Discontinued Operations (Tables)

9 Months Ended

Sep. 30, 2017

Disposal Groups, Including Discontinued Operations

The following table is a summary of the assets and liabilities of discontinued operations (in thousands):

	September 30,		December 31,
	2017		2016
Major Classes of Current Assets of Discontinued Operations
Accounts receivable	$	—	$	3,868
Prepaid expenses and other current assets		—		625
Barter transactions		—		132
Total of current assets of discontinued operations	$	—	$	4,625
Major Classes of Non-Current Assets of Discontinued Operations
Property and equipment, net (1)	$	—	$	7,388
Broadcast licenses, net (1)		—		9,607
Other intangibles, deferred costs and investments, net (1)		—		1,053
Total of non-current assets of discontinued operations	$	—	$	18,048
Total Assets Classified as Part of Discontinued Operations in the Condensed Consolidated Balance Sheets	$	—	$	22,673
Major Classes of Current Liabilities of Discontinued Operations
Accounts payable	$	84	$	759
Barter transactions		—		163
Current portion of long term debt		—		1,078
Other liabilities (1)		208		971
Total of current liabilities of discontinued operations	$	292	$	2,971
Major Classes of Current Liabilities of Discontinued Operations
Other liabilities (1)	$	—	$	1,058
Total of non-current liabilities of discontinued operations	$	—	$	1,058
Total Liabilities Classified as Part of Discontinued Operations in the Condensed Consolidated Balance Sheets	$	292	$	4,029
Net Assets Classified as Part of Discontinued Operations in the Condensed Consolidated Balance Sheets	$	(292)	$	18,644

(1) For prior periods, the current and long-term classification of assets and liabilities does not change as they did not meet the held-for-sale criteria the prior periods. We closed the disposition on September 1, 2017, therefore all amounts in the current year are considered current assets or liabilities of discontinued operations.

Joplin, Missouri and Victoria, Texas Television Stations [Member]

Disposal Groups, Including Discontinued Operations

The following table shows the components of the results from discontinued operations associated with the Television Sale as reflected in the Company’s unaudited Condensed Consolidated Statements of Operations (in thousands):

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2017 (4)		2016		2017 (4)		2016
Net operating revenue	$	3,296	$	6,241	$	14,238	$	17,094
Station operating expense (1)		2,372		3,684		9,727		10,807
Other operating (income) expense		—		—		31		3
Operating income		924		2,557		4,480		6,284
Interest Expense (2)		5		9		21		26
Income before income taxes		919		2,548		4,459		6,258
Pretax gain on the disposal of discontinued operations		50,842		—		50,842		—
Total pretax gain on discontinued operations		51,761		2,548		55,301		6,258
Income tax expense (3)		21,310		1,037		22,800		2,570
Income from discontinued operations, net of tax	$	30,451	$	1,511	$	32,501	$	3,688

⁽¹⁾ No depreciation expense was recorded by the Company beginning May 9, 2017, the date the Television segment assets’ were held for sale.

⁽²⁾ Interest expense related to Surtsey Media, LLC debt that is guaranteed by the Television stations. Our affiliate repaid this loan when the television stations were sold on September 1, 2017.

⁽³⁾ The effective tax rates on pretax income from discontinued operations were 41%.

⁽⁴⁾ Results of operations for the Television stations are reflected through August 31, 2017. The effective date of the sale was September 1, 2017.

Disclosure Of Condensed Consolidated Statements of Cash Flows

The following table represents the components of the results from discontinued operations associated with the Television Sale as reflected in the Company’s unaudited Condensed Consolidated Statements of Cash Flows (in thousands):

	September 30,		September 30,
	2017		2016
Significant operating non-cash items
Depreciation and amortization (1)	$	445	$	1,023
Broadcast program rights amortization		418		467
Barter revenue, net		18		58
Loss on sale of assets		31		3
Significant investing items
Acquisition of property and equipment	$	125	$	717
Proceeds from sale and disposal of assets		—		13
Net proceeds from sale of television stations (2)		69,528		—

⁽¹⁾ No depreciation expense was recorded by the Company beginning May 9, 2017, the date the Television segment’s assets were held for sale.

⁽²⁾ Net proceeds from the sale of the television stations reflect the sale price of $66.6 million, and the proceeds from sale of accounts receivable of approximately $3.4 million, offset by certain closing adjustments and transactional costs of approximately $500 thousand.