NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

Mar. 31, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Carrying Amounts and Classification of Assets and Liabilities of VIEs

As of the dates indicated, the carrying amounts and classification of the assets and liabilities of the VIEs mentioned above which have been included in our consolidated balance sheets for the periods presented were as follows (in thousands):



	March 31, 2018		December 31, 2017
ASSETS
Current assets:
Accounts receivable	$	18,764	$	19,566
Other current assets	5,672		8,937
Total current assets	24,436		28,503

Assets held for sale	546		—
Program contract costs, less current portion	469		822
Property and equipment, net	4,242		6,215
Goodwill and indefinite-lived intangible assets	15,039		15,064
Definite-lived intangible assets, net	72,186		74,442
Other assets	5,601		5,601
Total assets	$	122,519	$	130,647

LIABILITIES
Current liabilities:
Other current liabilities	$	20,164	$	23,564

Notes payable, capital leases and commercial bank financing, less current portion	21,380		23,217
Program contracts payable, less current portion	10,519		11,213
Other long-term liabilities	650		650
Total liabilities	$	52,713	$	58,644

Schedule of New Accounting Pronouncements and Changes in Accounting Principles

The following table presents the effects of adoption on our consolidated financial statements for the comparative period presented (in thousands):



	Three Months Ended
	March 31, 2017
	As Reported		Adoption of ASC 606			As Adjusted
Revenues realized from station barter arrangements (a)	$	27,570	$	(22,999	)	$	4,571
Expenses realized from barter arrangements (b)	$	23,245	$	(22,999	)	$	246
Operating income	$	157,629	$	—		$	157,629
Net income	$	57,202	$	—		$	57,202
Basic EPS	$	0.62	$	—		$	0.62
Diluted EPS	$	0.61	$	—		$	0.61


(a)	The remaining balance in the "as adjusted" column relates to trade revenue, which was unaffected by the adoption and has been reclassified to media revenue as of March 31, 2018.


(b)	The remaining balance in the "as adjusted" column relates to trade expense, which was unaffected by the adoption and has been reclassified to media production expense as of March 31, 2018.

Disaggregation of Revenue

The following table presents our revenue disaggregated by type and segment (in thousands):



	Three Months Ended						Three Months Ended
	March 31, 2018						March 31, 2017
	Broadcast		Other		Total		Broadcast		Other		Total
Advertising revenue, net of agency commissions	$	298,912	$	17,416	$	316,328	$	310,071	$	8,379	$	318,450
Distribution revenue	287,125		27,235		314,360		249,065		26,849		275,914
Other media and non-media revenues	9,855		24,809		34,664		10,733		21,839		32,572
Total revenues	$	595,892	$	69,460	$	665,352	$	569,869	$	57,067	$	626,936

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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