Acquisitions (Tables)

6 Months Ended

Jun. 30, 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 Nexstar-Tribune acquisition reflects preliminary fair values.


(in thousands)	Raycom		Cordillera		Nexstar- Tribune		Total

Accounts receivable	$	—	$	26,770	$	—	$	26,770
Current portion of programming	—		—		11,997		11,997
Other current assets	—		986		3,541		4,527
Property and equipment	11,721		53,734		61,569		127,024
Operating lease right-of-use assets	296		4,667		82,447		87,410
Programming (less current portion)	—		—		9,830		9,830
Goodwill	18,349		251,681		167,888		437,918
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	—		(5,750)		(4,580)		(10,330)
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	—		—		(15,305)		(15,305)
Net purchase price	$	54,970	$	542,406	$	582,325	$	1,179,701

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 transactions and other transactional adjustments. The pro forma results exclude the $3.2 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 June 30, 2019		Six Months Ended June 30, 2019

Operating revenues	$	396,410	$	765,610
Loss from continuing operations, net of tax	(3,113)		(19,549)
Net loss per share from continuing operations:
Basic	$	(0.04)	$	(0.24)
Diluted	(0.04)		(0.24)