Subsequent Events

6 Months Ended

Jun. 30, 2017

Subsequent Events [Abstract]

Subsequent Events

NOTE 18: SUBSEQUENT EVENTS

On July 31, 2017, the Company, together with the other owners of CareerBuilder, completed the sale of a majority stake in CareerBuilder to an investor group led by investment funds managed by affiliates of Apollo Global Management, LLC and the Ontario Teachers’ Pension Plan Board. The Company received cash of $158 million, which included an excess cash distribution of $16 million. Subsequent to the sale, the Company’s ownership in CareerBuilder declined to approximately 7%, on a fully diluted basis.

As disclosed in Note 8, the Company participated in the FCC’s incentive auction associated with the reallocation of certain spectrum occupied by television broadcast stations. As of August 9, 2017, the Company has received approximately $185 million in pretax proceeds (including $21 million of proceeds received by the Dreamcatcher stations), with approximately $5 million in pretax proceeds remaining to be paid to the Company. The proceeds reflect the FCC’s acceptance of one or more bids placed by the Company or channel share partners of television stations owned or operated by the Company during the auction to modify and/or surrender spectrum used by certain of such bidder’s television stations. The Company expects to receive the remaining auction proceeds in the second half of 2017; however, the Company cannot predict the exact timing of the remaining payments. The Company expects to use approximately $102 million of after-tax proceeds to prepay a portion of the Term Loan Facility. After-tax proceeds of $12.6 million received by the Dreamcatcher stations will be used to prepay a substantial portion of the Dreamcatcher Credit Facility.