Acquisitions (Tables)

12 Months Ended

Dec. 31, 2019

Fair values of the assets acquired and liabilities assumed

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



(in thousands)	Raycom			Cordillera			Nexstar- Tribune			Total

Accounts receivable	$	—		$	26,264		$	—		$	26,264
Current portion of programming	—			—			11,997			11,997
Other current assets	—			986			3,541			4,527
Property and equipment	11,721			53,734			61,864			127,319
Operating lease right-of-use assets	296			4,667			82,447			87,410
Programming (less current portion)	—			—			9,830			9,830
Goodwill	18,349			252,920			164,457			435,726
Indefinite-lived intangible assets - FCC licenses	6,800			26,700			176,000			209,500
Amortizable intangible assets:
Television network affiliation relationships	17,400			169,400			181,000			367,800
Advertiser relationships	700			5,900			7,100			13,700
Other intangible assets	—			13,000			—			13,000
Accounts payable	—			(15		)	—			(15		)
Accrued expenses	—			(3,983		)	(1,820		)	(5,803		)
Current portion of programming liabilities	—			—			(16,211		)	(16,211		)
Other current liabilities	—			(280		)	(3,035		)	(3,315		)
Programming liabilities	—			—			(15,079		)	(15,079		)
Operating lease liabilities	(296		)	(4,387		)	(79,766		)	(84,449		)
Net purchase price	$	54,970		$	544,906		$	582,325		$	1,182,201

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



(in thousands)

Cash	$	21,372
Accounts receivable	44,306
Current portion of programming	36,218
Intangible assets	32,300
Goodwill	203,760
Programming (less current portion)	52,908
Other assets	11,356
Accounts payable and accrued liabilities	(29,339		)
Current portion of programming liabilities	(32,877		)
Programming liabilities	(37,692		)
Net purchase price	$	302,312

The following table summarizes the final 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	80,656
Other intangible assets	75,000
Accounts payable	(1,895		)
Accrued expenses	(3,332		)
Other current liabilities	(18		)
Deferred tax liability	(10,976		)
Total purchase price	$	160,213

Pro forma results of operations



	For the years ended December 31,
(in thousands, except per share data) (unaudited)	2019			2018

Operating revenues	$	1,644,930		$	1,619,423
Income (loss) from continuing operations attributable to the shareholders of The E.W. Scripps Company	(35,122		)	28,614
Income (loss) per share from continuing operations attributable to the shareholders of The E.W. Scripps Company
Basic	$	(0.43	)	$	0.35
Diluted	(0.43		)	0.35