | (137,526 | ) | ||||||
(Loss) Income from Discontinued Operations, net of taxes | (12,944 | ) | (11,420 | ) | 952 | 10,468 | (12,944 | ) | |||||||||||
Net (Loss) Income | $ | (150,470 | ) | $ | 89,073 | $ | (109,337 | ) | $ | 20,264 | $ | (150,470 | ) | ||||||
Comprehensive (Loss) Income | $ | (146,022 | ) | $ | 87,375 | $ | (107,772 | ) | $ | 20,397 | $ | (146,022 | ) |
Parent (Tribune Media Company) | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Tribune Media Company Consolidated | |||||||||||||||
Assets | |||||||||||||||||||
Current Assets | |||||||||||||||||||
Cash and cash equivalents | $ | 377,576 | $ | 906 | $ | 2,085 | $ | — | $ | 380,567 | |||||||||
Restricted cash and cash equivalents | 17,566 | — | — | — | 17,566 | ||||||||||||||
Accounts receivable, net | 1,278 | 395,996 | 297 | — | 397,571 | ||||||||||||||
Broadcast rights | — | 104,309 | 745 | — | 105,054 | ||||||||||||||
Income taxes receivable | — | 15,515 | — | — | 15,515 | ||||||||||||||
Prepaid expenses | 9,858 | 12,042 | 230 | — | 22,130 | ||||||||||||||
Other | 5,905 | 1,819 | — | — | 7,724 | ||||||||||||||
Total current assets | 412,183 | 530,587 | 3,357 | — | 946,127 | ||||||||||||||
Properties | |||||||||||||||||||
Property, plant and equipment | 56,034 | 477,874 | 110,514 | — | 644,422 | ||||||||||||||
Accumulated depreciation | (27,351 | ) | (176,799 | ) | (6,650 | ) | — | (210,800 | ) | ||||||||||
Net properties | 28,683 | 301,075 | 103,864 | — | 433,622 | ||||||||||||||
Investments in subsidiaries | 9,974,957 | 54,478 | — | (10,029,435 | ) | — | |||||||||||||
Other Assets | |||||||||||||||||||
Broadcast rights | — | 144,951 | 47 | — | 144,998 | ||||||||||||||
Goodwill | — | 3,220,300 | 8,285 | — | 3,228,585 | ||||||||||||||
Other intangible assets, net | — | 1,651,701 | 84,237 | — | 1,735,938 | ||||||||||||||
Assets held for sale | — | 54,282 | — | — | 54,282 | ||||||||||||||
Investments | 12,882 | 1,393,210 | 17,090 | — | 1,423,182 | ||||||||||||||
Intercompany receivables | 2,365,290 | 5,952,848 | 357,656 | (8,675,794 | ) | — | |||||||||||||
Other | 127,191 | 74,404 | 415 | (123,469 | ) | 78,541 | |||||||||||||
Total other assets | 2,505,363 | 12,491,696 | 467,730 | (8,799,263 | ) | 6,665,526 | |||||||||||||
Total Assets | $ | 12,921,186 | $ | 13,377,836 | $ | 574,951 | $ | (18,828,698 | ) | $ | 8,045,275 |
Parent (Tribune Media Company) | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Tribune Media Company Consolidated | |||||||||||||||
Liabilities and Shareholders’ Equity (Deficit) | |||||||||||||||||||
Current Liabilities | |||||||||||||||||||
Accounts payable | $ | 23,078 | $ | 21,009 | $ | 2,218 | $ | — | $ | 46,305 | |||||||||
Debt due within one year | 13,869 | — | 4,009 | — | 17,878 | ||||||||||||||
Income taxes payable | — | 52,310 | (3 | ) | — | 52,307 | |||||||||||||
Contracts payable for broadcast rights | — | 206,955 | 940 | — | 207,895 | ||||||||||||||
Deferred revenue | — | 11,582 | 51 | — | 11,633 | ||||||||||||||
Interest payable | 30,040 | — | 2 | — | 30,042 | ||||||||||||||
Other | 49,708 | 59,185 | 253 | — | 109,146 | ||||||||||||||
Total current liabilities | 116,695 | 351,041 | 7,470 | — | 475,206 | ||||||||||||||
Non-Current Liabilities | |||||||||||||||||||
Long-term debt | 3,002,023 | — | 8,761 | — | 3,010,784 | ||||||||||||||
Deferred income taxes | — | 804,565 | 155,258 | (123,469 | ) | 836,354 | |||||||||||||
Contracts payable for broadcast rights | — | 275,039 | 49 | — | 275,088 | ||||||||||||||
Intercompany payables | 6,425,382 | 1,991,715 | 258,697 | (8,675,794 | ) | — | |||||||||||||
Other | 460,926 | 63,817 | 20 | — | 524,763 | ||||||||||||||
Total non-current liabilities | 9,888,331 | 3,135,136 | 422,785 | (8,799,263 | ) | 4,646,989 | |||||||||||||
Total liabilities | 10,005,026 | 3,486,177 | 430,255 | (8,799,263 | ) | 5,122,195 | |||||||||||||
Shareholders’ Equity (Deficit) | |||||||||||||||||||
Common stock | 101 | — | — | — | 101 | ||||||||||||||
Treasury stock | (632,194 | ) | — | — | — | (632,194 | ) | ||||||||||||
Additional paid-in-capital | 4,044,480 | 9,038,104 | 200,981 | (9,239,085 | ) | 4,044,480 | |||||||||||||
Retained (deficit) earnings | (424,355 | ) | 856,331 | (63,182 | ) | (793,149 | ) | (424,355 | ) | ||||||||||
Accumulated other comprehensive (loss) income | (71,872 | ) | (2,776 | ) | (23 | ) | 2,799 | (71,872 | ) | ||||||||||
Total Tribune Media Company shareholders’ equity (deficit) | 2,916,160 | 9,891,659 | 137,776 | (10,029,435 | ) | 2,916,160 | |||||||||||||
Noncontrolling interests | — | — | 6,920 | — | 6,920 | ||||||||||||||
Total shareholders’ equity (deficit) | 2,916,160 | 9,891,659 | 144,696 | (10,029,435 | ) | 2,923,080 | |||||||||||||
Total Liabilities and Shareholders’ Equity (Deficit) | $ | 12,921,186 | $ | 13,377,836 | $ | 574,951 | $ | (18,828,698 | ) | $ | 8,045,275 |
Parent (Tribune Media Company) | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Tribune Media Company Consolidated | |||||||||||||||
Assets | |||||||||||||||||||
Current Assets | |||||||||||||||||||
Cash and cash equivalents | $ | 574,638 | $ | 720 | $ | 2,300 | $ | — | $ | 577,658 | |||||||||
Restricted cash and cash equivalents | 17,566 | — | — | — | 17,566 | ||||||||||||||
Accounts receivable, net | 198 | 428,254 | 660 | — | 429,112 | ||||||||||||||
Broadcast rights | — | 155,266 | 2,551 | — | 157,817 | ||||||||||||||
Income taxes receivable | — | 9,056 | — | — | 9,056 | ||||||||||||||
Current assets of discontinued operations | — | 37,300 | 25,305 | — | 62,605 | ||||||||||||||
Prepaid expenses | 11,640 | 24,074 | 148 | — | 35,862 | ||||||||||||||
Other | 4,894 | 1,729 | 1 | — | 6,624 | ||||||||||||||
Total current assets | 608,936 | 656,399 | 30,965 | — | 1,296,300 | ||||||||||||||
Properties | |||||||||||||||||||
Property, plant and equipment | 55,529 | 547,601 | 107,938 | — | 711,068 | ||||||||||||||
Accumulated depreciation | (21,635 | ) | (159,472 | ) | (6,041 | ) | — | (187,148 | ) | ||||||||||
Net properties | 33,894 | 388,129 | 101,897 | — | 523,920 | ||||||||||||||
Investments in subsidiaries | 10,502,544 | 106,486 | — | (10,609,030 | ) | — | |||||||||||||
Other Assets | |||||||||||||||||||
Broadcast rights | — | 153,374 | 83 | — | 153,457 | ||||||||||||||
Goodwill | — | 3,220,300 | 7,630 | — | 3,227,930 | ||||||||||||||
Other intangible assets, net | — | 1,729,829 | 89,305 | — | 1,819,134 | ||||||||||||||
Non-current assets of discontinued operations | — | 514,200 | 93,953 | — | 608,153 | ||||||||||||||
Assets held for sale | — | 17,176 | — | — | 17,176 | ||||||||||||||
Investments | 19,079 | 1,637,909 | 17,895 | — | 1,674,883 | ||||||||||||||
Intercompany receivables | 2,326,261 | 5,547,542 | 358,834 | (8,232,637 | ) | — | |||||||||||||
Intercompany loan receivable | 27,000 | — | — | (27,000 | ) | — | |||||||||||||
Other | 51,479 | 75,191 | 2,707 | (49,279 | ) | 80,098 | |||||||||||||
Total other assets | 2,423,819 | 12,895,521 | 570,407 | (8,308,916 | ) | 7,580,831 | |||||||||||||
Total Assets | $ | 13,569,193 | $ | 14,046,535 | $ | 703,269 | $ | (18,917,946 | ) | $ | 9,401,051 |
Parent (Tribune Media Company) | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Tribune Media Company Consolidated | |||||||||||||||
Liabilities and Shareholders’ Equity (Deficit) | |||||||||||||||||||
Current Liabilities | |||||||||||||||||||
Accounts payable | $ | 29,827 | $ | 29,703 | $ | 1,023 | $ | — | $ | 60,553 | |||||||||
Debt due within one year | 15,921 | — | 4,003 | — | 19,924 | ||||||||||||||
Income taxes payable | — | 21,130 | 36 | — | 21,166 | ||||||||||||||
Contracts payable for broadcast rights | — | 238,497 | 2,758 | — | 241,255 | ||||||||||||||
Deferred revenue | — | 13,593 | 97 | — | 13,690 | ||||||||||||||
Interest payable | 30,301 | — | 4 | — | 30,305 | ||||||||||||||
Current liabilities of discontinued operations | — | 44,763 | 9,521 | — | 54,284 | ||||||||||||||
Other | 38,867 | 70,589 | 220 | — | 109,676 | ||||||||||||||
Total current liabilities | 114,916 | 418,275 | 17,662 | — | 550,853 | ||||||||||||||
Non-Current Liabilities | |||||||||||||||||||
Long-term debt | 3,380,860 | — | 10,767 | — | 3,391,627 | ||||||||||||||
Intercompany loan payable | — | 27,000 | — | (27,000 | ) | — | |||||||||||||
Deferred income taxes | — | 871,923 | 161,604 | (49,279 | ) | 984,248 | |||||||||||||
Contracts payable for broadcast rights | — | 314,755 | 85 | — | 314,840 | ||||||||||||||
Intercompany payables | 6,065,424 | 1,912,259 | 254,954 | (8,232,637 | ) | — | |||||||||||||
Other | 468,227 | 50,239 | 20 | — | 518,486 | ||||||||||||||
Non-current liabilities of discontinued operations | — | 86,517 | 8,797 | — | 95,314 | ||||||||||||||
Total non-current liabilities | 9,914,511 | 3,262,693 | 436,227 | (8,308,916 | ) | 5,304,515 | |||||||||||||
Total Liabilities | 10,029,427 | 3,680,968 | 453,889 | (8,308,916 | ) | 5,855,368 | |||||||||||||
Shareholders’ Equity (Deficit) | |||||||||||||||||||
Common stock | 100 | — | — | — | 100 | ||||||||||||||
Treasury stock | (632,207 | ) | — | — | — | (632,207 | ) | ||||||||||||
Additional paid-in-capital | 4,561,760 | 9,486,179 | 289,818 | (9,775,997 | ) | 4,561,760 | |||||||||||||
Retained (deficit) earnings | (308,105 | ) | 888,088 | (33,961 | ) | (854,127 | ) | (308,105 | ) | ||||||||||
Accumulated other comprehensive (loss) income | (81,782 | ) | (8,700 | ) | (12,394 | ) | 21,094 | (81,782 | ) | ||||||||||
Total Tribune Media Company shareholders’ equity (deficit) | 3,539,766 | 10,365,567 | 243,463 | (10,609,030 | ) | 3,539,766 | |||||||||||||
Noncontrolling interests | — | — | 5,917 | — | 5,917 | ||||||||||||||
Total shareholders’ equity (deficit) | 3,539,766 | 10,365,567 | 249,380 | (10,609,030 | ) | 3,545,683 | |||||||||||||
Total Liabilities and Shareholders’ Equity (Deficit) | $ | 13,569,193 | $ | 14,046,535 | $ | 703,269 | $ | (18,917,946 | ) | $ | 9,401,051 |
Parent (Tribune Media Company) | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Tribune Media Company Consolidated | |||||||||||||||
Net cash (used in) provided by operating activities | $ | (142,822 | ) | $ | 266,827 | $ | (1,391 | ) | $ | — | $ | 122,614 | |||||||
Investing Activities | |||||||||||||||||||
Capital expenditures | (1,069 | ) | (24,841 | ) | (2,189 | ) | — | (28,099 | ) | ||||||||||
Net proceeds from the sale of business | 574,817 | (5,249 | ) | (11,775 | ) | — | 557,793 | ||||||||||||
Proceeds from sales of real estate and other assets | — | 59,751 | — | — | 59,751 | ||||||||||||||
Proceeds from the sale of investment | 4,950 | — | — | — | 4,950 | ||||||||||||||
Distribution from cost investment | — | — | 805 | — | 805 | ||||||||||||||
Net cash provided by (used in) investing activities | 578,698 | 29,661 | (13,159 | ) | — | 595,200 | |||||||||||||
Financing Activities | |||||||||||||||||||
Long-term borrowings | 202,694 | — | — | — | 202,694 | ||||||||||||||
Repayments of long-term debt | (587,636 | ) | — | (2,025 | ) | — | (589,661 | ) | |||||||||||
Long-term debt issuance costs | (1,689 | ) | — | — | — | (1,689 | ) | ||||||||||||
Payment of dividends | (542,665 | ) | — | — | — | (542,665 | ) | ||||||||||||
Tax withholdings related to net share settlements of share-based awards | (7,351 | ) | — | — | — | (7,351 | ) | ||||||||||||
Proceeds from stock option exercises | 10,013 | — | — | — | 10,013 | ||||||||||||||
Contributions from noncontrolling interests | — | — | 1,003 | — | 1,003 | ||||||||||||||
Change in intercompany receivables and payables and intercompany contributions (1) | 293,696 | (300,109 | ) | 6,413 | — | — | |||||||||||||
Net cash (used in) provided by financing activities | (632,938 | ) | (300,109 | ) | 5,391 | — | (927,656 | ) | |||||||||||
Net Decrease in Cash and Cash Equivalents | (197,062 | ) | (3,621 | ) | (9,159 | ) | — | (209,842 | ) | ||||||||||
Cash and cash equivalents, beginning of year | 574,638 | 4,527 | 11,244 | — | 590,409 | ||||||||||||||
Cash and cash equivalents, end of year | $ | 377,576 | $ | 906 | $ | 2,085 | $ | — | $ | 380,567 |
(1) | Excludes the impact of a $54 million non-cash settlement of intercompany balances upon the sale of certain Guarantor and Non-Guarantor subsidiaries included in the Gracenote Sale. |
Parent (Tribune Media Company) | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Tribune Media Company Consolidated | |||||||||||||||
Net cash (used in) provided by operating activities | $ | (39,775 | ) | $ | 283,808 | $ | (2,714 | ) | $ | — | $ | 241,319 | |||||||
Investing Activities | |||||||||||||||||||
Capital expenditures | (7,094 | ) | (24,830 | ) | (3,507 | ) | — | (35,431 | ) | ||||||||||
Investments | (850 | ) | (101 | ) | (2,500 | ) | — | (3,451 | ) | ||||||||||
Proceeds from sales of real estate and other assets | — | 33,021 | 681 | — | 33,702 | ||||||||||||||
Transfers from restricted cash | — | 297 | — | — | 297 | ||||||||||||||
Intercompany dividend | 3,326 | — | — | (3,326 | ) | — | |||||||||||||
Net cash (used in) provided by investing activities | (4,618 | ) | 8,387 | (5,326 | ) | (3,326 | ) | (4,883 | ) | ||||||||||
Financing Activities | |||||||||||||||||||
Repayments of long-term debt | (11,896 | ) | — | (2,024 | ) | — | (13,920 | ) | |||||||||||
Long-term debt issuance costs | (784 | ) | — | — | — | (784 | ) | ||||||||||||
Payments of dividends | (46,174 | ) | — | — | — | (46,174 | ) | ||||||||||||
Settlement of contingent consideration | — | (750 | ) | — | — | (750 | ) | ||||||||||||
Common stock repurchases | (66,548 | ) | — | — | — | (66,548 | ) | ||||||||||||
Tax withholdings related to net share settlements of share-based awards | (4,377 | ) | — | — | — | (4,377 | ) | ||||||||||||
Intercompany dividend | — | (3,326 | ) | — | 3,326 | — | |||||||||||||
Contributions from noncontrolling interests | — | — | 113 | — | 113 | ||||||||||||||
Change in intercompany receivables and payables (1) | 283,775 | (291,214 | ) | 7,439 | — | — | |||||||||||||
Net cash provided by (used in) financing activities | 153,996 | (295,290 | ) | 5,528 | 3,326 | (132,440 | ) | ||||||||||||
Net Increase (Decrease) in Cash and Cash Equivalents | 109,603 | (3,095 | ) | (2,512 | ) | — | 103,996 | ||||||||||||
Cash and cash equivalents, beginning of year | 235,508 | 13,054 | 14,082 | — | 262,644 | ||||||||||||||
Cash and cash equivalents, end of year | $ | 345,111 | $ | 9,959 | $ | 11,570 | $ | — | $ | 366,640 |
(1) | Excludes the impact of a $56 million non-cash settlement of intercompany balances upon dissolution of certain Guarantor subsidiaries. |
• | risks associated with the ability to consummate the merger between us and Sinclair Broadcast Group, Inc. (“Sinclair”) (the “Merger”) (see “—Significant Events—Sinclair Merger Agreement” for further information) and the timing of the closing of the transaction; |
• | the occurrence of any event, change or other circumstances that could give rise to the termination of the Merger Agreement; |
• | the risk that the regulatory approvals for the proposed Merger with Sinclair may not be obtained or may be obtained subject to conditions that are not anticipated; |
• | risks related to the disruption of management time from ongoing business operations due to the Merger; |
• | the effect of the announcement of the Merger on our ability to retain and hire key personnel, on our ability to maintain relationships with advertisers and customers and on our operating results and businesses generally; |
• | potential litigation in connection with the Merger; |
• | changes in advertising demand and audience shares; |
• | competition and other economic conditions including incremental fragmentation of the media landscape and competition from other media alternatives; |
• | changes in the overall market for broadcast and cable television advertising, including through regulatory and judicial rulings; |
• | our ability to protect our intellectual property and other proprietary rights; |
• | our ability to adapt to technological changes; |
• | availability and cost of quality network, syndicated and sports programming affecting our television ratings; |
• | the loss, cost and/or modification of our network affiliation agreements; |
• | our ability to renegotiate retransmission consent agreements with multichannel video programming distributors (“MVPDs”); |
• | the incurrence of additional tax-related liabilities related to historical income tax returns; |
• | our ability to realize the full value, or successfully complete the planned divestitures, of our real estate assets; |
• | the payment of any remaining proceeds associated with the spectrum auction, the potential impact of the modifications to and/or surrender of spectrum on the operation of our television stations, the costs, terms and restrictions associated with the actions necessary to modify and/or surrender the spectrum; |
• | the incurrence of costs to address contamination issues at physical sites owned, operated or used by our businesses; |
• | adverse results from litigation, governmental investigations or tax-related proceedings or audits; |
• | our ability to settle unresolved claims filed in connection with the Debtors’ Chapter 11 cases and resolve the appeals seeking to overturn the Confirmation Order; |
• | our ability to satisfy future pension and other postretirement employee benefit obligations; |
• | our ability to attract and retain employees; |
• | the effect of labor strikes, lock-outs and labor negotiations; |
• | our ability to realize benefits or synergies from acquisitions or divestitures or to operate our businesses effectively following acquisitions or divestitures; |
• | the financial performance and valuation of our equity method investments; |
• | the impairment of our existing goodwill and other intangible assets; |
• | compliance with, and the effect of changes or developments in, government regulations applicable to the television and radio broadcasting industry; |
• | changes in accounting standards; |
• | the payment of cash dividends on our common stock; |
• | impact of increases in interest rates on our variable rate indebtedness or refinancings thereof; |
• | our indebtedness and ability to comply with covenants applicable to our debt financing and other contractual commitments; |
• | our ability to satisfy future capital and liquidity requirements; |
• | our ability to access the credit and capital markets at the times and in the amounts needed and on acceptable terms; |
• | the factors discussed under “Risk Factors” of the Company’s filings with the Securities and Exchange Commission (the “SEC”); and |
• | other events beyond our control that may result in unexpected adverse operating results. |
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, 2017 (1) | June 30, 2016 | June 30, 2017 (1) | June 30, 2016 | ||||||||||||
Operating revenues | $ | — | $ | 46,884 | $ | 18,168 | $ | 99,476 | |||||||
Direct operating expenses | — | 18,862 | 7,292 | 35,556 | |||||||||||
Selling, general and administrative | — | 27,285 | 15,349 | 55,350 | |||||||||||
Depreciation (2) | — | 3,052 | — | 5,948 | |||||||||||
Amortization (2) | — | 7,751 | — | 15,464 | |||||||||||
Operating loss | — | (10,066 | ) | (4,473 | ) | (12,842 | ) | ||||||||
Interest income | — | 13 | 16 | 26 | |||||||||||
Interest expense (3) | — | (3,836 | ) | (1,261 | ) | (7,671 | ) | ||||||||
Loss before income taxes | — | (13,889 | ) | (5,718 | ) | (20,487 | ) | ||||||||
Pretax (loss) gain on the disposal of discontinued operations | (952 | ) | — | 34,510 | — | ||||||||||
Total pretax (loss) income on discontinued operations | (952 | ) | (13,889 | ) | 28,792 | (20,487 | ) | ||||||||
Income tax (benefit) expense (4) | (373 | ) | (4,954 | ) | 13,753 | (7,543 | ) | ||||||||
(Loss) income from discontinued operations, net of taxes | $ | (579 | ) | $ | (8,935 | ) | $ | 15,039 | $ | (12,944 | ) |
(1) | Results of operations for the Gracenote Companies are reflected through January 31, 2017, the date of the Gracenote Sale. |
(2) | No depreciation expense or amortization expense was recorded by us in 2017 as the Gracenote Companies’ assets were held for sale as of December 31, 2016. |
(3) | We used $400 million of proceeds from the Gracenote Sale to pay down a portion of our outstanding borrowings under the Term Loan Facility (as defined below). Interest expense was allocated to discontinued operations based on the ratio of the $400 million prepayment to the total outstanding indebtedness under the Term Loan Facility in effect in each respective period. |
(4) | The effective tax rates on pretax (loss) income from discontinued operations were 39.2% and 35.7% for the three months ended June 30, 2017 and June 30, 2016, respectively, and 47.8% and 36.8% for the six months ended June 30, 2017 and June 30, 2016, respectively. The 2017 rates differ from the U.S. federal statutory rate of 35% primarily due to state income taxes (net of federal benefit), foreign tax rate differences, and an adjustment relating to the sale of the Gracenote Companies. The 2016 rates differ from the U.S. federal statutory rate of 35% primarily due to state income taxes (net of federal benefit) and foreign tax rate differences. |
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, 2017 | June 30, 2016 | June 30, 2017 | June 30, 2016 | ||||||||||||
Loss on extinguishment and modification of debt | $ | — | $ | — | $ | (19,052 | ) | $ | — | ||||||
Gain on investment transaction | — | — | 4,950 | — | |||||||||||
Write-downs of investment | (58,800 | ) | — | (180,800 | ) | — | |||||||||
Other non-operating gain (loss), net | 71 | (75 | ) | 45 | 421 | ||||||||||
Total non-operating (loss) gain, net | $ | (58,729 | ) | $ | (75 | ) | $ | (194,857 | ) | $ | 421 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||
(in thousands) | June 30, 2017 | June 30, 2016 | Change | June 30, 2017 | June 30, 2016 | Change | |||||||||||||||
Operating revenues | $ | 469,517 | $ | 479,796 | -2 | % | $ | 909,427 | $ | 948,268 | -4 | % | |||||||||
Operating profit | $ | 18,326 | $ | 56,206 | -67 | % | $ | 3,094 | $ | 86,198 | -96 | % | |||||||||
Income on equity investments, net | $ | 40,761 | $ | 44,306 | -8 | % | $ | 77,798 | $ | 82,558 | -6 | % | |||||||||
Loss from continuing operations | $ | (29,823 | ) | $ | (152,628 | ) | -80 | % | $ | (131,035 | ) | $ | (137,526 | ) | -5 | % | |||||
(Loss) income from discontinued operations, net of taxes | $ | (579 | ) | $ | (8,935 | ) | -94 | % | $ | 15,039 | $ | (12,944 | ) | * | |||||||
Net loss | $ | (30,402 | ) | $ | (161,563 | ) | -81 | % | $ | (115,996 | ) | $ | (150,470 | ) | -23 | % |
* | Represents positive or negative change equal to, or in excess of 100% |
Three Months Ended | Six Months Ended | ||||||||||||||||||||
(in thousands) | June 30, 2017 | June 30, 2016 | Change | June 30, 2017 | June 30, 2016 | Change | |||||||||||||||
Operating revenues | |||||||||||||||||||||
Television and Entertainment | $ | 466,061 | $ | 468,134 | — | % | $ | 902,094 | $ | 924,009 | -2 | % | |||||||||
Corporate and Other | 3,456 | 11,662 | -70 | % | 7,333 | 24,259 | -70 | % | |||||||||||||
Total operating revenues | $ | 469,517 | $ | 479,796 | -2 | % | $ | 909,427 | $ | 948,268 | -4 | % | |||||||||
Operating profit (loss) | |||||||||||||||||||||
Television and Entertainment | $ | 50,219 | $ | 83,346 | -40 | % | $ | 70,232 | $ | 141,951 | -51 | % | |||||||||
Corporate and Other | (31,893 | ) | (27,140 | ) | +18 | % | (67,138 | ) | (55,753 | ) | +20 | % | |||||||||
Total operating profit | $ | 18,326 | $ | 56,206 | -67 | % | $ | 3,094 | $ | 86,198 | -96 | % |
Three Months Ended | Six Months Ended | ||||||||||||||||||||
(in thousands) | June 30, 2017 | June 30, 2016 | Change | June 30, 2017 | June 30, 2016 | Change | |||||||||||||||
Programming | $ | 157,084 | $ | 122,803 | +28 | % | $ | 298,330 | $ | 246,970 | +21 | % | |||||||||
Direct operating expenses | 96,940 | 96,523 | — | % | 195,747 | 194,095 | +1 | % | |||||||||||||
Selling, general and administrative | 141,576 | 148,127 | -4 | % | 301,435 | 308,761 | -2 | % | |||||||||||||
Depreciation | 13,927 | 14,467 | -4 | % | 27,498 | 28,909 | -5 | % | |||||||||||||
Amortization | 41,664 | 41,670 | — | % | 83,323 | 83,335 | — | % | |||||||||||||
Total operating expenses | $ | 451,191 | $ | 423,590 | +7 | % | $ | 906,333 | $ | 862,070 | +5 | % |
Three Months Ended | Six Months Ended | ||||||||||||||||||||
(in thousands) | June 30, 2017 | June 30, 2016 | Change | June 30, 2017 | June 30, 2016 | Change | |||||||||||||||
Operating revenues | $ | 466,061 | $ | 468,134 | — | % | $ | 902,094 | $ | 924,009 | -2 | % | |||||||||
Operating expenses | 415,842 | 384,788 | +8 | % | 831,862 | 782,058 | +6 | % | |||||||||||||
Operating profit | $ | 50,219 | $ | 83,346 | -40 | % | $ | 70,232 | $ | 141,951 | -51 | % |
Three Months Ended | Six Months Ended | ||||||||||||||||||||
(in thousands) | June 30, 2017 | June 30, 2016 | Change | June 30, 2017 | June 30, 2016 | Change | |||||||||||||||
Advertising | $ | 312,864 | $ | 338,220 | -7 | % | $ | 604,571 | $ | 659,682 | -8 | % | |||||||||
Retransmission revenues | 104,999 | 83,278 | +26 | % | 199,213 | 166,805 | +19 | % | |||||||||||||
Carriage fees | 31,867 | 30,396 | +5 | % | 65,477 | 61,410 | +7 | % | |||||||||||||
Barter/trade | 9,481 | 9,230 | +3 | % | 18,493 | 19,306 | -4 | % | |||||||||||||
Other | 6,850 | 7,010 | -2 | % | 14,340 | 16,806 | -15 | % | |||||||||||||
Total operating revenues | $ | 466,061 | $ | 468,134 | — | % | $ | 902,094 | $ | 924,009 | -2 | % |
Three Months Ended | Six Months Ended | ||||||||||||||||||||
(in thousands) | June 30, 2017 | June 30, 2016 | Change | June 30, 2017 | June 30, 2016 | Change | |||||||||||||||
Compensation | $ | 140,922 | $ | 136,559 | +3 | % | $ | 279,084 | $ | 271,694 | +3 | % | |||||||||
Programming | 157,084 | 122,803 | +28 | % | 298,330 | 246,970 | +21 | % | |||||||||||||
Depreciation | 10,530 | 11,108 | -5 | % | 20,569 | 22,125 | -7 | % | |||||||||||||
Amortization | 41,664 | 41,670 | — | % | 83,323 | 83,335 | — | % | |||||||||||||
Other | 65,642 | 72,648 | -10 | % | 150,556 | 157,934 | -5 | % | |||||||||||||
Total operating expenses | $ | 415,842 | $ | 384,788 | +8 | % | $ | 831,862 | $ | 782,058 | +6 | % |
Three Months Ended | Six Months Ended | ||||||||||||||||||||
(in thousands) | June 30, 2017 | June 30, 2016 | Change | June 30, 2017 | June 30, 2016 | Change | |||||||||||||||
Real estate revenues | $ | 3,456 | $ | 11,662 | -70 | % | $ | 7,333 | $ | 24,259 | -70 | % | |||||||||
Operating Expenses | |||||||||||||||||||||
Real estate (1) | $ | 2,551 | $ | 12,070 | -79 | % | $ | 5,758 | $ | 25,266 | -77 | % | |||||||||
Corporate (2) | 38,273 | 32,794 | +17 | % | 79,737 | 66,801 | +19 | % | |||||||||||||
Pension credit | (5,475 | ) | (6,062 | ) | -10 | % | (11,024 | ) | (12,055 | ) | -9 | % | |||||||||
Total operating expenses | $ | 35,349 | $ | 38,802 | -9 | % | $ | 74,471 | $ | 80,012 | -7 | % |
(1) | Real estate operating expenses included $0.5 million and $1 million of depreciation expense for the three months ended June 30, 2017 and June 30, 2016, respectively, and $1 million of depreciation expense for each of the six months ended June 30, 2017 and June 30, 2016. |
(2) | Corporate operating expenses included $3 million of depreciation expense for each of the three months ended June 30, 2017 and June 30, 2016 and $6 million and $5 million of depreciation expense for the six months ended June 30, 2017 and June 30, 2016, respectively. |
Three Months Ended | Six Months Ended | ||||||||||||||||||||
(in thousands) | June 30, 2017 | June 30, 2016 | Change | June 30, 2017 | June 30, 2016 | Change | |||||||||||||||
Income from equity investments, net, before amortization of basis difference | $ | 53,311 | $ | 57,950 | -8 | % | $ | 106,199 | $ | 109,873 | -3 | % | |||||||||
Amortization of basis difference (1) | (12,550 | ) | (13,644 | ) | -8 | % | (28,401 | ) | (27,315 | ) | +4 | % | |||||||||
Income on equity investments, net | $ | 40,761 | $ | 44,306 | -8 | % | $ | 77,798 | $ | 82,558 | -6 | % |
(1) | See Note 5 to our unaudited condensed consolidated financial statements for the three and six months ended June 30, 2017 for the discussion of the amortization of basis difference. |
Three Months Ended | Six Months Ended | ||||||||||||||||||||
(in thousands) | June 30, 2017 | June 30, 2016 | Change | June 30, 2017 | June 30, 2016 | Change | |||||||||||||||
Cash distributions from equity investments | $ | 38,141 | $ | 36,258 | +5 | % | $ | 149,650 | $ | 125,604 | +19 | % |
Three Months Ended | Six Months Ended | ||||||||||||||||||||
(in thousands) | June 30, 2017 | June 30, 2016 | Change | June 30, 2017 | June 30, 2016 | Change | |||||||||||||||
Interest and dividend income | $ | 548 | $ | 228 | * | $ | 1,053 | $ | 360 | * | |||||||||||
Interest expense (1) | $ | 40,185 | $ | 38,071 | +6 | % | $ | 78,943 | $ | 76,212 | +4 | % | |||||||||
Income tax (benefit) expense (2) | $ | (9,905 | ) | $ | 214,856 | * | $ | (61,519 | ) | $ | 230,051 | * |
* | Represents positive or negative change equal to, or in excess of 100% |
(1) | Interest expense excludes $4 million for the three months ended June 30, 2016, and $1 million and $8 million for the six months ended June 30, 2017 and June 30, 2016, respectively, related to discontinued operations. We used $400 million of the proceeds from the Gracenote Sale to pay down a portion of our Term Loan Facility and the interest expense associated with our outstanding debt was allocated to discontinued operations based on the ratio of the $400 million prepayment to the total outstanding borrowings under the Term Loan Facility. |
(2) | Income tax (benefit) expense excludes benefits of $0.4 million and $5 million for the three months ended June 30, 2017 and June 30, 2016, respectively, and an expense of $14 million and a benefit of $8 million for the six months ended June 30, 2017 and June 30, 2016, respectively, related to discontinued operations. |
Six Months Ended | |||||||
(in thousands) | June 30, 2017 | June 30, 2016 | |||||
Net cash provided by operating activities | $ | 122,614 | $ | 241,319 | |||
Net cash provided by (used in) investing activities | 595,200 | (4,883 | ) | ||||
Net cash used in financing activities | (927,656 | ) | (132,440 | ) | |||
Net (decrease) increase in cash and cash equivalents | $ | (209,842 | ) | $ | 103,996 |
June 30, 2017 | December 31, 2016 | ||||||
Term Loan Facility | |||||||
Term B Loans due 2020, effective interest rate of 3.84% and 3.82%, net of unamortized discount and debt issuance costs of $2,339 and $31,230 | $ | 197,661 | $ | 2,312,218 | |||
Term C Loans due 2024, effective interest rate of 3.85%, net of unamortized discount and debt issuance costs of $24,759 | 1,732,285 | — | |||||
5.875% Senior Notes due 2022, net of debt issuance costs of $14,054 and $15,437 | 1,085,946 | 1,084,563 | |||||
Dreamcatcher Credit Facility due 2018, effective interest rate of 4.08%, net of unamortized discount and debt issuance costs of $55 and $80 | 12,770 | 14,770 | |||||
Total debt (1) | $ | 3,028,662 | $ | 3,411,551 |
(1) | Under the terms of the Merger Agreement, Sinclair will assume all of our outstanding debt on the date the Merger is closed. |
Payments Due for the 12-Month Period Ended June 30, | |||||||||||||||||||
(in thousands) | Total | 2018 | 2019-2020 | 2021-2022 | Thereafter | ||||||||||||||
Long-term debt (1)(3) | $ | 3,069,869 | $ | 21,664 | $ | 44,004 | $ | 235,229 | $ | 2,768,972 | |||||||||
Interest on long-term debt (1)(2)(3) | 899,994 | 153,897 | 305,027 | 288,637 | 152,433 | ||||||||||||||
Total | $ | 3,969,863 | $ | 175,561 | $ | 349,031 | $ | 523,866 | $ | 2,921,405 |
(1) | As of June 30, 2017, the Company has $1.732 billion of Term C Loans outstanding. The Term C Loans maturity date is the earlier of (A) January 27, 2024 and (B) solely to the extent that more than $600 million in aggregate principal amount of the 5.875% Senior Notes due 2022 remain outstanding on such date, the date that is 91 days prior to July 15, 2022 (as such date may be extended from time to time), as further described in Note 6 to our unaudited condensed consolidated financial statements for the three and six months ended June 30, 2017. For purposes of the above table, Term C Loans are deemed to mature in 2024. |
(2) | Interest payments on long-term debt include the impact of our hedging program with respect to $500 million of Term C Loans, as further described in Note 7 to our unaudited condensed consolidated financial statements for the three and six months ended June 30, 2017. |
(3) | The table above does not reflect any changes resulting from our anticipated prepayments of a portion of the Term Loan Facility and the Dreamcatcher Credit Facility in the third quarter of 2017, as further described in “—Significant Events—FCC Spectrum Auction.” |
2017 | 2016 | ||||||||||||||
Per Share | Total Amount | Per Share | Total Amount | ||||||||||||
First quarter | $ | 0.25 | $ | 21,742 | $ | 0.25 | $ | 23,215 | |||||||
Second quarter | 0.25 | 21,816 | 0.25 | 22,959 | |||||||||||
Total quarterly cash dividends declared and paid | $ | 0.50 | $ | 43,558 | $ | 0.50 | $ | 46,174 |
TRIBUNE MEDIA COMPANY | |
By: | /s/ Chandler Bigelow |
Name: | Chandler Bigelow |
Title: | Executive Vice President and Chief Financial Officer |
Exhibit No. | Description | |
2.1 | Agreement and Plan of Merger among Tribune Media Company and Sinclair Broadcast Group, Inc., dated as of May 8, 2017 (incorporated by reference to Exhibit 2.1 to the Current Report on Form 8-K of Tribune Media Company, filed May 9, 2017). | |
4.6 | Fourth Supplemental Indenture, dated as of June 22, 2017, by and among Tribune Media Company, the subsidiary guarantors party thereto and The Bank of New York Mellon Trust Company, N.A., as trustee (incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K of Tribune Media Company, filed June 22, 2017). | |
10.39§ | Form of Tribune Media Company Director Indemnification Agreement (incorporated by reference to Exhibit 10.39 to the Quarterly Report on Form 10-Q of Tribune Media Company filed May 10, 2017). | |
10.40§t | Amended and Restated Employment Agreement, dated as of April 27, 2017, between Tribune Media Company and Chandler Bigelow. | |
10.41§t | Amended and Restated Employment Agreement, dated as of April 27, 2017, between Tribune Media Company and Edward Lazarus. | |
31.1 | Certification Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934 | |
31.2 | Certification Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934 | |
32.1 | Section 1350 Certification | |
32.2 | Section 1350 Certification | |
101.INS | XBRL Instance Document | |
101.SCH | XBRL Taxonomy Extension Schema | |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase | |
101.LAB | XBRL Taxonomy Extension Label Linkbase | |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase | |
101.DEF | XBRL Taxonomy Extension Definition Linkbase |
If to the Company: | Tribune Media Company |
With a copy to: | Lawrence K. Cagney, Esq. |
If to Executive: | Mr. Edward Lazarus |
Document and Entity Information Document - shares |
6 Months Ended | |
---|---|---|
Jun. 30, 2017 |
Jul. 31, 2017 |
|
Entity Listings [Line Items] | ||
Entity Registrant Name | Tribune Media Company | |
Entity Central Index Key | 0000726513 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2017 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Document Fiscal Year Focus | 2017 | |
Document Fiscal Period Focus | Q2 | |
Common Class A | ||
Entity Listings [Line Items] | ||
Entity Common Stock, Shares Outstanding | 87,236,140 | |
Common Class B | ||
Entity Listings [Line Items] | ||
Entity Common Stock, Shares Outstanding | 5,605 |
Condensed Consolidated Statements Of Operations - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|||||||||
Operating Revenues | ||||||||||||
Television and Entertainment | $ 466,061 | $ 468,134 | $ 902,094 | $ 924,009 | ||||||||
Other | 3,456 | 11,662 | 7,333 | 24,259 | ||||||||
Total operating revenues | 469,517 | 479,796 | 909,427 | [1] | 948,268 | [1] | ||||||
Operating Expenses | ||||||||||||
Programming | 157,084 | 122,803 | 298,330 | 246,970 | ||||||||
Direct operating expenses | 96,940 | 96,523 | 195,747 | 194,095 | ||||||||
Selling, general and administrative | 141,576 | 148,127 | 301,435 | 308,761 | ||||||||
Depreciation | 13,927 | 14,467 | 27,498 | [2] | 28,909 | [2] | ||||||
Amortization | 41,664 | 41,670 | 83,323 | 83,335 | ||||||||
Total operating expenses | 451,191 | 423,590 | 906,333 | 862,070 | ||||||||
Operating Profit | 18,326 | 56,206 | 3,094 | [1],[3] | 86,198 | [1],[3] | ||||||
Income on equity investments, net | 40,761 | 44,306 | 77,798 | 82,558 | ||||||||
Interest and dividend income | 548 | 228 | 1,053 | 360 | ||||||||
Interest expense | (40,185) | (38,071) | (78,943) | (76,212) | ||||||||
Loss on extinguishment and modification of debt | 0 | 0 | (19,052) | 0 | ||||||||
Gain on investment transaction | 0 | 0 | 4,950 | 0 | ||||||||
Write-downs of investment | (58,800) | 0 | (180,800) | 0 | ||||||||
Other non-operating gain (loss), net | 71 | (75) | 45 | 421 | ||||||||
Reorganization items, net | (449) | (366) | (699) | (800) | ||||||||
(Loss) Income from Continuing Operations Before Income Taxes | (39,728) | 62,228 | (192,554) | 92,525 | ||||||||
Income tax (benefit) expense | (9,905) | 214,856 | (61,519) | 230,051 | ||||||||
Net Loss from Continuing Operations | (29,823) | (152,628) | (131,035) | (137,526) | ||||||||
(Loss) Income from Discontinued Operations, net of taxes (Note 2) | (579) | (8,935) | 15,039 | (12,944) | ||||||||
Net Loss | $ (30,402) | $ (161,563) | $ (115,996) | $ (150,470) | ||||||||
Earnings (Loss) Per Share | ||||||||||||
Continuing Operations | $ (0.34) | $ (1.66) | $ (1.51) | $ (1.50) | ||||||||
Discontinued Operations | (0.01) | (0.10) | 0.17 | (0.14) | ||||||||
Net Loss Per Common Share | (0.35) | (1.76) | (1.34) | (1.64) | ||||||||
Continuing Operations | (0.34) | (1.66) | (1.51) | (1.50) | ||||||||
Discontinued Operations | (0.01) | (0.10) | 0.17 | (0.14) | ||||||||
Net Loss Per Common Share | (0.35) | (1.76) | (1.34) | (1.64) | ||||||||
Regular Cash Dividend | ||||||||||||
Earnings (Loss) Per Share | ||||||||||||
Dividends declared per common share (usd per share) | 0.25 | 0.25 | 0.5 | 0.50 | ||||||||
Special Cash Dividend | ||||||||||||
Earnings (Loss) Per Share | ||||||||||||
Dividends declared per common share (usd per share) | $ 0.00 | $ 0.00 | $ 5.77 | $ 0.00 | ||||||||
|
Condensed Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|
Statement of Comprehensive Income [Abstract] | ||||
Taxes on Change in unrecognized benefit plan losses arising during the period | $ (285) | $ (2,367) | $ (285) | $ (2,367) |
Taxes on Adjustment for previously unrecognized benefit plan gains and losses included in net income | (23) | (20) | (51) | (57) |
Taxes on Change in unrealized holding gains and losses arising during the period | 0 | 909 | (60) | 685 |
Taxes on Adjusted for gain on investment sale included in net income | 0 | 0 | (1,961) | 0 |
Taxes on Change in unrealized gains and losses on cash flow hedging instrument arising during the period | (2,107) | 0 | (3,453) | 0 |
Taxes on gains and losses on cash flow hedging instrument reclassified to net income | 621 | 0 | 1,129 | 0 |
Taxes on Change in foreign currency translation adjustments | $ 2,609 | $ (1,161) | $ 2,710 | $ (1,095) |
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Jun. 30, 2017 |
Dec. 31, 2016 |
|||
---|---|---|---|---|---|
Allowance for Doubtful Accounts | $ 17,320 | $ 12,504 | |||
Preferred stock par value (usd per share) | $ 0.001 | $ 0.001 | |||
Preferred stock authorized (shares) | 40,000,000 | 40,000,000 | |||
Preferred stock issued (shares) | 0 | 0 | |||
Preferred stock outstanding (shares) | 0 | 0 | |||
Treasury stock (shares) | 14,102,185 | 14,102,453 | |||
Total Assets | [1] | $ 8,045,275 | $ 9,401,051 | ||
Liabilities | [1] | $ 5,122,195 | $ 5,855,368 | ||
Class A Common Stock | |||||
Common stock, par value (usd per share) | $ 0.001 | $ 0.001 | |||
Common stock, authorized (shares) | 1,000,000,000 | 1,000,000,000 | |||
Common stock, issued shares (shares) | 101,284,525 | 100,416,516 | |||
Common stock, outstanding (shares) | 87,182,340 | 86,314,063 | |||
Class B Common Stock | |||||
Common stock, par value (usd per share) | $ 0.001 | $ 0.001 | |||
Common stock, authorized (shares) | 1,000,000,000 | 1,000,000,000 | |||
Common stock, issued shares (shares) | 5,605 | 5,605 | |||
Common stock, outstanding (shares) | 5,605 | 5,605 | |||
Senior Secured Credit Agreement | Term Loan Facility | |||||
Unamortized discounts and debt issuance costs | $ 27,000 | $ 31,000 | |||
Current | Senior Secured Credit Agreement | Term Loan Facility | |||||
Unamortized discounts and debt issuance costs | 3,786 | 7,917 | |||
Noncurrent | Senior Secured Credit Agreement | Term Loan Facility | |||||
Unamortized discounts and debt issuance costs | 37,421 | 38,830 | |||
Variable Interest Entity, Primary Beneficiary | |||||
Total Assets | 92,000 | 97,000 | |||
Liabilities | $ 2,000 | $ 3,000 | |||
|
Condensed Consolidated Statement Of Shareholders' Equity - 6 months ended Jun. 30, 2017 - USD ($) |
Total |
Special Cash Dividend |
Regular Cash Dividend |
Class A Common Stock |
Class B Common Stock |
Retained Deficit |
Accumulated Other Comprehensive (Loss) Income |
Additional Paid-In Capital |
Additional Paid-In Capital
Special Cash Dividend
|
Additional Paid-In Capital
Regular Cash Dividend
|
Treasury Stock |
Non- controlling Interest |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Beginning balance, Shares at Dec. 31, 2016 | 100,416,516 | 5,605 | ||||||||||
Beginning Balance at Dec. 31, 2016 | $ 3,545,683,000 | $ 100,000 | $ 0 | $ (308,105,000) | $ (81,782,000) | $ 4,561,760,000 | $ (632,207,000) | $ 5,917,000 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Net loss | (115,996,000) | (115,996,000) | ||||||||||
Other comprehensive income, net of taxes | 9,910,000 | 9,910,000 | ||||||||||
Comprehensive Loss | (106,086,000) | |||||||||||
Special dividends declared to shareholders and warrant holders, $5.77 per share | (43,558,000) | $ (499,107,000) | $ (499,107,000) | |||||||||
Regular dividends declared to shareholders and warrant holders, $0.50 per share | $ (43,558,000) | $ (43,558,000) | ||||||||||
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition | 22,319,000 | 22,319,000 | ||||||||||
Warrant exercises, shares | 44,848 | |||||||||||
Net share settlements of stock-based awards, shares | 823,161 | |||||||||||
Net share settlements of stock-based awards | 2,662,000 | $ 1,000 | 2,648,000 | 13,000 | ||||||||
Cumulative effect of a change in accounting principle | 164,000 | (254,000) | 418,000 | |||||||||
Common stock repurchases | 0 | |||||||||||
Contributions from noncontrolling interest | 1,003,000 | 1,003,000 | ||||||||||
Ending balance, Shares at Jun. 30, 2017 | 101,284,525 | 5,605 | ||||||||||
Ending Balance at Jun. 30, 2017 | $ 2,923,080,000 | $ 101,000 | $ 0 | $ (424,355,000) | $ (71,872,000) | $ 4,044,480,000 | $ (632,194,000) | $ 6,920,000 |
Condensed Consolidated Statement Of Shareholders' Equity (Parenthetical) - $ / shares |
3 Months Ended | 6 Months Ended | |||||
---|---|---|---|---|---|---|---|
Jan. 02, 2017 |
Jun. 30, 2017 |
Mar. 31, 2017 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|
Regular Cash Dividend | |||||||
Dividends declared per common share (usd per share) | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.5 | $ 0.50 | |
Special Cash Dividend | |||||||
Dividends declared per common share (usd per share) | $ 5.77 | $ 0.00 | $ 0.00 | $ 5.77 | $ 0.00 |
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands |
6 Months Ended | ||||
---|---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
||||
Operating Activities | |||||
Net Loss | $ (115,996) | $ (150,470) | |||
Adjustments to reconcile net loss to net cash provided by operating activities: | |||||
Stock-based compensation | 22,093 | 18,003 | |||
Pension credit, net of contributions | (11,024) | (12,055) | |||
Depreciation | 27,498 | 34,857 | |||
Amortization of contract intangible assets and liabilities | 429 | (8,048) | |||
Amortization of other intangible assets | 83,323 | 98,799 | |||
Income on equity investments, net | (77,798) | (82,558) | |||
Distributions from equity investments | 149,650 | 125,604 | |||
Non-cash loss on extinguishment and modification of debt | 6,823 | 0 | |||
Original issue discount payments | (6,873) | 0 | |||
Write-downs of investment | 180,800 | 0 | |||
Amortization of debt issuance costs and original issue discount | 4,127 | 5,559 | |||
Gain on sale of business | (34,510) | 0 | |||
Gain on investment transaction | (4,950) | 0 | |||
Impairments of real estate | 757 | 14,600 | |||
(Gain) loss on sales of real estate, net | (300) | 449 | |||
Other non-operating gain, net | (45) | (421) | |||
Changes in working capital items: | |||||
Accounts receivable, net | 32,074 | 18,256 | |||
Prepaid expenses and other current assets | 14,659 | 27,120 | |||
Accounts payable | (8,896) | 4,498 | |||
Employee compensation and benefits, accrued expenses and other current liabilities | (17,014) | (30,405) | |||
Deferred revenue | (2,726) | (5,693) | |||
Income taxes | 24,756 | 151,485 | |||
Change in broadcast rights, net of liabilities | (11,893) | (49,261) | |||
Deferred income taxes | (141,944) | 57,489 | |||
Other, net | 9,594 | 23,511 | |||
Net cash provided by operating activities | 122,614 | 241,319 | |||
Investing Activities | |||||
Capital expenditures | (28,099) | (35,431) | |||
Investments | 0 | (3,451) | |||
Net proceeds from the sale of business (Note 2) | 557,793 | 0 | |||
Proceeds from sales of real estate and other assets | 59,751 | 33,702 | |||
Proceeds from the sale of investment | 4,950 | 0 | |||
Distribution from cost investment | 805 | 0 | |||
Transfers from restricted cash | 0 | 297 | |||
Net cash provided by (used in) investing activities | 595,200 | (4,883) | |||
Financing Activities | |||||
Long-term borrowings | 202,694 | 0 | |||
Repayments of long-term debt | (589,661) | (13,920) | |||
Long-term debt issuance costs | (1,689) | (784) | |||
Payments of dividends | (542,665) | (46,174) | |||
Settlement of contingent consideration | 0 | (750) | |||
Common stock repurchases | 0 | (66,548) | |||
Tax withholdings related to net share settlements of share-based awards | (7,351) | (4,377) | |||
Proceeds from stock option exercises | 10,013 | 0 | |||
Contributions from noncontrolling interest | 1,003 | 113 | |||
Net cash used in financing activities | (927,656) | (132,440) | |||
Net (Decrease) Increase in Cash and Cash Equivalents | (209,842) | 103,996 | |||
Cash and cash equivalents, beginning of period (1) | 590,409 | [1] | 262,644 | ||
Cash and cash equivalents, end of period | 380,567 | 366,640 | |||
Supplemental Schedule of Cash Flow Information | |||||
Interest | 76,264 | 81,989 | |||
Income taxes, net | $ 68,685 | $ 15,868 | |||
|
Condensed Consolidated Statements Of Cash Flows Footnote (Details) - USD ($) $ in Thousands |
Jun. 30, 2017 |
Jan. 31, 2017 |
Dec. 31, 2016 |
Jun. 30, 2016 |
Dec. 31, 2015 |
|||
---|---|---|---|---|---|---|---|---|
Cash and Cash Equivalents, at Carrying Value, Including Discontinued Operations | $ 590,409 | [1] | $ 262,644 | |||||
Cash and cash equivalents | $ 380,567 | 577,658 | $ 366,640 | $ 262,644 | ||||
Gracenote Companies | Discontinued Operations, Disposed of by Sale | ||||||||
Cash and cash equivalents | $ 17,000 | $ 12,751 | ||||||
|
Basis Of Presentation And Significant Accounting Policies |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis of Presentation and Significant Accounting Policies | NOTE 1: BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES Presentation—All references to Tribune Media Company or Tribune Company in the accompanying unaudited condensed consolidated financial statements encompass the historical operations of Tribune Media Company and its subsidiaries (collectively, the “Company”). The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial reporting. The year-end condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP. These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements for the fiscal year ended December 31, 2016 included in the Company’s Annual Report on Form 10-K. In the opinion of management, the financial statements contain all adjustments necessary to state fairly the financial position of the Company as of June 30, 2017 and the results of operations and cash flows for the three and six months ended June 30, 2017 and June 30, 2016. All adjustments reflected in the accompanying unaudited condensed consolidated financial statements, which management believes necessary to state fairly the financial position, results of operations and cash flows, have been reflected and are of a normal recurring nature. Results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. On January 31, 2017, the Company completed the Gracenote Sale (as defined below). The historical results of operations for the businesses included in the Gracenote Sale are presented in discontinued operations for all periods presented (see Note 2). Unless indicated otherwise, the information in the notes to the accompanying unaudited condensed consolidated financial statements relates to the Company’s continuing operations. Sinclair Merger Agreement—On May 8, 2017, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Sinclair Broadcast Group, Inc. (“Sinclair”), providing for the acquisition by Sinclair of all of the outstanding shares of the Company’s Class A common stock (“Class A Common Stock”) and Class B common stock (“Class B Common Stock” and, together with the Class A Common Stock, the “Common Stock”) by means of a merger of Samson Merger Sub Inc., a wholly owned subsidiary of Sinclair, with and into Tribune Media Company (the “Merger”), with Tribune Media Company surviving the Merger as a wholly owned subsidiary of Sinclair. In the Merger, each share of the Company’s Common Stock will be converted into the right to receive (i) $35.00 in cash, without interest and less any required withholding taxes (such amount, the “Cash Consideration”), and (ii) 0.2300 (the “Exchange Ratio”) of a validly issued, fully paid and nonassessable share of Class A common stock, $0.01 par value per share (the “Sinclair Common Stock”), of Sinclair (the “Stock Consideration”, and together with the Cash Consideration, the “Merger Consideration”). The Merger Agreement provides that each holder of an outstanding Tribune Media Company stock option (whether or not vested) will receive, for each share of the Company’s Common Stock subject to such stock option, a cash payment equal to the excess, if any, of the value of the Merger Consideration (with the Stock Consideration valued over a specified period prior to the consummation of the Merger) and the exercise price per share of such option, without interest and less any required withholding taxes. Each outstanding Tribune Media Company restricted stock unit award will be converted into a cash-settled restricted stock unit award reflecting a number of shares of Sinclair Common Stock equal to the number of shares of the Company’s Common Stock subject to such award multiplied by a ratio equal to (a) the sum of (i) the Exchange Ratio plus (ii) the Cash Consideration divided by (b) the trading value of the Sinclair Common Stock over a specified period prior to the consummation of the Merger. Otherwise, each such award will continue to be subject to the same terms and conditions as such award was subject prior to the Merger. Each outstanding Tribune Media Company performance stock unit (other than supplemental performance stock units) will automatically become vested at “target” level of performance and will be entitled to receive an amount of cash equal to (a) the number of shares of the Company’s Common Stock that are subject to such unit as so vested multiplied by (b) the sum of (i) the Cash Consideration and (ii) the Exchange Ratio multiplied by the trading value of the Sinclair Common Stock over a specified period prior to the consummation of the Merger without interest and less any required withholding taxes. Each holder of an outstanding Tribune Media Company supplemental performance stock unit that will vest in accordance with its existing terms will be entitled to receive an amount of cash equal to (a) the number of shares of the Company’s Common Stock that are subject to such unit as so vested multiplied by (b) the sum of (i) the Cash Consideration and (ii) the Exchange Ratio multiplied by the trading value of the Sinclair Common Stock over a specified period prior to the consummation of the Merger without interest and less any required withholding taxes. Any supplemental performance stock units that do not vest in accordance with their terms will be canceled without any consideration. Each holder of an outstanding Tribune Media Company deferred stock unit will be entitled to receive an amount of cash equal to (a) the number of shares of the Company’s Common Stock that are subject to such unit multiplied by (b) the sum of (i) the Cash Consideration and (ii) the Exchange Ratio multiplied by the trading value of the Sinclair Common Stock over a specified period prior to the consummation of the Merger without interest and subject to all applicable withholding. Each outstanding Tribune Media Company Warrant will become a warrant exercisable, at its current exercise price, for the Merger Consideration in respect of each share of the Company’s Common Stock subject to the Warrant prior to the Merger. The consummation of the Merger is subject to the satisfaction or waiver of certain customary conditions, including, among others: (i) the approval of the Merger by the Company’s stockholders, (ii) the receipt of approval from the Federal Communications Commission (the “FCC”) and the expiration or termination of the waiting period applicable to the Merger under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the “HSR Act”), (iii) the effectiveness of a registration statement on Form S-4 registering the Sinclair Common Stock to be issued in connection with the Merger and no stop order or proceedings seeking the same having been initiated by the Securities and Exchange Commission (the “SEC”), (iv) the listing of the Sinclair Common Stock to be issued in the Merger on the NASDAQ Global Select Market and (v) the absence of certain legal impediments to the consummation of the Merger. On August 2, 2017, the Company received a request for additional information and documentary material, often referred to as a “second request,” from the United States Department of Justice (the “DOJ”) in connection with the Merger Agreement. The second request was issued under the HSR Act. Sinclair received a substantively identical request for additional information and documentary material from the DOJ in connection with the transactions contemplated by the Merger Agreement. Issuance of the second request extends the waiting period under the HSR Act until 30 days after Sinclair and the Company have substantially complied with the second request, unless the waiting period is terminated earlier by the DOJ or the parties voluntarily extend the time for closing. Sinclair’s and the Company’s respective obligation to consummate the Merger are also subject to certain additional customary conditions, including (i) material accuracy of representations and warranties in the Merger Agreement of the other party, (ii) performance by the other party of its covenants in the Merger Agreement in all material respects and (iii) since the date of the Merger Agreement, no material adverse effect with respect to the other party having occurred. If the Merger Agreement is terminated in connection with the Company entering into a definitive agreement with respect to a superior proposal, as well as under certain other circumstances, the termination fee payable by the Company to Sinclair will be $135.5 million. If the Merger Agreement is terminated because the required Tribune stockholder vote is not obtained at a stockholder meeting held for such purpose, the amount of the termination fee payable by the Company will be equal to the sum of $38.5 million plus Sinclair’s costs and expenses, not to exceed $10 million (“Parent Expenses”). If the Merger Agreement is terminated (i) by either the Company or Sinclair because the Merger has not occurred by the end date described below or because Tribune stockholder approval is not obtained at a stockholder meeting held for such purpose or (ii) by Sinclair in respect of a willful breach of the Company’s covenants or agreements that would give rise to the failure of a closing condition that is incapable of being cured within the time periods prescribed by the Merger Agreement, and an alternative acquisition proposal has been made to the Company and publicly announced and not withdrawn prior to the termination or the date of the stockholders meeting, as applicable, and within twelve months after termination of the Merger Agreement, the Company enters into a definitive agreement with respect to an alternative acquisition proposal (and subsequently consummates such transaction) or consummates a transaction with respect to an alternative acquisition proposal, the Company will pay Sinclair $135.5 million less the Parent Expenses paid. In addition to the foregoing termination rights, either party may terminate the Merger Agreement if the Merger is not consummated on or before May 8, 2018, with an automatic extension to August 8, 2018, if necessary to obtain regulatory approval under circumstances specified in the Merger Agreement. Change in Accounting Principles—In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2016-09, “Compensation - Stock Compensation (Topic 718).” The Company adopted ASU 2016-09 on January 1, 2017. The Company made a policy election to account for forfeitures of equity awards as they occur and implemented this provision using a modified retrospective transition method. The cumulative-effect adjustment to retained earnings in the first quarter of 2017 as a result of this election was immaterial. The Company adopted the other provisions of ASU 2016-09 on a prospective basis. The adoption of these provisions did not have a material impact on the Company’s unaudited condensed consolidated financial statements. In January 2017, the FASB issued ASU No. 2017-04, “Intangibles - Goodwill and Other (Topic 350).” The Company adopted the standard on a prospective basis, effective January 1, 2017. The standard simplifies the subsequent measure of goodwill by eliminating Step 2 from the goodwill impairment test. Under ASU 2017-04, companies should recognize an impairment charge for the amount the carrying amount exceeds the reporting unit’s fair value. However, the loss recognized cannot exceed the total goodwill allocated to that reporting unit. The adoption of this standard did not have a material impact on the Company’s unaudited condensed consolidated financial statements. In May 2017, the FASB issued ASU No. 2017-09, “Compensation - Stock Compensation (Topic 718).” The Company adopted the standard on a prospective basis, effective April 1, 2017. The standard addresses the diversity in practice of when companies apply modification accounting when there are changes in terms or conditions to share-based payment awards. The guidance states that a company should consider changes as a modification unless all of the following are met (i) there is no change in the fair value of the award as a result of the modification, (ii) the vesting conditions have not changed and (iii) the classification of the award as an equity instrument or a liability instrument has not changed. The adoption of this standard did not have a material impact on the Company’s unaudited condensed consolidated financial statements. Derivative Instruments—The Company’s earnings and cash flows are subject to fluctuations due to changes in interest rates. The Company’s risk management policy allows for the use of derivative financial instruments to manage interest rate exposures and does not permit derivatives to be used for speculative purposes. The Company formally documents all relationships between hedging instruments and hedged items, as well as the risk-management objective and strategy for undertaking various hedge transactions. This process includes linking the derivatives designated as cash flow hedges to specific forecasted transactions or variability of cash flow. The Company also formally assesses, both at hedge inception and on an ongoing basis, whether the designated derivatives that are used in hedging transactions are highly effective in offsetting changes in the cash flow of hedged items as well as monitors the credit worthiness of the counterparties to ensure no issues exist which would affect the value of the derivatives. When a derivative is determined not to be highly effective as a hedge or the underlying hedged transaction is no longer probable, the Company discontinues hedge accounting prospectively, in accordance with derecognition criteria for hedge accounting. The Company records derivative financial instruments at fair value in its unaudited Condensed Consolidated Balance Sheets in either other current liabilities or other noncurrent assets. Changes in the fair value of a derivative that is designated as a cash flow hedge, to the extent that the hedge is effective, are recorded in accumulated other comprehensive (loss) income and reclassified to earnings when the hedged item affects earnings. Cash flows from derivative financial instruments are classified in the unaudited Condensed Consolidated Statements of Cash Flows based on the nature of the derivative contract. No other significant accounting policies and estimates have changed from those detailed in Note 1 to the Company’s audited consolidated financial statements for the fiscal year ended December 31, 2016. Use of Estimates—The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the unaudited condensed consolidated financial statements and accompanying notes. Actual results could differ from these estimates. Dreamcatcher—Dreamcatcher Broadcasting LLC (“Dreamcatcher”) was formed in 2013 specifically to comply with the cross-ownership rules of the FCC related to the Company’s acquisition of Local TV, LLC on December 27, 2013 (the “Local TV Acquisition”). See Note 1 to the Company’s audited consolidated financial statements for the fiscal year ended December 31, 2016 for additional information. The Company’s unaudited condensed consolidated financial statements as of and for the three and six months ended June 30, 2017 and June 30, 2016 include the results of operations and the financial position of Dreamcatcher, a fully-consolidated variable interest entity (“VIE”). Net revenues of the Dreamcatcher stations (WTKR-TV, Norfolk, VA, WGNT-TV, Portsmouth, VA and WNEP-TV, Scranton, PA) included in the Company’s unaudited Condensed Consolidated Statements of Operations for each of the three months ended June 30, 2017 and June 30, 2016 were $18 million and for each of the six months ended June 30, 2017 and June 30, 2016, were $35 million. Operating profits of the Dreamcatcher stations included in the Company’s unaudited Condensed Consolidated Statements of Operations for each of the three months ended June 30, 2017 and June 30, 2016 were $4 million and for the six months ended June 30, 2017 and June 30, 2016, were $6 million and $7 million, respectively. The Company’s unaudited Condensed Consolidated Balance Sheets as of June 30, 2017 and December 31, 2016 include the following assets and liabilities of the Dreamcatcher stations (in thousands):
New Accounting Standards—In March 2017, the FASB issued ASU No. 2017-07, “Compensation - Retirement Benefits (Topic 715).” The standard changes how employers that sponsor defined benefit pension and/or other postretirement benefit plans present the net periodic benefit cost in the statement of operations. Under the new guidance, employers are required to present the service cost component of net periodic benefit cost in the same statement of operations caption as other employee compensation costs arising from services rendered during the period. Employers are required to present the other components of the net periodic benefit cost separately from the caption that includes the service costs and outside of any subtotal of operating profit and are required to disclose the caption used to present the other components of net periodic benefit cost, if not presented separately on the statement of operations. Additionally, only the service cost component will be eligible for capitalization in assets. The standard is effective for fiscal years beginning after December 15, 2017, and the interims periods within those fiscal years. Early adoption is permitted. The amendments in ASU 2017-07 must be applied retrospectively. Upon adoption, the Company is required to provide the relevant disclosures under Topic 250, Accounting Changes and Error Corrections. The Company is currently evaluating the impact of adopting ASU 2017-07 on its consolidated financial statements. In February 2017, the FASB issued ASU No. 2017-05, “Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20).” The standard clarifies that ASC 610-20 provides guidance for recognizing gains and losses from the transfer of nonfinancial assets and in substance nonfinancial assets in contracts with noncustomers. As a result of the new guidance, the guidance specific to real estate sales in ASC 360-20 will be eliminated. Instead, sales and partial sales of real estate will be subject to the same recognition model as all other nonfinancial assets. The standard is effective for fiscal years beginning after December 15, 2017, and the interim periods within those fiscal periods. Early adoption is permitted. The amendments in ASU 2017-05 may be applied either retrospectively to each prior period presented or retrospectively with the cumulative effect of initially applying ASU 2017-05 at the date of initial application. The Company is currently evaluating the method and the impact of adopting ASU 2017-05 on its consolidated financial statements. In November 2016, the FASB issued ASU No. 2016-18, “Statement of Cash Flows (Topic 230).” The standard addresses the diversity in classification and presentation of changes in restricted cash on the statement of cash flows. The standard requires restricted cash and restricted cash equivalents to be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. In addition, transfers between cash, cash equivalents and amounts generally described as restricted cash or restricted cash equivalents are not reported as cash flow activities. The standard also requires additional disclosures related to a reconciliation of the balance sheet line items related to cash, cash equivalents, restricted cash and restricted cash equivalents to the statement of cash flows, which can be presented either on the face of the statement of cash flows or separately in the notes to the financial statements. The amendments in this ASU should be applied using a retrospective transition method to each period presented. The standard is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted. The adoption on this standard is not expected to have a material impact on the Company’s consolidated financial statements. In August 2016, the FASB issued ASU No. 2016-15, “Statement of Cash Flows (Topic 230).” The standard addresses several specific cash flow issues with the objective of reducing the existing diversity in practice in how certain cash activities are presented and classified in the statement of cash flows. The cash flow issues addressed include debt prepayment or extinguishment costs, settlement of debt instruments with coupon rates that are insignificant in relation to the effective interest rate of the borrowing, contingent consideration payments made after a business combination, distributions received from equity method investees and cash receipts and payments that may have aspects of more than one class of cash flows. The standard is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted but all of the guidance must be adopted in the same period. The Company is currently evaluating the impact of adopting ASU 2016-15 on its consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments - Credit Losses (Topic 326).” The standard requires entities to estimate loss of financial assets measured at amortized cost, including trade receivables, debt securities and loans, using an expected credit loss model. The expected credit loss differs from the previous incurred losses model primarily in that the loss recognition threshold of “probable” has been eliminated and that expected loss should consider reasonable and supportable forecasts in addition to the previously considered past events and current conditions. Additionally, the guidance requires additional disclosures related to the further disaggregation of information related to the credit quality of financial assets by year of the asset’s origination for as many as five years. Entities must apply the standard provision as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. The standard is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted for annual periods beginning after December 15, 2018, and interim periods within those fiscal years. The Company is currently evaluating the impact of adopting ASU 2016-13 on its consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Subtopic 842).” The new guidance requires lessees to recognize assets and liabilities arising from leases as well as extensive quantitative and qualitative disclosures. A lessee will need to recognize on its balance sheet a right-of-use asset and a lease liability for the majority of its leases (other than leases that meet the definition of a short-term lease). The lease liabilities will be equal to the present value of lease payments. The right-of-use asset will be measured at the lease liability amount, adjusted for lease prepayment, lease incentives received and the lessee’s initial direct costs. The standard is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted. ASU 2016-02 is required to be applied using the modified retrospective approach for all leases existing as of the effective date and provides for certain practical expedients. The Company is currently evaluating the impact of adopting ASU 2016-02 on its consolidated financial statements. In January 2016, the FASB issued ASU No. 2016-01, “Financial Instruments - Overall (Subtopic 825-10).” The new guidance requires entities to measure equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) at fair value, with changes in fair value recognized in net income and requires entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes. Further, entities will no longer be able to recognize unrealized holding gains and losses on equity securities classified today as available for sale in other comprehensive income and they will no longer be able to use the cost method of accounting for equity securities that do not have readily determinable fair values. The guidance has additional amendments to presentation and disclosure requirements of financial instruments. The amendments in this ASU are effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The Company is currently evaluating the impact of adopting ASU 2016-01 on its consolidated financial statements. In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606).” The amendments in ASU 2014-09 create Topic 606, Revenue from Contracts with Customers, and supersede the revenue recognition requirements in Topic 605, Revenue Recognition, including most industry-specific revenue recognition guidance. The core principle of Topic 606 is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The amendments in ASU 2014-09 are effective for annual periods beginning after December 15, 2016, and interim periods within that reporting period. However, in August 2015, the FASB issued ASU No. 2015-14, “Revenue from Contracts with Customers (Topic 606) - Deferral of the Effective Date,” which deferred the effective date of ASU 2014-09 by one year for annual periods beginning after December 15, 2017, while allowing early adoption as of the original public entity date. In March 2016, the FASB issued ASU No. 2016-08, “Revenue from Contracts with Customers (Topic 606) - Principal versus Agent Considerations (Reporting Revenue Gross versus Net),” which clarifies the implementation guidance on principal versus agent considerations. In April 2016, the FASB issued ASU No. 2016-10, “Revenue from Contracts with Customers (Topic 606) - Identifying Performance Obligations and Licensing,” which amends the revenue recognition guidance on accounting for licenses of intellectual property and identifying performance obligations as well as clarifies when a promised good or service is separately identifiable. In May 2016, the FASB issued ASU No. 2016-12, “Revenue from Contracts with Customers (Topic 606) - Narrow-Scope Improvements and Practical Expedients,” which provides clarifying guidance in certain narrow areas such as an assessment of collectibility, presentation of sales taxes, noncash consideration, and completed contracts and contract modifications at transition as well as adds some practical expedients. In December 2016, the FASB issued ASU No. 2016-20, “Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers,” to clarify or to correct unintended application of the Topic 606, including disclosure requirements related to performance obligations. The amendments in ASU 2014-09, ASU 2016-08, ASU 2016-10, ASU 2016-12 and ASU 2016-20 may be applied either retrospectively to each prior period presented or retrospectively with the cumulative effect of initially applying ASU 2014-09, ASU 2016-08, ASU 2016-10, ASU 2016-12 and ASU 2016-20 at the date of initial application. The Company is currently evaluating the impact of adopting ASU 2014-09, ASU 2016-08, ASU 2016-10, ASU 2016-12 and ASU 2016-20 on its consolidated financial statements. The Company is finalizing the initial assessment phase of the new standard and expects to adopt the standard under the modified retrospective approach. Additionally, the Company has determined that under the new standard, certain barter revenue and the related expense will no longer be recognized. The Company is continuing to evaluate the impact of adopting the standard. |
Discontinued Operations (Notes) |
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Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disposal Groups, Including Discontinued Operations, Disclosure | NOTE 2: DISCONTINUED OPERATIONS Sale of Digital and Data Businesses—On December 19, 2016, the Company entered into a definitive share purchase agreement (the “Gracenote SPA”) with Nielsen Holding and Finance B.V. (“Nielsen”) to sell equity interests in substantially all of the Digital and Data business operations, which includes Gracenote Inc., Gracenote Canada, Inc., Gracenote Netherlands Holdings B.V., Tribune Digital Ventures LLC and Tribune International Holdco, LLC (the “Gracenote Companies”), for $560 million in cash, subject to certain purchase price adjustments (the “Gracenote Sale”). The Company retained its ownership of Covers Media Group (“Covers”), which was previously included in the Digital and Data reportable segment, and reclassified Covers’ previously reported amounts into the Television and Entertainment reportable segment to conform to the current segment presentation; the impact of this reclassification was immaterial. The Gracenote Sale was completed on January 31, 2017 and the Company received gross proceeds of $581 million. In the second quarter of 2017, the Company received additional proceeds of $3 million as a result of purchase price adjustments. In the six months ended June 30, 2017, the Company recognized a pretax gain of $35 million as a result of the Gracenote Sale. On February 1, 2017, the Company used $400 million of proceeds from the Gracenote Sale to pay down a portion of its Term Loan Facility (as defined and described in Note 6). As of December 31, 2016, the assets and liabilities of the businesses included in the Gracenote Sale are reflected as assets and liabilities of discontinued operations in the Company’s unaudited Condensed Consolidated Balance Sheets, and the operating results are presented as discontinued operations in the Company’s unaudited Condensed Consolidated Statements of Operations and unaudited Condensed Consolidated Statements of Comprehensive (Loss) Income for all periods presented. The Company entered into a transition services agreement (the “Nielsen TSA”) and certain other agreements with Nielsen that govern the relationships between Nielsen and the Company following the Gracenote Sale. Pursuant to the Nielsen TSA, the Company provides Nielsen with certain specified services on a transitional basis for a period of up to six months following the Gracenote Sale, including support in areas such as human resources, treasury, technology, legal and finance. In addition, the Nielsen TSA outlines the services that Nielsen provides to the Company on a transitional basis for a period of up to six months following the Gracenote Sale, including in areas such as human resources, technology, and finance and other areas where the Company may need assistance and information following the Gracenote Sale. The Nielsen TSA may be extended, in certain circumstances and for certain services, upon mutual agreement between the Company and Nielsen. The charges for the transition services generally allow the providing company to fully recover all out-of-pocket costs and expenses it actually incurs in connection with providing the services, plus, in some cases, the allocated direct costs of providing the services, generally without profit. Based on the Company’s assessment of the specific factors identified in ASC Topic 205, “Presentation of Financial Statements,” the Company concluded that it will not have significant continuing involvement in the Gracenote Companies. The following table shows the components of the results from discontinued operations associated with the Gracenote Sale as reflected in the unaudited Condensed Consolidated Statements of Operations (in thousands):
The results of discontinued operations include selling costs and transactions costs, including legal and professional fees incurred by the Company to complete the Gracenote Sale, of $10 million for the six months ended June 30, 2017. The following is a summary of the assets and liabilities of discontinued operations (in thousands):
The Gracenote SPA provides for indemnification against specified losses and damages which became effective upon completion of the transaction. The Company does not expect to incur material costs in connection with these indemnifications. The Company has no contingent liabilities relating to the Gracenote Sale as of June 30, 2017. The following table represents the components of the results from discontinued operations associated with the Gracenote Sale as reflected in the Company’s unaudited Condensed Consolidated Statements of Cash Flows (in thousands):
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Assets Held For Sale and Sales of Real Estate |
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Assets Held-for-sale, Not Part of Disposal Group [Abstract] | |||||||||||||||||||||||||||||||||
Assets Held For Sale and Sales of Real Estate | NOTE 3: REAL ESTATE SALES AND ASSETS HELD FOR SALE Real Estate Assets Held for Sale—Real estate assets held for sale in the Company’s unaudited Condensed Consolidated Balance Sheets consisted of the following (in thousands):
As of June 30, 2017, the Company had three real estate properties held for sale. The Company recorded charges of $7 million in the three months ended June 30, 2016 and $1 million and $15 million in the six months ended June 30, 2017 and June 30, 2016, respectively, to write down certain properties to their estimated fair value, less the expected selling costs, which were determined based on certain assumptions and judgments that are Level 3 within the fair value hierarchy. These charges are included in selling, general and administrative expenses (“SG&A”) in the Company’s unaudited Condensed Consolidated Statements of Operations. Sales of Real Estate—In the six months ended June 30, 2017, the Company sold six properties for net pretax proceeds totaling $60 million, as further described below. The Company defines net proceeds as pretax cash proceeds on the sale of properties, net of associated selling costs. On January 26, 2017, the Company sold its Denver, CO property for net proceeds of $23 million, which approximated the carrying value, and entered into a lease for the property. On January 31, 2017, the Company sold one of its Chicago, IL properties for net proceeds of $22 million and entered into a lease with a term of 10 years, subject to renewal, retaining the use of more than a minor portion of the property. The Company recorded a deferred pretax gain of $13 million on the sale, which will be amortized over the life of the lease in accordance with sale-leaseback accounting guidance. On April 21, 2017, the Company sold two of its Chicago, IL properties for net proceeds of less than $1 million. On May 22, 2017, the Company sold two of its Baltimore, MD properties for net proceeds of $15 million. The net proceeds on the sales of these properties approximated their respective carrying values. On August 4, 2017, the Company sold its Williamsburg, VA property for net proceeds of $1 million. As of August 9, 2017, the Company has agreements for the sales of certain properties located in Costa Mesa, CA and Fort Lauderdale, FL. These transactions are expected to close during the second half of 2017. However, the closing of these transactions is subject to certain adjustments and customary closing conditions and there can be no assurance that these sales will be completed in a timely manner or at all. On June 2, 2016, the Company sold its Allentown, PA property for net proceeds of $8 million and on May 2, 2016, the Company sold its Deerfield Beach, FL property for net proceeds of $24 million. In the second quarter of 2016, the Company recorded a net loss of less than $1 million on the sale of these properties that is included in SG&A. |
Goodwill And Other Intangible Assets |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill, Other Intangible Assets and Liabilities | NOTE 4: GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill and other intangible assets consisted of the following (in thousands):
The changes in the carrying amounts of intangible assets, which are in the Company’s Television and Entertainment segment, during the six months ended June 30, 2017 were as follows (in thousands):
Amortization expense relating to amortizable intangible assets is expected to be approximately $83 million for the remainder of 2017, $167 million in 2018, $140 million in 2019, $134 million in 2020, $103 million in 2021 and $84 million in 2022. |
Investments |
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Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments | NOTE 5: INVESTMENTS Investments consisted of the following (in thousands):
Equity Method Investments—Income from equity investments, net reported in the Company’s unaudited Condensed Consolidated Statements of Operations consisted of the following (in thousands):
As discussed in Note 8 to the Company’s audited consolidated financial statements for the fiscal year ended December 31, 2016, the carrying value of the Company’s investments was increased by $1.615 billion to a fair value aggregating $2.224 billion as a result of fresh start reporting adopted on the Effective Date (as defined in Note 8). Of the $1.615 billion increase, $1.108 billion was attributable to the Company’s share of theoretical increases in the carrying values of the investees’ amortizable intangible assets had the fair value of the investments been allocated to the identifiable intangible assets of the investees’ in accordance with ASC Topic 805 “Business Combinations.” The remaining $507 million of the increase was attributable to goodwill and other identifiable intangibles not subject to amortization, including trade names. The Company amortizes the differences between the fair values and the investees’ carrying values of the identifiable intangible assets subject to amortization and records the amortization (the “amortization of basis difference”) as a reduction of income on equity investments, net in its unaudited Condensed Consolidated Statements of Operations. The remaining identifiable net intangible assets subject to amortization of basis difference as of June 30, 2017 totaled $711 million and have a weighted average remaining useful life of approximately 16 years. Cash distributions from the Company’s equity method investments were as follows (in thousands):
TV Food Network—The Company’s 31% investment in Television Food Network, G.P. (“TV Food Network”) totaled $1.207 billion and $1.279 billion at June 30, 2017 and December 31, 2016, respectively. The Company recognized equity income from TV Food Network of $39 million and $37 million for the three months ended June 30, 2017 and June 30, 2016, respectively, and equity income of $77 million and $71 million for the six months ended June 30, 2017 and June 30, 2016, respectively. The Company received cash distributions from TV Food Network of $38 million and $36 million for the three months ended June 30, 2017 and June 30, 2016, respectively, and cash distributions of $150 million and $126 million in the six months ended June 30, 2017 and June 30, 2016, respectively. CareerBuilder—The Company’s 32% investment in CareerBuilder, LLC (“CareerBuilder”) totaled $169 million and $341 million at June 30, 2017 and December 31, 2016, respectively. The Company recognized equity income, excluding impairment charges, from CareerBuilder of $2 million and $8 million for the three months ended June 30, 2017 and June 30, 2016, respectively, and equity income, excluding impairment charges, of $2 million and $14 million for the six months ended June 30, 2017 and June 30, 2016, respectively. On September 7, 2016, TEGNA Inc. (“TEGNA”) announced that it began evaluating strategic alternatives for CareerBuilder, including a possible sale. In March 2017, the range of possible outcomes was narrowed and based on operating performance and updated bids received by TEGNA, the Company determined that there was sufficient indication that the carrying value of its investment in CareerBuilder may be impaired. As of the assessment date in the first quarter of 2017, the carrying value of the Company’s investment in CareerBuilder included $72 million of unamortized basis difference that the Company recorded as a result of fresh start reporting discussed above. In the first quarter of 2017, the Company recorded a non-cash pretax impairment charge of $122 million to write down its investment in CareerBuilder, which eliminated the remaining fresh start reporting basis difference. The write down resulted from a decline in the fair value of the investment that the Company determined to be other than temporary. On June 19, 2017, TEGNA announced that it entered into an agreement (the “CareerBuilder Sale Agreement”), together with the other owners of CareerBuilder, including Tribune Media Company, to sell CareerBuilder to an investor group led by investment funds managed by affiliates of Apollo Global Management, LLC and the Ontario Teachers’ Pension Plan Board. As a result, in the three months ended June 30, 2017, the Company recorded an additional non-cash pretax impairment charge of $59 million to further write down its investment in CareerBuilder based on the transaction value contemplated in the CareerBuilder Sale Agreement. The transaction closed on July 31, 2017 and the Company received cash of $158 million, which included an excess cash distribution of $16 million. Subsequent to the sale, the Company’s ownership in CareerBuilder declined to approximately 7%, on a fully diluted basis. In the six months ended June 30, 2017, the total non-cash pretax impairment charges to write down the Company’s investment in CareerBuilder totaled $181 million. The impairment charges resulted from declines in the fair value of the investment that the Company determined to be other than temporary. The investment constitutes a nonfinancial asset measured at fair value on a nonrecurring basis in the Company’s unaudited Condensed Consolidated Balance Sheets and is classified as a Level 3 asset in the fair value hierarchy. See Note 7 for a description of the fair value hierarchy’s three levels. Dose Media—The Company’s 25% investment in Dose Media, LLC (“Dose Media”) totaled $11 million and $12 million at June 30, 2017 and December 31, 2016, respectively. Summarized Financial Information—Summarized financial information for TV Food Network is as follows (in thousands):
Summarized financial information for CareerBuilder and Dose Media is as follows (in thousands):
Marketable Equity Securities—As further described in Note 2 to the Company’s audited consolidated financial statements for the fiscal year ended December 31, 2016, on August 4, 2014, the Company completed the Publishing Spin-off and retained 381,354 shares of tronc, Inc. (“tronc”) common stock, representing at that time 1.5% of the outstanding common stock of tronc. As of December 31, 2016, shares of tronc common stock were classified as available-for-sale securities. On January 31, 2017, the Company sold its tronc shares for net proceeds of $5 million and recognized a pretax gain of $5 million. Cost Method Investments—All of the Company’s cost method investments in private companies are recorded at cost, net of write-downs resulting from periodic evaluations of the carrying value of the investments. Chicago Cubs Transactions—As defined and further described in Note 8 to the Company’s audited consolidated financial statements for the fiscal year ended December 31, 2016, the Company consummated the closing of the Chicago Cubs Transactions on October 27, 2009. Concurrent with the closing of the transactions, the Company executed guarantees of collection of certain debt facilities entered into by Chicago Entertainment Ventures, LLC (formerly Chicago Baseball Holdings, LLC), and its subsidiaries (collectively, “New Cubs LLC”). The guarantees are capped at $699 million plus unpaid interest. The guarantees are reduced as New Cubs LLC makes principal payments on the underlying loans. To the extent that payments are made under the guarantees, the Company will be subrogated to, and will acquire, all rights of the debt lenders against New Cubs LLC. Variable Interests—At June 30, 2017 and December 31, 2016, the Company held variable interests in Topix, LLC (through its investment in TKG Holdings II, LLC) (“Topix”) and TREH 200E Las Olas Venture, LLC (“Las Olas LLC”). See Note 1 to the Company’s audited consolidated financial statements for the fiscal year ended December 31, 2016 for additional information relating to these entities. The Company has determined that it is not the primary beneficiary of Topix and therefore has not consolidated it as of and for the periods presented in the unaudited condensed consolidated financial statements. The Company’s maximum loss exposure related to Topix is limited to its equity investment, which was $5 million at both June 30, 2017 and December 31, 2016. Las Olas LLC was determined to be a VIE where the Company is the primary beneficiary. The Company consolidates the financial position and results of operations of this VIE. The financial position and results of operations of the VIE as of and for the six months ended June 30, 2017 were not material. As further disclosed in Note 1, the Company consolidates the financial position and results of operations of Dreamcatcher, a VIE where the Company is the primary beneficiary. |
Debt |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | NOTE 6: DEBT Debt consisted of the following (in thousands):
Secured Credit Facility—On December 31, 2016, the Company’s secured credit facility (the “Secured Credit Facility”) consisted of a term loan facility (the “Term Loan Facility”), under which $2.343 billion of term B loans (the “Term B Loans”) were outstanding, and a $300 million revolving credit facility (the “Revolving Credit Facility”). At December 31, 2016, there were no borrowings outstanding under the Revolving Credit Facility, however, there were standby letters of credit outstanding of $23 million, primarily in support of the Company’s workers’ compensation insurance programs. See Note 9 to the Company’s audited consolidated financial statements for the fiscal year ended December 31, 2016 for further information and significant terms and conditions associated with the Term Loan Facility and the Revolving Credit Facility, including but not limited to interest rates, repayment terms, fees, restrictions and affirmative and negative covenants. 2017 Amendment On January 27, 2017, the Company entered into an amendment (the “2017 Amendment”) to the Secured Credit Facility, pursuant to which, among other things, (i) certain term lenders converted a portion of their Term B Loans outstanding immediately prior to the closing of the 2017 Amendment (the “Former Term B Loans”) into a new tranche of term loans in an aggregate amount (after giving effect to the Term Loan Increase Supplement (as defined below)) of approximately $1.761 billion (the “Term C Loans”), electing to extend the maturity date of the Term C Loans from December 27, 2020 to the earlier of (A) January 27, 2024 and (B) solely to the extent that more than $600 million in aggregate principal amount of the Company’s 5.875% Senior Notes due 2022 remain outstanding on such date, the date that is 91 days prior to July 15, 2022 (as such date may be extended from time to time) and (ii) certain revolving lenders under the Revolving Credit Facility converted all of their revolving commitments into a new tranche of revolving commitments (the “New Initial Revolving Credit Commitments”; the existing tranche of revolving commitments of the remaining revolving lenders, the “Existing Revolving Tranche”), electing to extend the maturity date of the New Initial Revolving Credit Commitments from December 27, 2018 to January 27, 2022. Under the Secured Credit Facility, the Term C Loans bear interest, at the Company’s election, at a rate per annum equal to either (i) the sum of LIBOR, adjusted for statutory reserve requirements on Euro currency liabilities (“Adjusted LIBOR”), subject to a minimum rate of 0.75%, plus an applicable margin of 3.0% or (ii) the sum of a base rate determined as the highest of (a) the federal funds effective rate from time to time plus 0.5%, (b) the prime rate of interest announced by the administrative agent as its prime rate, and (c) Adjusted LIBOR plus 1.0%, plus an applicable margin of 2.0%. Under the Revolving Credit Facility, the loans made pursuant to a New Initial Revolving Credit Commitments bear interest initially, at the Company’s election, at a rate per annum equal to either (i) the sum of Adjusted LIBOR, subject to a minimum rate of zero, plus an applicable margin of 3.0% or (ii) the sum of a base rate determined as the highest of (a) the federal funds effective rate from time to time plus 0.5%, (b) the prime rate of interest announced by the administrative agent as its prime rate, and (c) Adjusted LIBOR plus 1.0%, plus an applicable margin of 2.0%. The interest rate and other terms specific to the Term B Loans and Existing Revolving Tranche were unchanged by the 2017 Amendment. The Term C Loans and the New Initial Revolving Credit Commitments are secured by the same collateral and guaranteed by the same guarantors as the Former Term B Loans. Voluntary prepayments of the Term C Loans are permitted at any time, in minimum principal amounts, without premium or penalty, subject to a 1.00% premium payable in connection with certain repricing transactions within the first six months after the 2017 Amendment. The Revolving Credit Facility includes a covenant that requires the Company to maintain a net first lien leverage ratio of no greater than 5.25 to 1.00 for each period of four consecutive fiscal quarters most recently ended. The covenant is only required to be tested at the end of each fiscal quarter if the aggregate amount of revolving loans, swingline loans and letters of credit (other than undrawn letters of credit and letters of credit that have been fully cash collateralized) outstanding exceed 35% of the aggregate amount of revolving commitments as of the date of the 2017 Amendment (after giving effect to Revolving Credit Facility Increase (as defined below)). The other terms of the Term C Loans and the New Initial Revolving Credit Commitments are also generally the same as the terms of the Former Term B Loans and the Existing Revolving Tranche, as applicable. A portion of each of the Former Term B Loans and the Existing Revolving Tranche remained in place following the 2017 Amendment and each will mature on its respective existing maturity date. Concurrent with the 2017 Amendment, the Company entered into certain interest rate swaps with a notional value of $500 million to hedge variable rate interest payments associated with the Term C Loans due under the 2017 Amendment. See Note 7 for further information on the interest rate swaps. On January 27, 2017, immediately following effectiveness of the 2017 Amendment, the Company increased (A) the amount of its Term C Loans pursuant to an Increase Supplement (the “Term Loan Increase Supplement”) between the Company and the term lender party thereto and (B) the amount of commitments under its Revolving Credit Facility from $300 million to $420 million (the “Revolving Credit Facility Increase”), pursuant to (i) an Increase Supplement, among the Company and certain existing revolving lenders and (ii) a Lender Joinder Agreement, among the Company, a new revolving lender and JPMorgan Chase Bank N.A., as administrative agent. In connection with the 2017 Amendment of the Revolving Credit Facility, the Company incurred fees of $2 million, all of which were deferred. At June 30, 2017, there were no borrowings outstanding under the Revolving Credit Facility, however, there were $22 million of standby letters of credit outstanding, primarily in support of the Company’s workers’ compensation insurance programs. As of the date of the 2017 Amendment, the aggregate unamortized debt issuance costs related to the Term Loan Facility totaled $25 million and unamortized discount totaled $6 million. In connection with the 2017 Amendment, the Company paid fees to Term C Loan lenders of $4 million, which are considered a debt discount, all of which were deferred, and incurred transaction costs of $13 million, of which $1 million was deferred with the remainder expensed as part of loss on extinguishment and modification of debt, as further described below. Subsequent to the 2017 Amendment, the Company had $600 million of Term B Loans outstanding. On February 1, 2017, the Company used $400 million from the proceeds from the Gracenote Sale to pay down a portion of its Term B Loans. Subsequent to this payment, the Company’s quarterly installments related to the remaining principal amount of Term B Loans are no longer due. As a result of the 2017 Amendment and the $400 million pay down, the Company recorded charges of $19 million on the extinguishment and modification of debt in the Company’s unaudited Condensed Consolidated Statements of Operations in the first quarter of 2017. The loss consisted of a write-off of unamortized debt issuance costs of $6 million and an unamortized discount of $1 million associated with the Term B Loans as a portion of the Term Loan Facility was considered extinguished for accounting purposes as well as an expense of $12 million of third parties fees as a portion of the Term Loan Facility was considered a modification transaction under ASC 470, “Debt.” The Company’s unamortized transaction costs and unamortized discount related to the Term Loan Facility were $27 million and $31 million at June 30, 2017 and December 31, 2016, respectively. These deferred costs are recorded as a direct deduction from the carrying amount of an associated debt liability in the Company’s unaudited Condensed Consolidated Balance Sheets and amortized to interest expense over the contractual term of either the Term B Loans or Term C Loans, as appropriate. 5.875% Senior Notes due 2022—On April 1, 2016, the SEC declared effective the exchange offer registration statement on Form S-4 to exchange the Company’s 5.875% Senior Notes due 2022 and the related guarantees of certain subsidiaries of the Company for substantially identical securities registered under the Securities Act of 1933, as amended (the “Securities Act”). On May 4, 2016, the Company and the subsidiary guarantors completed the exchange offer of the 5.875% Senior Notes due 2022 and related guarantees for $1.100 billion of the Company’s 5.875% Senior Notes due 2022 (the “Notes”) and the related guarantees, which have been registered under the Securities Act. During the first half of 2016, the Company incurred and deferred $1 million of transaction costs related to filing the exchange offer registration statement for the Notes. See Note 9 to the audited consolidated financial statements for the fiscal year ended December 31, 2016 for further information and significant terms and conditions associated with the Notes, including but not limited to interest rates, repayment terms, fees, restrictions and affirmative and negative covenants. The Company’s unamortized transaction costs related to the Notes were $14 million and $15 million at June 30, 2017 and December 31, 2016, respectively. Consent Solicitation On June 22, 2017, the Company announced that it received consents from 93.23% of holders of the Notes outstanding as of the record date of June 12, 2017, to effect certain proposed amendments to the Indenture (as defined below). The Company undertook the consent solicitation (the “Consent Solicitation”) at the request and expense of Sinclair in accordance with the terms of the Merger Agreement. In conjunction with receiving the requisite consents, on June 22, 2017, the Company, the subsidiary guarantors party thereto and The Bank of New York Mellon Trust Company, N.A., as trustee for the Notes, entered into the fourth supplemental indenture (the “Supplemental Indenture”) to the indenture governing the Notes, dated as of June 24, 2015 (as supplemented and amended, the “Indenture”), to effect the proposed amendments to (i) eliminate any requirement for the Company to make a “Change of Control Offer” (as defined in the Indenture) to holders of the Notes in connection with the transactions contemplated by the Merger Agreement, (ii) clarify the treatment under the Indenture of the proposed structure of the Merger and to facilitate the integration of the Company and its subsidiaries and the Notes with and into Sinclair’s debt capital structure, and (iii) eliminate the expense associated with producing and filing with the SEC separate financial reports for Sinclair Television Group, Inc., a wholly-owned subsidiary of Sinclair, as successor issuer of the Notes, if Sinclair or any other parent entity of the successor issuer of the Notes, in its sole discretion, provides an unconditional guarantee of the payment obligations of the successor issuer under the Notes (collectively, the “Amendments”). The Supplemental Indenture became effective immediately upon execution, but the Amendments will not become operative until immediately prior to the effective time of the Merger. Dreamcatcher—The Company and the guarantors guarantee the obligations of Dreamcatcher under its senior secured credit facility (the “Dreamcatcher Credit Facility”). The obligations of the Company and the guarantors under the Dreamcatcher Credit Facility are secured on a pari passu basis with the Company’s and the guarantors’ obligations under the Secured Credit Facility. As further described in Note 8, on April 13, 2017, the FCC announced the conclusion of the incentive auction, the results of the reverse and forward auction and the repacking of broadcast television spectrum. The Company participated in the auction and the Dreamcatcher stations received $21 million of pretax proceeds in July 2017, as further described in Note 8. Any proceeds received by the Dreamcatcher stations as a result of the incentive auction are required to be first used to repay the Dreamcatcher Credit Facility. |
Fair Value Measurements |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | NOTE 7: FAIR VALUE MEASUREMENTS The Company measures and records in its consolidated financial statements certain assets and liabilities at fair value. ASC Topic 820 “Fair Value Measurement and Disclosures,” establishes a fair value hierarchy for instruments measured at fair value that distinguishes between assumptions based on market data (observable inputs) and the Company’s own assumptions (unobservable inputs). This hierarchy consists of the following three levels:
On January 27, 2017, concurrent with the 2017 Amendment, the Company entered into interest rate swaps with certain financial institutions for a total notional value of $500 million with a duration that matches the maturity of the Company’s Term C Loans. The interest rate swaps are designated as cash flow hedges and are considered highly effective. As a result, no ineffectiveness has been recognized in the unaudited Condensed Consolidated Statements of Operations during the three and six months ended June 30, 2017. Additionally, for the interest rate swaps, no amounts are excluded from the assessment of hedge effectiveness. The monthly net interest settlements under the interest rate swaps are reclassified out of accumulated other comprehensive (loss) income and recognized in interest expense consistent with the recognition of interest expense on the Company’s Term C Loans. For the three and six months ended June 30, 2017, realized losses of $2 million and $3 million, respectively, were recognized in interest expense. As of June 30, 2017, the fair value of the interest rate swaps was recorded in other current liabilities in the amount of $6 million with the unrealized loss recognized in other comprehensive (loss) income. As of June 30, 2017, the Company expects approximately $5 million to be reclassified out of accumulated other comprehensive (loss) income and into interest expense over the next twelve months. The interest rate swap fair value is considered Level 2 within the fair value hierarchy as it includes quoted prices for similar instruments as well as interest rates and yield curves that are observable in the market. The Company holds certain marketable equity securities which are traded on national stock exchanges. These securities are recorded at fair value and are categorized as Level 1 within the fair value hierarchy. These investments are measured at fair value on a recurring basis. On January 31, 2017, the Company sold its tronc shares for net proceeds of $5 million and recognized a pretax gain of $5 million in the first quarter of 2017. As of December 31, 2016, the fair value and cost basis was $5 million and $0, respectively. The fair value and the cost basis of other marketable equity securities held by the Company as of June 30, 2017 were not material. Certain assets are measured at fair value on a nonrecurring basis; that is, the instruments are not measured at fair value on an ongoing basis, but are subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment). The carrying values of cash and cash equivalents, restricted cash and cash equivalents, trade accounts receivable and trade accounts payable approximate fair value due to their short term to maturity. Certain of the Company’s cash equivalents are held in money market funds which are valued using net asset value (“NAV”) per share, which would be considered Level 1 in the fair value hierarchy. Estimated fair values and carrying amounts of the Company’s financial instruments that are not measured at fair value on a recurring basis were as follows (in thousands):
The following methods and assumptions were used to estimate the fair value of each category of financial instruments. Cost Method Investments—Cost method investments in private companies are recorded at cost, net of write-downs resulting from periodic evaluations of the carrying value of the investments. No events or changes in circumstances occurred during the six months ended June 30, 2017 that suggested a significant adverse effect on the fair value of the Company’s investments. The carrying value of the cost method investments at both June 30, 2017 and December 31, 2016 approximated fair value. The cost method investments would be classified in Level 3 of the fair value hierarchy. Term Loan Facility—The fair value of the outstanding principal balance of the term loans under the Company’s Term Loan Facility at both June 30, 2017 and December 31, 2016 is based on pricing from observable market information in a non-active market and would be classified in Level 2 of the fair value hierarchy. 5.875% Senior Notes due 2022—The fair value of the outstanding principal balance of the Company’s 5.875% Senior Notes due 2022 at June 30, 2017 and December 31, 2016 is based on pricing from observable market information in a non-active market and would be classified in Level 2 of the fair value hierarchy. Dreamcatcher Credit Facility—The fair value of the outstanding principal balance of the Company’s Dreamcatcher Credit Facility at both June 30, 2017 and December 31, 2016 is based on pricing from observable market information for similar instruments in a non-active market and would be classified in Level 2 of the fair value hierarchy. |
Commitments and Contingencies |
6 Months Ended |
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Jun. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 8: COMMITMENTS AND CONTINGENCIES Chapter 11 Reorganization— On December 8, 2008 (the “Petition Date”), Tribune Company and 110 of its direct and indirect wholly-owned subsidiaries (collectively, the “Debtors” or “Predecessor”) filed voluntary petitions for relief (collectively, the “Chapter 11 Petitions”) under chapter 11 (“Chapter 11”) of title 11 of the United States Code (the “Bankruptcy Code”) in the U.S. Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”). The Fourth Amended Joint Plan of Reorganization for Tribune Company and its Subsidiaries (as subsequently modified, the “Plan”) became effective and the Debtors emerged from Chapter 11 on December 31, 2012 (the “Effective Date”). The Bankruptcy Court entered final decrees collectively closing 106 of the Debtors’ Chapter 11 cases. The remaining Debtors’ Chapter 11 proceedings continue to be jointly administered under the caption In re Tribune Media Company, et al., Case No. 08-13141. See Note 3 to the Company’s audited consolidated financial statements for the fiscal year ended December 31, 2016 for additional information regarding the Debtors’ Chapter 11 cases and for a description of the terms and conditions of the Plan. Confirmation Order Appeals—Notices of appeal of the Bankruptcy Court’s order confirming the Plan (the “Confirmation Order”) were filed by (i) Aurelius Capital Management, LP, on behalf of its managed entities that were holders of the Predecessor’s senior notes and Exchangeable Subordinated Debentures due 2029 (“PHONES”); (ii) Law Debenture Trust Company of New York (“Law Debenture”) and Deutsche Bank Trust Company Americas (“Deutsche Bank”), each successor trustees under the respective indentures for the Predecessor’s senior notes; (iii) by Wilmington Trust Company, as successor indenture trustee for the PHONES, and (iv) EGI-TRB, L.L.C., a Delaware limited liability company wholly-owned by Sam Investment Trust (a trust established for the benefit of Samuel Zell and his family) (the “Zell Entity”). The appellants sought, among other relief, to overturn the Confirmation Order and certain prior orders of the Bankruptcy Court embodied in the Plan, including the settlement of certain claims and causes of action related to the series of transactions (collectively, the “Leveraged ESOP Transactions”) consummated by the Predecessor, the Tribune Company employee stock ownership plan, the Zell Entity and Samuel Zell in 2007. As of June 30, 2017, each of the Confirmation Order appeals have been dismissed or otherwise resolved by a final order, with the exception of the appeals of Law Debenture and Deutsche Bank, which remain pending before the U.S. District Court for the District of Delaware. See Note 3 to the Company’s audited consolidated financial statements for the fiscal year ended December 31, 2016 for a further description of the Leveraged ESOP Transactions and the Confirmation Order appeals. If the remaining appellants succeed on their appeal, the Company’s financial condition may be adversely affected. Resolution of Outstanding Prepetition Claims—As of the Effective Date, approximately 7,400 proofs of claim had been filed against the Debtors. Amounts and payment terms for these claims, if applicable, were established in the Plan. The Plan requires the Company to reserve cash in amounts sufficient to make certain additional payments that may become due and owing pursuant to the Plan subsequent to the Effective Date. As of June 30, 2017, restricted cash held by the Company to satisfy the remaining claim obligations was $18 million and is estimated to be sufficient to satisfy such obligations. As of June 30, 2017, all but 403 proofs of claim against the Debtors had been withdrawn, expunged, settled or otherwise satisfied. The majority of the remaining proofs of claim were filed by certain of the Company’s former directors and officers, asserting indemnity and other related claims against the Company for claims brought against them in lawsuits arising from the Leveraged ESOP Transactions. Those lawsuits are pending in multidistrict litigation (“MDL”) before the U.S. District Court for the Southern District of New York (the “NY District Court”) in proceedings captioned In re Tribune Co. Fraudulent Conveyance Litigation. See “Certain Causes of Action Arising from the Leveraged ESOP Transactions” in Note 3 to the Company’s audited consolidated financial statements for the fiscal year ended December 31, 2016 for a description of the MDL proceedings. Under the Plan, the indemnity claims of the Company’s former directors and officers must be set off against any recovery by the litigation trust formed pursuant to the Plan (the “Litigation Trust”) against any of those directors and officers, and the Litigation Trust is authorized to object to the allowance of any such indemnity-type claims. The ultimate amounts to be paid in resolutions of the remaining proofs of claim, including indemnity claims, will continue to be subject to uncertainty for a period of time after the Effective Date. If the aggregate allowed amount of the remaining claims exceeds the restricted cash held for satisfying such claims, the Company would be required to satisfy the allowed claims from its cash on hand from operations. Reorganization Items, Net—ASC Topic 852, “Reorganizations,” requires that the financial statements for periods subsequent to the filing of the Chapter 11 Petitions distinguish transactions and events that are directly associated with the reorganization from the operations of the business. Reorganization items, net included in the Company’s unaudited Condensed Consolidated Statements of Operations primarily include professional advisory fees and other costs related to the resolution of unresolved claims and totaled less than $1 million for each of the three and six months ended June 30, 2017 and June 30, 2016. The Company expects to continue to incur certain expenses pertaining to the Chapter 11 proceedings throughout 2017 and potentially in future periods. FCC Regulation—Various aspects of the Company’s operations are subject to regulation by governmental authorities in the United States. The Company’s television and radio broadcasting operations are subject to FCC jurisdiction under the Communications Act of 1934, as amended. FCC rules, among other things, govern the term, renewal and transfer of radio and television broadcasting licenses, and limit the number of media interests in a local market that a single entity can own. Federal law also regulates the rates charged for political advertising and the quantity of advertising within children’s programs. As of August 9, 2017, the Company had FCC authorization to operate 39 television stations and one AM radio station. The Company is subject to the FCC’s “Local Television Multiple Ownership Rule,” the “Newspaper Broadcast Cross Ownership Rule” and the “National Television Multiple Ownership Rule,” among others, as further described in Note 12 to the Company’s audited consolidated financial statements for the fiscal year ended December 31, 2016. The FCC’s “National Television Multiple Ownership Rule” prohibits the Company from owning television stations that, in the aggregate, reach more than 39% of total U.S. television households, subject to a 50% discount of the number of television households attributable to UHF stations (the “UHF Discount”). On April 20, 2017, the FCC reinstated the UHF Discount (which had previously been eliminated in August 2016). The Company’s current national reach exceeds the 39% cap on an undiscounted basis, but complies with the cap on a discounted basis. In reinstating the UHF Discount, the FCC stated its intent to undertake a new rulemaking proceeding later this year during which it will consider the UHF Discount in conjunction with the national TV ownership cap. The Company cannot predict the outcome of any such proceeding, or the effect on its business. Federal legislation enacted in February 2012 authorized the FCC to conduct a voluntary “incentive auction” in order to reallocate certain spectrum currently occupied by television broadcast stations to mobile wireless broadband services, to “repack” television stations into a smaller portion of the existing television spectrum band and to require television stations that do not participate in the auction to modify their transmission facilities, subject to reimbursement for reasonable relocation costs up to an industry-wide total of $1.750 billion. On April 13, 2017, the FCC announced the conclusion of the incentive auction, the results of the reverse and forward auction and the repacking of broadcast television spectrum. The Company participated in the auction and anticipates receiving approximately $190 million in pretax proceeds resulting from the auction. As of August 9, 2017, the Company has received approximately $185 million in pretax proceeds (including $21 million of proceeds received by the Dreamcatcher stations), with approximately $5 million in pretax proceeds remaining to be paid to the Company. The Company expects to receive the remaining auction proceeds in the second half of 2017; however, the Company cannot predict the exact timing of the remaining payments. The Company expects to use approximately $102 million of after-tax proceeds to prepay a portion of the Term Loan Facility. After-tax proceeds of $12.6 million received by the Dreamcatcher stations will be used to prepay a substantial portion of the Dreamcatcher Credit Facility. Twenty-two of the Company’s television stations (including WTTK, which operates as a satellite station of WTTV) will be required to change frequencies or otherwise modify their operations as a result of the repacking. In doing so, the stations could incur substantial conversion costs, reduction or loss of over-the-air signal coverage or an inability to provide high definition programming and additional program streams. The Company expects that the reimbursements from the FCC’s special fund will cover the majority of the Company’s expenses related to the repack. However, the Company cannot currently predict the effect of the repacking, whether the special fund will be sufficient to reimburse all of the Company’s expenses related to the repack, the timing of reimbursements or any spectrum-related FCC regulatory action. As described in Note 1 to the Company’s audited consolidated financial statements for the fiscal year ended December 31, 2016, the Company completed the Local TV Acquisition on December 27, 2013 pursuant to FCC staff approval granted on December 20, 2013 in the Local TV Transfer Order. On January 22, 2014, Free Press filed an Application for Review seeking review by the full Commission of the Local TV Transfer Order. The Company filed an Opposition to the Application for Review on February 21, 2014. Free Press filed a reply on March 6, 2014. The matter is pending. From time to time, the FCC revises existing regulations and policies in ways that could affect the Company’s broadcasting operations. In addition, Congress from time to time considers and adopts substantive amendments to the governing communications legislation. The Company cannot predict such actions or their resulting effect upon the Company’s business and financial position. Other Contingencies—The Company and its subsidiaries are defendants from time to time in actions for matters arising out of their business operations. In addition, the Company and its subsidiaries are involved from time to time as parties in various regulatory, environmental and other proceedings with governmental authorities and administrative agencies. See Note 9 for a discussion of potential income tax liabilities. Following the filing of the registration statement on Form S-4 by Sinclair registering the Sinclair Common Stock to be issued in connection with the Merger, four putative stockholder class action lawsuits were filed against the Company, members of the Company’s Board of Directors, Sinclair and Samson Merger Sub, Inc. in the United States District Courts for the Districts of Delaware and Illinois alleging that the proxy statement/prospectus omitted material information and was materially misleading, thereby violating the Securities Exchange Act of 1934, as amended. The actions are captioned McEntire v. Tribune Media Company, et al., 1:17-cv-05179 (N.D. Ill.), Duffy v. Tribune Media Company, et al., 1:17-cv-00919 (D. Del.), Berg v. Tribune Media Company, et al., 1:17-cv-00938 (D. Del.), and Pill v. Tribune Media Company, et al., 1:17-cv-00961 (D. Del.). The actions generally seek, as relief, class certification, preliminary and permanent injunctive relief, rescission or rescissory damages, and unspecified damages. The Company intends to vigorously defend against these lawsuits. The Company does not believe that any other matters or proceedings presently pending will have a material adverse effect, individually or in the aggregate, on its consolidated financial position, results of operations or liquidity. |
Income Taxes |
6 Months Ended |
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Jun. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 9: INCOME TAXES In the three and six months ended June 30, 2017 the Company recorded an income tax benefit from continuing operations of $10 million and $62 million, respectively. The effective tax rate on pretax loss from continuing operations was 24.9% for the three months ended June 30, 2017. The rate differs from the U.S. federal statutory rate of 35% due to state income taxes (net of federal benefit), the domestic production activities deduction, certain transaction costs not fully deductible for tax purposes, a $3 million benefit related to expected refunds of interest paid on prior tax assessments and other non-deductible expenses. The effective tax rate on pretax loss from continuing operations was 31.9% for the six months ended June 30, 2017. The rate for the six months ended June 30, 2017 was also impacted by a $2 million charge related to the write-off of unrealized deferred tax assets related to stock-based compensation. In the three and six months ended June 30, 2016, the Company recorded income tax expense from continuing operations of $215 million and $230 million, respectively. For three months ended June 30, 2016, the rate differs from the U.S. federal statutory rate of 35% due to state income taxes (net of federal benefit), a $102 million charge to establish a reserve net of federal and state tax benefit for interest on the Newsday transaction, and a related $91 million charge to adjust the Company’s deferred taxes, as described below, the domestic production activities deduction, other non-deductible expenses, and a $2 million benefit related to certain state income tax matters and other adjustments. For the six months ended June 30, 2016, the rate was also impacted by a $4 million charge related to the write-off of unrealized deferred tax assets related to stock-based compensation. Chicago Cubs Transactions—As further described in Note 8 to the Company’s audited consolidated financial statements for the fiscal year ended December 31, 2016, the Company consummated the closing of the Chicago Cubs Transactions on October 27, 2009. As a result of these transactions, Ricketts Acquisition LLC owns 95% and the Company owns 5% of the membership interests in New Cubs LLC. The fair market value of the contributed assets exceeded the tax basis and did not result in an immediate taxable gain because the transaction was structured to comply with the partnership provisions of the Internal Revenue Code (“IRC”) and related regulations. On June 28, 2016, the IRS issued the Company a Notice of Deficiency (“Notice”) which presents the IRS’s position that the gain should have been included in the Company’s 2009 taxable income. Accordingly, the IRS has proposed a $182 million tax and a $73 million gross valuation misstatement penalty. In addition, after-tax interest on the aforementioned proposed tax and penalty through June 30, 2017 would be approximately $45 million. The Company continues to disagree with the IRS’s position that the transaction generated a taxable gain in 2009, the proposed penalty and the IRS’s calculation of the gain. During the third quarter of 2016, the Company filed a petition in U.S. Tax Court to contest the IRS’s determination. The Company continues to pursue resolution of this disputed tax matter with the IRS. If the IRS prevails in their position, the gain on the Chicago Cubs Transactions would be deemed to be taxable in 2009. The Company estimates that the federal and state income taxes would be approximately $225 million before interest and penalties. Any tax, interest and penalty due will be offset by tax payments made relating to this transaction subsequent to 2009. As of June 30, 2017, the Company has paid or accrued approximately $47 million of federal and state tax payments through its regular tax reporting process. The Company does not maintain any tax reserves relating to the Chicago Cubs Transactions. In accordance with ASC Topic 740 “Income Taxes,” the Company’s unaudited Condensed Consolidated Balance Sheet at June 30, 2017 and December 31, 2016 includes a deferred tax liability of $152 million and $158 million, respectively, related to the future recognition of taxable income related to the Chicago Cubs Transactions. Newsday Transactions—As further described in Note 8 to the Company’s audited consolidated financial statements for the fiscal year ended December 31, 2016, the Company formed a partnership (the “Newsday Transaction”) in 2008. The fair market value of the contributed Newsday Media Group business’ net assets exceeded their tax basis and did not result in an immediate taxable gain because the transaction was structured to comply with the partnership provisions of the IRC and related regulations. In March 2013, the IRS issued its audit report on the Company’s federal income tax return for 2008 which concluded that the gain from the Newsday Transactions should have been included in the Company’s 2008 taxable income. Accordingly, the IRS proposed a $190 million tax and a $38 million accuracy-related penalty. The Company disagreed with the IRS’s position and timely filed a protest in response to the IRS’s proposed tax adjustments. In addition, if the IRS prevailed, the Company also would have been subject to state income taxes, interest and penalties. During the second quarter of 2016, as a result of extensive discussions with the IRS administrative appeals division, the Company reevaluated its tax litigation position related to the Newsday transaction and re-measured the cumulative most probable outcome of such proceedings. As a result, during the second quarter of 2016, the Company recorded a $102 million charge which was reflected as a $125 million current income tax reserve and a $23 million reduction in deferred income tax liabilities. The income tax reserve included federal and state taxes, interest and penalties while the deferred income tax benefit is primarily related to deductible interest expense. The Company also recorded $91 million of income tax expense to increase the Company’s deferred income tax liability to reflect the reduction in the tax basis of the Company’s assets. The reduction in tax basis was required to reflect the reduction in the amount of the Company’s guarantee of the Newsday partnership debt which was included in the reported tax basis previously determined upon emergence from bankruptcy. During the third quarter of 2016, the Company reached an agreement with the IRS administrative appeals division regarding the Newsday transaction which applies for tax years 2008 through 2015. As a result of the final agreement, in the third quarter of 2016, the Company recorded an additional income tax benefit of $3 million to adjust the previously recorded estimate of the deferred tax liability. During the second half of 2016, the Company paid $122 million of federal taxes, state taxes (net of state refunds), interest and penalties. The payments were recorded as a reduction in the Company’s current income tax reserve described above. During the fourth quarter of 2016, the Company recorded an additional $1 million of income tax expense primarily related to the additional accrual of interest. The remaining $4 million of state tax liabilities were included in the income taxes payable account on the Company’s unaudited Condensed Consolidated Balance Sheet at June 30, 2017 and December 31, 2016. Other—Although management believes its estimates and judgments are reasonable, the resolutions of the Company’s tax issues are unpredictable and could result in tax liabilities that are significantly higher or lower than that which has been provided by the Company. The Company accounts for uncertain tax positions in accordance with ASC Topic 740, which addresses the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The Company’s liability for unrecognized tax benefits totaled $23 million at June 30, 2017 and December 31, 2016. The Company believes it is reasonably possible that the total amount of unrecognized tax benefits could decrease by approximately $9 million within the next twelve months due to the resolution of tax examination issues and statute of limitations expirations. |
Pension And Other Retirement Plans |
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Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension and Other Retirement Plans | NOTE 10: PENSION AND OTHER RETIREMENT PLANS The components of net periodic benefit credit for Company-sponsored pension plans, net of taxes, for the three and six months ended June 30, 2017 and June 30, 2016 were as follows (in thousands):
Net periodic benefit cost related to other post retirement benefit plans was not material for all periods presented. For 2017, the Company does not expect to make any contributions to its qualified pension plans and expects to contribute $1 million to its other postretirement plans. In the three and six months ended June 30, 2017 and June 30, 2016, the Company’s contributions were not material. |
Capital Stock |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital Stock | NOTE 11: CAPITAL STOCK The Company is authorized to issue up to one billion shares of Class A Common Stock, up to one billion shares of Class B Common Stock and up to 40 million shares of preferred stock, each par value $0.001 per share, in one or more series. The Class A Common Stock and Class B Common Stock generally provide identical economic rights, but holders of Class B Common Stock have limited voting rights, including that such holders have no right to vote in the election of directors. Subject to certain ownership limitations, as further described in Note 15 to the Company’s audited consolidated financial statements for the fiscal year ended December 31, 2016, each share of Class A Common Stock is convertible into one share of Class B Common Stock and each share of Class B Common Stock is convertible into one share of Class A Common Stock, in each case, at the option of the holder at any time. The Company’s Class A Common Stock is traded on the New York Stock Exchange under the symbol “TRCO.” The Company’s Class B Common Stock and Warrants are traded on the OTC Pink market under the symbols “TRBAB” and “TRBNW,” respectively. On the Effective Date, the Company entered into the Warrant Agreement, pursuant to which the Company issued 16,789,972 Warrants to purchase Common Stock (the “Warrants”). Each Warrant entitles the holder to purchase from the Company, at the option of the holder and subject to certain restrictions set forth in the Warrant Agreement and as described in Note 15 to the Company’s audited consolidated financial statements for the fiscal year ended December 31, 2016, one share of Class A Common Stock or one share of Class B Common Stock at an exercise price of $0.001 per share, subject to adjustment and a cashless exercise feature. The Warrants may be exercised at any time on or prior to December 31, 2032. Pursuant to the Company’s amended and restated certificate of incorporation and the Warrant Agreement, in the event the Company determines that the ownership or proposed ownership of Common Stock or Warrants, as applicable, would be inconsistent with or violate any federal communications laws, materially limit or impair any business activities or proposed business activities of the Company under any federal communications laws, or subject the Company to any regulation under any federal communications laws to which the Company would not be subject, but for such ownership or proposed ownership, the Company may impose certain limitations on the rights of holders of Common Stock and Warrants, as further described in Note 15 to the Company’s audited consolidated financial statements for the fiscal year ended December 31, 2016. There were no conversions of the Company’s Common Stock between Class A Common Stock and Class B Common Stock during the six months ended June 30, 2017 and June 30, 2016. During the three months ended June 30, 2017 and June 30, 2016, 16,373 and 31,958 Warrants, respectively, were exercised for 16,373 and 31,958 shares, respectively, of Class A Common Stock. During the six months ended June 30, 2017 and June 30, 2016, 44,848 and 132,066 Warrants, respectively, were exercised for 44,848 and 132,066 shares, respectively, of Class A Common Stock. No Warrants were exercised for Class B Common Stock during the six months ended June 30, 2017 and June 30, 2016. At June 30, 2017, the following amounts were issued: 83,384 Warrants, 101,284,525 shares of Class A Common Stock, of which 14,102,185 were held in treasury, and 5,605 shares of Class B Common Stock. The Company has not issued any shares of preferred stock. On the Effective Date, the Company entered into a registration rights agreement (the “Registration Rights Agreement”) with certain entities related to Angelo, Gordon & Co., L.P. (the “AG Group”), Oaktree Tribune, L.P., an affiliate of Oaktree Capital Management, L.P. (the “Oaktree Group”) and Isolieren Holding Corp., an affiliate of JPMorgan (the “JPM Group,” and each of the JPM Group, AG Group and Oaktree Group, a “Stockholder Group”) and certain other holders of Registrable Securities who become a party thereto. See Note 15 to the Company’s audited consolidated financial statements for the fiscal year ended December 31, 2016 for additional information relating to the Registration Rights Agreement. Common Stock Repurchases—On February 24, 2016, the Board authorized a new stock repurchase program, under which the Company may repurchase up to $400 million of its outstanding Class A Common Stock. Under the stock repurchase program, the Company may repurchase shares in open-market purchases in accordance with all applicable securities laws and regulations, including Rule 10b-18 of the Securities Exchange Act of 1934, as amended. The extent to which the Company repurchases its shares, and the timing of such repurchases, will depend upon a variety of factors, including market conditions, regulatory requirements and other corporate considerations. During 2016, the Company repurchased 6,432,455 shares for $232 million at an average price of $36.08 per share. The Company repurchased no Common Stock during the six months ended June 30, 2017. As of June 30, 2017, the remaining authorized amount under the current authorization totaled $168 million. The Merger Agreement does not permit the Company to repurchase shares of its Common Stock except in narrow circumstances involving payment in satisfaction of options and conversion of Class B Common Stock into Class A Common Stock. See Note 1 for additional information about the Merger Agreement. Under the previous stock repurchase program which commenced on October 13, 2014 and was completed by December 31, 2015, the Company had repurchased $400 million of outstanding Class A Common Stock, totaling 7,670,216 shares. Special Cash Dividend—On January 2, 2017, the Board authorized and declared a special cash dividend of $5.77 per share of Common Stock (the “2017 Special Cash Dividend”), which was paid on February 3, 2017 to holders of record of Common Stock at the close of business on January 13, 2017. In addition, pursuant to the terms of the Warrant Agreement, the Company made a cash payment of $5.77 per Warrant on February 3, 2017 to holders of record of Warrants at the close of business on January 13, 2017. The total aggregate payment on February 3, 2017 totaled $499 million, including the payment to holders of Warrants. Quarterly Cash Dividends—The Board declared quarterly cash dividends per share on Common Stock to holders of record of Common Stock and Warrants as follows (in thousands, except per share data):
On August 2, 2017, the Board declared a quarterly cash dividend on Common Stock of $0.25 per share to be paid on September 5, 2017 to holders of record of Common Stock and Warrants as of August 21, 2017. Future dividends will be subject to the discretion of the Board and the terms of the Merger Agreement, which limits the Company’s ability to pay dividends, except for the payment of quarterly cash dividends not to exceed $0.25 per share and consistent with record and payment dates in 2016. The payment of quarterly cash dividends also results in the issuance of Dividend Equivalent Units (“DEUs”) to holders of restricted stock units (“RSUs”) and performance share units (“PSUs”), as described in Note 15 and Note 16 to the Company’s audited consolidated financial statements for the fiscal year ended December 31, 2016. |
Stock-Based Compensation |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-Based Compensation | NOTE 12: STOCK-BASED COMPENSATION On May 5, 2016, the 2016 Incentive Compensation Plan (the “Incentive Compensation Plan”) and the Stock Compensation Plan for Non-Employee Directors (the “Directors Plan” and, together with the Incentive Compensation Plan, the “2016 Equity Plans”) were approved by the Company’s shareholders for the purpose of granting stock awards to officers, employees and Board members of the Company and its subsidiaries, as further described in Note 16 to the Company’s audited consolidated financial statements for the fiscal year ended December 31, 2016. There are 5,100,000 shares of Class A Common Stock authorized for issuance under the Incentive Compensation Plan and 200,000 shares of Class A Common Stock authorized for issuance under the Directors Plan, of which 2,966,048 shares and 164,942 shares, respectively, were available for grant as of June 30, 2017. In connection with the 2017 Special Cash Dividend and pursuant to the terms of the Company’s equity plans, the number of the Company’s outstanding equity awards and the exercise price of the non-qualified stock options (“NSOs”), were adjusted to preserve the fair value of the awards immediately before and after the 2017 Special Cash Dividend. The Company’s Class A Common Stock began trading ex-dividend on January 11, 2017 (the “Ex-dividend Date”). The conversion ratio (the “Ratio”) used to adjust the awards was based on the ratio of (a) unaffected closing price of Class A Common Stock on the day before the Ex-dividend Date to (b) the opening price of Class A Common Stock on the Ex-dividend Date. As the above adjustments were made pursuant to existing anti-dilution provisions of the Company’s equity plans, the Company did not record any incremental compensation expense related to the conversion of the equity awards. The equity awards continue to vest over the original vesting period. The impact of this award activity is separately included in the line item “Adjustments due to the 2017 Special Cash Dividend” in the tables below. The awards held as of the Ex-dividend Date were modified as follows:
Stock-based compensation for the three months ended June 30, 2017 and June 30, 2016 totaled $7 million and $10 million, respectively. There was no stock-based compensation expense recorded for the three months ended June 30, 2017 attributable to discontinued operations. Stock-based compensation expense attributable to discontinued operations for the three months ended June 30, 2016 totaled $1 million. Stock-based compensation for the six months ended June 30, 2017 and June 30, 2016 totaled $22 million and $18 million, respectively, including the expense attributable to discontinued operations of $2 million in each period. For NSOs and RSUs granted prior to the 2017 Special Cash Dividend, the weighted-average exercise prices and weighted-average fair values, respectively, in the tables below reflect the historical values without giving effect to the adjustments due to the 2017 Special Cash Dividend. A summary of activity and weighted average exercise prices related to the NSOs is reflected in the table below.
A summary of activity and weighted average fair values related to the RSUs is reflected in the table below.
A summary of activity and weighted average fair values related to the unrestricted stock awards is as follows:
A summary of activity and weighted average fair values related to the PSUs and Supplemental PSUs is reflected in the table below.
As of June 30, 2017, the Company had not yet recognized compensation cost on nonvested awards as follows (dollars in thousands):
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Earnings Per Share |
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Earnings Per Share | NOTE 13: EARNINGS PER SHARE The Company computes earnings (loss) per common share (“EPS”) from continuing operations, discontinued operations and net earnings (loss) per common share under the two-class method which requires the allocation of all distributed and undistributed earnings to common stock and other participating securities based on their respective rights to receive distributions of earnings or losses. The Company’s Class A Common Stock and Class B Common Stock equally share in distributed and undistributed earnings. In a period when the Company’s distributed earnings exceed undistributed earnings, no allocation to participating securities or dilutive securities is performed. The Company accounts for the Warrants as participating securities, as holders of the Warrants, in accordance with and subject to the terms and conditions of the Warrant Agreement, are entitled to receive ratable distributions of the Company’s earnings concurrently with such distributions made to the holders of Common Stock, subject to certain restrictions relating to FCC rules and requirements. Under the terms of the Company’s RSU and PSU agreements, unvested RSUs and PSUs contain forfeitable rights to dividends and DEUs. Because the DEUs are forfeitable, they are defined as non-participating securities. As of June 30, 2017, there were 39,848 DEUs outstanding, which will vest at the time that the underlying RSU or PSU vests. The Company computes basic EPS by dividing net (loss) income from continuing operations, income (loss) from discontinued operations, and net (loss) income, respectively, applicable to common shares by the weighted average number of common shares outstanding during the period. In accordance with the two-class method, undistributed earnings applicable to the Warrants are excluded from the computation of basic EPS. Diluted EPS is computed by dividing net (loss) income from continuing operations, income (loss) from discontinued operations, and net (loss) income, respectively, by the weighted average number of common shares outstanding during the period as adjusted for the assumed exercise of all outstanding stock awards. The calculation of diluted EPS assumes that stock awards outstanding were exercised at the beginning of the period. The stock awards are included in the calculation of diluted EPS only when their inclusion in the calculation is dilutive. ASC Topic 260, “Earnings per Share,” states that the presentation of basic and diluted EPS is required only for common stock and not for participating securities. For the three and six months ended June 30, 2017, 83,924 and 93,020, respectively, of the weighted-average Warrants outstanding have been excluded from the below table. For the three and six months ended June 30, 2016, 167,671 and 212,989, respectively, of the weighted-average Warrants outstanding, have been excluded from the below table. The calculation of basic and diluted EPS is presented below (in thousands, except for per share data):
Since the Company was in a net loss position, there was no difference between the number of shares used to calculate basic and diluted loss per share in all periods presented. Because of their anti-dilutive effect, 3,062,567 and 3,018,567 common share equivalents, comprised of NSOs, PSUs, Supplemental PSUs and RSUs, have been excluded from the diluted EPS calculation for the three and six months ended June 30, 2017, respectively. Because of their anti-dilutive effect, 2,160,479 and 2,098,608 common share equivalents, comprised of NSOs, PSUs, Supplemental PSUs and RSUs, have been excluded from the diluted EPS calculation for the three and six months ended June 30, 2016, respectively. |
Accumulated Other Comprehensive Income (Loss) |
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Accumulated Other Comprehensive Income (Loss) | NOTE 14: ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME Accumulated other comprehensive (loss) income (“AOCI”) is a separate component of shareholders’ equity in the Company’s unaudited Condensed Consolidated Balance Sheets. The following table summarizes the changes in AOCI, net of taxes by component for the six months ended June 30, 2017 (in thousands):
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Related Party Transactions |
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Related Party Transactions [Abstract] | |
Related Party Transactions | NOTE 15: RELATED PARTY TRANSACTIONS The Secured Credit Facility syndicate of lenders includes funds affiliated with Oaktree Capital Management, L.P. These funds held $31 million of the Company’s Term C Loans and Former Term B Loans at both June 30, 2017 and December 31, 2016. |
Business Segments |
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Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Segments | NOTE 16: BUSINESS SEGMENTS The following table summarizes business segment financial data for the three and six months ended June 30, 2017 and June 30, 2016 (in thousands):
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Condensed Consolidating Financial Information |
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Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Financial Information | TRIBUNE MEDIA COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME SIX MONTHS ENDED JUNE 30, 2017 (In thousands of dollars)
TRIBUNE MEDIA COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME SIX MONTHS ENDED JUNE 30, 2016 (In thousands of dollars)
TRIBUNE MEDIA COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS AS OF JUNE 30, 2017 (In thousands of dollars)
TRIBUNE MEDIA COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS AS OF JUNE 30, 2017 (In thousands of dollars)
TRIBUNE MEDIA COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS AS OF DECEMBER 31, 2016 (In thousands of dollars)
TRIBUNE MEDIA COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS AS OF DECEMBER 31, 2016 (In thousands of dollars)
TRIBUNE MEDIA COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30, 2017 (In thousands of dollars)
TRIBUNE MEDIA COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30, 2016 (In thousands of dollars)
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Subsequent Events |
6 Months Ended |
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Jun. 30, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 18: SUBSEQUENT EVENTS On July 31, 2017, the Company, together with the other owners of CareerBuilder, completed the sale of a majority stake in CareerBuilder to an investor group led by investment funds managed by affiliates of Apollo Global Management, LLC and the Ontario Teachers’ Pension Plan Board. The Company received cash of $158 million, which included an excess cash distribution of $16 million. Subsequent to the sale, the Company’s ownership in CareerBuilder declined to approximately 7%, on a fully diluted basis. As disclosed in Note 8, the Company participated in the FCC’s incentive auction associated with the reallocation of certain spectrum occupied by television broadcast stations. As of August 9, 2017, the Company has received approximately $185 million in pretax proceeds (including $21 million of proceeds received by the Dreamcatcher stations), with approximately $5 million in pretax proceeds remaining to be paid to the Company. The proceeds reflect the FCC’s acceptance of one or more bids placed by the Company or channel share partners of television stations owned or operated by the Company during the auction to modify and/or surrender spectrum used by certain of such bidder’s television stations. The Company expects to receive the remaining auction proceeds in the second half of 2017; however, the Company cannot predict the exact timing of the remaining payments. The Company expects to use approximately $102 million of after-tax proceeds to prepay a portion of the Term Loan Facility. After-tax proceeds of $12.6 million received by the Dreamcatcher stations will be used to prepay a substantial portion of the Dreamcatcher Credit Facility. |
Basis Of Presentation And Significant Accounting Policies (Policies) |
6 Months Ended |
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Jun. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Presentation | Presentation—All references to Tribune Media Company or Tribune Company in the accompanying unaudited condensed consolidated financial statements encompass the historical operations of Tribune Media Company and its subsidiaries (collectively, the “Company”). The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial reporting. The year-end condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP. These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements for the fiscal year ended December 31, 2016 included in the Company’s Annual Report on Form 10-K. In the opinion of management, the financial statements contain all adjustments necessary to state fairly the financial position of the Company as of June 30, 2017 and the results of operations and cash flows for the three and six months ended June 30, 2017 and June 30, 2016. All adjustments reflected in the accompanying unaudited condensed consolidated financial statements, which management believes necessary to state fairly the financial position, results of operations and cash flows, have been reflected and are of a normal recurring nature. Results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. On January 31, 2017, the Company completed the Gracenote Sale (as defined below). The historical results of operations for the businesses included in the Gracenote Sale are presented in discontinued operations for all periods presented (see Note 2). Unless indicated otherwise, the information in the notes to the accompanying unaudited condensed consolidated financial statements relates to the Company’s continuing operations. |
Change in Accounting Principles | Change in Accounting Principles—In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2016-09, “Compensation - Stock Compensation (Topic 718).” The Company adopted ASU 2016-09 on January 1, 2017. The Company made a policy election to account for forfeitures of equity awards as they occur and implemented this provision using a modified retrospective transition method. The cumulative-effect adjustment to retained earnings in the first quarter of 2017 as a result of this election was immaterial. The Company adopted the other provisions of ASU 2016-09 on a prospective basis. The adoption of these provisions did not have a material impact on the Company’s unaudited condensed consolidated financial statements. In January 2017, the FASB issued ASU No. 2017-04, “Intangibles - Goodwill and Other (Topic 350).” The Company adopted the standard on a prospective basis, effective January 1, 2017. The standard simplifies the subsequent measure of goodwill by eliminating Step 2 from the goodwill impairment test. Under ASU 2017-04, companies should recognize an impairment charge for the amount the carrying amount exceeds the reporting unit’s fair value. However, the loss recognized cannot exceed the total goodwill allocated to that reporting unit. The adoption of this standard did not have a material impact on the Company’s unaudited condensed consolidated financial statements. In May 2017, the FASB issued ASU No. 2017-09, “Compensation - Stock Compensation (Topic 718).” The Company adopted the standard on a prospective basis, effective April 1, 2017. The standard addresses the diversity in practice of when companies apply modification accounting when there are changes in terms or conditions to share-based payment awards. The guidance states that a company should consider changes as a modification unless all of the following are met (i) there is no change in the fair value of the award as a result of the modification, (ii) the vesting conditions have not changed and (iii) the classification of the award as an equity instrument or a liability instrument has not changed. The adoption of this standard did not have a material impact on the Company’s unaudited condensed consolidated financial statements. |
Derivative Instruments | Derivative Instruments—The Company’s earnings and cash flows are subject to fluctuations due to changes in interest rates. The Company’s risk management policy allows for the use of derivative financial instruments to manage interest rate exposures and does not permit derivatives to be used for speculative purposes. The Company formally documents all relationships between hedging instruments and hedged items, as well as the risk-management objective and strategy for undertaking various hedge transactions. This process includes linking the derivatives designated as cash flow hedges to specific forecasted transactions or variability of cash flow. The Company also formally assesses, both at hedge inception and on an ongoing basis, whether the designated derivatives that are used in hedging transactions are highly effective in offsetting changes in the cash flow of hedged items as well as monitors the credit worthiness of the counterparties to ensure no issues exist which would affect the value of the derivatives. When a derivative is determined not to be highly effective as a hedge or the underlying hedged transaction is no longer probable, the Company discontinues hedge accounting prospectively, in accordance with derecognition criteria for hedge accounting. The Company records derivative financial instruments at fair value in its unaudited Condensed Consolidated Balance Sheets in either other current liabilities or other noncurrent assets. Changes in the fair value of a derivative that is designated as a cash flow hedge, to the extent that the hedge is effective, are recorded in accumulated other comprehensive (loss) income and reclassified to earnings when the hedged item affects earnings. Cash flows from derivative financial instruments are classified in the unaudited Condensed Consolidated Statements of Cash Flows based on the nature of the derivative contract. |
Use of Estimates | Use of Estimates—The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the unaudited condensed consolidated financial statements and accompanying notes. Actual results could differ from these estimates. |
New Accounting Standards | New Accounting Standards—In March 2017, the FASB issued ASU No. 2017-07, “Compensation - Retirement Benefits (Topic 715).” The standard changes how employers that sponsor defined benefit pension and/or other postretirement benefit plans present the net periodic benefit cost in the statement of operations. Under the new guidance, employers are required to present the service cost component of net periodic benefit cost in the same statement of operations caption as other employee compensation costs arising from services rendered during the period. Employers are required to present the other components of the net periodic benefit cost separately from the caption that includes the service costs and outside of any subtotal of operating profit and are required to disclose the caption used to present the other components of net periodic benefit cost, if not presented separately on the statement of operations. Additionally, only the service cost component will be eligible for capitalization in assets. The standard is effective for fiscal years beginning after December 15, 2017, and the interims periods within those fiscal years. Early adoption is permitted. The amendments in ASU 2017-07 must be applied retrospectively. Upon adoption, the Company is required to provide the relevant disclosures under Topic 250, Accounting Changes and Error Corrections. The Company is currently evaluating the impact of adopting ASU 2017-07 on its consolidated financial statements. In February 2017, the FASB issued ASU No. 2017-05, “Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20).” The standard clarifies that ASC 610-20 provides guidance for recognizing gains and losses from the transfer of nonfinancial assets and in substance nonfinancial assets in contracts with noncustomers. As a result of the new guidance, the guidance specific to real estate sales in ASC 360-20 will be eliminated. Instead, sales and partial sales of real estate will be subject to the same recognition model as all other nonfinancial assets. The standard is effective for fiscal years beginning after December 15, 2017, and the interim periods within those fiscal periods. Early adoption is permitted. The amendments in ASU 2017-05 may be applied either retrospectively to each prior period presented or retrospectively with the cumulative effect of initially applying ASU 2017-05 at the date of initial application. The Company is currently evaluating the method and the impact of adopting ASU 2017-05 on its consolidated financial statements. In November 2016, the FASB issued ASU No. 2016-18, “Statement of Cash Flows (Topic 230).” The standard addresses the diversity in classification and presentation of changes in restricted cash on the statement of cash flows. The standard requires restricted cash and restricted cash equivalents to be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. In addition, transfers between cash, cash equivalents and amounts generally described as restricted cash or restricted cash equivalents are not reported as cash flow activities. The standard also requires additional disclosures related to a reconciliation of the balance sheet line items related to cash, cash equivalents, restricted cash and restricted cash equivalents to the statement of cash flows, which can be presented either on the face of the statement of cash flows or separately in the notes to the financial statements. The amendments in this ASU should be applied using a retrospective transition method to each period presented. The standard is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted. The adoption on this standard is not expected to have a material impact on the Company’s consolidated financial statements. In August 2016, the FASB issued ASU No. 2016-15, “Statement of Cash Flows (Topic 230).” The standard addresses several specific cash flow issues with the objective of reducing the existing diversity in practice in how certain cash activities are presented and classified in the statement of cash flows. The cash flow issues addressed include debt prepayment or extinguishment costs, settlement of debt instruments with coupon rates that are insignificant in relation to the effective interest rate of the borrowing, contingent consideration payments made after a business combination, distributions received from equity method investees and cash receipts and payments that may have aspects of more than one class of cash flows. The standard is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted but all of the guidance must be adopted in the same period. The Company is currently evaluating the impact of adopting ASU 2016-15 on its consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments - Credit Losses (Topic 326).” The standard requires entities to estimate loss of financial assets measured at amortized cost, including trade receivables, debt securities and loans, using an expected credit loss model. The expected credit loss differs from the previous incurred losses model primarily in that the loss recognition threshold of “probable” has been eliminated and that expected loss should consider reasonable and supportable forecasts in addition to the previously considered past events and current conditions. Additionally, the guidance requires additional disclosures related to the further disaggregation of information related to the credit quality of financial assets by year of the asset’s origination for as many as five years. Entities must apply the standard provision as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. The standard is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted for annual periods beginning after December 15, 2018, and interim periods within those fiscal years. The Company is currently evaluating the impact of adopting ASU 2016-13 on its consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Subtopic 842).” The new guidance requires lessees to recognize assets and liabilities arising from leases as well as extensive quantitative and qualitative disclosures. A lessee will need to recognize on its balance sheet a right-of-use asset and a lease liability for the majority of its leases (other than leases that meet the definition of a short-term lease). The lease liabilities will be equal to the present value of lease payments. The right-of-use asset will be measured at the lease liability amount, adjusted for lease prepayment, lease incentives received and the lessee’s initial direct costs. The standard is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted. ASU 2016-02 is required to be applied using the modified retrospective approach for all leases existing as of the effective date and provides for certain practical expedients. The Company is currently evaluating the impact of adopting ASU 2016-02 on its consolidated financial statements. In January 2016, the FASB issued ASU No. 2016-01, “Financial Instruments - Overall (Subtopic 825-10).” The new guidance requires entities to measure equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) at fair value, with changes in fair value recognized in net income and requires entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes. Further, entities will no longer be able to recognize unrealized holding gains and losses on equity securities classified today as available for sale in other comprehensive income and they will no longer be able to use the cost method of accounting for equity securities that do not have readily determinable fair values. The guidance has additional amendments to presentation and disclosure requirements of financial instruments. The amendments in this ASU are effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The Company is currently evaluating the impact of adopting ASU 2016-01 on its consolidated financial statements. In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606).” The amendments in ASU 2014-09 create Topic 606, Revenue from Contracts with Customers, and supersede the revenue recognition requirements in Topic 605, Revenue Recognition, including most industry-specific revenue recognition guidance. The core principle of Topic 606 is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The amendments in ASU 2014-09 are effective for annual periods beginning after December 15, 2016, and interim periods within that reporting period. However, in August 2015, the FASB issued ASU No. 2015-14, “Revenue from Contracts with Customers (Topic 606) - Deferral of the Effective Date,” which deferred the effective date of ASU 2014-09 by one year for annual periods beginning after December 15, 2017, while allowing early adoption as of the original public entity date. In March 2016, the FASB issued ASU No. 2016-08, “Revenue from Contracts with Customers (Topic 606) - Principal versus Agent Considerations (Reporting Revenue Gross versus Net),” which clarifies the implementation guidance on principal versus agent considerations. In April 2016, the FASB issued ASU No. 2016-10, “Revenue from Contracts with Customers (Topic 606) - Identifying Performance Obligations and Licensing,” which amends the revenue recognition guidance on accounting for licenses of intellectual property and identifying performance obligations as well as clarifies when a promised good or service is separately identifiable. In May 2016, the FASB issued ASU No. 2016-12, “Revenue from Contracts with Customers (Topic 606) - Narrow-Scope Improvements and Practical Expedients,” which provides clarifying guidance in certain narrow areas such as an assessment of collectibility, presentation of sales taxes, noncash consideration, and completed contracts and contract modifications at transition as well as adds some practical expedients. In December 2016, the FASB issued ASU No. 2016-20, “Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers,” to clarify or to correct unintended application of the Topic 606, including disclosure requirements related to performance obligations. The amendments in ASU 2014-09, ASU 2016-08, ASU 2016-10, ASU 2016-12 and ASU 2016-20 may be applied either retrospectively to each prior period presented or retrospectively with the cumulative effect of initially applying ASU 2014-09, ASU 2016-08, ASU 2016-10, ASU 2016-12 and ASU 2016-20 at the date of initial application. The Company is currently evaluating the impact of adopting ASU 2014-09, ASU 2016-08, ASU 2016-10, ASU 2016-12 and ASU 2016-20 on its consolidated financial statements. The Company is finalizing the initial assessment phase of the new standard and expects to adopt the standard under the modified retrospective approach. Additionally, the Company has determined that under the new standard, certain barter revenue and the related expense will no longer be recognized. The Company is continuing to evaluate the impact of adopting the standard. |
Basis Of Presentation And Significant Accounting Policies (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The Company’s unaudited Condensed Consolidated Balance Sheets as of June 30, 2017 and December 31, 2016 include the following assets and liabilities of the Dreamcatcher stations (in thousands):
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Discontinued Operations (Tables) - Gracenote Companies |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disposal Groups, Including Discontinued Operations | The following table shows the components of the results from discontinued operations associated with the Gracenote Sale as reflected in the unaudited Condensed Consolidated Statements of Operations (in thousands):
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Net Assets Classified as Held for Sale | The following is a summary of the assets and liabilities of discontinued operations (in thousands):
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Cash Flows of Disposal Group | The following table represents the components of the results from discontinued operations associated with the Gracenote Sale as reflected in the Company’s unaudited Condensed Consolidated Statements of Cash Flows (in thousands):
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Assets Held For Sale and Sales of Real Estate (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||
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Jun. 30, 2017 | |||||||||||||||||||||||||||||||||
Assets Held-for-sale, Not Part of Disposal Group [Abstract] | |||||||||||||||||||||||||||||||||
Assets Held For Sale | Real Estate Assets Held for Sale—Real estate assets held for sale in the Company’s unaudited Condensed Consolidated Balance Sheets consisted of the following (in thousands):
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Goodwill And Other Intangible Assets (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Intangible Assets and Goodwill | Goodwill and other intangible assets consisted of the following (in thousands):
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Schedule Of Changes of Finite-Lived Intangible Assets, Indefinite-Lived Intangible Assets, and Goodwill | The changes in the carrying amounts of intangible assets, which are in the Company’s Television and Entertainment segment, during the six months ended June 30, 2017 were as follows (in thousands):
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Investments (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Investments | Investments consisted of the following (in thousands):
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Equity Method Investments Information | Income from equity investments, net reported in the Company’s unaudited Condensed Consolidated Statements of Operations consisted of the following (in thousands):
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Distributions from Equity Investments |
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Television Food Network, G.P. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Financial Information of Equity Investments | Summarized Financial Information—Summarized financial information for TV Food Network is as follows (in thousands):
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CareerBuilder, LLC and Dose Media, LLC | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Financial Information of Equity Investments | Summarized financial information for CareerBuilder and Dose Media is as follows (in thousands):
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Debt (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-term Debt Instruments | Debt consisted of the following (in thousands):
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Fair Value Measurements (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, by Balance Sheet Grouping | Estimated fair values and carrying amounts of the Company’s financial instruments that are not measured at fair value on a recurring basis were as follows (in thousands):
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Pension And Other Retirement Plans (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Net Benefit Costs | The components of net periodic benefit credit for Company-sponsored pension plans, net of taxes, for the three and six months ended June 30, 2017 and June 30, 2016 were as follows (in thousands):
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Capital Stock (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends Declared | Quarterly Cash Dividends—The Board declared quarterly cash dividends per share on Common Stock to holders of record of Common Stock and Warrants as follows (in thousands, except per share data):
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Stock-Based Compensation (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-Qualified Stock Options, Activity | A summary of activity and weighted average exercise prices related to the NSOs is reflected in the table below.
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Restricted Stock Units Activity | A summary of activity and weighted average fair values related to the RSUs is reflected in the table below.
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Unrestricted Stock Award Activity | A summary of activity and weighted average fair values related to the unrestricted stock awards is as follows:
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Performance-based Units Activity | A summary of activity and weighted average fair values related to the PSUs and Supplemental PSUs is reflected in the table below.
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Unrecognized Compensation Cost, Nonvested Awards | As of June 30, 2017, the Company had not yet recognized compensation cost on nonvested awards as follows (dollars in thousands):
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Earnings Per Share (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Earnings Per Share Basic And Diluted By Common Class | The calculation of basic and diluted EPS is presented below (in thousands, except for per share data):
|
Accumulated Other Comprehensive Income (Loss) (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table summarizes the changes in AOCI, net of taxes by component for the six months ended June 30, 2017 (in thousands):
|
Business Segments (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment | The following table summarizes business segment financial data for the three and six months ended June 30, 2017 and June 30, 2016 (in thousands):
|
Condensed Consolidating Financial Information (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statements of Statement of Operations and Comprehensive Income (Loss) | TRIBUNE MEDIA COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME SIX MONTHS ENDED JUNE 30, 2017 (In thousands of dollars)
TRIBUNE MEDIA COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME SIX MONTHS ENDED JUNE 30, 2016 (In thousands of dollars)
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Condensed Consolidating Balance Sheets | TRIBUNE MEDIA COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS AS OF JUNE 30, 2017 (In thousands of dollars)
TRIBUNE MEDIA COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS AS OF JUNE 30, 2017 (In thousands of dollars)
TRIBUNE MEDIA COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS AS OF DECEMBER 31, 2016 (In thousands of dollars)
TRIBUNE MEDIA COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS AS OF DECEMBER 31, 2016 (In thousands of dollars)
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Condensed Consolidating Statement of Cash Flows | TRIBUNE MEDIA COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30, 2017 (In thousands of dollars)
TRIBUNE MEDIA COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30, 2016 (In thousands of dollars)
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Basis Of Presentation And Significant Accounting Policies (Details) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Aug. 02, 2017 |
May 08, 2017
USD ($)
$ / shares
|
Jun. 30, 2017
USD ($)
|
Jun. 30, 2016
USD ($)
|
Jun. 30, 2017
USD ($)
|
Jun. 30, 2016
USD ($)
|
|||||||
Investment Holdings [Line Items] | ||||||||||||
Operating revenues | $ 469,517 | $ 479,796 | $ 909,427 | [1] | $ 948,268 | [1] | ||||||
Operating profit | 18,326 | 56,206 | 3,094 | [1],[2] | 86,198 | [1],[2] | ||||||
Dreamcatcher Stations | Variable Interest Entity, Primary Beneficiary | ||||||||||||
Investment Holdings [Line Items] | ||||||||||||
Operating revenues | 18,000 | 18,000 | 35,000 | 35,000 | ||||||||
Operating profit | $ 4,000 | $ 4,000 | $ 6,000 | $ 7,000 | ||||||||
Sinclair Merger | ||||||||||||
Investment Holdings [Line Items] | ||||||||||||
Business Combination, Common Stock Cash Value Per Share Conversion | $ / shares | $ 35.00 | |||||||||||
Business Combination, Consideration Transferred, Common Stock Exchange Ratio | 0.2300 | |||||||||||
Contract Termination Fee | $ 135,500 | |||||||||||
Contract Termination Fee When Stockholder Merger Vote Not Obtained | 38,500 | |||||||||||
Contract Termination Fees, Sinclair Cost Reimbursement | $ 10,000 | |||||||||||
Grace Period After Contact Termination, Not Terminated by Company, Before Obtaining New Bid Without Termination Fee | 12 months | |||||||||||
Sinclair Merger | Sinclair | ||||||||||||
Investment Holdings [Line Items] | ||||||||||||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.01 | |||||||||||
Subsequent Event | ||||||||||||
Investment Holdings [Line Items] | ||||||||||||
Hart-Scott-Rodino Antitrust Improvement Act of 1976 Waiting Period | 30 days | |||||||||||
|
Basis Of Presentation And Significant Accounting Policies - Dreamcatcher (Details) - USD ($) $ in Thousands |
Jun. 30, 2017 |
Dec. 31, 2016 |
|||
---|---|---|---|---|---|
Variable Interest Entity [Line Items] | |||||
Property, plant and equipment, net | $ 433,622 | $ 523,920 | |||
Broadcast rights | 144,998 | 153,457 | |||
Other intangible assets, net | 1,735,938 | 1,819,134 | |||
Other assets | 78,541 | 80,098 | |||
Total Assets (1) | [1] | 8,045,275 | 9,401,051 | ||
Debt due within one year | 17,878 | 19,924 | |||
Contracts payable for broadcast rights | 207,895 | 241,255 | |||
Long-term debt | 3,010,784 | 3,391,627 | |||
Other liabilities | 79,833 | 62,700 | |||
Total Liabilities (1) | [1] | 5,122,195 | 5,855,368 | ||
Variable Interest Entity, Primary Beneficiary | |||||
Variable Interest Entity [Line Items] | |||||
Total Assets (1) | 92,000 | 97,000 | |||
Total Liabilities (1) | 2,000 | 3,000 | |||
Dreamcatcher | Variable Interest Entity, Primary Beneficiary | |||||
Variable Interest Entity [Line Items] | |||||
Property, plant and equipment, net | 45 | 91 | |||
Broadcast rights | 792 | 2,634 | |||
Other intangible assets, net | 77,178 | 82,442 | |||
Other assets | 176 | 134 | |||
Total Assets (1) | 78,191 | 85,301 | |||
Debt due within one year | 4,010 | 4,003 | |||
Contracts payable for broadcast rights | 940 | 2,758 | |||
Long-term debt | 8,760 | 10,767 | |||
Other liabilities | 49 | 85 | |||
Total Liabilities (1) | $ 13,759 | $ 17,613 | |||
|
Discontinued Operations Narrative (Details) - USD ($) |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Feb. 01, 2017 |
Jan. 31, 2017 |
Jun. 30, 2017 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
(Gain) Loss on Disposition of Business | $ 34,510,000 | $ 0 | |||
Repayments of Long-term Debt | $ 589,661,000 | $ 13,920,000 | |||
Transition Services Agreement | Nielsen | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Transition Services Period | 6 months | ||||
Amended Secured Credit Facility | Term B Loans | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Repayments of Long-term Debt | $ 400,000,000 | ||||
Discontinued Operations, Disposed of by Sale | Gracenote Companies | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Disposal Group, Including Discontinued Operation, Consideration | $ 560,000,000 | ||||
Proceeds from Divestiture of Businesses | $ 581,000,000 | $ 584,000,000 | |||
Proceeds from Divestiture of Business, Working Capital Adjustment | $ 3,000,000 | ||||
(Gain) Loss on Disposition of Business | (35,000,000) | ||||
Disposal Group, Including Discontinued Operation, Legal and Professional Fees | 10,000,000 | ||||
Discontinued Operation, Amounts of Material Contingent Liabilities Remaining | $ 0 | $ 0 |
Discontinued Operations Gracenote Companies Statement of Operations (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||
(Loss) income from discontinued operations, net of taxes | $ (579) | $ (8,935) | $ 15,039 | $ (12,944) | ||||||||||||
Gracenote Companies | Discontinued Operations, Disposed of by Sale | ||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||
Operating revenues | 0 | [1] | 46,884 | 18,168 | [1] | 99,476 | ||||||||||
Direct operating expenses | 0 | [1] | 18,862 | 7,292 | [1] | 35,556 | ||||||||||
Selling, general and administrative | 0 | [1] | 27,285 | 15,349 | [1] | 55,350 | ||||||||||
Depreciation (2) | 0 | [1],[2] | 3,052 | 0 | [1],[2] | 5,948 | ||||||||||
Amortization (2) | 0 | [1],[2] | 7,751 | 0 | [1],[2] | 15,464 | ||||||||||
Operating loss | 0 | [1] | (10,066) | (4,473) | [1] | (12,842) | ||||||||||
Interest income | 0 | [1] | 13 | 16 | [1] | 26 | ||||||||||
Interest expense (3) | 0 | [1] | (3,836) | [3] | (1,261) | [1],[3] | (7,671) | [3] | ||||||||
Loss before income taxes | 0 | [1] | (13,889) | (5,718) | [1] | (20,487) | ||||||||||
Pretax (loss) gain on the disposal of discontinued operations | (952) | [1] | 0 | 34,510 | [1] | 0 | ||||||||||
Total pretax gain (loss) on discontinued operations | (952) | [1] | (13,889) | 28,792 | [1] | (20,487) | ||||||||||
Income tax (benefit) expense (4) | [4] | (373) | [1] | (4,954) | 13,753 | [1] | (7,543) | |||||||||
(Loss) income from discontinued operations, net of taxes | $ (579) | [1] | $ (8,935) | $ 15,039 | [1] | $ (12,944) | ||||||||||
|
Discontinued Operations Gracenote Companies Statement of Operations Footnote (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Feb. 01, 2017 |
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Repayments of Long-term Debt | $ 589,661 | $ 13,920 | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | 35.00% | 35.00% | 35.00% | |
Gracenote Companies | Discontinued Operations, Disposed of by Sale | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Effective Income Tax Rate Reconciliation, Discontinued Operations, Percent | 39.20% | 35.70% | 47.80% | 36.80% | |
Amended Secured Credit Facility | Term B Loans | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Repayments of Long-term Debt | $ 400,000 |
Discontinued Operations Gracenote Companies Balance Sheet (Details) - USD ($) $ in Thousands |
Jun. 30, 2017 |
Jan. 31, 2017 |
Dec. 31, 2016 |
---|---|---|---|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Total current assets of discontinued operations | $ 0 | $ 62,605 | |
Total non-current assets of discontinued operations | 0 | 608,153 | |
Total current liabilities of discontinued operations | 0 | 54,284 | |
Total non-current liabilities discontinued operations | 0 | 95,314 | |
Gracenote Companies | Discontinued Operations, Disposed of by Sale | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Cash and cash equivalents | $ 17,000 | 12,751 | |
Accounts receivable, net | 38,727 | ||
Prepaid expenses and other | 11,127 | ||
Total current assets of discontinued operations | 62,605 | ||
Property, plant and equipment, net | 49,348 | ||
Goodwill | 333,258 | ||
Other intangible assets, net | 219,287 | ||
Other long-term assets | 6,260 | ||
Total non-current assets of discontinued operations | 608,153 | ||
Total Assets Classified as Discontinued Operations in the Unaudited Condensed Consolidated Balance Sheets | $ 0 | 670,758 | |
Accounts payable | 6,237 | ||
Employee compensation and benefits | 17,011 | ||
Deferred revenue | 27,113 | ||
Accrued expenses and other current liabilities | 3,923 | ||
Total current liabilities of discontinued operations | 54,284 | ||
Deferred income taxes | 89,029 | ||
Postretirement, medical, life and other benefits | 2,786 | ||
Other obligations | 3,499 | ||
Total non-current liabilities discontinued operations | 95,314 | ||
Total Liabilities Classified as Discontinued Operations in the Unaudited Condensed Consolidated Balance Sheets | 149,598 | ||
Net Assets Classified as Discontinued Operations | $ 521,160 |
Discontinued Operations Gracenote Companies Cash Flows (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Stock-based compensation | $ 7,000 | $ 10,000 | $ 22,093 | $ 18,003 | |||||||||||
Depreciation (2) | 27,498 | 34,857 | |||||||||||||
Amortization (2) | 83,323 | 98,799 | |||||||||||||
Capital expenditures | 13,465 | 17,583 | 28,099 | 35,431 | |||||||||||
Net proceeds from the sale of business (4) | 557,793 | 0 | |||||||||||||
Settlement of contingent consideration | 0 | (750) | |||||||||||||
Gracenote Companies | Discontinued Operations, Disposed of by Sale | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Stock-based compensation | 0 | 1,000 | 1,992 | [1] | 1,988 | ||||||||||
Depreciation (2) | [2] | 0 | [1] | 5,948 | |||||||||||
Amortization (2) | [2] | 0 | [1] | 15,464 | |||||||||||
Capital expenditures | $ 0 | $ 6,046 | 1,578 | [1],[3] | 10,969 | [3] | |||||||||
Net proceeds from the sale of business (4) | [4] | 557,793 | [1] | 0 | |||||||||||
Settlement of contingent consideration | $ 0 | $ (750) | |||||||||||||
|
Discontinued Operations Gracenote Companies Cash Flow Footnote (Details) - Gracenote Companies - Discontinued Operations, Disposed of by Sale - USD ($) $ in Thousands |
6 Months Ended | ||
---|---|---|---|
Jan. 31, 2017 |
Jun. 30, 2017 |
Dec. 31, 2016 |
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Proceeds from Divestiture of Businesses | $ 581,000 | $ 584,000 | |
Cash and cash equivalents | $ 17,000 | $ 12,751 | |
Disposal Groups, Including Discontinued Operations, Selling Costs | $ 9,000 |
Assets Held For Sale and Sales of Real Estate (Details) - USD ($) $ in Thousands |
Jun. 30, 2017 |
Dec. 31, 2016 |
||
---|---|---|---|---|
Assets Held-for-sale, Not Part of Disposal Group [Abstract] | ||||
Assets held for sale | [1] | $ 54,282 | $ 17,176 | |
|
Assets Held For Sale and Sales of Real Estate Narrative (Details) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Jan. 31, 2017
USD ($)
|
Jan. 26, 2017
USD ($)
|
Jun. 02, 2016
USD ($)
|
May 02, 2016
USD ($)
|
Jun. 30, 2017
USD ($)
property
|
Jun. 30, 2016
USD ($)
|
Jun. 30, 2017
USD ($)
property
|
Jun. 30, 2016
USD ($)
|
|
Long Lived Assets Held-for-sale [Line Items] | ||||||||
Number of real estate properties held for sale (property) | property | 3 | 3 | ||||||
Impairment of Long-Lived Assets to be Disposed of | $ 7,000 | $ 1,000 | $ 15,000 | |||||
Assets Held for Sale, Number of Properties Sold | property | 6 | |||||||
Proceeds from sale of real estate | $ 60,000 | |||||||
Gain (Loss) on Sale of Properties | $ 0 | $ 300 | $ (449) | |||||
Denver, CO Property | ||||||||
Long Lived Assets Held-for-sale [Line Items] | ||||||||
Proceeds from sale of real estate | $ 23,000 | |||||||
Chicago, IL Property | ||||||||
Long Lived Assets Held-for-sale [Line Items] | ||||||||
Assets Held for Sale, Number of Properties Sold | property | 2 | |||||||
Proceeds from sale of real estate | $ 22,000 | $ 1,000 | ||||||
Sale Leaseback Transaction, Lease Terms | P10Y | |||||||
Gain (Loss) on sales of real estate, deferred | $ 13,000 | |||||||
Baltimore, MD Property | ||||||||
Long Lived Assets Held-for-sale [Line Items] | ||||||||
Assets Held for Sale, Number of Properties Sold | property | 2 | |||||||
Proceeds from sale of real estate | $ 15,000 | |||||||
Williamsburg, VA Property | ||||||||
Long Lived Assets Held-for-sale [Line Items] | ||||||||
Proceeds from sale of real estate | $ 1,000 | |||||||
Allentown Property | ||||||||
Long Lived Assets Held-for-sale [Line Items] | ||||||||
Proceeds from sale of real estate | $ 8,000 | |||||||
Deerfield Beach Property | ||||||||
Long Lived Assets Held-for-sale [Line Items] | ||||||||
Proceeds from sale of real estate | $ 24,000 |
Goodwill And Other Intangible Assets - (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2017 |
Dec. 31, 2016 |
|
Indefinite-lived Intangible Assets [Line Items] | ||
Other intangible assets not subject to amortization | $ 794,000 | $ 794,000 |
Total other intangible assets, net (excluding goodwill) | 1,735,938 | 1,819,134 |
Goodwill | 3,228,585 | 3,227,930 |
Total goodwill and other intangible assets | 4,964,523 | 5,047,064 |
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets subject to amortization, gross | 1,588,238 | 1,587,548 |
Intangible assets, accumulated amortization | (646,300) | (562,414) |
Intangible assets subject to amortization, net | 941,938 | 1,025,134 |
FCC Licenses | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Other intangible assets not subject to amortization | 779,200 | 779,200 |
Trade Names | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Other intangible assets not subject to amortization | 14,800 | 14,800 |
Affiliate Relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets subject to amortization, gross | 212,000 | 212,000 |
Intangible assets, accumulated amortization | (59,625) | (53,000) |
Intangible assets subject to amortization, net | $ 152,375 | 159,000 |
Affiliate Relationships | Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful life (years) | 16 years | |
Affiliate Relationships | Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful life (years) | 16 years | |
Advertiser relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets subject to amortization, gross | $ 168,000 | 168,000 |
Intangible assets, accumulated amortization | (94,500) | (84,000) |
Intangible assets subject to amortization, net | $ 73,500 | 84,000 |
Advertiser relationships | Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful life (years) | 8 years | |
Advertiser relationships | Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful life (years) | 8 years | |
Network Affiliation Agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets subject to amortization, gross | $ 362,000 | 362,000 |
Intangible assets, accumulated amortization | (154,531) | (133,725) |
Intangible assets subject to amortization, net | $ 207,469 | 228,275 |
Network Affiliation Agreements | Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful life (years) | 5 years | |
Network Affiliation Agreements | Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful life (years) | 16 years | |
Retransmission Consent Agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets subject to amortization, gross | $ 830,100 | 830,100 |
Intangible assets, accumulated amortization | (332,014) | (286,994) |
Intangible assets subject to amortization, net | $ 498,086 | 543,106 |
Retransmission Consent Agreements | Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful life (years) | 7 years | |
Retransmission Consent Agreements | Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful life (years) | 12 years | |
Other Intangible Assets | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets subject to amortization, gross | $ 16,138 | 15,448 |
Intangible assets, accumulated amortization | (5,630) | (4,695) |
Intangible assets subject to amortization, net | $ 10,508 | $ 10,753 |
Other Intangible Assets | Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful life (years) | 5 years | |
Other Intangible Assets | Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful life (years) | 15 years |
Goodwill And Other Intangible Assets - Changes in carrying amounts of intangible assets (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2017 |
Dec. 31, 2016 |
|
Finite-lived Intangible Assets [Roll Forward] | ||
Intangible assets subject to amortization, balance at December 31, 2016 | $ 1,025,134 | |
Amortization of intangible assets | (83,764) | |
Intangible assets subject to amortization, foreign currency translation adjustment | 568 | |
Intangible assets subject to amortization, balance at June 30, 2017 | 941,938 | |
Indefinite-lived Intangible Assets [Roll Forward] | ||
Other intangible assets not subject to amortization | 794,000 | $ 794,000 |
Goodwill [Roll Forward] | ||
Goodwill gross balance as of December 31, 2016 | 3,608,930 | |
Goodwill, accumulated impairment losses as of December 31, 2016 | (381,000) | |
Goodwill, balance at December 31, 2016 | 3,227,930 | |
Goodwill, foreign currency translation adjustment | 655 | |
Goodwill, balance at June 30, 2017 | 3,228,585 | |
Total goodwill and other intangible assets | $ 4,964,523 | $ 5,047,064 |
Goodwill And Other Intangible Assets - Narrative (Details) $ in Millions |
Jun. 30, 2017
USD ($)
|
---|---|
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract] | |
Amortization expense relating to amortizable intangible assets, remainder of 2017 | $ 83 |
Amortization expense relating to amortizable intangible assets, 2018 | 167 |
Amortization expense relating to amortizable intangible assets, 2019 | 140 |
Amortization expense relating to amortizable intangible assets, 2020 | 134 |
Amortization expense relating to amortizable intangible assets, 2021 | 103 |
Amortization expense relating to amortizable intangible assets, 2022 | $ 84 |
Investments Total Investments (Details) - USD ($) $ in Thousands |
Jun. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Investments [Abstract] | ||
Equity method investments | $ 1,396,379 | $ 1,642,117 |
Cost method investments | 25,943 | 26,748 |
Marketable equity securities | 860 | 6,018 |
Total investments | $ 1,423,182 | $ 1,674,883 |
Investments Equity Method Investments Table (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|
Investments [Abstract] | ||||
Income from equity investments, net, before amortization of basis difference | $ 53,311 | $ 57,950 | $ 106,199 | $ 109,873 |
Amortization of basis difference | (12,550) | (13,644) | (28,401) | (27,315) |
Income from equity investments, net | $ 40,761 | $ 44,306 | $ 77,798 | $ 82,558 |
Investments Equity Method Investments (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Jul. 31, 2017 |
Jun. 30, 2017 |
Mar. 31, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
Dec. 31, 2016 |
Dec. 31, 2012 |
|
Schedule of Equity Method Investments [Line Items] | ||||||||
Postconfirmation, Investments | $ 2,224,000 | |||||||
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity | $ 711,000 | $ 711,000 | ||||||
Equity Method Investment, Net Intangible Assets Subject to Amortization of Basis Difference, Useful Life | 16 years | |||||||
Equity method investments | 1,396,379 | $ 1,396,379 | $ 1,642,117 | |||||
Income on equity investments, net | 40,761 | $ 44,306 | 77,798 | $ 82,558 | ||||
Distributions from equity investments | 149,650 | 125,604 | ||||||
Write-downs of investment | $ 58,800 | 0 | $ 180,800 | 0 | ||||
Television Food Network, G.P. | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Equity method investment, ownership percentage | 31.00% | 31.00% | ||||||
Equity method investments | $ 1,207,000 | $ 1,207,000 | 1,279,000 | |||||
Income on equity investments, net | 39,000 | 37,000 | 77,000 | 71,000 | ||||
Distributions from equity investments | $ 38,000 | 36,000 | $ 150,000 | 126,000 | ||||
CareerBuilder, LLC | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity | $ 72,000 | |||||||
Equity method investment, ownership percentage | 32.00% | 32.00% | ||||||
Equity method investments | $ 169,000 | $ 169,000 | 341,000 | |||||
Income on equity investments, net | 2,000 | $ 8,000 | 2,000 | $ 14,000 | ||||
Write-downs of investment | $ 59,000 | $ 122,000 | $ 181,000 | |||||
Dose Media, LLC | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Equity method investment, ownership percentage | 25.00% | 25.00% | ||||||
Equity method investments | $ 11,000 | $ 11,000 | $ 12,000 | |||||
Revaluation of Assets | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Fresh-Start Adjustment, Increase (Decrease), Investments | 1,615,000 | |||||||
Fresh-Start Adjustment, Carrying Value of Equity Investees' Amortizable Intangible Assets | 1,108,000 | |||||||
Fresh-Start Adjustment, Carrying Value of Equity Investees' Goodwill and Intangible Assets not Subject to Amortization | $ 507,000 | |||||||
Subsequent Event | CareerBuilder, LLC | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Equity method investment, ownership percentage | 7.00% | |||||||
Distributions from equity investments | $ 16,000 | |||||||
Proceeds from sale of equity method investments | $ 158,000 |
Investments Cash Distributions from Equity Method Investments (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|
Equity Method Investments and Joint Ventures [Abstract] | ||||
Proceeds from Equity Method Investment, Cash Distributions | $ 38,141 | $ 36,258 | $ 149,650 | $ 125,604 |
Investments TV Food Network (Details) - Television Food Network, G.P. - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|
Schedule of Equity Method Investments [Line Items] | ||||
Revenues, net | $ 308,758 | $ 298,275 | $ 606,114 | $ 575,451 |
Operating income | 197,474 | 188,381 | 390,156 | 370,377 |
Net income | $ 164,878 | $ 157,213 | $ 324,339 | $ 305,530 |
Investments Career Builder (Details) - CareerBuilder, LLC and Dose Media, LLC - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|
Schedule of Equity Method Investments [Line Items] | ||||
Revenues, net | $ 169,403 | $ 182,275 | $ 339,422 | $ 355,008 |
Operating income | 3,180 | 27,257 | 10,034 | 44,189 |
Net income | $ 5,508 | $ 26,477 | $ 13,248 | $ 44,362 |
Investments Marketable Equity Securities (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jan. 31, 2017 |
Mar. 31, 2017 |
Jun. 30, 2017 |
Jun. 30, 2016 |
Aug. 04, 2014 |
|
Schedule of Equity Method Investments [Line Items] | |||||
Proceeds from the sale of investment | $ 4,950 | $ 0 | |||
Gain on investment transaction | $ 4,950 | $ 0 | |||
tronc | |||||
Schedule of Equity Method Investments [Line Items] | |||||
tronc common stock retained, shares | 381,354 | ||||
Ownership percentage in common stock | 1.50% | ||||
Proceeds from the sale of investment | $ 5,000 | ||||
Gain on investment transaction | $ 5,000 |
Investments Cost Method Investments (Details) $ in Millions |
Oct. 27, 2009
USD ($)
|
---|---|
New Cubs LLC | Payment Guarantee | |
Line of Credit Facility [Line Items] | |
Guarantor maximum exposure | $ 699 |
Investments Variable Interests (Details) - USD ($) $ in Millions |
Jun. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Topix LLC | Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Maximum loss exposure amount | $ 5 | $ 5 |
Debt - Long-term Debt (Details) - USD ($) $ in Thousands |
Jun. 30, 2017 |
Jan. 27, 2017 |
Dec. 31, 2016 |
---|---|---|---|
Debt Instrument [Line Items] | |||
Total debt, net of discounts | $ 3,028,662 | $ 3,411,551 | |
Debt due within one year | 17,878 | 19,924 | |
Long-term debt, net of current portion | 3,010,784 | 3,391,627 | |
Senior Notes | 5.875% Senior Notes due 2022 | |||
Debt Instrument [Line Items] | |||
Total debt, net of discounts | 1,085,946 | 1,084,563 | |
Term B Loans | Senior Secured Credit Agreement | |||
Debt Instrument [Line Items] | |||
Total debt, net of discounts | 197,661 | 2,312,218 | |
Term C Loans | Senior Secured Credit Agreement | |||
Debt Instrument [Line Items] | |||
Total debt, net of discounts | 1,732,285 | $ 1,761,000 | 0 |
Secured Debt | Dreamcatcher Credit Facility Due 2018 | |||
Debt Instrument [Line Items] | |||
Total debt, net of discounts | $ 12,770 | $ 14,770 |
Debt - Footnotes (Details) - USD ($) $ in Thousands |
Jun. 30, 2017 |
Dec. 31, 2016 |
Jun. 24, 2015 |
---|---|---|---|
Senior Notes | 5.875% Senior Notes due 2022 | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 5.875% | 5.875% | 5.875% |
Debt issuance costs | $ 14,054 | $ 15,437 | |
Term B Loans | Senior Secured Credit Agreement | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Effective Percentage | 3.84% | 3.82% | |
Debt instrument, unamortized discount and debt issuance costs | $ 2,339 | $ 31,230 | |
Term C Loans | Senior Secured Credit Agreement | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Effective Percentage | 3.85% | ||
Debt instrument, unamortized discount and debt issuance costs | $ 24,759 | ||
Secured Debt | Dreamcatcher Credit Facility Due 2018 | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Effective Percentage | 4.08% | 4.08% | |
Debt instrument, unamortized discount and debt issuance costs | $ 55 | $ 80 |
Debt - Narrative (Details) |
3 Months Ended | 6 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Aug. 09, 2017
USD ($)
|
Feb. 01, 2017
USD ($)
|
Jan. 27, 2017
USD ($)
|
Jun. 30, 2017
USD ($)
|
Mar. 31, 2017
USD ($)
|
Jun. 30, 2016
USD ($)
|
Jun. 30, 2017
USD ($)
|
Jun. 30, 2016
USD ($)
|
Jun. 22, 2017 |
Dec. 31, 2016
USD ($)
|
Jun. 24, 2015
USD ($)
|
|
Debt Instrument [Line Items] | |||||||||||
Long-term debt | $ 3,028,662,000 | $ 3,028,662,000 | $ 3,411,551,000 | ||||||||
Debt discount paid | 1,689,000 | $ 784,000 | |||||||||
Repayment of outstanding borrowings | 589,661,000 | 13,920,000 | |||||||||
Loss on extinguishment and modification of debt | 0 | $ 0 | (19,052,000) | 0 | |||||||
Senior Secured Credit Agreement | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Standby letters of credit outstanding | 22,000,000 | 22,000,000 | 23,000,000 | ||||||||
Senior Secured Credit Agreement | Term B Loans | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, face amount | $ 600,000,000 | 2,343,000,000 | |||||||||
Long-term debt | 197,661,000 | 197,661,000 | 2,312,218,000 | ||||||||
Debt instrument, unamortized discount and debt issuance costs | 2,339,000 | 2,339,000 | 31,230,000 | ||||||||
Senior Secured Credit Agreement | Revolving Credit Facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Borrowing capacity under senior secured credit facility | $ 420,000,000 | 300,000,000 | |||||||||
Revolving credit facility borrowings outstanding | 0 | 0 | 0 | ||||||||
Leverage ratio, not to exceed | 5.25 | ||||||||||
Debt issuance costs | $ 2,000,000 | ||||||||||
Senior Secured Credit Agreement | Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Base rate floor | 0.00% | ||||||||||
Basis spread on variable rate | 3.00% | ||||||||||
Senior Secured Credit Agreement | Revolving Credit Facility | Federal Funds Effective Swap Rate | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Basis spread on variable rate | 0.50% | ||||||||||
Senior Secured Credit Agreement | Revolving Credit Facility | Adjusted LIBOR | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Basis spread on variable rate | 1.00% | ||||||||||
Senior Secured Credit Agreement | Revolving Credit Facility | Base Rate | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Basis spread on variable rate | 2.00% | ||||||||||
Senior Secured Credit Agreement | Term C Loans | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term debt | $ 1,761,000,000 | 1,732,285,000 | 1,732,285,000 | 0 | |||||||
Premium payable on voluntary prepayments, percent | 1.00% | ||||||||||
Debt Instrument, Percent to Trigger Required Testing | 35.00% | ||||||||||
Discount issued | $ 4,000,000 | ||||||||||
Debt discount paid | $ 13,000,000 | ||||||||||
Payment of debt issuance costs, deferred | $ 1,000,000 | ||||||||||
Debt instrument, unamortized discount and debt issuance costs | 24,759,000 | 24,759,000 | |||||||||
Senior Secured Credit Agreement | Term C Loans | London Interbank Offered Rate (LIBOR) | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Base rate floor | 0.75% | ||||||||||
Basis spread on variable rate | 3.00% | ||||||||||
Senior Secured Credit Agreement | Term C Loans | Federal Funds Effective Swap Rate | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Basis spread on variable rate | 0.50% | ||||||||||
Senior Secured Credit Agreement | Term C Loans | Adjusted LIBOR | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Basis spread on variable rate | 1.00% | ||||||||||
Senior Secured Credit Agreement | Term C Loans | Base Rate | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Basis spread on variable rate | 2.00% | ||||||||||
Senior Secured Credit Agreement | Term Loan Facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Payments of Debt Restructuring Costs | 12,000,000 | ||||||||||
Debt instrument, unamortized discount and debt issuance costs | 27,000,000 | 27,000,000 | 31,000,000 | ||||||||
Amended Secured Credit Facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Loss on extinguishment and modification of debt | 19,052,000 | ||||||||||
Amended Secured Credit Facility | Term B Loans | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Repayment of outstanding borrowings | $ 400,000,000 | ||||||||||
Write off of Deferred Debt Issuance Cost | 6,000,000 | ||||||||||
Debt Instrument, Unamortized Discount Write-off on Extinguishment | $ 1,000,000 | ||||||||||
Amended Secured Credit Facility | Term Loan Facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt issuance costs | $ 25,000,000 | ||||||||||
Discount issued | $ 6,000,000 | ||||||||||
5.875% Senior Notes due 2022 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Period of Outstanding Principal Amount Prior to Maturity | 91 days | ||||||||||
5.875% Senior Notes due 2022 | Senior Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, face amount | $ 1,100,000,000 | ||||||||||
Long-term debt | $ 1,085,946,000 | $ 1,085,946,000 | $ 1,084,563,000 | ||||||||
Debt Instrument, Long-term Debt Amount to Extend Maturity | $ 600,000,000 | ||||||||||
Stated interest rate | 5.875% | 5.875% | 5.875% | 5.875% | |||||||
Debt issuance costs | $ 14,054,000 | $ 14,054,000 | $ 15,437,000 | ||||||||
Debt discount paid | $ 1,000,000 | ||||||||||
Debt Instrument, Consent Vote Percentage | 93.23% | ||||||||||
Cash Flow Hedging | Designated as Hedging Instrument | Interest Rate Swap | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Derivative, Notional Amount | $ 500,000,000 | ||||||||||
Subsequent Event | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Proceeds Received From FCC Spectrum Auction | $ 185,000,000 | ||||||||||
Subsequent Event | Dreamcatcher Stations | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Proceeds Received From FCC Spectrum Auction | $ 21,000,000 |
Fair Value Measurements (Details) - USD ($) |
3 Months Ended | 6 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 |
Jan. 31, 2017 |
Jun. 30, 2017 |
Mar. 31, 2017 |
Jun. 30, 2017 |
Jun. 30, 2016 |
Jan. 27, 2017 |
Dec. 31, 2016 |
Jun. 24, 2015 |
|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||
Proceeds from the sale of investment | $ 4,950,000 | $ 0 | |||||||
Gain on investment transaction | 4,950,000 | $ 0 | |||||||
Marketable equity securities | $ 860,000 | $ 860,000 | $ 860,000 | $ 6,018,000 | |||||
Senior Notes | 5.875% Senior Notes due 2022 | |||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||
Stated interest rate | 5.875% | 5.875% | 5.875% | 5.875% | 5.875% | ||||
tronc | |||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||
Proceeds from the sale of investment | $ 5,000,000 | ||||||||
Gain on investment transaction | $ 5,000,000 | ||||||||
Marketable equity securities | $ 5,000,000 | ||||||||
Investment in tronc, cost basis | $ 0 | ||||||||
Designated as Hedging Instrument | Interest Rate Swap | |||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||
Interest Rate Cash Flow Hedge Liability | $ 6,000,000 | $ 6,000,000 | $ 6,000,000 | ||||||
Cash Flow Hedging | Designated as Hedging Instrument | Interest Rate Swap | |||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||
Derivative, Notional Amount | $ 500,000,000 | ||||||||
Loss on cash flow hedge | $ 2,000,000 | $ 3,000,000 | |||||||
Expected reclassification of AOCI into Interest Expense | $ 5,000,000 |
Fair Value Measurements Estimated Fair Values and Carrying Amounts (Details) - USD ($) $ in Thousands |
Jun. 30, 2017 |
Jan. 27, 2017 |
Dec. 31, 2016 |
---|---|---|---|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term debt | $ 3,028,662 | $ 3,411,551 | |
Fair Value | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cost method investments | 25,943 | 26,748 | |
Carrying Amount | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cost method investments | 25,943 | 26,748 | |
Senior Secured Credit Agreement | Term B Loans | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term debt | 197,661 | 2,312,218 | |
Senior Secured Credit Agreement | Term B Loans | Fair Value | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long term debt | 201,626 | 2,359,571 | |
Senior Secured Credit Agreement | Term C Loans | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term debt | 1,732,285 | $ 1,761,000 | 0 |
Senior Secured Credit Agreement | Term C Loans | Fair Value | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long term debt | 1,770,222 | 0 | |
5.875% Senior Notes due 2022 | Senior Notes | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term debt | 1,085,946 | 1,084,563 | |
5.875% Senior Notes due 2022 | Senior Notes | Fair Value | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long term debt | 1,155,484 | 1,120,482 | |
Dreamcatcher Credit Facility Due 2018 | Dreamcatcher Credit Facility | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term debt | 12,770 | 14,770 | |
Dreamcatcher Credit Facility Due 2018 | Dreamcatcher Credit Facility | Fair Value | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long term debt | $ 12,929 | $ 14,952 |
Commitments and Contingencies (Details) |
1 Months Ended | 3 Months Ended | 5 Months Ended | 6 Months Ended | 49 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Aug. 09, 2017
USD ($)
television_station
radio_station
|
Apr. 13, 2017
USD ($)
|
Dec. 08, 2008
subsidiary
|
Feb. 29, 2012
USD ($)
|
Jun. 30, 2017
USD ($)
claim
|
Jun. 30, 2016
USD ($)
|
Dec. 31, 2017
USD ($)
|
Jun. 30, 2017
USD ($)
case
claim
|
Jun. 30, 2016
USD ($)
|
Dec. 31, 2012
claim
|
Dec. 31, 2016
USD ($)
|
Aug. 12, 2016
case
|
|
Loss Contingencies [Line Items] | ||||||||||||
Number of direct and indirect wholly-owned subsidiaries included in bankruptcy filing | subsidiary | 110 | |||||||||||
Number of proofs of claim settled or satisfied pursuant to the terms of the plan | case | 106 | |||||||||||
Number of complaints filed | claim | 7,400 | |||||||||||
Restricted cash and cash equivalents | $ 17,566,000 | $ 17,566,000 | $ 17,566,000 | |||||||||
Number of proofs of claim subject to further evaluation and adjustments | claim | 403 | 403 | ||||||||||
Reorganization Items | $ (449,000) | $ (366,000) | $ (699,000) | $ (800,000) | ||||||||
Federal Communications Commission Regulation, Television Station Ownership Cap, Percent | 39.00% | 39.00% | ||||||||||
The UHF Discount, Percent | 50.00% | 50.00% | ||||||||||
FCC regulation, maximum reimbursement amount for required product modifications | $ 1,750,000,000 | |||||||||||
Expected Proceeds from FCC Spectrum Auction | $ 190,000,000 | |||||||||||
Repayments of Long-term Debt | $ 589,661,000 | $ 13,920,000 | ||||||||||
Number of Stations Subject to Spectrum Frequency Transition | 22 | |||||||||||
Loss Contingency, Number of Filed Complaints | case | 4 | |||||||||||
Subsequent Event | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
FCC regulation, number of television stations authorized | television_station | 39 | |||||||||||
FCC regulation, number of radio stations authorized | radio_station | 1 | |||||||||||
Proceeds Received From FCC Spectrum Auction | $ 185,000,000 | |||||||||||
Proceeds Remaining to Receive From FCC Spectrum Auction | 5,000,000 | |||||||||||
Subsequent Event | Dreamcatcher Stations | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Proceeds Received From FCC Spectrum Auction | $ 21,000,000 | |||||||||||
Scenario, Forecast | Amended Secured Credit Facility | Term Loan Facility | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Repayments of Long-term Debt | $ 102,000,000 | |||||||||||
Scenario, Forecast | Dreamcatcher Credit Facility Due 2018 | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Repayments of Long-term Debt | $ 12,600,000 |
Income Taxes (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2017 |
Dec. 31, 2016 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|
Income Tax Contingency [Line Items] | ||||||
Income tax (benefit) expense | $ (9,905) | $ 214,856 | $ (61,519) | $ 230,051 | ||
Effective Income Tax Rate Reconciliation, Percent | 24.90% | 31.90% | ||||
U.S federal statutory rate, percent | 35.00% | 35.00% | 35.00% | 35.00% | ||
Benefit Related to Refund of Interest Paid on Tax Assessments | $ 3,000 | |||||
Benefit related to certain income tax matters | $ 2,000 | |||||
Write-off of unrealized deferred tax asset | $ 2,000 | $ 4,000 | ||||
Newsday LLC | ||||||
Income Tax Contingency [Line Items] | ||||||
Net Adjustment to Uncertain Tax Position, Current | 102,000 | |||||
Adjustment to Deferred Income Tax Liability for Changes in Tax Basis | $ 1,000 | $ (3,000) | $ 91,000 |
Income Taxes - Newsday and Chicago Cubs Transactions (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Dec. 31, 2016 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Dec. 31, 2016 |
Oct. 27, 2009 |
|
New Cubs LLC | ||||||
Income Tax Contingency [Line Items] | ||||||
Ownership percentage in common stock by third party | 95.00% | |||||
Ownership percentage in common stock | 5.00% | |||||
Income taxes paid | $ 47 | |||||
Deferred tax liability | $ 158 | 152 | $ 158 | |||
New Cubs LLC | Tax Year 2009 | ||||||
Income Tax Contingency [Line Items] | ||||||
IRS proposed tax | 182 | |||||
IRS proposed gross valuation misstatement penalty | 73 | |||||
After-tax interest on proposed tax and penalty | 45 | |||||
Estimated federal income taxes before interest and penalties | 225 | |||||
Newsday LLC | ||||||
Income Tax Contingency [Line Items] | ||||||
Net Adjustment to Uncertain Tax Position, Current | $ 102 | |||||
Income tax reserves | 125 | |||||
Reduction in deferred income tax liabilities | 23 | |||||
Adjustment to Deferred Income Tax Liability for Changes in Tax Basis | 1 | $ (3) | $ 91 | |||
Payment for income tax, interest and penalties | 122 | |||||
Expected future payment for income tax, interest and penalties | $ 4 | 4 | $ 4 | |||
Newsday LLC | Tax Year 2008 | ||||||
Income Tax Contingency [Line Items] | ||||||
Estimated federal income taxes before interest and penalties | 190 | |||||
IRS, accuracy-related penalty | $ 38 |
Income Taxes - Other (Details) - USD ($) $ in Millions |
Jun. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Income Tax Disclosure [Abstract] | ||
Liability for unrecognized tax benefits | $ 23 | $ 23 |
Decrease in unrecognized tax benefits is reasonably possible | $ 9 |
Pension And Other Retirement Plans Net Periodic Benefit Cost For Pension Benefit Plan (Details) - Pension Plan - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 198 | $ 177 | $ 384 | $ 346 |
Interest cost | 19,528 | 20,611 | 39,097 | 41,362 |
Expected return on plans’ assets | (25,236) | (26,895) | (50,563) | (53,808) |
Amortization of prior service costs | 35 | 45 | 58 | 45 |
Net periodic benefit credit | $ (5,475) | $ (6,062) | $ (11,024) | $ (12,055) |
Pension And Other Retirement Plans Narrative (Details) $ in Millions |
12 Months Ended |
---|---|
Dec. 31, 2017
USD ($)
| |
Scenario, Forecast | Other Post Retirement Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
Contributions by employer | $ 1 |
Capital Stock (Details) |
3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Aug. 02, 2017
$ / shares
|
Feb. 03, 2017
USD ($)
$ / shares
|
Jan. 02, 2017
$ / shares
|
Jun. 30, 2017
USD ($)
$ / shares
shares
|
Mar. 31, 2017
USD ($)
$ / shares
|
Jun. 30, 2016
USD ($)
$ / shares
shares
|
Mar. 31, 2016
USD ($)
$ / shares
|
Jun. 30, 2017
USD ($)
$ / shares
shares
|
Jun. 30, 2016
USD ($)
$ / shares
shares
|
Dec. 31, 2016
USD ($)
$ / shares
shares
|
Feb. 24, 2016
USD ($)
|
Dec. 31, 2015
shares
|
Oct. 13, 2014
USD ($)
|
Dec. 31, 2012
shares
|
|
Class of Stock [Line Items] | ||||||||||||||
Preferred stock authorized (shares) | 40,000,000 | 40,000,000 | 40,000,000 | |||||||||||
Preferred stock par value (usd per share) | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | |||||||||||
Treasury stock (shares) | 14,102,185 | 14,102,185 | 14,102,453 | |||||||||||
Treasury stock acquired (shares) | 6,432,455 | |||||||||||||
Common stock repurchases | $ | $ 0 | $ 232,000,000 | ||||||||||||
Share price (usd per share) | $ / shares | $ 36.08 | |||||||||||||
Remaining authorized repurchase amount | $ | $ 168,000,000 | 168,000,000 | ||||||||||||
Special dividends declared to shareholders and warrant holders, $5.77 per share | $ | $ 21,816,000 | $ 21,742,000 | $ 22,959,000 | $ 23,215,000 | $ 43,558,000 | $ 46,174,000 | ||||||||
Number of shares called by each warrant (shares) | 1 | 1 | ||||||||||||
Regular Cash Dividend | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Dividends declared per common share (usd per share) | $ / shares | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.5 | $ 0.50 | ||||||||
Regular Cash Dividend | Subsequent Event | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Dividends declared per common share (usd per share) | $ / shares | $ 0.25 | |||||||||||||
Special Cash Dividend | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Dividends declared per common share (usd per share) | $ / shares | $ 5.77 | 0.00 | $ 0.00 | $ 5.77 | $ 0.00 | |||||||||
Common stock dividends (usd per share) | $ / shares | $ 5.77 | |||||||||||||
Special dividends declared to shareholders and warrant holders, $5.77 per share | $ | $ 499,000,000 | $ 499,107,000 | ||||||||||||
Regular Cash Dividend Restriction | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Dividends declared per common share (usd per share) | $ / shares | $ 0.25 | |||||||||||||
Warrant | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Warrants issued (shares) | 83,384 | 83,384 | 16,789,972 | |||||||||||
Warrant, exercise price, per share (usd per share) | $ / shares | $ 0.001 | $ 0.001 | ||||||||||||
Class A Common Stock | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Common stock, authorized (shares) | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | |||||||||||
Common stock, par value (usd per share) | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | |||||||||||
Common stock, conversion ratio | 1 | |||||||||||||
Number of warrants exercised (shares) | 16,373 | 31,958 | 44,848 | 132,066 | ||||||||||
Number of shares received | 16,373 | 31,958 | 44,848 | 132,066 | ||||||||||
Number of shares of common stock issued (shares) | 101,284,525 | 101,284,525 | 100,416,516 | |||||||||||
Shares authorized (shares) | $ | $ 400,000,000 | $ 400,000,000 | ||||||||||||
Treasury stock acquired life to date (shares) | 7,670,216 | |||||||||||||
Class B Common Stock | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Common stock, authorized (shares) | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | |||||||||||
Common stock, par value (usd per share) | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | |||||||||||
Common stock, conversion ratio | 1 | |||||||||||||
Number of shares converted (shares) | 0 | 0 | ||||||||||||
Number of warrants exercised (shares) | 0 | 0 | ||||||||||||
Number of shares of common stock issued (shares) | 5,605 | 5,605 | 5,605 | |||||||||||
Preferred Stock | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Preferred stock authorized (shares) | 40,000,000 | 40,000,000 |
Capital Stock Dividends Declared (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2017 |
Mar. 31, 2017 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|
Class of Stock [Line Items] | ||||||
Total Amount | $ 21,816 | $ 21,742 | $ 22,959 | $ 23,215 | $ 43,558 | $ 46,174 |
Regular Cash Dividend | ||||||
Class of Stock [Line Items] | ||||||
Dividends declared per common share (usd per share) | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.5 | $ 0.50 |
Stock-Based Compensation Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
May 05, 2016 |
||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share-based Compensation | $ 7,000 | $ 10,000 | $ 22,093 | $ 18,003 | ||||
Gracenote Companies | Discontinued Operations, Disposed of by Sale | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share-based Compensation | $ 0 | $ 1,000 | $ 1,992 | [1] | $ 1,988 | |||
2016 Incentive Compensation Plan | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of shares authorized for issuance under Equity Incentive Plan (shares) | 5,100,000 | |||||||
Number of shares available for grant under Equity Incentive Plan (shares) | 2,966,048 | 2,966,048 | ||||||
2016 Directors Plan | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of shares authorized for issuance under Equity Incentive Plan (shares) | 200,000 | |||||||
Number of shares available for grant under Equity Incentive Plan (shares) | 164,942 | 164,942 | ||||||
|
Stock-Based Compensation Non-Qualified Stock Options Activity (Details) - NSO |
6 Months Ended |
---|---|
Jun. 30, 2017
$ / shares
shares
| |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Outstanding, beginning of period (shares) | 2,396,160 |
Granted (shares) | 931,913 |
Exercised (shares) | (350,711) |
Forfeitures (shares) | (375,634) |
Cancelled (shares) | (70,714) |
Adjustment due to the 2017 Special Cash Dividend | 452,738 |
Outstanding, end of period (shares) | 2,983,752 |
Vested and exercisable, shares end of period (shares) | 1,247,501 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |
Outstanding, beginning of period, weighted average exercise price (usd per share) | $ / shares | $ 45.82 |
Granted, weighted average exercise price (usd per share) | $ / shares | 32.12 |
Exercised, weighted average exercise price (usd per share) | $ / shares | 28.55 |
Forfeitures, weighted average exercise price (usd per share) | $ / shares | 28.95 |
Cancellations, weighted average exercise price (usd per share) | $ / shares | 47.85 |
Outstanding, end of period, weighted average exercise price (usd per share) | $ / shares | 38.66 |
Vested and exercisable, weighted average exercise price, end of period (usd per share) | $ / shares | $ 47.70 |
Stock-Based Compensation Restricted Stock Units Activity (Details) |
6 Months Ended |
---|---|
Jun. 30, 2017
$ / shares
shares
| |
RSU | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Outstanding, shares, beginning of period (shares) | 1,230,676 |
Granted (shares) | 616,042 |
Vested (shares) | (555,039) |
Forfeited (shares) | (300,472) |
Adjustment due to the 2017 Special Cash Dividend | 223,698 |
Outstanding and nonvested, shares, end of period (shares) | 1,202,468 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Outstanding, weighted average fair value, beginning of period (usd per share) | $ / shares | $ 40.92 |
Granted, weighted average fair value (usd per share) | $ / shares | 32.65 |
Vested, weighted average fair value (usd per share) | $ / shares | 38.31 |
Forfeited, weighted average fair value (usd per share) | $ / shares | 32.03 |
Outstanding and nonvested, weighted average fair value, end of period (usd per share) | $ / shares | $ 32.64 |
RSU Dividend Equivalent Unit (DEU) | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Granted (shares) | 15,834 |
Dividend equivalent units vested (shares) | (19,358) |
Dividend equivalent units forfeited (shares) | (8,913) |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Granted, weighted average fair value (usd per share) | $ / shares | $ 38.02 |
Dividend equivalent units vested, weighted average fair value (usd per share) | $ / shares | 32.32 |
Dividend equivalent units forfeited, weighted average fair value (usd per share) | $ / shares | $ 32.01 |
Stock-Based Compensation Unrestricted Stock Awards Activity (Details) - Unrestricted Stock |
6 Months Ended |
---|---|
Jun. 30, 2017
$ / shares
shares
| |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Outstanding, shares, beginning of period (shares) | shares | 0 |
Granted (shares) | shares | 10,147 |
Vested (shares) | shares | (10,147) |
Outstanding and nonvested, shares, end of period (shares) | shares | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Outstanding, weighted average fair value, beginning of period (usd per share) | $ / shares | $ 0.00 |
Granted, weighted average fair value (usd per share) | $ / shares | 34.98 |
Vested, weighted average fair value (usd per share) | $ / shares | 34.98 |
Outstanding and nonvested, weighted average fair value, end of period (usd per share) | $ / shares | $ 0.00 |
Stock-Based Compensation Performance Share Units Activity (Details) |
6 Months Ended | |||||
---|---|---|---|---|---|---|
Jun. 30, 2017
$ / shares
shares
| ||||||
PSU | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||||
Outstanding, shares, beginning of period (shares) | 347,000 | |||||
Granted (shares) | 117,777 | [1] | ||||
Vested (shares) | (145,621) | |||||
Forfeited (shares) | (46,836) | |||||
Adjustment due to the 2017 Special Cash Dividend | 24,244 | [1],[2] | ||||
Outstanding and nonvested, shares, end of period (shares) | 289,662 | |||||
Outstanding, shares, beginning of period (shares), not yet granted | 19,725 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||||||
Outstanding, weighted average fair value, beginning of period (usd per share) | $ / shares | $ 27.23 | |||||
Granted, weighted average fair value (usd per share) | $ / shares | 31.45 | [1] | ||||
Vested, weighted average fair value (usd per share) | $ / shares | 34.22 | |||||
Forfeited, weighted average fair value (usd per share) | $ / shares | 33.73 | |||||
Outstanding and nonvested, weighted average fair value, end of period (usd per share) | $ / shares | $ 22.05 | |||||
PSU Dividend Equivalent Unit (DEU) | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||||
Granted (shares) | 2,425 | |||||
Dividend equivalent units vested (shares) | (3,726) | |||||
Dividend equivalent units forfeited (shares) | (5,601) | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||||||
Granted, weighted average fair value (usd per share) | $ / shares | $ 38.01 | |||||
Dividend equivalent units vested, weighted average fair value (usd per share) | $ / shares | 32.50 | |||||
Dividend equivalent units forfeited, weighted average fair value (usd per share) | $ / shares | $ 40.72 | |||||
|
Stock-Based Compensation Costs Not Yet Recognized (Details) $ in Thousands |
6 Months Ended |
---|---|
Jun. 30, 2017
USD ($)
| |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Nonvested awards, unrecognized compensation cost | $ 47,714 |
Nonvested awards, weighted average remaining recognition period | 2 years 9 months 18 days |
Earnings Per Share Narrative (Details) - shares |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Dividend equivalent units outstanding (shares) | 39,848 | |||
Weighted-average warrants outstanding excluded from EPS, (shares) | 83,924 | 167,671 | 93,020 | 212,989 |
Stock Compensation Plan | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive securities excluded from diluted EPS calculation | 3,062,567 | 2,160,479 | 3,018,567 | 2,098,608 |
Earnings Per Share Calculation of Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|
Earnings Per Share [Abstract] | ||||
Loss from continuing operations, as reported | $ (29,823) | $ (152,628) | $ (131,035) | $ (137,526) |
Less: Dividends distributed to Warrants | 21 | 40 | 46 | 88 |
Less: Undistributed earnings allocated to Warrants | 0 | 0 | 0 | 0 |
Net Income (Loss) Available to Common Stockholders, Basic, Continuing Operations | (29,844) | (152,668) | (131,081) | (137,614) |
Add: Undistributed earnings allocated to dilutive securities | 0 | 0 | 0 | 0 |
Net Income (Loss) Available to Common Stockholders, Diluted, Continuing Operations | (29,844) | (152,668) | (131,081) | (137,614) |
Net Income (Loss) Available to Common Stockholders, Basic and Diluted, Discontinued Operations | 15,039 | (12,944) | ||
Net loss attributable to common shareholders for basic EPS | (30,423) | (161,603) | (116,042) | (150,558) |
Net loss attributable to common shareholders for diluted EPS | $ (30,423) | $ (161,603) | $ (116,042) | $ (150,558) |
Weighted average shares outstanding - basic (shares) | 87,058 | 91,676 | 86,846 | 92,083 |
Impact of dilutive securities (shares) | 0 | 0 | 0 | 0 |
Weighted average shares outstanding - diluted (shares) | 87,058 | 91,676 | 86,846 | 92,083 |
Continuing Operations | $ (0.34) | $ (1.66) | $ (1.51) | $ (1.50) |
Discontinued Operations | (0.01) | (0.10) | 0.17 | (0.14) |
Net Loss Per Common Share | (0.35) | (1.76) | (1.34) | (1.64) |
Continuing Operations | (0.34) | (1.66) | (1.51) | (1.50) |
Discontinued Operations | (0.01) | (0.10) | 0.17 | (0.14) |
Net Loss Per Common Share | $ (0.35) | $ (1.76) | $ (1.34) | $ (1.64) |
Accumulated Other Comprehensive Income (Loss) (Details) $ in Thousands |
6 Months Ended |
---|---|
Jun. 30, 2017
USD ($)
| |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |
Balance at December 31, 2016 | $ (81,782) |
Other comprehensive (loss) income before reclassifications | (1,484) |
Amounts reclassified from AOCI | 11,394 |
Balance at June 30, 2017 | (71,872) |
Pension and Other Post-Retirement Benefit Items | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |
Balance at December 31, 2016 | (64,883) |
Other comprehensive (loss) income before reclassifications | (442) |
Amounts reclassified from AOCI | (80) |
Balance at June 30, 2017 | (65,405) |
Marketable Securities | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |
Balance at December 31, 2016 | 3,075 |
Other comprehensive (loss) income before reclassifications | (95) |
Amounts reclassified from AOCI | (3,042) |
Balance at June 30, 2017 | (62) |
Cash Flow Hedging Instruments | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |
Balance at December 31, 2016 | 0 |
Other comprehensive (loss) income before reclassifications | (5,357) |
Amounts reclassified from AOCI | 1,751 |
Balance at June 30, 2017 | (3,606) |
Foreign Currency Translation Adjustments | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |
Balance at December 31, 2016 | (19,974) |
Other comprehensive (loss) income before reclassifications | 4,410 |
Amounts reclassified from AOCI | 12,765 |
Balance at June 30, 2017 | $ (2,799) |
Related Party Transactions (Details) - USD ($) $ in Thousands |
Jun. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Related Party Transaction [Line Items] | ||
Long-term debt | $ 3,028,662 | $ 3,411,551 |
Senior Secured Credit Agreement | Term Loan Facility | Principal Owner | ||
Related Party Transaction [Line Items] | ||
Long-term debt | $ 31,000 | $ 31,000 |
Business Segments (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
Dec. 31, 2016 |
||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||
Operating Revenues | $ 469,517 | $ 479,796 | $ 909,427 | [1] | $ 948,268 | [1] | ||||||||||||||||
Operating profit (loss) | 18,326 | 56,206 | 3,094 | [1],[2] | 86,198 | [1],[2] | ||||||||||||||||
Depreciation | 13,927 | 14,467 | 27,498 | [3] | 28,909 | [3] | ||||||||||||||||
Amortization | 41,664 | 41,670 | 83,323 | 83,335 | ||||||||||||||||||
Capital expenditures | 13,465 | 17,583 | 28,099 | 35,431 | ||||||||||||||||||
Total Assets | [4] | 8,045,275 | 8,045,275 | $ 9,401,051 | ||||||||||||||||||
Assets held for sale | [5] | 54,282 | 54,282 | 17,176 | ||||||||||||||||||
Gracenote Companies | Discontinued Operations, Disposed of by Sale | ||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||
Capital expenditures | 0 | 6,046 | 1,578 | [6],[7] | 10,969 | [7] | ||||||||||||||||
Discontinued Operations | 0 | 0 | 670,758 | |||||||||||||||||||
Operating Segments | Television and Entertainment | ||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||
Operating Revenues | 466,061 | 468,134 | 902,094 | [1] | 924,009 | [1] | ||||||||||||||||
Operating profit (loss) | 50,219 | 83,346 | 70,232 | [1],[2] | 141,951 | [1],[2] | ||||||||||||||||
Depreciation | 10,530 | 11,108 | 20,569 | [3] | 22,125 | [3] | ||||||||||||||||
Amortization | 41,664 | 41,670 | 83,323 | [3] | 83,335 | [3] | ||||||||||||||||
Capital expenditures | 11,727 | 6,603 | 22,534 | 13,436 | ||||||||||||||||||
Total Assets | 7,186,225 | 7,186,225 | 7,484,591 | |||||||||||||||||||
Corporate and Other | ||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||
Operating Revenues | 3,456 | 11,662 | 7,333 | [1] | 24,259 | [1] | ||||||||||||||||
Operating profit (loss) | (31,893) | (27,140) | (67,138) | [1],[2] | (55,753) | [1],[2] | ||||||||||||||||
Depreciation | 3,397 | 3,359 | 6,929 | [3] | 6,784 | [3] | ||||||||||||||||
Capital expenditures | 1,738 | $ 4,934 | 3,987 | $ 11,026 | ||||||||||||||||||
Total Assets | $ 804,768 | $ 804,768 | $ 1,228,526 | |||||||||||||||||||
|
Business Segments Business Segments Footnotes (Details) - Discontinued Operations, Disposed of by Sale - Gracenote Companies - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 |
[1],[2] | Jun. 30, 2016 |
Jun. 30, 2017 |
[1],[2] | Jun. 30, 2016 |
|||||
Segment Reporting Information [Line Items] | ||||||||||
Depreciation | $ 0 | $ 3,052 | $ 0 | $ 5,948 | ||||||
Amortization | $ 0 | $ 7,751 | $ 0 | $ 15,464 | ||||||
|
Condensed Consolidating Financial Information Statements of Operations and Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|||||||
Condensed Statement of Income Captions [Line Items] | ||||||||||
Operating Revenues | $ 469,517 | $ 479,796 | $ 909,427 | [1] | $ 948,268 | [1] | ||||
Programming and direct operating expenses | 254,024 | 219,326 | 494,077 | 441,065 | ||||||
Selling, general and administrative | 141,576 | 148,127 | 301,435 | 308,761 | ||||||
Depreciation and amortization | 55,591 | 56,137 | 110,821 | 112,244 | ||||||
Gain (Loss) on Sale of Properties | 0 | (300) | 449 | |||||||
Total operating expenses | 451,191 | 423,590 | 906,333 | 862,070 | ||||||
Operating Profit | 18,326 | 56,206 | 3,094 | [1],[2] | 86,198 | [1],[2] | ||||
(Loss) income on equity investments, net | 40,761 | 44,306 | 77,798 | 82,558 | ||||||
Interest and dividend income | 548 | 228 | 1,053 | 360 | ||||||
Interest expense | (40,185) | (38,071) | (78,943) | (76,212) | ||||||
Loss on extinguishment and modification of debt | 0 | 0 | (19,052) | 0 | ||||||
Gain on investment transaction | 0 | 0 | 4,950 | 0 | ||||||
Write-downs of investment | (58,800) | 0 | (180,800) | 0 | ||||||
Other non-operating items | (378) | (441) | (654) | (379) | ||||||
Intercompany income (charges) | 0 | 0 | 0 | 0 | ||||||
(Loss) Income from Continuing Operations Before Income Taxes | (39,728) | 62,228 | (192,554) | 92,525 | ||||||
Income tax benefit | (9,905) | 214,856 | (61,519) | 230,051 | ||||||
Equity (deficit) in earnings of consolidated subsidiaries, net of taxes | 0 | 0 | 0 | 0 | ||||||
Net Loss from Continuing Operations | (29,823) | (152,628) | (131,035) | (137,526) | ||||||
Income (Loss) from Discontinued Operations, net of taxes | (579) | (8,935) | 15,039 | (12,944) | ||||||
Net Loss | (30,402) | (161,563) | (115,996) | (150,470) | ||||||
Comprehensive (Loss) Income | (28,135) | (160,752) | (106,086) | (146,022) | ||||||
Eliminations | ||||||||||
Condensed Statement of Income Captions [Line Items] | ||||||||||
Operating Revenues | 0 | 0 | 0 | 0 | ||||||
Programming and direct operating expenses | 0 | 0 | 0 | 0 | ||||||
Selling, general and administrative | 0 | 0 | 0 | 0 | ||||||
Depreciation and amortization | 0 | 0 | 0 | 0 | ||||||
Total operating expenses | 0 | 0 | 0 | 0 | ||||||
Operating Profit | 0 | 0 | 0 | 0 | ||||||
(Loss) income on equity investments, net | 0 | 0 | 0 | 0 | ||||||
Interest and dividend income | 0 | 0 | 0 | 0 | ||||||
Interest expense | 0 | 0 | 0 | 0 | ||||||
Loss on extinguishment and modification of debt | 0 | |||||||||
Gain on investment transaction | 0 | |||||||||
Write-downs of investment | 0 | 0 | ||||||||
Other non-operating items | 0 | 0 | 0 | 0 | ||||||
Intercompany income (charges) | 0 | 0 | 0 | 0 | ||||||
(Loss) Income from Continuing Operations Before Income Taxes | 0 | 0 | 0 | 0 | ||||||
Income tax benefit | 0 | 0 | 0 | 0 | ||||||
Equity (deficit) in earnings of consolidated subsidiaries, net of taxes | (4,618) | 51,292 | 59,881 | 9,796 | ||||||
Net Loss from Continuing Operations | (4,618) | 51,292 | 59,881 | 9,796 | ||||||
Income (Loss) from Discontinued Operations, net of taxes | 0 | 9,119 | 1,097 | 10,468 | ||||||
Net Loss | (4,618) | 60,411 | 60,978 | 20,264 | ||||||
Comprehensive (Loss) Income | (9,670) | 64,585 | 42,683 | 20,397 | ||||||
Parent (Tribune Media Company) | Reportable Legal Entities | ||||||||||
Condensed Statement of Income Captions [Line Items] | ||||||||||
Operating Revenues | 0 | 0 | 0 | 0 | ||||||
Programming and direct operating expenses | 0 | 0 | 0 | 0 | ||||||
Selling, general and administrative | 29,858 | 23,981 | 62,825 | 49,410 | ||||||
Depreciation and amortization | 2,938 | 2,768 | 5,886 | 5,337 | ||||||
Total operating expenses | 32,796 | 26,749 | 68,711 | 54,747 | ||||||
Operating Profit | (32,796) | (26,749) | (68,711) | (54,747) | ||||||
(Loss) income on equity investments, net | (570) | (678) | (1,039) | (1,398) | ||||||
Interest and dividend income | 534 | 217 | 1,016 | 308 | ||||||
Interest expense | (40,024) | (37,868) | (78,616) | (75,762) | ||||||
Loss on extinguishment and modification of debt | (19,052) | |||||||||
Gain on investment transaction | 4,950 | |||||||||
Write-downs of investment | 0 | 0 | ||||||||
Other non-operating items | (378) | (441) | (654) | (379) | ||||||
Intercompany income (charges) | 19,468 | 21,989 | 47,686 | 43,981 | ||||||
(Loss) Income from Continuing Operations Before Income Taxes | (53,766) | (43,530) | (114,420) | (87,997) | ||||||
Income tax benefit | (16,877) | 58,383 | (40,592) | 41,059 | ||||||
Equity (deficit) in earnings of consolidated subsidiaries, net of taxes | 7,066 | (50,715) | (57,207) | (8,470) | ||||||
Net Loss from Continuing Operations | (29,823) | (152,628) | (131,035) | (137,526) | ||||||
Income (Loss) from Discontinued Operations, net of taxes | (579) | (8,935) | 15,039 | (12,944) | ||||||
Net Loss | (30,402) | (161,563) | (115,996) | (150,470) | ||||||
Comprehensive (Loss) Income | (28,135) | (160,752) | (106,086) | (146,022) | ||||||
Guarantor Subsidiaries | Reportable Legal Entities | ||||||||||
Condensed Statement of Income Captions [Line Items] | ||||||||||
Operating Revenues | 467,198 | 477,491 | 904,685 | 943,461 | ||||||
Programming and direct operating expenses | 249,597 | 218,373 | 488,829 | 438,900 | ||||||
Selling, general and administrative | 110,804 | 123,301 | 236,893 | 257,687 | ||||||
Depreciation and amortization | 49,527 | 50,159 | 98,689 | 100,517 | ||||||
Total operating expenses | 409,928 | 391,833 | 824,411 | 797,104 | ||||||
Operating Profit | 57,270 | 85,658 | 80,274 | 146,357 | ||||||
(Loss) income on equity investments, net | 41,331 | 44,984 | 78,837 | 83,956 | ||||||
Interest and dividend income | 14 | 11 | 37 | 52 | ||||||
Interest expense | 0 | 0 | 0 | 0 | ||||||
Loss on extinguishment and modification of debt | 0 | |||||||||
Gain on investment transaction | 0 | |||||||||
Write-downs of investment | (58,800) | (180,800) | ||||||||
Other non-operating items | 0 | 0 | 0 | 0 | ||||||
Intercompany income (charges) | (19,426) | (21,933) | (47,577) | (43,869) | ||||||
(Loss) Income from Continuing Operations Before Income Taxes | 20,389 | 108,720 | (69,229) | 186,496 | ||||||
Income tax benefit | 9,468 | 51,017 | (17,473) | 84,677 | ||||||
Equity (deficit) in earnings of consolidated subsidiaries, net of taxes | (2,448) | (577) | (2,674) | (1,326) | ||||||
Net Loss from Continuing Operations | 8,473 | 57,126 | (54,430) | 100,493 | ||||||
Income (Loss) from Discontinued Operations, net of taxes | 0 | (8,688) | (1,904) | (11,420) | ||||||
Net Loss | 8,473 | 48,438 | (56,334) | 89,073 | ||||||
Comprehensive (Loss) Income | 12,521 | 46,636 | (50,410) | 87,375 | ||||||
Non-Guarantor Subsidiaries | Reportable Legal Entities | ||||||||||
Condensed Statement of Income Captions [Line Items] | ||||||||||
Operating Revenues | 2,319 | 2,305 | 4,742 | 4,807 | ||||||
Programming and direct operating expenses | 4,427 | 953 | 5,248 | 2,165 | ||||||
Selling, general and administrative | 914 | 845 | 1,717 | 1,664 | ||||||
Depreciation and amortization | 3,126 | 3,210 | 6,246 | 6,390 | ||||||
Total operating expenses | 8,467 | 5,008 | 13,211 | 10,219 | ||||||
Operating Profit | (6,148) | (2,703) | (8,469) | (5,412) | ||||||
(Loss) income on equity investments, net | 0 | 0 | 0 | 0 | ||||||
Interest and dividend income | 0 | 0 | 0 | 0 | ||||||
Interest expense | (161) | (203) | (327) | (450) | ||||||
Loss on extinguishment and modification of debt | 0 | |||||||||
Gain on investment transaction | 0 | |||||||||
Write-downs of investment | 0 | 0 | ||||||||
Other non-operating items | 0 | 0 | 0 | 0 | ||||||
Intercompany income (charges) | (42) | (56) | (109) | (112) | ||||||
(Loss) Income from Continuing Operations Before Income Taxes | (6,351) | (2,962) | (8,905) | (5,974) | ||||||
Income tax benefit | (2,496) | 105,456 | (3,454) | 104,315 | ||||||
Equity (deficit) in earnings of consolidated subsidiaries, net of taxes | 0 | 0 | 0 | 0 | ||||||
Net Loss from Continuing Operations | (3,855) | (108,418) | (5,451) | (110,289) | ||||||
Income (Loss) from Discontinued Operations, net of taxes | 0 | (431) | 807 | 952 | ||||||
Net Loss | (3,855) | (108,849) | (4,644) | (109,337) | ||||||
Comprehensive (Loss) Income | $ (2,851) | $ (111,221) | $ 7,727 | $ (107,772) | ||||||
|
Condensed Consolidating Financial Information Balance Sheets (Details) - USD ($) $ in Thousands |
Jun. 30, 2017 |
Dec. 31, 2016 |
Jun. 30, 2016 |
Dec. 31, 2015 |
|||||
---|---|---|---|---|---|---|---|---|---|
Condensed Balance Sheet Statements, Captions [Line Items] | |||||||||
Cash and cash equivalents | $ 380,567 | $ 577,658 | $ 366,640 | $ 262,644 | |||||
Restricted cash and cash equivalents | 17,566 | 17,566 | |||||||
Accounts receivable, net | 397,571 | 429,112 | |||||||
Broadcast rights | 105,054 | 157,817 | |||||||
Income taxes receivable | 15,515 | 9,056 | |||||||
Current assets of discontinued operations | 0 | 62,605 | |||||||
Prepaid expenses | 22,130 | 35,862 | |||||||
Other | 7,724 | 6,624 | |||||||
Total current assets | 946,127 | 1,296,300 | |||||||
Property, plant and equipment | 644,422 | 711,068 | |||||||
Accumulated depreciation | (210,800) | (187,148) | |||||||
Net properties | 433,622 | 523,920 | |||||||
Investments in subsidiaries | 0 | 0 | |||||||
Broadcast rights | 144,998 | 153,457 | |||||||
Goodwill | 3,228,585 | 3,227,930 | |||||||
Other intangible assets, net | 1,735,938 | 1,819,134 | |||||||
Non-current assets of discontinued operations | 0 | 608,153 | |||||||
Assets held for sale | [1] | 54,282 | 17,176 | ||||||
Investments | 1,423,182 | 1,674,883 | |||||||
Intercompany receivables | 0 | 0 | |||||||
Intercompany loan receivable | 0 | ||||||||
Other assets | 78,541 | 80,098 | |||||||
Total other assets | 6,665,526 | 7,580,831 | |||||||
Total Assets (1) | [2] | 8,045,275 | 9,401,051 | ||||||
Accounts payable | 46,305 | 60,553 | |||||||
Debt due within one year | 17,878 | 19,924 | |||||||
Income taxes payable | 52,307 | 21,166 | |||||||
Contracts payable for broadcast rights | 207,895 | 241,255 | |||||||
Deferred revenue | 11,633 | 13,690 | |||||||
Interest payable | 30,042 | 30,305 | |||||||
Current liabilities of discontinued operations | 0 | 54,284 | |||||||
Other | 109,146 | 109,676 | |||||||
Total current liabilities | 475,206 | 550,853 | |||||||
Long-term debt | 3,010,784 | 3,391,627 | |||||||
Intercompany loan payable | 0 | ||||||||
Deferred income taxes | 836,354 | 984,248 | |||||||
Contracts payable for broadcast rights | 275,088 | 314,840 | |||||||
Intercompany payables | 0 | 0 | |||||||
Other | 524,763 | 518,486 | |||||||
Non-current liabilities of discontinued operations | 0 | 95,314 | |||||||
Total non-current liabilities | 4,646,989 | 5,304,515 | |||||||
Total Liabilities (1) | [2] | 5,122,195 | 5,855,368 | ||||||
Common stock | 101 | 100 | |||||||
Treasury stock | (632,194) | (632,207) | |||||||
Additional paid-in-capital | 4,044,480 | 4,561,760 | |||||||
Retained (deficit) earnings | (424,355) | (308,105) | |||||||
Accumulated other comprehensive (loss) income | (71,872) | (81,782) | |||||||
Total Tribune Media Company shareholders’ equity | 2,916,160 | 3,539,766 | |||||||
Noncontrolling interest | 6,920 | 5,917 | |||||||
Total shareholders’ equity | 2,923,080 | 3,545,683 | |||||||
Total Liabilities and Shareholders’ Equity | 8,045,275 | 9,401,051 | |||||||
Eliminations | |||||||||
Condensed Balance Sheet Statements, Captions [Line Items] | |||||||||
Cash and cash equivalents | 0 | 0 | 0 | 0 | |||||
Restricted cash and cash equivalents | 0 | 0 | |||||||
Accounts receivable, net | 0 | 0 | |||||||
Broadcast rights | 0 | 0 | |||||||
Income taxes receivable | 0 | 0 | |||||||
Current assets of discontinued operations | 0 | ||||||||
Prepaid expenses | 0 | 0 | |||||||
Other | 0 | 0 | |||||||
Total current assets | 0 | 0 | |||||||
Property, plant and equipment | 0 | 0 | |||||||
Accumulated depreciation | 0 | 0 | |||||||
Net properties | 0 | 0 | |||||||
Investments in subsidiaries | (10,029,435) | (10,609,030) | |||||||
Broadcast rights | 0 | 0 | |||||||
Goodwill | 0 | 0 | |||||||
Other intangible assets, net | 0 | 0 | |||||||
Non-current assets of discontinued operations | 0 | ||||||||
Assets held for sale | 0 | 0 | |||||||
Investments | 0 | 0 | |||||||
Intercompany receivables | (8,675,794) | (8,232,637) | |||||||
Intercompany loan receivable | (27,000) | ||||||||
Other assets | (123,469) | (49,279) | |||||||
Total other assets | (8,799,263) | (8,308,916) | |||||||
Total Assets (1) | (18,828,698) | (18,917,946) | |||||||
Accounts payable | 0 | 0 | |||||||
Debt due within one year | 0 | 0 | |||||||
Income taxes payable | 0 | 0 | |||||||
Contracts payable for broadcast rights | 0 | 0 | |||||||
Deferred revenue | 0 | 0 | |||||||
Interest payable | 0 | 0 | |||||||
Current liabilities of discontinued operations | 0 | ||||||||
Other | 0 | 0 | |||||||
Total current liabilities | 0 | 0 | |||||||
Long-term debt | 0 | 0 | |||||||
Intercompany loan payable | (27,000) | ||||||||
Deferred income taxes | (123,469) | (49,279) | |||||||
Contracts payable for broadcast rights | 0 | 0 | |||||||
Intercompany payables | (8,675,794) | (8,232,637) | |||||||
Other | 0 | 0 | |||||||
Non-current liabilities of discontinued operations | 0 | ||||||||
Total non-current liabilities | (8,799,263) | (8,308,916) | |||||||
Total Liabilities (1) | (8,799,263) | (8,308,916) | |||||||
Common stock | 0 | 0 | |||||||
Treasury stock | 0 | 0 | |||||||
Additional paid-in-capital | (9,239,085) | (9,775,997) | |||||||
Retained (deficit) earnings | (793,149) | (854,127) | |||||||
Accumulated other comprehensive (loss) income | 2,799 | 21,094 | |||||||
Total Tribune Media Company shareholders’ equity | (10,029,435) | (10,609,030) | |||||||
Noncontrolling interest | 0 | 0 | |||||||
Total shareholders’ equity | (10,029,435) | (10,609,030) | |||||||
Total Liabilities and Shareholders’ Equity | (18,828,698) | (18,917,946) | |||||||
Parent (Tribune Media Company) | Reportable Legal Entities | |||||||||
Condensed Balance Sheet Statements, Captions [Line Items] | |||||||||
Cash and cash equivalents | 377,576 | 574,638 | 345,111 | 235,508 | |||||
Restricted cash and cash equivalents | 17,566 | 17,566 | |||||||
Accounts receivable, net | 1,278 | 198 | |||||||
Broadcast rights | 0 | 0 | |||||||
Income taxes receivable | 0 | 0 | |||||||
Current assets of discontinued operations | 0 | ||||||||
Prepaid expenses | 9,858 | 11,640 | |||||||
Other | 5,905 | 4,894 | |||||||
Total current assets | 412,183 | 608,936 | |||||||
Property, plant and equipment | 56,034 | 55,529 | |||||||
Accumulated depreciation | (27,351) | (21,635) | |||||||
Net properties | 28,683 | 33,894 | |||||||
Investments in subsidiaries | 9,974,957 | 10,502,544 | |||||||
Broadcast rights | 0 | 0 | |||||||
Goodwill | 0 | 0 | |||||||
Other intangible assets, net | 0 | 0 | |||||||
Non-current assets of discontinued operations | 0 | ||||||||
Assets held for sale | 0 | 0 | |||||||
Investments | 12,882 | 19,079 | |||||||
Intercompany receivables | 2,365,290 | 2,326,261 | |||||||
Intercompany loan receivable | 27,000 | ||||||||
Other assets | 127,191 | 51,479 | |||||||
Total other assets | 2,505,363 | 2,423,819 | |||||||
Total Assets (1) | 12,921,186 | 13,569,193 | |||||||
Accounts payable | 23,078 | 29,827 | |||||||
Debt due within one year | 13,869 | 15,921 | |||||||
Income taxes payable | 0 | 0 | |||||||
Contracts payable for broadcast rights | 0 | 0 | |||||||
Deferred revenue | 0 | 0 | |||||||
Interest payable | 30,040 | 30,301 | |||||||
Current liabilities of discontinued operations | 0 | ||||||||
Other | 49,708 | 38,867 | |||||||
Total current liabilities | 116,695 | 114,916 | |||||||
Long-term debt | 3,002,023 | 3,380,860 | |||||||
Intercompany loan payable | 0 | ||||||||
Deferred income taxes | 0 | 0 | |||||||
Contracts payable for broadcast rights | 0 | 0 | |||||||
Intercompany payables | 6,425,382 | 6,065,424 | |||||||
Other | 460,926 | 468,227 | |||||||
Non-current liabilities of discontinued operations | 0 | ||||||||
Total non-current liabilities | 9,888,331 | 9,914,511 | |||||||
Total Liabilities (1) | 10,005,026 | 10,029,427 | |||||||
Common stock | 101 | 100 | |||||||
Treasury stock | (632,194) | (632,207) | |||||||
Additional paid-in-capital | 4,044,480 | 4,561,760 | |||||||
Retained (deficit) earnings | (424,355) | (308,105) | |||||||
Accumulated other comprehensive (loss) income | (71,872) | (81,782) | |||||||
Total Tribune Media Company shareholders’ equity | 2,916,160 | 3,539,766 | |||||||
Noncontrolling interest | 0 | 0 | |||||||
Total shareholders’ equity | 2,916,160 | 3,539,766 | |||||||
Total Liabilities and Shareholders’ Equity | 12,921,186 | 13,569,193 | |||||||
Guarantor Subsidiaries | Reportable Legal Entities | |||||||||
Condensed Balance Sheet Statements, Captions [Line Items] | |||||||||
Cash and cash equivalents | 906 | 720 | 9,959 | 13,054 | |||||
Restricted cash and cash equivalents | 0 | 0 | |||||||
Accounts receivable, net | 395,996 | 428,254 | |||||||
Broadcast rights | 104,309 | 155,266 | |||||||
Income taxes receivable | 15,515 | 9,056 | |||||||
Current assets of discontinued operations | 37,300 | ||||||||
Prepaid expenses | 12,042 | 24,074 | |||||||
Other | 1,819 | 1,729 | |||||||
Total current assets | 530,587 | 656,399 | |||||||
Property, plant and equipment | 477,874 | 547,601 | |||||||
Accumulated depreciation | (176,799) | (159,472) | |||||||
Net properties | 301,075 | 388,129 | |||||||
Investments in subsidiaries | 54,478 | 106,486 | |||||||
Broadcast rights | 144,951 | 153,374 | |||||||
Goodwill | 3,220,300 | 3,220,300 | |||||||
Other intangible assets, net | 1,651,701 | 1,729,829 | |||||||
Non-current assets of discontinued operations | 514,200 | ||||||||
Assets held for sale | 54,282 | 17,176 | |||||||
Investments | 1,393,210 | 1,637,909 | |||||||
Intercompany receivables | 5,952,848 | 5,547,542 | |||||||
Intercompany loan receivable | 0 | ||||||||
Other assets | 74,404 | 75,191 | |||||||
Total other assets | 12,491,696 | 12,895,521 | |||||||
Total Assets (1) | 13,377,836 | 14,046,535 | |||||||
Accounts payable | 21,009 | 29,703 | |||||||
Debt due within one year | 0 | 0 | |||||||
Income taxes payable | 52,310 | 21,130 | |||||||
Contracts payable for broadcast rights | 206,955 | 238,497 | |||||||
Deferred revenue | 11,582 | 13,593 | |||||||
Interest payable | 0 | 0 | |||||||
Current liabilities of discontinued operations | 44,763 | ||||||||
Other | 59,185 | 70,589 | |||||||
Total current liabilities | 351,041 | 418,275 | |||||||
Long-term debt | 0 | 0 | |||||||
Intercompany loan payable | 27,000 | ||||||||
Deferred income taxes | 804,565 | 871,923 | |||||||
Contracts payable for broadcast rights | 275,039 | 314,755 | |||||||
Intercompany payables | 1,991,715 | 1,912,259 | |||||||
Other | 63,817 | 50,239 | |||||||
Non-current liabilities of discontinued operations | 86,517 | ||||||||
Total non-current liabilities | 3,135,136 | 3,262,693 | |||||||
Total Liabilities (1) | 3,486,177 | 3,680,968 | |||||||
Common stock | 0 | 0 | |||||||
Treasury stock | 0 | 0 | |||||||
Additional paid-in-capital | 9,038,104 | 9,486,179 | |||||||
Retained (deficit) earnings | 856,331 | 888,088 | |||||||
Accumulated other comprehensive (loss) income | (2,776) | (8,700) | |||||||
Total Tribune Media Company shareholders’ equity | 9,891,659 | 10,365,567 | |||||||
Noncontrolling interest | 0 | 0 | |||||||
Total shareholders’ equity | 9,891,659 | 10,365,567 | |||||||
Total Liabilities and Shareholders’ Equity | 13,377,836 | 14,046,535 | |||||||
Non-Guarantor Subsidiaries | Reportable Legal Entities | |||||||||
Condensed Balance Sheet Statements, Captions [Line Items] | |||||||||
Cash and cash equivalents | 2,085 | 2,300 | $ 11,570 | $ 14,082 | |||||
Restricted cash and cash equivalents | 0 | 0 | |||||||
Accounts receivable, net | 297 | 660 | |||||||
Broadcast rights | 745 | 2,551 | |||||||
Income taxes receivable | 0 | 0 | |||||||
Current assets of discontinued operations | 25,305 | ||||||||
Prepaid expenses | 230 | 148 | |||||||
Other | 0 | 1 | |||||||
Total current assets | 3,357 | 30,965 | |||||||
Property, plant and equipment | 110,514 | 107,938 | |||||||
Accumulated depreciation | (6,650) | (6,041) | |||||||
Net properties | 103,864 | 101,897 | |||||||
Investments in subsidiaries | 0 | 0 | |||||||
Broadcast rights | 47 | 83 | |||||||
Goodwill | 8,285 | 7,630 | |||||||
Other intangible assets, net | 84,237 | 89,305 | |||||||
Non-current assets of discontinued operations | 93,953 | ||||||||
Assets held for sale | 0 | 0 | |||||||
Investments | 17,090 | 17,895 | |||||||
Intercompany receivables | 357,656 | 358,834 | |||||||
Intercompany loan receivable | 0 | ||||||||
Other assets | 415 | 2,707 | |||||||
Total other assets | 467,730 | 570,407 | |||||||
Total Assets (1) | 574,951 | 703,269 | |||||||
Accounts payable | 2,218 | 1,023 | |||||||
Debt due within one year | 4,009 | 4,003 | |||||||
Income taxes payable | (3) | 36 | |||||||
Contracts payable for broadcast rights | 940 | 2,758 | |||||||
Deferred revenue | 51 | 97 | |||||||
Interest payable | 2 | 4 | |||||||
Current liabilities of discontinued operations | 9,521 | ||||||||
Other | 253 | 220 | |||||||
Total current liabilities | 7,470 | 17,662 | |||||||
Long-term debt | 8,761 | 10,767 | |||||||
Intercompany loan payable | 0 | ||||||||
Deferred income taxes | 155,258 | 161,604 | |||||||
Contracts payable for broadcast rights | 49 | 85 | |||||||
Intercompany payables | 258,697 | 254,954 | |||||||
Other | 20 | 20 | |||||||
Non-current liabilities of discontinued operations | 8,797 | ||||||||
Total non-current liabilities | 422,785 | 436,227 | |||||||
Total Liabilities (1) | 430,255 | 453,889 | |||||||
Common stock | 0 | 0 | |||||||
Treasury stock | 0 | 0 | |||||||
Additional paid-in-capital | 200,981 | 289,818 | |||||||
Retained (deficit) earnings | (63,182) | (33,961) | |||||||
Accumulated other comprehensive (loss) income | (23) | (12,394) | |||||||
Total Tribune Media Company shareholders’ equity | 137,776 | 243,463 | |||||||
Noncontrolling interest | 6,920 | 5,917 | |||||||
Total shareholders’ equity | 144,696 | 249,380 | |||||||
Total Liabilities and Shareholders’ Equity | $ 574,951 | $ 703,269 | |||||||
|
Condensed Consolidating Financial Information Statement of Cash Flows (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
||||||
Condensed Cash Flow Statements, Captions [Line Items] | |||||||||
Net cash (used in) provided by operating activities | $ 122,614 | $ 241,319 | |||||||
Capital expenditures | $ (13,465) | $ (17,583) | (28,099) | (35,431) | |||||
Investments | 0 | (3,451) | |||||||
Net proceeds from the sale of business | 557,793 | 0 | |||||||
Proceeds from sales of real estate and other assets | 59,751 | 33,702 | |||||||
Proceeds from the sale of investment | 4,950 | 0 | |||||||
Distribution from cost investment | 805 | 0 | |||||||
Transfers from restricted cash | 0 | 297 | |||||||
Intercompany dividend | 0 | ||||||||
Net cash provided by (used in) investing activities | 595,200 | (4,883) | |||||||
Long-term borrowings | 202,694 | 0 | |||||||
Repayments of long-term debt | (589,661) | (13,920) | |||||||
Long-term debt issuance costs | (1,689) | (784) | |||||||
Payments of dividends | (542,665) | (46,174) | |||||||
Settlement of contingent consideration | 0 | (750) | |||||||
Common stock repurchases | 0 | (66,548) | |||||||
Tax withholdings related to net share settlements of share-based awards | (7,351) | (4,377) | |||||||
Proceeds from stock option exercises | 10,013 | 0 | |||||||
Intercompany dividend | 0 | ||||||||
Contributions from noncontrolling interest | 1,003 | 113 | |||||||
Change in intercompany receivables and payables and intercompany contributions (1) | 0 | [1] | 0 | ||||||
Net cash used in financing activities | (927,656) | (132,440) | |||||||
Net Decrease in Cash and Cash Equivalents | (209,842) | 103,996 | |||||||
Cash and cash equivalents, beginning of period (1) | 590,409 | [2] | 262,644 | ||||||
Cash and cash equivalents, end of period | 380,567 | 366,640 | 380,567 | 366,640 | |||||
Non-cash settlement of intercompany balances | 54,000 | 56,000 | |||||||
Eliminations | |||||||||
Condensed Cash Flow Statements, Captions [Line Items] | |||||||||
Net cash (used in) provided by operating activities | 0 | 0 | |||||||
Capital expenditures | 0 | 0 | |||||||
Investments | 0 | ||||||||
Net proceeds from the sale of business | 0 | ||||||||
Proceeds from sales of real estate and other assets | 0 | 0 | |||||||
Proceeds from the sale of investment | 0 | ||||||||
Distribution from cost investment | 0 | ||||||||
Transfers from restricted cash | 0 | ||||||||
Intercompany dividend | (3,326) | ||||||||
Net cash provided by (used in) investing activities | 0 | (3,326) | |||||||
Long-term borrowings | 0 | ||||||||
Repayments of long-term debt | 0 | 0 | |||||||
Long-term debt issuance costs | 0 | 0 | |||||||
Payments of dividends | 0 | 0 | |||||||
Settlement of contingent consideration | 0 | ||||||||
Common stock repurchases | 0 | ||||||||
Tax withholdings related to net share settlements of share-based awards | 0 | 0 | |||||||
Proceeds from stock option exercises | 0 | ||||||||
Intercompany dividend | 3,326 | ||||||||
Contributions from noncontrolling interest | 0 | 0 | |||||||
Change in intercompany receivables and payables and intercompany contributions (1) | 0 | [1] | 0 | ||||||
Net cash used in financing activities | 0 | 3,326 | |||||||
Net Decrease in Cash and Cash Equivalents | 0 | 0 | |||||||
Cash and cash equivalents, beginning of period (1) | 0 | ||||||||
Cash and cash equivalents, end of period | 0 | 0 | 0 | 0 | |||||
Parent (Tribune Media Company) | Reportable Legal Entities | |||||||||
Condensed Cash Flow Statements, Captions [Line Items] | |||||||||
Net cash (used in) provided by operating activities | (142,822) | (39,775) | |||||||
Capital expenditures | (1,069) | (7,094) | |||||||
Investments | (850) | ||||||||
Net proceeds from the sale of business | 574,817 | ||||||||
Proceeds from sales of real estate and other assets | 0 | 0 | |||||||
Proceeds from the sale of investment | 4,950 | ||||||||
Distribution from cost investment | 0 | ||||||||
Transfers from restricted cash | 0 | ||||||||
Intercompany dividend | 3,326 | ||||||||
Net cash provided by (used in) investing activities | 578,698 | (4,618) | |||||||
Long-term borrowings | 202,694 | ||||||||
Repayments of long-term debt | (587,636) | (11,896) | |||||||
Long-term debt issuance costs | (1,689) | (784) | |||||||
Payments of dividends | (542,665) | (46,174) | |||||||
Settlement of contingent consideration | 0 | ||||||||
Common stock repurchases | (66,548) | ||||||||
Tax withholdings related to net share settlements of share-based awards | (7,351) | (4,377) | |||||||
Proceeds from stock option exercises | 10,013 | ||||||||
Intercompany dividend | 0 | ||||||||
Contributions from noncontrolling interest | 0 | 0 | |||||||
Change in intercompany receivables and payables and intercompany contributions (1) | 293,696 | [1] | 283,775 | ||||||
Net cash used in financing activities | (632,938) | 153,996 | |||||||
Net Decrease in Cash and Cash Equivalents | (197,062) | 109,603 | |||||||
Cash and cash equivalents, beginning of period (1) | 574,638 | ||||||||
Cash and cash equivalents, end of period | 377,576 | 345,111 | 377,576 | 345,111 | |||||
Guarantor Subsidiaries | Reportable Legal Entities | |||||||||
Condensed Cash Flow Statements, Captions [Line Items] | |||||||||
Net cash (used in) provided by operating activities | 266,827 | 283,808 | |||||||
Capital expenditures | (24,841) | (24,830) | |||||||
Investments | (101) | ||||||||
Net proceeds from the sale of business | (5,249) | ||||||||
Proceeds from sales of real estate and other assets | 59,751 | 33,021 | |||||||
Proceeds from the sale of investment | 0 | ||||||||
Distribution from cost investment | 0 | ||||||||
Transfers from restricted cash | 297 | ||||||||
Intercompany dividend | 0 | ||||||||
Net cash provided by (used in) investing activities | 29,661 | 8,387 | |||||||
Long-term borrowings | 0 | ||||||||
Repayments of long-term debt | 0 | 0 | |||||||
Long-term debt issuance costs | 0 | 0 | |||||||
Payments of dividends | 0 | 0 | |||||||
Settlement of contingent consideration | (750) | ||||||||
Common stock repurchases | 0 | ||||||||
Tax withholdings related to net share settlements of share-based awards | 0 | 0 | |||||||
Proceeds from stock option exercises | 0 | ||||||||
Intercompany dividend | (3,326) | ||||||||
Contributions from noncontrolling interest | 0 | 0 | |||||||
Change in intercompany receivables and payables and intercompany contributions (1) | (300,109) | [1] | (291,214) | ||||||
Net cash used in financing activities | (300,109) | (295,290) | |||||||
Net Decrease in Cash and Cash Equivalents | (3,621) | (3,095) | |||||||
Cash and cash equivalents, beginning of period (1) | 4,527 | ||||||||
Cash and cash equivalents, end of period | 906 | 9,959 | 906 | 9,959 | |||||
Non-Guarantor Subsidiaries | Reportable Legal Entities | |||||||||
Condensed Cash Flow Statements, Captions [Line Items] | |||||||||
Net cash (used in) provided by operating activities | (1,391) | (2,714) | |||||||
Capital expenditures | (2,189) | (3,507) | |||||||
Investments | (2,500) | ||||||||
Net proceeds from the sale of business | (11,775) | ||||||||
Proceeds from sales of real estate and other assets | 0 | 681 | |||||||
Proceeds from the sale of investment | 0 | ||||||||
Distribution from cost investment | 805 | ||||||||
Transfers from restricted cash | 0 | ||||||||
Intercompany dividend | 0 | ||||||||
Net cash provided by (used in) investing activities | (13,159) | (5,326) | |||||||
Long-term borrowings | 0 | ||||||||
Repayments of long-term debt | (2,025) | (2,024) | |||||||
Long-term debt issuance costs | 0 | 0 | |||||||
Payments of dividends | 0 | 0 | |||||||
Settlement of contingent consideration | 0 | ||||||||
Common stock repurchases | 0 | ||||||||
Tax withholdings related to net share settlements of share-based awards | 0 | 0 | |||||||
Proceeds from stock option exercises | 0 | ||||||||
Intercompany dividend | 0 | ||||||||
Contributions from noncontrolling interest | 1,003 | 113 | |||||||
Change in intercompany receivables and payables and intercompany contributions (1) | 6,413 | [1] | 7,439 | ||||||
Net cash used in financing activities | 5,391 | 5,528 | |||||||
Net Decrease in Cash and Cash Equivalents | (9,159) | (2,512) | |||||||
Cash and cash equivalents, beginning of period (1) | 11,244 | ||||||||
Cash and cash equivalents, end of period | $ 2,085 | $ 11,570 | $ 2,085 | $ 11,570 | |||||
|
Subsequent Events (Details) - USD ($) $ in Thousands |
5 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Aug. 09, 2017 |
Jul. 31, 2017 |
Dec. 31, 2017 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|
Subsequent Event [Line Items] | |||||
Distributions from equity investments | $ 149,650 | $ 125,604 | |||
Repayments of Long-term Debt | $ 589,661 | $ 13,920 | |||
Amended Secured Credit Facility | Term Loan Facility | Scenario, Forecast | |||||
Subsequent Event [Line Items] | |||||
Repayments of Long-term Debt | $ 102,000 | ||||
Dreamcatcher Credit Facility Due 2018 | Scenario, Forecast | |||||
Subsequent Event [Line Items] | |||||
Repayments of Long-term Debt | $ 12,600 | ||||
Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Proceeds Received From FCC Spectrum Auction | $ 185,000 | ||||
Proceeds Remaining to Receive From FCC Spectrum Auction | 5,000 | ||||
Subsequent Event | Dreamcatcher Stations | |||||
Subsequent Event [Line Items] | |||||
Proceeds Received From FCC Spectrum Auction | $ 21,000 | ||||
CareerBuilder, LLC | Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Proceeds from sale of equity method investments | $ 158,000 | ||||
Distributions from equity investments | $ 16,000 |
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