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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
3 Months Ended 4 Months Ended 5 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2018
Jun. 03, 2018
Sep. 30, 2019
Non-operating (expense) income:          
Gain on early extinguishment of debt         $ 381
Income before income tax expense $ 23,000 $ 17,800 $ 25,400 $ 519,300 83,100
Income tax expense (6,600) (5,100) (7,700) 176,900 (23,500)
Net income         59,635
Successor Company          
Net revenue 280,808 282,254 377,258   827,977
Operating expenses:          
Content costs 98,335   127,464   295,931
Selling, general and administrative expenses 115,289   151,779   344,609
Depreciation and amortization 11,885   18,521   40,020
Corporate expenses (including stock-based compensation expense of $1,492, and $1,131, respectively, and restructuring costs of $1,764 and $2,738 respectively) 11,905   21,003   47,097
(Gain) loss on sale or disposal of assets or stations (8,188)   34   (55,912)
Impairment of assets held for sale 5,000   0   5,000
Total operating expenses 235,128   320,165   679,128
Operating income 45,680   57,093   148,849
Non-operating (expense) income:          
Reorganization items, net     0   0
Interest expense (22,754)   (28,579)   (66,101)
Interest income 9   20   21
Gain on early extinguishment of debt     0   381
Other income (expense), net 18   (3,157)   (44)
Total non-operating expense, net (22,727)   (31,716)   (65,743)
Income before income tax expense 22,953   25,377   83,106
Income tax expense (6,630)   (7,684)   (23,471)
Net income $ 16,323 12,713 $ 17,693   $ 59,635
Basic and diluted earnings per common share (see Note 12, “Earnings Per Share”):          
Basic: Earnings per share (USD per share) $ 0.81   $ 0.88   $ 2.96
Diluted: Earnings per share (USD per share) $ 0.81   $ 0.88   $ 2.95
Weighted average basic common shares outstanding (in shares) 20,164,876   20,009,463   20,115,868
Weighted average diluted common shares outstanding (in shares) 20,216,314   20,051,796   20,249,682
Predecessor Company          
Net revenue   282,254   453,924  
Operating expenses:          
Content costs   98,494   163,885  
Selling, general and administrative expenses   114,345   195,278  
Depreciation and amortization   14,142   22,046  
Corporate expenses (including stock-based compensation expense of $1,492, and $1,131, respectively, and restructuring costs of $1,764 and $2,738 respectively)   10,878   17,169  
(Gain) loss on sale or disposal of assets or stations   34   158  
Impairment of assets held for sale   0   0  
Total operating expenses   238,899   400,345  
Operating income   43,355   53,579  
Non-operating (expense) income:          
Reorganization items, net       466,201  
Interest expense   (22,403)   (260)  
Interest income   16   50  
Gain on early extinguishment of debt       0  
Other income (expense), net   (3,177)   (273)  
Total non-operating expense, net   (25,564)   465,718  
Income before income tax expense   17,791   519,297  
Income tax expense   (5,078)   176,859  
Net income   $ 12,713   $ 696,156  
Basic and diluted earnings per common share (see Note 12, “Earnings Per Share”):          
Basic: Earnings per share (USD per share)   $ 0.64   $ 23.73  
Diluted: Earnings per share (USD per share)   $ 0.63   $ 23.73  
Weighted average basic common shares outstanding (in shares)   20,004,736   29,338,329  
Weighted average diluted common shares outstanding (in shares)   20,069,587   29,338,329  
Local marketing agreement fees | Successor Company          
Operating expenses:          
Local marketing agreement fees $ 902   $ 1,364   $ 2,383
Local marketing agreement fees | Predecessor Company          
Operating expenses:          
Local marketing agreement fees   $ 1,006   $ 1,809