Assets Held for Sale and Discontinued Operations (Tables)

9 Months Ended

Sep. 30, 2020

Discontinued Operations and Disposal Groups [Abstract]

Summary of discontinued operations

Operating results of our discontinued Stitcher operations were as follows:

	Three Months Ended  September 30,				Nine Months Ended  September 30,
(in thousands)	2020		2019		2020		2019
Operating revenues	$	19,956	$	18,937	$	53,652	$	51,108
Total costs and expenses	(27,043)		(23,414)		(72,106)		(65,758)
Depreciation and amortization of intangible assets	—		(580)		(1,157)		(2,071)
Other, net	(33)		—		(139)		—
Loss from discontinued operations before income taxes	(7,120)		(5,057)		(19,750)		(16,721)
Benefit for income taxes	(1,665)		(628)		(5,153)		(2,634)
Net loss from discontinued operations	$	(5,455)	$	(4,429)	$	(14,597)	$	(14,087)

Summary of assets held-for-sale included in balance sheet

The following table presents a summary of the Stitcher net assets classified as discontinued operations.

(in thousands)	As of  September 30,  2020		As of  December 31,  2019
Assets:
Total current assets	$	33,263	$	34,793
Investments	125		178
Property and equipment	5,488		5,526
Goodwill and intangible assets	47,507		48,292
Operating lease right-of-use assets	9,579		10,448
Other assets	6,549		2,029
Total assets of discontinued operations	102,511		101,266
Liabilities:
Total current liabilities	10,912		10,175
Other liabilities	8,796		12,552
Total liabilities of discontinued operations	19,708		22,727
Net assets of discontinued operations	$	82,803	$	78,539

The following table presents a summary of the WPIX net assets held for sale included in our condensed consolidated balance sheets.

(in thousands)	As of  September 30,  2020
Assets:
Property and equipment	$	16,721
Goodwill	24,997
Other intangible assets	37,120
Operating lease right-of-use assets	71,071
Other assets	5,714
Total assets held for sale	155,623
Liabilities:
Total current liabilities	6,326
Operating lease liabilities	72,231
Other liabilities	1,056
Total liabilities held for sale	79,613
Net assets held for sale	$	76,010