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Note 10 - Subsequent Events
3 Months Ended
Mar. 31, 2014
Subsequent Events [Abstract]  
Subsequent Events [Text Block]

Note 10: Subsequent Events


In May of 2014, the Company closed on the sale of its KRON-TV studio and office building in San Francisco, California to a third party for $26.4 million of gross cash proceeds and anticipates recording a gain in the range of $10 million. The Company has entered into a sublease for studio and office space at KGO-TV in San Francisco and expects to physically move its television operations to the new location in the fourth quarter of 2014. The terms of the sale allow KRON to remain in its current facility through the end of the year. The Company expects to use the net proceeds from the sale to voluntarily repay debt.


In April of 2014, the Company adopted a plan to restructure certain corporate and shared service operations intended to save $10 million in operating costs annually. The Company expects to record severance and other restructuring costs in the range of $5.5 million to $6.5 million over the remainder of the year to implement the plan.