Condensed Combined Debtor-In-Possession Financial Information (Tables)

12 Months Ended

Dec. 31, 2017

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Unconsolidated Subsidiaries, Debtor In Possession [Table Text Block]

Debtors' Balance Sheet

(Dollars in thousands, expect for share data)

	As of December 31, 2017
Assets
Current assets:
Cash and cash equivalents	$	102,891
Restricted cash	8,999
Accounts receivable, less allowance for doubtful accounts of $4,322	235,247
Trade receivable	4,224
Prepaid expenses and other current assets	42,259
Total current assets	393,620
Property and equipment, net	191,604
Other intangible assets, net	82,994
Goodwill	135,214
Investment in non-filing entities	1,203,809
Other assets	20,078
Total assets	$	2,027,319
Liabilities and Stockholders’ Deficit
Current liabilities:
Accounts payable and accrued expenses	$	36,157
Total current liabilities not subject to compromise	36,157
Other liabilities	54
Total liabilities not subject to compromise	36,211
Liabilities subject to compromise	2,687,223
Total liabilities	2,723,434
Stockholders’ deficit:
Class A common stock, par value $0.01 per share; 93,750,000 shares authorized; 32,031,952 shares issued, and 29,225,765 shares outstanding	320
Class C common stock, par value $0.01 per share; 80,609 shares authorized, issued and outstanding	1
Treasury stock, at cost, 2,806,187 shares	(229,310)
Additional paid-in-capital	1,626,428
Accumulated deficit	(2,093,554)
Total stockholders’ deficit	(696,115		)
Total liabilities and stockholders’ deficit	$	2,027,319

Debtors' Statement of Operations

(Dollars in thousands)

	Twelve Months Ended December 31, 2017
Net revenue	$	1,135,662
Operating expenses:
Content costs	402,978
Selling, general & administrative expenses	475,116
Depreciation and amortization	62,239
LMA fees	10,884
Corporate expenses (including stock-based compensation expense of $1,614)	59,062
Gain on sale of assets or stations	(2,499)
Total operating expenses	1,007,780
Operating income	127,882
Non-operating expense:
Reorganization items, net	(31,603)
Interest expense	(126,816)
Loss on early extinguishment of debt	(1,063)
Other expense, net	(363)
Total non-operating expense, net	(159,845		)
Loss before income taxes	(31,963)
Income tax benefit	66,288
Equity in earnings of non-filing entities	(240,890)
Net income	$	(206,565	)

Debtors' Statement of Cash Flows

(Dollars in thousands)

	Twelve Months Ended December 31, 2017
Cash flows from operating activities:
Net loss	$	(206,565	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	62,239
Amortization of debt issuance costs/discounts	9,394
Provision for doubtful accounts	5,807
Gain on sale of assets or stations	(2,499)
Non-cash reorganization items	25,921
Deferred income taxes	(70,788)
Stock-based compensation expense	1,614
Loss on early extinguishment of debt	1,063
Equity in earnings of non-filing entities	240,890
Changes in assets and liabilities (excluding acquisitions and dispositions):	19,520
Net cash provided by operating activities	86,596
Cash flows from investing activities:
Proceeds from sale of assets or stations	6,090
Restricted cash	(974)
Capital expenditures	(31,932)
Net cash used in investing activities	(26,816		)
Cash flows from financing activities:
Repayment of borrowings under term loans and revolving credit facilities	(81,652)
Adequate protection payments on term loan	(6,405)
Deferred financing costs	(91)
Net cash used in financing activities	(88,148		)
Decrease in cash and cash equivalents	(28,368)
Cash and cash equivalents at beginning of period	131,259
Cash and cash equivalents at end of period	$	102,891