Acquisitions (Tables)

3 Months Ended

Mar. 31, 2020

Schedule of Preliminary Fair Value of 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			61,909			127,364
Operating lease right-of-use assets	296			4,667			82,447			87,410
Programming (less current portion)	—			—			9,830			9,830
Goodwill	18,349			254,176			167,322			439,847
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	—			(5,239		)	(4,580		)	(9,819		)
Current portion of programming liabilities	—			—			(16,211		)	(16,211		)
Other current liabilities	—			(280		)	(3,185		)	(3,465		)
Operating lease liabilities	(296		)	(4,387		)	(79,766		)	(84,449		)
Programming liabilities	—			—			(15,079		)	(15,079		)
Net purchase price	$	54,970		$	544,906		$	582,325		$	1,182,201

Schedule of Pro Forma Information

Pro forma results of operations, assuming the Cordillera and Nexstar-Tribune acquisitions had taken place at the beginning of 2019, are presented in the following table. The pro forma results do not include Raycom or Omny Studio, 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 $1.2 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.



(in thousands, except per share data) (unaudited)	Three Months Ended March 31, 2019

Operating revenues	$	384,304
Net loss	(19,930		)
Net loss per share:
Basic	$	(0.25	)
Diluted	(0.25		)