Subsequent Events

6 Months Ended

Jun. 30, 2017

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

On July 31, 2017, we signed an agreement to purchase the Katz Broadcasting networks for $292 million, which is net of a 5% minority interest we currently own. Katz owns and operates four national television networks, Bounce, Grit, Escape and Laff. The acquisition is expected to close October 2, 2017, subject to Hart-Scott-Rodino clearance and other customary closing conditions. We expect to pay for the acquisition with cash on hand and $250 million in new debt.

Due to the limited time since we signed the agreement for the acquisition, we have not yet completed the initial acquisition

accounting for the transaction, including the determination of the fair values of the assets acquired and the liabilities assumed.

We will complete the initial preliminary purchase price allocation in the fourth quarter and it will be reflected in our December 31, 2017 financial statements. The results of operations of the acquired business will be included in our results from October 2, 2017, the expected date of the closing of the acquisition.