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 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

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

Pro forma results of operations


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

Operating revenues	$	1,572,493	$	1,568,360
Income (loss) from continuing operations attributable to the shareholders of The E.W. Scripps Company	(18,657)		42,426
Income (loss) per share from continuing operations attributable to the shareholders of The E.W. Scripps Company
Basic	$	(0.23)	$	0.51
Diluted	(0.23)		0.51