Acquisitions (Tables)

9 Months Ended

Sep. 30, 2019

Schedule of Preliminary Fair Value of Assets Acquired and Liabilities Assumed

The following table summarizes the preliminary fair values of the Triton assets acquired and liabilities assumed at the closing date.



(in thousands)

Cash	$	10,515
Accounts receivable	8,879
Other current assets	679
Property and equipment	705
Goodwill	83,876
Other intangible assets	75,000
Accounts payable	(1,881		)
Accrued expenses	(2,964		)
Other current liabilities	(19		)
Deferred tax liability	(14,577		)
Net purchase price	$	160,213

The following table summarizes the preliminary fair values of the Raycom, Cordillera and Nexstar-Tribune assets acquired and liabilities assumed at the closing dates.



(in thousands)	Raycom			Cordillera			Nexstar- Tribune			Total

Accounts receivable	$	—		$	26,264		$	—		$	26,264
Other current assets	—			986			3,541			4,527
Property and equipment	11,721			53,671			59,373			124,765
Operating lease right-of-use assets	296			4,667			82,447			87,410
Goodwill	18,349			253,735			212,065			484,149
Indefinite-lived intangible assets - FCC licenses	6,800			26,500			144,900			178,200
Amortizable intangible assets:
Television network affiliation relationships	17,400			168,700			157,000			343,100
Advertiser relationships	700			5,900			7,300			13,900
Other intangible assets	—			13,000			—			13,000
Accounts payable	—			(15		)	—			(15		)
Accrued expenses	—			(3,835		)	(1,635		)	(5,470		)
Other current liabilities	—			(280		)	(2,867		)	(3,147		)
Operating lease liabilities	(296		)	(4,387		)	(79,766		)	(84,449		)
Net purchase price	$	54,970		$	544,906		$	582,358		$	1,182,234

Schedule of Pro Forma Information

Pro forma results of operations, assuming the Cordillera and Nexstar-Tribune acquisitions had taken place at the beginning of 2018, are presented in the following table. The pro forma results do not include Raycom, Omny Studio or Triton, as the impact of these acquisitions, individually or in the aggregate, is not material to prior year results of operations. The pro forma information includes the historical results of operations of Scripps, Cordillera and Nexstar-Tribune, as well as adjustments for additional depreciation and amortization of the assets acquired, additional interest expense related to the financing of the transaction and other transactional adjustments. The pro forma results exclude the $19.9 million of transaction related costs that were expensed in conjunction with the acquisitions and do not include efficiencies, cost reductions or synergies expected to result from the acquisitions. The unaudited pro forma financial information is not necessarily indicative of the results that actually would have occurred had the acquisitions been completed at the beginning of the period.



	Nine Months Ended September 30,
(in thousands, except per share data) (unaudited)	2019			2018

Operating revenues	$	1,200,529		$	1,146,019
Income (loss) from continuing operations attributable to the shareholders of The E.W. Scripps Company	(43,981		)	(4,517		)
Income (loss) per share from operations attributable to the shareholders of The E.W. Scripps Company:
Basic	$	(0.54	)	$	(0.06	)
Diluted	(0.54		)	(0.06		)