Gray Television, Inc
(NYSE:GTN)

Gray Television, Inc., a television broadcast company, owns and/or operates television stations and digital assets in the United States. The company also broadcasts secondary digital channels affiliated to ABC, CBS, and FOX, as well as channels affiliated with various other networks and program serv...

Website: http://www.gray.tv

Founded: 1897

Full Time Employees: 6,912

Sector: Communication Services

Industry: Broadcasting

Share this website to your friends

• Market Cap:

• Exchange:

• Shs Outstanding:

• Employees:

• Beta:

• Return on Equity (ROE) ttm:

• Return on Assets (ROA) ttm:

• EPS ttm:

• Book value per Share:

• Cash per Share:

• Current ast per Share:

• P/E ttm:

• P/E forward:

• P/E ttm high:

• P/E ttm low:

• P/S ttm:

• P/B ttm:

• P/FCF ttm:

• PEG ratio:

• Cash Ratio ttm:

• Quick Ratio ttm:

• Current Ratio ttm:

• Gross Mgn ttm:

• EBITDA Mgn ttm:

• Operating Mgn ttm:

• Net Income Mgn ttm:

• Trailing Div yield:

• Forward Div yield:

• Payout Ratio ttm:

• Ex-Dividend date:

• Target Price High:

• Target Price Low:

• Target Price Mean:

• Number of Analysts:

• Debt Ratio ttm:

• Debt to Equity ttm:

• Total Net Debt:

At a glance:

Bull Thesis:

Bear Thesis:

Main Competitors:

Moat:

Income Statements:

Quarterly

Annual

Unit: USD	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2006-03-31	2005-12-31	2005-09-30	2005-06-30	2005-03-31	2004-12-31	2004-09-30	2004-06-30	2004-03-31	2003-12-31	2003-09-30	2003-06-30	2003-03-31	2002-12-31	2002-06-30

revenue																													328,220,000	279,310,000	250,344,000	226,258,000	233,609,000	218,977,000	226,681,000	203,461,000	237,619,000	204,490,000	196,633,000	173,723,000	169,487,000	151,102,000	143,464,000	133,303,000	177,886,000	131,702,000	107,249,000	91,297,000		84,285,000	78,169,000	126,587,000	102,879,000	94,691,000	80,674,000				69,742,000
yoy																													40.50%	27.55%	10.44%	11.20%	-1.69%	7.08%	15.28%	17.12%	40.20%	35.33%	37.06%	30.32%	-4.72%	14.73%	33.77%	46.01%		56.26%	37.20%	-27.88%		-10.99%	-3.11%				15.67%
qoq																													17.51%	11.57%	10.65%	-3.15%	6.68%	-3.40%	11.41%	-14.38%	16.20%	4.00%	13.19%	2.50%	12.17%	5.32%	7.62%	-25.06%	35.07%	22.80%	17.47%			7.82%	-38.25%	23.04%	8.65%	17.37%
broadcasting	755,000,000	724,000,000	754,000,000	755,000,000	1,008,000,000	924,000,000	808,000,000	799,000,000	832,000,000	783,000,000	801,000,000	779,000,000	1,035,000,000	889,000,000	855,000,000	804,000,000	692,000,000	581,000,000	537,000,000	530,000,000	763,000,000	593,000,000	449,000,000	515,000,000	554,000,000	501,000,000	499,000,000	481,000,000																																																				47,144,500	62,281,000	67,988,000	58,309,000	86,471,000	73,658,000	71,235,000	61,910,000	66,537,000	60,372,000	63,551,000	52,601,000		29,553,847
production companies	37,000,000	25,000,000	18,000,000	27,000,000	37,000,000	26,000,000	18,000,000	24,000,000	32,000,000	20,000,000	12,000,000	22,000,000	37,000,000	20,000,000	13,000,000	23,000,000	29,000,000	20,000,000	10,000,000	14,000,000	29,000,000	11,000,000	2,000,000	19,000,000	25,000,000	16,000,000	9,000,000	37,000,000
total revenue	792,000,000	749,000,000	772,000,000	782,000,000	1,045,000,000	950,000,000	826,000,000	823,000,000	864,000,000	803,000,000	813,000,000	801,000,000	1,072,000,000	909,000,000	868,000,000	827,000,000	721,000,000	601,000,000	547,000,000	544,000,000	792,000,000	604,000,000	451,000,000	534,000,000	579,000,000	517,000,000	508,000,000	518,000,000
operating expenses before depreciation, amortization, impairment and loss on disposal of assets, net:
corporate and administrative	28,000,000	28,000,000	25,000,000	32,000,000	24,000,000	24,000,000	28,000,000	28,000,000	33,000,000	23,000,000	30,000,000	26,000,000	24,000,000	27,000,000	25,000,000	28,000,000	84,000,000	32,000,000	25,000,000	18,000,000	18,000,000	15,000,000	17,000,000	15,000,000	21,000,000	14,000,000	21,000,000	48,000,000	10,776,000	11,041,000	10,833,000	8,260,000	7,105,000	8,318,000	8,409,000	7,709,000	8,922,000	7,223,000	8,524,000	15,678,000	11,030,000	10,022,000	6,444,000	6,847,000	7,585,000	5,271,000	9,848,000	6,499,000		5,293,000	3,824,000	5,182,000	4,010,000	3,629,000	3,106,000	3,644,000	4,089,000	3,402,000	3,038,000	3,417,000	3,369,000	3,837,000	2,922,000	3,222,000	3,308,000	3,592,000	4,046,000	4,082,000	3,754,000	2,722,000	3,539,000	3,513,000	3,932,000	3,584,000	4,061,000	4,957,000	3,481,000	2,916,000	3,743,000	105,000	4,672,000	4,082,000	2,646,000	4,242,000	2,884,000	2,163,000	2,373,000	1,539,750	1,916,000	2,107,000	2,136,000		1,116,117
depreciation	34,000,000	33,000,000	32,000,000	34,000,000	36,000,000	36,000,000	36,000,000	36,000,000	39,000,000	36,000,000	35,000,000	35,000,000	33,000,000	33,000,000	31,000,000	32,000,000	28,000,000	26,000,000	25,000,000	25,000,000	27,000,000	27,000,000	21,000,000	21,000,000	20,000,000	20,000,000	20,000,000	20,000,000	13,296,000	13,350,000	13,543,000	13,694,000	13,418,000	13,085,000	12,841,000	12,629,000	11,686,000	11,494,000	11,617,000	11,126,000	9,806,000	9,354,000	8,754,000	8,798,000	8,650,000	8,228,000	6,986,000	6,384,000		5,938,000	5,800,000	5,801,000	5,725,000	5,716,000	5,891,000	6,017,000	6,530,000	6,638,000	6,998,000	7,229,000	7,495,000	7,931,000	7,975,000	8,057,000	8,025,000	8,253,000	8,261,000	8,370,000	8,598,000	8,708,000	8,885,000	9,135,000	9,956,000	9,917,000	9,551,000	9,256,000	8,769,000	8,312,000	7,737,000	5,899,000	6,855,000	5,888,000	5,814,000	5,896,000	6,088,000	5,870,000	5,801,000
amortization of intangible assets	24,000,000	23,000,000	28,000,000	29,000,000	31,000,000	31,000,000	32,000,000	31,000,000	47,000,000	48,000,000	50,000,000	49,000,000	51,000,000	52,000,000	52,000,000	52,000,000	36,000,000	28,000,000	27,000,000	26,000,000	27,000,000	26,000,000	26,000,000	26,000,000	29,000,000	29,000,000	28,000,000	29,000,000	4,983,000	4,998,000	5,153,000	5,436,000	6,388,000	6,460,000	6,657,000	5,567,000	4,231,000	4,235,000	4,242,000	3,888,000	3,267,000	3,213,000	2,731,000	2,771,000	3,006,000	3,823,000	1,179,000	289,000		12,000	19,000	19,000	19,000	18,000	19,000	28,000	29,000	34,000	34,000	117,000	120,000	120,000	122,000	137,000	145,000	145,000	149,000	195,000	199,000	199,000	199,000	200,000	200,000	200,000	225,000	442,000	709,000	710,000	592,000	458,000	159,000	208,000	209,000	224,000	232,000	237,000	283,000
impairment of intangible assets	7,000,000		28,000,000
loss on disposal of assets	-2,000,000	-1,000,000			5,000,000	16,000,000	-1,000,000		1,000,000	-6,000,000	16,000,000	10,000,000	4,000,000	-1,000,000			-4,000,000	51,000,000										-10,000,000				-821,000	-18,784,750	1,660,000		527,000	-16,500	354,000			140,500	248,000																																	-3,000				82,000	-26,750	-446,000	305,000	34,000	-151,250	17,000	-626,000	4,000
operating expenses	676,000,000	647,000,000	690,000,000	690,000,000	720,000,000	700,000,000	674,000,000	699,000,000	751,000,000	719,000,000	694,000,000	734,000,000	709,000,000	664,000,000	650,000,000	663,000,000	616,000,000	534,000,000	439,000,000	443,000,000	441,000,000	392,000,000	386,000,000	410,000,000	399,000,000	378,000,000	389,000,000	478,000,000	177,576,000	170,908,000	170,654,000	176,223,000	178,520,000	168,953,000	84,126,000	159,903,000	153,745,000	144,023,000	142,946,000	137,612,000	125,590,000	121,758,000	104,706,000	105,245,000	105,865,000	90,546,000	84,063,000	73,887,000		62,973,000	63,109,000				59,853,000
operating income	116,000,000	102,000,000	82,000,000	92,000,000	325,000,000	250,000,000	152,000,000	124,000,000	113,000,000	84,000,000	119,000,000	67,000,000	363,000,000	245,000,000	218,000,000	164,000,000	105,000,000	67,000,000	108,000,000	101,000,000	351,000,000	212,000,000	65,000,000	124,000,000	180,000,000	139,000,000	119,000,000	40,000,000	150,644,000	108,402,000	79,690,000	50,035,000	55,089,000	50,024,000	142,555,000	43,558,000	83,874,000	60,467,000	53,687,000	36,111,000	43,897,000	29,344,000	38,758,000	28,058,000	72,021,000	41,156,000	23,186,000	17,410,000		21,312,000	15,060,000	58,511,000	41,063,000	33,046,000	20,821,000	26,592,000	18,222,000	19,028,000	11,506,000	52,234,000	24,650,000	18,136,000	11,940,000	18,685,000	10,630,000	8,998,000	4,766,000	-307,425,000	20,511,000	18,738,000	9,281,000	19,557,000	9,909,000	16,882,000	7,029,000	33,294,000	19,956,000	23,726,000	11,016,000	11,326,000	13,762,000	21,535,000	14,238,000	33,930,000	29,620,000	30,284,000	19,374,000	21,160,000	19,488,000	22,365,000	11,665,000		12,250,408
yoy	-64.31%	-59.20%	-46.05%	-25.81%	187.61%	197.62%	27.73%	85.07%	-68.87%	-65.71%	-45.41%	-59.15%	245.71%	265.67%	101.85%	62.38%	-70.09%	-68.40%	66.15%	-18.55%	95.00%	52.52%	-45.38%	210.00%	19.49%	28.23%	49.33%	-20.06%	173.46%	116.70%	-44.10%	14.87%	-34.32%	-17.27%	165.53%	20.62%	91.07%	106.06%	38.52%	28.70%	-39.05%	-28.70%	67.16%	61.16%		93.11%	53.96%	-70.24%		-35.51%	-27.67%	120.03%	125.35%	73.67%	80.96%	-49.09%	-26.08%	4.92%	-3.63%	179.55%	131.89%	101.56%	150.52%	-106.08%	-48.17%	-51.98%	-48.65%	-1671.94%	106.99%	10.99%	32.04%	-41.26%	-50.35%	-28.85%	-36.19%	193.96%	45.01%	10.17%	-22.63%	-66.62%	-53.54%	-28.89%	-26.51%	60.35%	51.99%	35.41%	66.09%		59.08%
qoq	13.73%	24.39%	-10.87%	-71.69%	30.00%	64.47%	22.58%	9.73%	34.52%	-29.41%	77.61%	-81.54%	48.16%	12.39%	32.93%	56.19%	56.72%	-37.96%	6.93%	-71.23%	65.57%	226.15%	-47.58%	-31.11%	29.50%	16.81%	197.50%	-73.45%	38.97%	36.03%	59.27%	-9.17%	10.13%	-64.91%	227.28%	-48.07%	38.71%	12.63%	48.67%	-17.74%	49.59%	-24.29%	38.14%	-61.04%	75.00%	77.50%	33.18%			41.51%	-74.26%	42.49%	24.26%	58.71%	-21.70%	45.93%	-4.24%	65.37%	-77.97%	111.90%	35.92%	51.89%	-36.10%	75.78%	18.14%	88.80%	-101.55%	-1598.83%	9.46%	101.90%	-52.54%	97.37%	-41.30%	140.18%	-78.89%	66.84%	-15.89%	115.38%	-2.74%	-17.70%	-36.09%	51.25%	-58.04%	14.55%	-2.19%	56.31%	-8.44%	8.58%	-12.86%	91.73%
operating margin %	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	45.90%	38.81%	31.83%	22.11%	23.58%	22.84%	62.89%	21.41%	35.30%	29.57%	27.30%	20.79%	25.90%	19.42%	27.02%	21.05%	40.49%	31.25%	21.62%	19.07%	NaN%	25.29%	19.27%	46.22%	39.91%	34.90%	25.81%	Infinity%	Infinity%	Infinity%	16.50%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	-Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	NaN%	Infinity%
other income:
miscellaneous income	1,000,000	-3,000,000		1,000,000	3,000,000	2,000,000	2,000,000	110,000,000								-2,000,000				1,000,000		-2,000,000	-2,000,000	-1,000,000			1,000,000	3,000,000	3,315,000	930,000	702,000	560,000	126,000	28,000	1,000	7,000	35,000	30,000	141,000	569,000	1,000	28,000	67,000	7,000	9,000	11,000	3,000			-1,000	1,000				2,000			3,000		1,000	-15,000	19,000	39,000	28,000	13,000	1,000	12,000	-179,000	36,000	63,000	27,000	-12,000	177,000	449,000	359,000	181,000	91,000	59,000	346,000	-151,000	256,000	158,000	295,000	416,000	193,000	262,000	143,000	-112,000	16,000	51,000	65,000		58,627
interest expense	-119,000,000	-120,000,000	-117,000,000	-118,000,000	-122,000,000	-130,000,000	-118,000,000	-115,000,000	-116,000,000	-111,000,000	-109,000,000	-104,000,000	-100,000,000	-94,000,000	-81,000,000	-79,000,000	-62,000,000	-48,000,000	-47,000,000	-48,000,000	-48,000,000	-45,000,000	-46,000,000	-52,000,000	-54,000,000	-57,000,000	-58,000,000	-58,000,000	-32,443,000	-25,104,000	-24,831,000	-24,250,000	-24,070,000	-24,207,000	-23,791,000	-23,191,000	-23,766,000	-27,926,000	-24,269,000	-21,275,000	-18,649,000	-18,645,000	-18,587,000	-18,530,000	-19,195,000	-18,619,000	-15,825,000	-15,274,000		-12,594,000	-12,540,000	-13,999,000	-15,155,000	-15,126,000	-15,163,000	-15,269,000	-15,165,000	-15,343,000	-16,000,000	-16,332,000	-16,671,000	-17,431,000	-19,611,000	-19,568,000	-19,400,000	-20,007,000	-10,113,000	-12,252,000	-12,626,000	-13,402,000	-15,799,000	-16,579,000	-16,812,000	-16,525,000	-17,272,000	-17,123,000	-17,542,000	-16,656,000	-15,466,000	-13,002,000	-11,122,000	-11,312,000	-11,113,000	-10,621,000	-10,418,000	-10,474,000	-10,461,000	-10,637,000	-10,458,000	-10,972,000	-11,270,000		7,900,953
gain from early extinguishment of debt	-1,500,000	-7,000,000			-250,000	6,000,000
income before income taxes	-26,000,000	-28,000,000	-35,000,000	-24,000,000	216,000,000	128,000,000	29,000,000	119,000,000	-12,000,000	-37,000,000	9,000,000	-42,000,000	244,000,000	150,000,000	137,000,000	83,000,000	42,000,000	18,000,000	54,000,000	54,000,000	291,000,000	165,000,000	17,000,000	71,000,000	126,000,000	82,000,000	62,000,000	-15,000,000	121,516,000	84,228,000	55,561,000	26,345,000	31,145,000	25,845,000	118,454,000	17,834,000	60,143,000	584,000	29,559,000	15,405,000	25,249,000	10,727,000	20,238,000	9,535,000	52,646,000	22,548,000	2,467,000	2,136,000		8,717,000	2,521,000	-2,171,000	25,908,000	17,920,000	5,660,000	11,323,000	3,057,000	3,688,000	-4,494,000	35,903,000	7,964,000	724,000	-7,981,000	-855,000	-8,757,000	-11,008,000	-13,687,000	1,707,250	7,921,000	5,399,000	-6,491,000	-9,665,000	-6,726,000	-15,555,000	-16,376,000					2,981,750	2,896,000	5,611,000	3,420,000	12,131,000	19,395,000	20,072,000	9,056,000
income tax expense	-16,000,000	-18,000,000	21,000,000	-15,000,000	47,000,000	32,000,000	7,000,000	31,000,000	-3,000,000	3,000,000	5,000,000	-11,000,000	58,000,000	42,000,000	38,000,000	21,000,000	13,000,000	35,000,000	15,000,000	15,000,000	67,000,000	43,000,000	6,000,000	18,000,000	32,000,000	23,000,000	18,000,000	3,000,000	33,249,000	22,342,000	14,856,000	6,400,000	-134,425,000	10,529,000	47,893,000	7,329,000	24,309,000	797,000	11,897,000	6,415,000	10,262,000	4,118,000	8,128,000	3,940,000	21,393,000	8,608,000	876,000	859,000		3,573,000	1,651,000	-62,000	10,035,000	6,926,000	2,289,000	3,748,000	1,073,000	1,129,000		14,039,000	2,456,000	190,000		-3,091,000	-3,237,000	-4,360,000		-113,831,000	3,277,000	2,184,000		1,478,000	-2,546,000	-5,613,000		7,765,000	909,000	2,809,000	-1,660,000	-993,000	1,153,000	2,218,000	1,345,000										1,662,000
net income	-10,000,000	-10,000,000	-56,000,000	-9,000,000	169,000,000	96,000,000	22,000,000	88,000,000	-9,000,000	-40,000,000	4,000,000	-31,000,000	186,000,000	108,000,000	99,000,000	62,000,000	29,000,000	-17,000,000	39,000,000	39,000,000	224,000,000	122,000,000	11,000,000	53,000,000	94,000,000	59,000,000	44,000,000	-18,000,000	88,267,000	61,886,000	40,705,000	19,945,000	165,570,000	15,316,000	70,561,000	10,505,000	35,834,000	-213,000	17,662,000	8,990,000	14,987,000	6,609,000	12,110,000	5,595,000	31,253,000	13,940,000	1,591,000	1,277,000		5,144,000	870,000	-2,109,000	15,873,000	10,994,000	3,371,000	7,575,000	1,984,000	2,559,000	-3,083,000	21,864,000	5,508,000	534,000	-4,743,000	-1,959,000	-5,520,000	-6,648,000	-8,920,000	-206,025,000	4,644,000	3,215,000	-3,850,000	1,488,000	-4,180,000	-9,942,000	-10,514,000	8,587,000	1,359,000	4,320,000	-2,554,000	-3,849,000	1,743,000	3,393,000	2,075,000	14,803,000	11,782,000	12,197,000	5,502,000	1,265,000	5,556,000	7,032,000	171,000		3,086,727
yoy	-105.92%	-110.42%	-354.55%	-110.23%	-1977.78%	-340.00%	450.00%	-383.87%	-104.84%	-137.04%	-95.96%	-150.00%	541.38%	-735.29%	153.85%	58.97%	-87.05%	-113.93%	254.55%	-26.42%	138.30%	106.78%	-75.00%	-394.44%	6.50%	-4.66%	8.09%	-190.25%	-46.69%	304.06%	-42.31%	89.86%	362.05%	-7290.61%	299.51%	16.85%	139.10%	-103.22%	45.85%	60.68%	-52.05%	-52.59%	661.16%	338.14%		171.00%	82.87%	-160.55%		-53.21%	-74.19%	-127.84%	700.05%	329.62%	-209.34%	-65.35%	-63.98%	379.21%	-35.00%	-1216.08%	-199.78%	-108.03%	-46.83%	-99.05%	-218.86%	-306.78%	131.69%	-13945.77%	-211.10%	-132.34%	-63.38%	-82.67%	-407.58%	-330.14%	311.67%	-323.10%	-22.03%	27.32%	-223.08%	-126.00%	-85.21%	-72.18%	-62.29%	1070.20%	112.06%	73.45%	3117.54%		80.00%
qoq	0.00%	-82.14%	522.22%	-105.33%	76.04%	336.36%	-75.00%	-1077.78%	-77.50%	-1100.00%	-112.90%	-116.67%	72.22%	9.09%	59.68%	113.79%	-270.59%	-143.59%	0.00%	-82.59%	83.61%	1009.09%	-79.25%	-43.62%	59.32%	34.09%	-344.44%	-120.39%	42.63%	52.04%	104.09%	-87.95%	981.03%	-78.29%	571.69%	-70.68%	-16923.47%	-101.21%	96.46%	-40.01%	126.77%	-45.43%	116.44%	-82.10%	124.20%	776.18%	24.59%			491.26%	-141.25%	-113.29%	44.38%	226.13%	-55.50%	281.80%	-22.47%	-183.00%	-114.10%	296.95%	931.46%	-111.26%	142.11%	-64.51%	-16.97%	-25.47%	-95.67%	-4536.37%	44.45%	-183.51%	-358.74%	-135.60%	-57.96%	-5.44%	-222.44%	531.86%	-68.54%	-269.15%	-33.65%	-320.83%	-48.63%	63.52%	-85.98%	25.64%	-3.40%	121.68%	334.94%	-77.23%	-20.99%	4012.28%
net income margin %	-Infinity%	-Infinity%	-Infinity%	-Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	-Infinity%	-Infinity%	Infinity%	-Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	-Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	-Infinity%	26.89%	22.16%	16.26%	8.82%	70.87%	6.99%	31.13%	5.16%	15.08%	-0.10%	8.98%	5.17%	8.84%	4.37%	8.44%	4.20%	17.57%	10.58%	1.48%	1.40%	NaN%	6.10%	1.11%	-1.67%	15.43%	11.61%	4.18%	Infinity%	Infinity%	Infinity%	-4.42%	Infinity%	Infinity%	Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	Infinity%	Infinity%	-Infinity%	Infinity%	-Infinity%	-Infinity%	-Infinity%	Infinity%	Infinity%	Infinity%	-Infinity%	-Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	NaN%	Infinity%
preferred stock dividends	13,000,000	13,000,000	13,000,000	13,000,000	13,000,000	13,000,000	13,000,000	13,000,000	13,000,000	13,000,000	13,000,000	13,000,000	13,000,000	13,000,000	13,000,000	13,000,000	13,000,000	13,000,000	13,000,000	13,000,000	13,000,000	13,000,000	13,000,000	13,000,000	13,000,000	13,000,000	13,000,000	13,000,000																								504,000	1,233,000	1,179,000	1,179,000	1,706,000	1,957,000		1,789,000
net income attributable to common stockholders	-23,000,000	-23,000,000	-69,000,000	-22,000,000	156,000,000	83,000,000	9,000,000	75,000,000	-22,000,000	-53,000,000	-9,000,000	-44,000,000	173,000,000	95,000,000	86,000,000	49,000,000	16,000,000	-30,000,000	26,000,000	26,000,000	211,000,000	109,000,000	-2,000,000	40,000,000	81,000,000	46,000,000	31,000,000	-31,000,000																								6,661,750	14,640,000	9,815,000
basic per share information:
weighted-average shares outstanding	97	97	97		95	95	95		92	93	93		92	91	93		95	95	95		96	95	97,000,000	98,000,000	99	100	100	99,000,000	88,084	87,765	87,765	89,058	73,061	71,636	71,821	71,877	71,848	71,879	71,878	71,791	68,330	71,638	71,637	58,224	57,862	57,863	57,862	57,847	57,630	57,561	57,523	57,170	57,155	57,151	57,148	57,117	57,118	57,115	57,112	54,322	57,071	54,453	48,565	48,510	48,519	48,506	48,489	48,302	48,370	48,235	48,153	47,788	47,760	47,688	47,734	48,408	48,072	48,791	48,741	48,649	48,725	48,639	48,599	49,643	49,951	49,958	49,856	50,111	50,095	50,406		22,127	15,676,485
diluted per share information:
dividends declared per common share	0.08	0.08	0.08	0.08	0.08	0.08	0.08	0.08	0.08	0.08	0.08	80,000	0.08	0.08	0.08	80,000	0.08	0.08	0.08	80,000
operating expenses before depreciation, amortization, impairment and gain on disposal of assets, net:
gain on disposal of assets			-6,000,000	-2,000,000												-5,000,000				-4,000,000				-6,000,000																-1,648,000																			-13,000				-44,000				-1,522,000				-921,000
operating expenses before depreciation, amortization and loss on disposal of assets, net:																																																																											48,818,000	34,514,500	47,456,000	45,538,000	45,064,000
gain on early extinguishment of debt				1,000,000
weighted-average common shares outstanding				96				94				92,000,000				93,000,000				94,000,000
impairment of goodwill and other intangible assets										43,000,000
operating expenses before depreciation, amortization and gain on disposal of assets, net:																																																																			45,654,000				50,016,000
loss from early extinguishment of debt							-7,000,000		-750,000			-3,000,000																							-311,000	-2,540,000		-31,987,000							-189,000		-4,897,000																-349,000
loss on early extinguishment of debt																																																												-87,250							-8,352,000							-16,361,000	-6,492,000		-237,000		-110,000	-1,773,000		-4,770,000
other expense:
miscellaneous expense									-3,250,000	-10,000,000	-1,000,000		-1,000,000	-1,000,000					-7,000,000
miscellaneous												-2,000,000
basic per common share information:
diluted per common share information:
miscellaneous (expense)																	-1,750,000	-1,000,000
gain on disposal of assets																			-1,000,000
diluted per share information:
operating expenses before depreciation, amortization and gain on disposal of fixed assets, net:
broadcast																					246,250,000	326,000,000	324,000,000	335,000,000	339,000,000	316,000,000	314,000,000	356,000,000	159,739,000	145,091,000	141,919,000	149,654,000	150,670,000	139,430,000	133,545,000	133,471,000	128,511,000	120,717,000	117,335,000	108,568,000	101,969,000	98,921,000	86,445,000	86,847,000	86,386,000	73,218,000	66,002,000	60,384,000		51,807,000	53,494,000	56,651,000	52,034,000	52,829,000	50,772,000	49,409,000	48,678,000	47,930,000	48,179,000	52,898,000	49,796,000	46,092,000	47,567,000	50,589,000	46,173,000	45,167,000		37,095,750	49,907,000	48,460,000		36,862,250	49,583,000	49,048,000
gain on disposal of fixed assets																					-5,750,000	-10,000,000
gain on disposals of assets																							-7,000,000				-3,000,000				-794,000																			-77,000				-547,000		-1,020,000	-1,030,000	-831,000		-1,300,000	-85,000	-480,000		-3,173,000	-1,835,000	-1,098,000
net income attributable to common stockholders																							-20,000
loss on disposal of fixed assets																									-6,750,000	-14,000,000			-1,296,750	-3,572,000
net income attributable to common stockholders																											0.31
net income per common share																												-310,000
loss on disposals of assets																																			-77,326,000				1,228,000				332,000	-18,000	238,000	6,000	48,000	331,000			-28,000	-113,500	28,000		65,000													-289,000	-338,000	-84,000		-370,000	5,000	119,000		528,000	221,000	189,000
net income available to common stockholders																																																		5,144,000	870,000				2,192,000	5,869,000	27,000	771,000		20,075,000	3,719,000			-8,414,250	-9,988,000	-0.22		-209,326,000	1,477,000	3,090,000		1,488,000	-4,180,000	-10,789,000		7,809,000	519,000	3,505,000	-3,369,000	-7,053,000	928,000	2,579,000	1,260,000	13,989,000	10,967,000	11,376,000	4,680,000	443,000	4,734,000	6,211,000
operating expenses before depreciation, amortization and loss on disposal of assets, net: - sum																																																				45,828,500	61,816,000																	60,005,000		47,299,000	63,676,000	62,868,000						44,589,250	61,356,000	59,984,000	57,312,000
operating expenses before depreciation, amortization and gain on disposal of assets, net: - sum																																																						61,645,000
operating expenses before depreciation, amortizationand loss on disposal of assets, net:
basic and diluted per share information:
revenues																																																								55,615,250	76,518,000	76,201,000		57,865,750	85,345,000	75,636,000	70,482,000	77,517,000	66,446,000	65,057,000	61,354,000	94,803,000	82,631,000	78,743,000	70,999,000	84,273,000	73,585,000	79,750,000	69,681,000	101,921,000	80,592,000	81,391,000	68,234,000
preferred dividends																																																										1,788,000		3,198,250	1,789,000	6,453,000	4,551,000	4,550,000	4,468,000	4,051,000	4,051,000	3,301,000	3,167,000	125,000				847,000	778,000	778,000	840,000	815,000	815,000	814,000	815,000	814,000	815,000	814,000	815,000	821,000	822,000	822,000	822,000	821,000	822,000		649,275
income tax benefit																																																											-1,411,000				-3,238,000				-4,767,000				-2,641,000				-5,862,000
net loss available to common stockholders																																																											-4,872,000			-5,919,000	-9,294,000				-12,971,000				-3,850,000				-11,292,000																-651,000		-1,531,673
dividends declared per share																																																																					0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.023	0.03	0.03
net (income available to common stockholders																																																																		-10,699,000
operating expenses:
operating expenses: - sum																																																																							61,718,000				62,652,000	68,627,000	60,636,000	57,665,000	57,218,000
income from continuing operations before income taxes																																																																												16,352,000	2,268,000	7,129,000	-4,214,000
income from continuing operations																																																																												8,587,000	1,359,000	4,320,000	-2,554,000
income from operations of discontinued publishing and wireless operations net of income tax expense of 0, 503, 0 and 2,444, respectively
net income from continuing operations available to common stockholders																																																																												0.003	0.01	0.07
income from discontinued operations, net of tax
income from operations of discontinued publishing and wireless operations net of income tax expense of 0, 746, 0 and 1,941, respectively
income from operations of discontinued publishing and wireless operations net of income tax expense of 0 and 1,195, respectively
loss from continuing operations available to common stockholders																																																																															-0.07
operating revenues:
publishing and other																																																																																9,828,500	12,837,000	13,531,000	13,241,000
operating revenues: - sum																																																																																56,973,000	75,118,000	81,519,000	71,550,000	100,574,000	86,912,000	84,353,000	74,729,000	80,397,000	73,352,000	76,647,000	64,975,000		42,700,305
expenses:
amortization of restricted stock awards																																																																																73,500	98,000	98,000	98,000	80,750	134,000	94,000	94,000
publishing																																																																																				8,409,750	11,356,000	11,320,000	10,963,000	11,831,000	10,995,000	11,143,000	10,397,000		11,072,902
paging																																																																																				1,388,000	1,898,000	1,798,000	1,856,000	2,029,000	1,985,000	1,953,000	1,977,000		2,073,556
operating expenses before depreciation and amortization
operating expenses before depreciation and amortization - sum																																																																																				41,679,000	57,292,000	54,069,000					53,310,000
federal and state income tax expense																																																																																				4,760,500	7,613,000	7,875,000	3,554,000	9,146,000	3,490,000	4,412,000	289,000
operating expenses before depreciation, amortization and loss on disposal of assets:
total operating expenses																																																																																							55,355,000	40,364,000	53,864,000	54,282,000
depreciation and amortization																																																																																								5,289,750	6,990,000	7,117,000	7,052,000		3,699,782
appreciation in value of derivatives
income before income taxes and cumulative effect of accounting change																																																																																								10,411,000	9,046,000	11,444,000	460,000
net income before cumulative effect of accounting change																																																																																								1,265,000	5,556,000	7,032,000	171,000		3,086,727
cumulative effect of accounting change, net of income tax benefit of 8,873
preferred dividends associated with the redemption of preferred stock
net income before cumulative effect of accounting change available to common stockholders																																																																																								0.01	0.09	0.12
cumulative effect of accounting change, net of income tax benefit
preferred dividends associated with the redemption of
preferred stock
expenses: - sum																																																																																													30,449,897
appreciation (depreciation) in value of derivatives																																																																																													340,645
income before income taxes, extraordinary charge and cumulative effect of accounting change																																																																																													4,748,727
net income before extraordinary charge and cumulative effect of accounting change																																																																																													3,086,727
extraordinary charge on extinguishment of debt, net of income tax benefit of 3,957,800
cumulative effect of accounting change, net of income tax benefit of 8,873,400
non-cash preferred dividends associated with exchange of preferred stock																																																																																													3,969,125
net income before extraordinary charge and cumulative effect of accounting change available to common stockholders																																																																																													-0.1
extraordinary charge on extinguishment of debt, net of income tax benefit

Balance Sheets:

Quarterly

Annual

Unit: USD	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-01-02	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2006-03-31	2005-12-31	2005-09-30	2005-06-30	2005-03-31	2004-12-31	2004-09-30	2004-06-30	2004-03-31	2003-12-31	2003-09-30	2003-06-30	2003-03-31	2002-12-31	2002-06-30

assets:
current assets:
cash	368,000,000	182,000,000	199,000,000	210,000,000	135,000,000	69,000,000	75,000,000	134,000,000	21,000,000	21,000,000	36,000,000	56,000,000	61,000,000	144,000,000	162,000,000	247,000,000	189,000,000	322,000,000	785,000,000	819,000,000	773,000,000	467,000,000	379,000,000	296,000,000	212,000,000	326,000,000	251,000,000		42,360,000	23,541,000	325,189,000	230,398,000	176,345,000	120,654,000	97,318,000	81,169,000	222,183,000	224,613,000	30,769,000	79,807,000	66,070,000	27,044,000	13,478,000	23,404,000	20,990,000	11,067,000	45,695,000	28,041,000	15,111,000	5,190,000	9,135,000	3,457,000	5,431,000	20,170,000	15,714,000	13,664,000	16,000,000	8,200,000
accounts receivable	205,000,000	204,000,000	216,000,000
current portion of program broadcast rights	17,000,000	25,000,000	5,000,000	11,000,000	17,000,000	25,000,000	5,000,000	12,000,000	18,000,000	27,000,000	7,000,000	17,000,000	27,000,000	38,000,000	11,000,000	24,000,000	35,000,000		7,000,000	16,000,000	24,000,000	33,000,000	8,000,000	17,000,000	25,000,000	34,000,000	9,000,000		4,999,000	9,763,000	13,735,000	18,309,000	4,505,000	8,924,000	10,511,000	12,850,000	3,198,000	6,534,000	9,765,000	12,767,000	2,900,000	5,290,000	7,656,000	2,272,000	4,924,000	7,463,000	10,206,000	2,411,000	4,978,000	7,359,000	9,919,000	2,918,000	9,815,000	13,468,000	3,153,000	6,781,000	10,220,000	13,940,000	3,100,000	6,676,000	10,092,000	14,006,000	3,566,000	7,079,000			3,804,000	7,183,000	10,459,000	13,623,000	3,386,000	6,411,000	8,548,000	10,291,000	2,446,000	5,099,000	7,679,000	10,149,000	2,372,000	4,977,000	7,487,000			5,520,000	8,082,000
income tax refunds receivable	6,000,000		6,000,000	6,000,000	6,000,000			21,000,000	21,000,000		21,000,000	21,000,000	22,000,000		21,000,000	21,000,000	21,000,000		21,000,000	21,000,000	21,000,000
prepaid income taxes	35,000,000	40,000,000	25,000,000	24,000,000	25,000,000	67,000,000	65,000,000	14,000,000	18,000,000	34,000,000	67,000,000	64,000,000	43,000,000	61,000,000	107,000,000	22,000,000	40,000,000	28,000,000	9,000,000			13,000,000
prepaid and other current assets	25,000,000	28,000,000	27,000,000	34,000,000	21,000,000	51,000,000	49,000,000	58,000,000	48,000,000	53,000,000	52,000,000	46,000,000	54,000,000	54,000,000	36,000,000	60,000,000	54,000,000	29,000,000	27,000,000	29,000,000	61,000,000	21,000,000	18,000,000	23,000,000	24,000,000	27,000,000	33,000,000		5,712,000	7,114,000	5,109,000	19,828,000	19,228,000	6,371,000	6,462,000	4,431,000	10,955,000	6,431,000	2,223,000	11,129,000	11,744,000	11,268,000	5,293,000	3,527,000	4,097,000	2,831,000	2,994,000	3,415,000	4,087,000	1,959,000	3,337,000	3,470,000	2,393,000	3,405,000	3,056,000	3,429,000	1,788,000	2,928,000	3,970,000	4,666,000	3,167,000	4,586,000	5,027,000	5,724,000	3,483,000	3,862,000
total current assets	656,000,000	485,000,000	478,000,000	483,000,000	541,000,000	576,000,000	538,000,000	601,000,000	468,000,000	495,000,000	512,000,000	537,000,000	857,000,000	934,000,000	951,000,000	1,018,000,000	963,000,000	872,000,000	1,257,000,000	1,298,000,000	1,304,000,000	918,000,000	759,000,000	721,000,000	672,000,000	789,000,000	683,000,000		329,372,000	212,155,000	536,311,000	467,590,000	397,361,000	323,235,000	285,454,000	228,117,000	360,421,000	355,821,000	168,304,000	233,749,000	198,975,000	147,144,000	130,587,000	103,687,000	101,533,000	96,383,000	123,027,000	97,352,000	84,704,000	79,355,000	81,159,000	68,487,000	84,691,000	94,734,000	77,313,000	78,051,000	86,784,000	77,026,000	70,158,000	77,630,000	101,807,000	109,561,000	94,307,000	87,549,000	98,007,000	81,680,000	74,306,000	67,437,000	80,158,000	80,002,000	74,644,000	72,539,000	81,184,000	73,323,000	70,344,000	97,366,000	119,909,000	123,262,000	93,808,000	84,165,000	78,035,000	74,763,000	72,800,000	76,391,000	78,870,000	46,519,783
property and equipment	1,509,000,000	1,532,000,000	1,542,000,000	1,552,000,000	1,577,000,000	1,583,000,000	1,582,000,000	1,590,000,000	1,601,000,000	1,610,000,000	1,574,000,000	1,521,000,000	1,466,000,000	1,366,000,000	1,260,000,000	1,181,000,000	1,165,000,000	908,000,000	809,000,000	730,000,000	737,000,000	726,000,000	732,000,000	731,000,000	725,000,000	695,000,000	686,000,000		346,495,000	339,984,000	326,093,000	328,629,000	320,720,000	322,830,000	234,475,000	229,384,000	210,203,000	213,794,000	221,811,000	217,146,000	191,448,000	139,585,000	143,621,000	135,218,000	135,107,000	135,138,000	135,136,000	133,992,000	135,406,000	137,099,000	137,933,000	139,641,000	137,148,000	135,664,000	138,654,000	143,196,000	148,092,000	151,758,000	153,758,000	159,179,000	162,903,000	165,879,000	163,727,000	168,121,000	173,039,000
operating lease right of use asset	66,000,000			70,000,000	69,000,000			71,000,000	75,000,000				75,000,000				70,000,000				57,000,000
broadcast licenses	5,309,000,000	5,310,000,000	5,310,000,000	5,312,000,000	5,311,000,000	5,311,000,000	5,320,000,000	5,320,000,000	5,320,000,000	5,320,000,000	5,320,000,000	5,331,000,000	5,331,000,000	5,326,000,000	5,314,000,000	5,309,000,000	5,303,000,000	3,784,000,000	3,584,000,000	3,584,000,000	3,579,000,000	3,577,000,000	3,574,000,000	3,573,000,000	3,573,000,000	3,558,000,000	3,558,000,000		1,522,532,000	1,492,379,000	1,340,305,000	1,340,305,000	1,338,861,000	1,338,861,000	1,114,626,000	1,058,250,000	1,023,580,000	1,023,580,000	1,023,580,000	1,023,491,000	936,806,000	838,983,000	838,982,000	820,516,000	820,435,000	819,188,000	819,185,000	818,981,000	818,981,000	818,981,000	818,981,000	818,981,000	818,981,000	818,981,000	818,981,000	818,981,000	818,981,000	818,981,000	818,981,000	818,981,000	818,981,000	1,059,066,000	1,059,066,000	1,059,066,000	1,059,066,000	1,059,066,000	1,059,066,000	1,059,066,000	1,059,066,000	1,059,066,000	1,059,066,000	1,059,051,000	1,023,428,000	934,742,000	935,078,000	935,078,000	926,739,000	926,711,000	925,711,000	925,711,000	925,711,000	878,108,000	878,108,000	878,631,000	878,631,000
goodwill	2,642,000,000	2,642,000,000	2,642,000,000	2,642,000,000	2,642,000,000	2,642,000,000	2,643,000,000	2,643,000,000	2,643,000,000	2,643,000,000	2,660,000,000	2,663,000,000	2,663,000,000	2,657,000,000	2,657,000,000	2,649,000,000	2,649,000,000	1,633,000,000	1,466,000,000	1,466,000,000	1,460,000,000	1,448,000,000	1,446,000,000	1,446,000,000	1,446,000,000	1,449,000,000	1,452,000,000		610,494,000	571,708,000	485,318,000	485,605,000	485,597,000	484,662,000	423,236,000	398,235,000	374,980,000	374,980,000	374,390,000	371,995,000	320,127,000	184,389,000	184,409,000	170,522,000	170,522,000	170,522,000	170,522,000	170,522,000	170,522,000	170,522,000	170,522,000	170,522,000	170,522,000	170,522,000	170,522,000	170,522,000	170,522,000	170,522,000	170,522,000	170,522,000	170,522,000	269,118,000	269,118,000	269,118,000	269,118,000	269,118,000	269,118,000	269,118,000	269,536,000	269,842,000	269,972,000	268,523,000	222,394,000	158,378,000	158,128,000	158,128,000	153,858,000	153,858,000	153,858,000	153,858,000	153,858,000	174,187,000	174,150,000	174,167,000	173,341,000	53,150,505
other intangible assets	157,000,000	180,000,000	203,000,000	261,000,000	290,000,000	321,000,000	352,000,000	384,000,000	415,000,000	462,000,000	537,000,000	586,000,000	636,000,000	687,000,000	739,000,000	773,000,000	825,000,000	407,000,000	349,000,000	376,000,000	395,000,000	391,000,000	408,000,000	434,000,000	460,000,000	469,000,000	497,000,000		78,364,000	70,784,000	56,250,000	60,481,000	64,675,000	69,131,000	53,280,000	51,084,000	43,874,000	46,605,000	47,802,000	48,414,000	40,972,000	2,355,000	2,644,000	606,000	619,000	637,000	656,000	675,000	693,000	712,000	740,000	769,000	837,000	954,000	1,074,000	1,194,000	1,316,000	1,453,000	1,599,000	1,744,000	1,893,000	2,088,000	2,287,000	2,486,000	2,685,000	2,885,000	3,085,000	3,285,000	3,510,000	3,952,000	4,661,000	5,371,000	3,658,000	2,255,000	2,414,000	2,622,000	2,832,000	3,055,000	3,287,000	3,524,000	3,807,000	4,193,000	5,780,000	7,038,000	8,900,000
investments in broadcasting and technology companies	37,000,000	56,000,000	58,000,000		66,000,000	86,000,000	86,000,000		85,000,000		108,000,000		105,000,000		120,000,000		117,000,000		95,000,000		72,000,000		49,000,000		17,000,000	17,000,000	17,000,000		16,599,000		16,599,000	16,599,000	16,599,000
deferred pension assets	21,000,000	21,000,000	20,000,000	20,000,000	19,000,000	20,000,000	19,000,000	18,000,000	17,000,000		5,000,000	5,000,000	5,000,000
other	43,000,000	27,000,000	29,000,000	26,000,000	27,000,000	23,000,000	24,000,000	22,000,000	16,000,000	18,000,000	15,000,000	15,000,000	14,000,000	15,000,000	12,000,000	15,000,000	16,000,000	14,000,000	55,000,000	55,000,000	39,000,000	41,000,000	13,000,000	16,000,000	29,000,000	75,000,000	42,000,000		33,991,000	29,928,000	22,455,000	21,997,000	21,463,000	5,781,000	3,038,000	97,157,000	2,825,000	3,112,000	3,443,000	3,956,000	2,943,000	3,170,000	3,289,000	2,341,000	2,550,000	2,629,000	2,823,000	3,025,000	3,299,000	3,597,000	3,865,000	3,728,000	4,181,000	4,497,000	4,552,000	4,641,000	4,826,000	5,022,000	4,629,000	5,402,000	5,710,000	6,298,000	6,635,000	6,846,000	7,130,000	3,065,000	3,094,000	3,363,000	3,714,000	4,209,000	3,453,000	3,364,000	2,394,000	2,965,000	2,098,000	2,095,000	2,222,000	1,854,000	1,398,000	1,476,000	1,638,000	15,739,000	15,247,000	14,891,000	14,994,000	20,061,652
total assets	10,440,000,000	10,321,000,000	10,352,000,000	10,438,000,000	10,542,000,000	10,631,000,000	10,634,000,000	10,735,000,000	10,640,000,000	10,735,000,000	10,810,000,000	10,845,000,000	11,152,000,000	11,183,000,000	11,123,000,000	11,134,000,000	11,108,000,000	7,779,000,000	7,670,000,000	7,660,000,000	7,643,000,000	7,224,000,000	7,040,000,000	7,028,000,000	6,972,000,000	7,104,000,000	7,001,000,000		2,969,822,000	2,765,512,000	2,783,331,000	2,721,206,000	2,645,276,000	2,558,099,000	2,143,161,000	2,092,078,000	2,046,532,000	2,049,340,000	1,871,580,000	1,931,839,000	1,723,139,000	1,345,931,000	1,334,424,000	1,257,372,000	1,255,646,000	1,249,788,000	1,274,000,000	1,246,735,000	1,236,546,000	1,233,980,000	1,237,629,000	1,227,251,000	1,242,293,000	1,251,959,000	1,238,017,000	1,235,815,000	1,245,739,000	1,240,000,000	1,234,674,000	1,248,442,000	1,278,265,000	1,628,578,000	1,611,827,000	1,609,991,000	1,625,969,000	1,615,343,000	1,613,581,000	1,610,390,000	1,628,287,000	1,629,463,000	1,627,600,000	1,624,155,000	1,525,054,000	1,352,183,000	1,344,553,000	1,368,261,000	1,373,469,000
liabilities and stockholders’ equity:
current liabilities:
accounts payable	144,000,000	18,000,000	82,000,000	72,000,000	75,000,000	17,000,000	32,000,000	36,000,000	23,000,000	26,000,000	33,000,000	40,000,000	55,000,000	40,000,000	66,000,000	23,000,000	59,000,000	34,000,000	33,000,000	19,000,000	10,000,000	79,000,000	86,000,000	23,000,000	11,000,000	13,000,000	12,000,000		2,736,000	3,409,000	5,257,000	5,467,000	3,357,000	6,068,000	4,532,000	4,380,000	3,226,000	6,008,000	4,613,000	5,297,000	2,778,000	3,247,000	2,256,000	1,791,000	1,951,000	2,379,000	2,300,000	2,389,000	1,742,000	2,045,000	3,186,000	2,972,000	5,609,000				6,047,000				11,515,000				7,978,000	3,430,000
employee compensation and benefits	103,000,000	95,000,000	83,000,000	75,000,000	111,000,000	96,000,000	85,000,000	77,000,000	110,000,000	82,000,000	71,000,000	64,000,000	98,000,000	90,000,000	88,000,000	82,000,000	97,000,000	70,000,000	66,000,000	56,000,000	53,000,000	59,000,000	55,000,000	44,000,000	67,000,000	59,000,000	50,000,000		23,246,000	20,603,000	31,367,000	25,223,000	24,777,000	21,840,000	28,983,000	23,147,000	18,780,000	18,281,000	25,160,000	21,189,000	17,240,000	11,745,000	16,759,000	10,859,000	10,539,000	9,844,000	14,059,000	12,462,000	10,170,000	11,619,000	11,429,000	11,250,000	12,362,000	12,574,000	9,197,000	9,553,000	9,675,000	8,608,000	8,554,000	8,922,000	9,603,000	8,178,000	8,362,000	8,961,000	11,620,000	9,719,000	9,150,000	8,991,000	11,408,000	8,809,000	8,669,000	8,803,000	9,567,000	7,977,000	8,714,000	8,648,000	12,389,000	12,236,000	12,899,000	12,275,000
accrued interest	151,000,000	103,000,000	95,000,000	97,000,000	112,000,000	120,000,000	49,000,000	93,000,000	63,000,000	92,000,000	62,000,000	87,000,000	60,000,000	86,000,000	53,000,000	82,000,000	52,000,000	50,000,000	37,000,000	50,000,000	37,000,000	45,000,000	35,000,000	47,000,000	37,000,000	65,000,000	39,000,000		26,536,000	24,694,000	32,453,000	13,557,000	14,025,000	25,426,000	12,717,000	25,373,000	12,717,000	30,008,000	17,623,000	30,459,000	13,649,000	25,336,000	12,703,000	11,387,000	16,304,000	10,214,000	17,261,000	7,597,000	17,422,000	7,939,000	17,445,000	7,771,000	7,831,000	17,434,000	10,953,000	12,664,000	13,531,000	20,556,000	13,573,000	4,518,000	9,877,000	12,090,000	12,179,000	15,105,000	15,879,000	16,018,000	14,489,000	8,103,000	10,832,000	17,253,000	9,076,000	14,367,000	4,463,000	6,968,000	1,228,000	10,983,000	4,233,000	10,617,000	2,052,000	10,364,000
other accrued expenses	47,000,000	110,000,000	121,000,000	109,000,000	53,000,000	63,000,000	49,000,000	50,000,000	41,000,000	44,000,000	51,000,000	74,000,000	50,000,000	40,000,000	39,000,000	39,000,000	44,000,000	26,000,000	20,000,000	19,000,000	29,000,000	22,000,000	22,000,000	24,000,000	32,000,000	25,000,000	27,000,000		9,599,000	8,393,000	13,802,000	9,270,000	8,027,000	11,709,000	14,348,000	13,011,000	6,630,000	7,161,000	6,218,000	8,407,000	5,831,000	15,129,000	5,158,000	6,140,000	5,155,000	5,083,000	12,302,000	8,417,000	6,874,000	6,596,000	4,209,000	3,715,000	4,201,000	5,216,000	4,312,000	4,193,000	4,814,000	5,254,000	4,293,000	4,929,000	9,128,000	8,538,000	5,561,000	4,637,000	5,772,000	5,948,000	4,924,000	5,469,000	6,569,000	7,845,000	6,589,000	10,355,000	12,366,000	11,286,000	12,874,000	10,769,000	7,710,000	9,355,000	4,346,000	3,690,000
federal and state income taxes	5,000,000	7,000,000	8,000,000	6,000,000	5,000,000	9,000,000	11,000,000	56,000,000	22,000,000	12,000,000	12,000,000	18,000,000	15,000,000	8,000,000	17,000,000	14,000,000	10,000,000			26,000,000	20,000,000	2,000,000	23,000,000	22,000,000	13,000,000	18,000,000	27,000,000		4,496,000	3,280,000	2,916,000	1,490,000	751,000	931,000	771,000	519,000	868,000	1,748,000	1,894,000	1,665,000	1,232,000	1,500,000	1,550,000	1,436,000	1,805,000	1,911,000	2,149,000	2,475,000	2,735,000	2,794,000	3,210,000	3,504,000	3,802,000	3,829,000	4,122,000	4,371,000	4,206,000	4,137,000	4,181,000	4,329,000	4,374,000	3,579,000	3,451,000	3,527,000	3,757,000	2,987,000	2,966,000	2,808,000	2,616,000	1,905,000	1,952,000	1,427,000	1,833,000	1,699,000	1,301,000	920,000	1,063,000	2,055,000	1,984,000
current portion of program broadcast obligations	18,000,000	25,000,000	5,000,000	11,000,000	18,000,000	25,000,000	5,000,000	12,000,000	20,000,000	28,000,000	8,000,000	18,000,000	29,000,000	40,000,000	12,000,000	25,000,000	37,000,000		8,000,000	17,000,000	25,000,000	34,000,000	9,000,000	18,000,000	28,000,000	37,000,000	9,000,000		5,562,000	10,099,000	13,924,000	18,599,000	5,148,000	9,853,000	10,785,000	13,144,000	3,373,000	6,683,000	9,899,000	13,101,000	3,148,000	6,448,000	9,707,000	4,419,000	7,091,000	9,648,000	12,911,000	5,126,000	7,780,000	10,124,000	13,373,000	6,793,000	14,822,000	18,530,000	8,317,000	11,883,000	15,271,000	18,914,000	8,181,000	11,752,000	15,236,000	18,741,000	8,162,000	10,618,000	13,963,000	15,071,000	5,032,000	8,454,000	12,975,000	16,739,000	7,430,000	8,284,000	10,391,000	11,988,000	4,116,000	6,664,000	9,225,000	11,903,000	3,995,000	6,507,000
deferred revenue	20,000,000	28,000,000	27,000,000	21,000,000	29,000,000	50,000,000	23,000,000	22,000,000	39,000,000	51,000,000	40,000,000	43,000,000	24,000,000	64,000,000	22,000,000	20,000,000	14,000,000	11,000,000	8,000,000	10,000,000	22,000,000	45,000,000	10,000,000	10,000,000	9,000,000	12,000,000	9,000,000		4,731,000	3,523,000	4,706,000	11,730,000	6,113,000	3,565,000	3,514,000	2,248,000	1,304,000	2,057,000	7,486,000	12,095,000	6,461,000	3,469,000	2,522,000	2,736,000	3,047,000	3,216,000	6,311,000	5,447,000	4,283,000	3,468,000	4,728,000	4,217,000	4,197,000	9,989,000	6,215,000	6,255,000	6,241,000	8,222,000	8,792,000	10,281,000	10,364,000	9,001,000	6,404,000	5,510,000	5,491,000	4,615,000	3,673,000	3,782,000	3,786,000	3,813,000	3,807,000	783,000	697,000	2,155,000	2,252,000	2,346,000	2,386,000	2,635,000	2,852,000	2,991,000
dividends payable	16,000,000	16,000,000	15,000,000	15,000,000	15,000,000	15,000,000	15,000,000	14,000,000	14,000,000	14,000,000	14,000,000	14,000,000	14,000,000	14,000,000	14,000,000	13,000,000	13,000,000	13,000,000	13,000,000	13,000,000	13,000,000	13,000,000	13,000,000	13,000,000	13,000,000	13,000,000	13,000,000																																		3,000,000	4,473,000	1,579,000	1,451,000	1,445,000				2,207,000	2,236,000							5,871,000
current portion of operating lease liabilities	10,000,000	10,000,000	10,000,000	10,000,000	10,000,000	10,000,000	10,000,000	10,000,000	11,000,000	11,000,000	11,000,000	11,000,000	10,000,000	10,000,000	9,000,000	9,000,000	9,000,000		8,000,000	8,000,000	7,000,000	7,000,000	7,000,000	7,000,000	6,000,000	7,000,000	6,000,000
current portion of long-term debt	2,000,000	2,000,000	10,000,000	20,000,000	20,000,000	23,000,000	13,000,000	15,000,000	15,000,000	15,000,000	15,000,000	15,000,000	15,000,000	15,000,000	15,000,000	15,000,000	15,000,000									14,000,000	14,000,000		6,417,000	5,564,000				4,250,000						6,453,000	5,453,000	203,000	224,000				4,823,000	4,823,000	4,823,000	4,823,000	4,823,000	4,823,000	4,823,000	5,011,000	5,011,000	8,080,000	8,080,000	8,080,000	8,080,000	8,085,000	8,085,000	8,367,000	8,598,000	9,250,000	9,250,000	6,937,000			4,500,000	4,500,000	4,500,000	4,577,000	3,577,000	2,076,000	2,075,000	3,824,000	3,823,000	77,000	89,000	107,000
total current liabilities	516,000,000	519,000,000	549,000,000	533,000,000	527,000,000	508,000,000	331,000,000	424,000,000	395,000,000	414,000,000	357,000,000	424,000,000	409,000,000	446,000,000	374,000,000	363,000,000	384,000,000	280,000,000	223,000,000	249,000,000	255,000,000	344,000,000	297,000,000	243,000,000	246,000,000	292,000,000	233,000,000		99,235,000	92,550,000	119,407,000	97,631,000	73,952,000	92,078,000	87,595,000	91,655,000	55,362,000	79,027,000	80,022,000	113,712,000	69,600,000	70,397,000	63,085,000	41,028,000	50,291,000	47,717,000	72,116,000	48,736,000	55,829,000	49,537,000	62,658,000	45,421,000	58,546,000	76,012,000	52,817,000	63,888,000	75,072,000	93,160,000	80,984,000	64,242,000	82,162,000	80,227,000	63,344,000	68,429,000	76,135,000	65,809,000	45,725,000	43,300,000	63,801,000	75,917,000	65,964,000	59,336,000	54,781,000	50,734,000	42,680,000	50,801,000	53,892,000	52,454,000	31,244,000	40,657,000	44,711,000	47,190,000	31,798,000	42,575,000	46,094,000	21,557,469
long-term debt, less current portion and less deferred financing costs	5,742,000,000			5,589,000,000	5,601,000,000			6,139,000,000	6,145,000,000
deferred income taxes	1,300,000,000	1,310,000,000	1,312,000,000	1,331,000,000	1,347,000,000	1,344,000,000	1,349,000,000	1,353,000,000	1,359,000,000	1,397,000,000	1,448,000,000	1,458,000,000	1,454,000,000	1,468,000,000	1,471,000,000	1,471,000,000	1,471,000,000	994,000,000	905,000,000	894,000,000	885,000,000	852,000,000	824,000,000	820,000,000	810,000,000	780,000,000	760,000,000		427,612,000	380,892,000	373,837,000	369,881,000	368,861,000	357,433,000	351,546,000	313,511,000	309,408,000	296,573,000	292,679,000	293,488,000	241,592,000	226,256,000	225,407,000	189,625,000	186,081,000	184,440,000	177,237,000	167,133,000	160,150,000	157,832,000	158,893,000	157,574,000	157,929,000	144,127,000	141,387,000	141,079,000	142,204,000	136,494,000	137,970,000	140,879,000	143,975,000	266,539,000	262,672,000	256,140,000	262,778,000	263,915,000	269,502,000	276,333,000	282,540,000	277,543,000	276,762,000	274,348,000	253,341,000	246,563,000	245,605,000	243,798,000	242,988,000	234,945,000	227,522,000	221,220,000	217,666,000	181,707,000	178,803,000	175,139,000	174,765,000	55,542,563
operating lease liabilities, less current portion	59,000,000	61,000,000	62,000,000	63,000,000	62,000,000	62,000,000	64,000,000	65,000,000	69,000,000	70,000,000	71,000,000	72,000,000	68,000,000	65,000,000	63,000,000	64,000,000	63,000,000		50,000,000	51,000,000	51,000,000	54,000,000	54,000,000	56,000,000	45,000,000
total liabilities	7,635,000,000	7,513,000,000	7,521,000,000	7,534,000,000	7,609,000,000	7,851,000,000	7,929,000,000	8,035,000,000	8,019,000,000	8,083,000,000	8,100,000,000	8,134,000,000	8,386,000,000	8,601,000,000	8,635,000,000	8,680,000,000	8,701,000,000	5,367,000,000	5,223,000,000	5,236,000,000	5,240,000,000	5,012,000,000	4,932,000,000	4,876,000,000	4,858,000,000	5,051,000,000	4,988,000,000		2,397,767,000	2,261,461,000	2,290,470,000	2,263,098,000	2,188,233,000	2,119,998,000	1,713,887,000	1,674,840,000	1,636,853,000	1,660,131,000	1,655,388,000	1,737,262,000	1,543,488,000	1,168,858,000	1,160,414,000	1,105,844,000	1,110,651,000	1,105,853,000	1,110,858,000	1,086,613,000	1,086,461,000	1,086,186,000	1,080,841,000	1,064,443,000	1,075,705,000	1,103,085,000	1,092,978,000	1,053,988,000	1,058,733,000	1,054,747,000	1,042,919,000	1,048,804,000	1,068,975,000	1,197,794,000	1,206,278,000	1,282,564,000	1,288,124,000	1,274,342,000	1,263,194,000	1,209,774,000	1,211,082,000	1,218,179,000	1,208,580,000	1,207,866,000	1,104,968,000	935,780,000	927,837,000	953,995,000	956,229,000
commitments and contingencies
series a perpetual preferred stock, no par value; cumulative; redeemable; designated 1,500,000 shares, issued and outstanding 650,000 shares at each date and 650 aggregate liquidation value, at each date	650,000,000			650,000,000	650,000,000			650,000,000	650,000,000				650,000,000				650,000,000				650,000,000
stockholders’ equity:
common stock	1,210,000,000	1,208,000,000	1,205,000,000	1,203,000,000	1,198,000,000	1,195,000,000	1,191,000,000	1,187,000,000	1,174,000,000	1,172,000,000	1,168,000,000	1,161,000,000	1,150,000,000	1,146,000,000	1,141,000,000	1,137,000,000	1,127,000,000	1,124,000,000	1,122,000,000	1,119,000,000	1,110,000,000	1,109,000,000	1,104,000,000	1,101,000,000	1,093,000,000	1,089,000,000	1,086,000,000		659,647,000	658,909,000	658,135,000	657,470,000	656,806,000	656,141,000	655,446,000	655,012,000	654,643,000	654,358,000	486,317,000	485,717,000	485,118,000	484,519,000	483,055,000	482,352,000	480,963,000	480,773,000	480,212,000	480,035,000	479,890,000	479,869,000	479,829,000	479,788,000	479,704,000	479,639,000	479,641,000	453,987,000	453,824,000	453,474,000	453,121,000	452,769,000	452,289,000	451,534,000	450,717,000	449,908,000	448,459,000	447,307,000	446,327,000	445,336,000	443,698,000	442,931,000	442,326,000	441,721,000	441,533,000	406,358,000	405,789,000	404,575,000	402,162,000	395,950,000	395,439,000	394,563,000
class a common stock	67,000,000	64,000,000	62,000,000	59,000,000	57,000,000	55,000,000	54,000,000	52,000,000	50,000,000	46,000,000	45,000,000	45,000,000	45,000,000	44,000,000	43,000,000	41,000,000	39,000,000	37,000,000	36,000,000	35,000,000	34,000,000	31,000,000	31,000,000	31,000,000	31,000,000	29,000,000	27,000,000		23,039,000	22,334,000	21,764,000	21,149,000	20,535,000	19,920,000	19,325,000	18,744,000	18,163,000	17,582,000	17,096,000	16,709,000	16,322,000	15,934,000	15,321,000	15,321,000	15,321,000	15,321,000	15,321,000	15,321,000	15,321,000	15,321,000	15,321,000	15,321,000	15,321,000	15,321,000	15,321,000	15,321,000	15,321,000	15,321,000	15,321,000	15,321,000	15,321,000	15,321,000	15,321,000	15,321,000	15,321,000	15,321,000	15,321,000	15,321,000	15,321,000	15,321,000	15,321,000	15,321,000	15,282,000	11,037,000	11,037,000	11,037,000	11,037,000	15,241,000	15,241,000	15,241,000
retained earnings	1,205,000,000	1,237,000,000	1,268,000,000	1,345,000,000	1,375,000,000	1,227,000,000	1,152,000,000	1,151,000,000	1,084,000,000	1,114,000,000	1,175,000,000	1,191,000,000	1,242,000,000	1,076,000,000	988,000,000	910,000,000	869,000,000	861,000,000	899,000,000	880,000,000	862,000,000	651,000,000	542,000,000	544,000,000	504,000,000	423,000,000	377,000,000																																											-26,384,000	-25,460,000		-22,662,000	12,048,000	12,585,000	11,469,000	11,669,000	5,019,000	-4,446,000	-14,320,000
accumulated other comprehensive loss	-4,000,000			-31,000,000	-30,000,000			-23,000,000	-23,000,000				-12,000,000				-27,000,000				-39,000,000
treasury stock	-288,000,000	-288,000,000	-288,000,000	-287,000,000	-284,000,000	-284,000,000	-284,000,000	-284,000,000	-282,000,000	-281,000,000	-281,000,000	-281,000,000	-278,000,000	-277,000,000	-277,000,000	-227,000,000	-223,000,000	-193,000,000	-193,000,000	-193,000,000	-188,000,000	-172,000,000	-162,000,000	-117,000,000	-107,000,000	-86,000,000	-75,000,000		-49,562,000	-45,562,000	-44,688,000	-42,688,000	-42,688,000	-42,688,000	-41,890,000	-41,890,000	-41,890,000	-41,890,000	-41,072,000	-40,850,000	-40,850,000	-40,850,000	-40,559,000	-40,303,000	-40,303,000	-40,303,000	-40,115,000	-40,115,000	-40,115,000	-40,115,000	-40,115,000	-40,115,000	-40,115,000	-40,115,000	-40,115,000	-40,115,000	-40,115,000	-40,115,000	-40,115,000	-40,115,000	-40,115,000	-39,930,000	-39,930,000	-39,930,000	-39,930,000	-39,930,000	-39,930,000	-39,930,000	-34,412,000	-34,412,000	-28,799,000	-28,766,000	-28,766,000	-27,461,000	-26,997,000	-26,997,000	-21,934,000	-3,162,000	-200,000	-200,000	-200,000				-8,339,000
total stockholders’ equity	2,155,000,000	2,158,000,000	2,181,000,000	2,254,000,000	2,283,000,000	2,130,000,000	2,055,000,000	2,050,000,000	1,971,000,000	2,002,000,000	2,060,000,000	2,061,000,000	2,116,000,000	1,932,000,000	1,838,000,000	1,804,000,000	1,757,000,000	1,762,000,000	1,797,000,000	1,774,000,000	1,753,000,000	1,562,000,000	1,458,000,000	1,502,000,000	1,464,000,000	1,403,000,000	1,363,000,000		572,055,000	504,051,000	492,861,000	458,108,000	457,043,000	438,101,000	429,274,000	417,238,000	409,679,000	389,209,000	216,192,000	194,577,000	179,651,000	177,073,000	174,010,000	151,528,000	144,995,000	143,935,000	149,943,000	135,126,000	125,166,000	122,953,000	125,458,000	125,390,000	129,407,000	111,811,000	108,094,000	88,140,000	93,620,000	92,168,000	98,970,000	107,154,000	117,107,000	338,901,000	336,911,000	327,427,000	337,845,000	341,001,000	350,387,000	363,144,000	379,754,000	373,853,000	379,886,000	377,178,000	380,996,000	377,335,000	377,669,000	375,241,000	378,237,000
total liabilities and stockholders’ equity	10,440,000,000	10,321,000,000	10,352,000,000	10,438,000,000	10,542,000,000	10,631,000,000	10,634,000,000	10,735,000,000	10,640,000,000	10,735,000,000	10,810,000,000	10,845,000,000	11,152,000,000	11,183,000,000	11,123,000,000	11,134,000,000	11,108,000,000	7,779,000,000	7,670,000,000	7,660,000,000	7,643,000,000	7,224,000,000	7,040,000,000	7,028,000,000	6,972,000,000	7,104,000,000	7,001,000,000		2,969,822,000	2,765,512,000	2,783,331,000	2,721,206,000	2,645,276,000	2,558,099,000	2,143,161,000	2,092,078,000	2,046,532,000	2,049,340,000		1,931,839,000	1,723,139,000	1,345,931,000		1,257,372,000	1,255,646,000						1,237,629,000	1,227,251,000	1,242,293,000	1,251,959,000	1,238,017,000	1,235,815,000	1,245,739,000	1,240,000,000	1,234,674,000	1,248,442,000	1,278,265,000	1,628,578,000	1,611,827,000	1,609,991,000	1,625,969,000	1,615,343,000	1,613,581,000	1,610,390,000	1,628,287,000	1,629,463,000	1,627,600,000	1,624,155,000	1,525,054,000	1,352,183,000	1,344,553,000	1,368,261,000	1,373,469,000
income tax refund receivable		6,000,000				6,000,000				21,000,000				22,000,000				21,000,000
operating leases right of use asset		68,000,000	70,000,000			69,000,000	70,000,000			77,000,000	79,000,000			73,000,000	70,000,000	72,000,000		56,000,000	55,000,000	56,000,000		58,000,000	59,000,000	61,000,000	50,000,000	52,000,000	66,000,000
accrued network programming fees		105,000,000	93,000,000	97,000,000	79,000,000	80,000,000	39,000,000	39,000,000	37,000,000	39,000,000	40,000,000	40,000,000	39,000,000	39,000,000	39,000,000	41,000,000	34,000,000	35,000,000	30,000,000	31,000,000	39,000,000	38,000,000	37,000,000	35,000,000	30,000,000	29,000,000	27,000,000		15,912,000	12,985,000	14,982,000	12,295,000	11,754,000	8,436,000	11,945,000	9,833,000	8,464,000	7,081,000	7,129,000	5,068,000	3,895,000	3,320,000	2,467,000	2,260,000	4,399,000	5,422,000
long-term debt, less current portion and deferred financing costs		5,608,000,000	5,580,000,000			5,870,000,000	6,125,000,000			6,171,000,000	6,197,000,000	6,147,000,000		6,590,000,000	6,690,000,000	6,740,000,000				3,976,000,000		3,706,000,000	3,703,000,000	3,700,000,000	3,697,000,000	3,881,000,000	3,881,000,000
series a perpetual preferred stock, no par value; cumulative; redeemable; designated 1,500,000 shares, issued and outstanding 650,000 shares, at each date and 650 aggregate liquidation value, at each date		650,000,000				650,000,000				650,000,000				650,000,000				650,000,000				650,000,000
accumulated other comprehensive loss, net of income tax benefit		-28,000,000	-31,000,000			-30,000,000	-25,000,000			-17,000,000	-15,000,000	-23,000,000		-27,000,000	-27,000,000	-27,000,000		-39,000,000	-39,000,000	-39,000,000		-31,000,000	-31,000,000	-31,000,000	-31,000,000	-26,000,000	-26,000,000		-17,645,000	-17,645,000	-17,645,000	-17,284,000	-17,284,000	-17,284,000	-17,284,000	-13,318,000	-13,318,000	-20,812,000	-20,812,000	-10,409,000	-10,409,000	-10,409,000	-10,409,000	-20,170,000	-20,170,000	-20,170,000	-16,402,000	-16,402,000	-16,402,000	-16,402,000	-7,988,000	-7,988,000	-7,988,000	-5,444,000	-5,444,000		-9,314,000	-16,925,000	-19,758,000		-24,458,000	-11,420,000	-12,574,000		-13,047,000				-2,429,000
series a perpetual preferred stock, no par value; cumulative; redeemable; designated 1,500,000 shares, issued and outstanding 650,000 shares at each date and 650 aggregate liquidation value at each date			650,000,000				650,000,000				650,000,000	650,000,000			650,000,000	650,000,000			650,000,000	650,000,000
stockholders’ equity: - sum			2,504,000,000	2,576,000,000	2,600,000,000	2,447,000,000	2,372,000,000	2,367,000,000	2,285,000,000																																				207,696,000	206,636,000	212,456,000	197,639,000	187,679,000														399,239,000	389,755,000	400,173,000	403,329,000	412,715,000	425,472,000	436,564,000	430,663,000	431,083,000	428,342,000	432,160,000	427,195,000	427,065,000	424,637,000	422,398,000	414,959,000	404,970,000	394,033,000
accounts receivables				198,000,000	337,000,000	358,000,000	344,000,000	362,000,000	342,000,000	339,000,000	329,000,000	333,000,000	650,000,000	615,000,000	614,000,000	644,000,000	624,000,000	440,000,000	408,000,000	413,000,000	425,000,000	384,000,000		385,000,000	411,000,000	402,000,000				156,756,000	146,811,000	149,864,000	147,839,000	137,842,000	121,473,000	110,812,000	105,230,000	99,388,000	106,692,000	95,934,000	84,149,000	69,429,000	70,047,000	61,934,000	58,972,000	62,472,000	61,370,000	60,723,000	57,766,000	62,085,000	56,203,000	56,077,000	64,487,000				57,179,000				54,685,000				63,070,000	61,672,000
investment in broadcasting and technology companies				72,000,000								107,000,000				117,000,000				95,000,000				46,000,000						16,599,000
gray media, inc.
condensed consolidated balance sheets
program broadcast obligations, less current portion					1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	2,000,000	2,000,000	4,000,000	5,000,000		3,000,000	4,000,000	5,000,000	5,000,000	6,000,000	6,000,000	7,000,000	8,000,000	7,000,000		4,123,000	4,534,000	4,995,000	5,172,000	4,021,000	2,054,000	2,171,000	1,871,000	1,519,000	1,759,000	2,000,000	2,292,000	1,383,000	1,507,000	1,520,000	329,000	404,000	356,000	542,000	629,000	775,000	1,036,000	1,190,000	953,000	1,358,000	1,407,000	1,353,000	1,391,000	1,531,000	1,697,000	1,094,000	1,323,000	1,534,000	1,690,000	1,760,000	1,764,000	1,889,000	1,979,000	1,943,000	2,231,000	2,713,000	2,722,000	2,354,000	2,039,000	960,000	986,000	591,000	725,000	852,000	1,012,000	708,000	866,000	1,014,000	1,131,000	1,115,000	1,258,000	1,126,000	550,019
investment in broadcasting, production and technology companies								86,000,000
investments in broadcasting, production and technology companies										101,000,000				125,000,000				105,000,000				65,000,000
deferred pension asset										9,000,000
operating lease right of use assets												80,000,000
long-term debt, less deferred financing costs													6,440,000,000				6,740,000,000	3,981,000,000			3,974,000,000
accrued pension costs														16,000,000	21,000,000	23,000,000	24,000,000	39,000,000	43,000,000	43,000,000	43,000,000	34,000,000	37,000,000	38,000,000	38,000,000	30,000,000	33,000,000		33,176,000	33,338,000	34,047,000	33,419,000	34,784,000	35,857,000	36,337,000	31,322,000	33,805,000	45,735,000	43,334,000	26,823,000	27,300,000	27,535,000	26,925,000	40,752,000	39,685,000	39,051,000	34,629,000	35,656,000	35,296,000	34,417,000	20,378,000	20,217,000	18,624,000	13,415,000	14,427,000	13,761,000	13,969,000	18,404,000	19,530,000	19,483,000	18,782,000	6,287,000	8,305,000	7,615,000	6,808,000	6,974,000	7,325,000	7,477,000
program broadcast rights																		32,000,000																																															10,489,000	13,950,000
program broadcast obligations																		33,000,000
operating lease liabilities																		8,000,000								47,000,000	61,000,000
long-term debt, less deferred loan costs																			3,979,000,000
accounts receivable trade, less allowance for credit losses of 15 and 11, respectively																							354,000,000
series a perpetual preferred stock, no par value; cumulative; redeemable; designated 1,500,000 shares, issued and outstanding 650,000 shares at each date,																							650,000,000
series a perpetual preferred stock, no par value; cumulative; redeemable; designated 1,500,000 shares, issued and outstanding 650,000 shares at each date																								650,000,000
restricted cash
series a perpetual preferred stock, no par value; cumulative; redeemable; designated 1,500,000 shares, issued and outstanding 650,000 shares and 0 shares,																									650,000,000	650,000,000	650,000,000
accounts receivable trade, less allowance for doubtful accounts of 9 and 5, respectively																											390,000,000
revenue																												518,000,000
net income																												-2,000,000
net income attributable to common stockholders																												-15,000,000
basic net income per common share																												-150,000
diluted netincome per common share																												-150,000
accounts receivable trade, less allowance for doubtful accounts of 3,615 and 3,163, respectively																													169,846,000
fcc spectrum auction proceeds receivable																													90,824,000
prepaid taxes																													15,631,000	14,981,000	14,641,000
deferred tax asset																													31,975,000	31,975,000	30,826,000	49,191,000	49,444,000	49,444,000	49,690,000	18,855,000	18,855,000	18,855,000	18,855,000	34,112,000	34,112,000	34,113,000	34,113,000	12,550,000	12,550,000	12,550,000	2,762,000	2,762,000	2,762,000	2,762,000	2,565,000	2,565,000	2,565,000	1,597,000	1,597,000	1,597,000	1,597,000	1,830,000	1,830,000	1,830,000	1,830,000	1,450,000	1,450,000	1,450,000	1,450,000	600,000	600,000	600,000	600,000	1,626,000	1,599,000	1,775,000	1,091,000
long-term debt																													1,832,197,000				1,705,361,000	1,631,928,000				1,236,185,000						833,004,000
accumulated deficit																													-19,192,000	-89,753,000	-101,365,000	-137,199,000	-136,986,000	-154,648,000	-163,638,000	-178,625,000	-185,234,000	-197,344,000	-202,939,000	-234,192,000	-248,132,000	-249,723,000	-251,000,000	-263,274,000	-268,418,000	-269,288,000	-266,675,000	-281,315,000	-291,130,000	-293,322,000	-299,191,000	-299,218,000	-295,117,000	-315,192,000	-318,911,000	-312,992,000	-303,698,000	-297,189,000	-287,201,000	-276,503,000	-263,532,000	-54,206,000	-54,225,000	-55,861,000	-50,560,000	-50,604,000	-44,982,000	-32,753,000				-27,494,000
long-term debt, less current portion																														1,748,716,000	1,756,747,000	1,755,725,000			1,235,537,000	1,235,753,000	1,235,969,000		1,236,401,000	1,300,017,000	1,202,845,000	842,360,000	842,650,000		832,936,000	832,867,000	815,809,000	816,675,000	817,543,000	827,410,000	819,278,000	820,146,000	821,881,000	840,846,000	841,761,000	781,709,000	783,729,000	785,749,000	787,769,000	790,274,000	792,295,000	822,079,000	846,940,000	913,438,000	915,750,000	918,063,000	928,500,000	872,686,000	847,154,000	851,496,000	853,843,000	862,680,000	788,932,000	630,930,000	633,416,000	651,161,000	652,082,000	655,811,000	655,799,000	654,848,000	655,778,000	655,751,000	656,264,000	656,175,000	657,333,000	378,675,515
investment in broadcasting company																																		13,599,000	13,599,000	13,599,000	13,599,000	13,599,000	13,599,000	13,599,000	13,599,000	13,599,000	13,599,000	13,599,000	13,599,000	13,599,000	13,599,000	13,599,000	13,599,000	13,599,000	13,599,000	13,599,000	13,599,000	13,599,000	13,599,000	13,599,000	13,599,000	13,599,000	13,599,000	13,599,000	13,599,000	13,599,000	13,599,000	13,599,000	13,599,000	13,599,000	13,599,000	13,599,000	13,599,000	13,599,000	13,599,000	13,599,000	13,599,000	13,599,000	13,599,000	13,599,000	13,599,000	13,599,000	13,599,000	13,599,000	13,599,000
deferred loan costs																																			15,453,000	16,252,000	17,050,000	17,849,000	18,651,000	19,489,000	18,269,000	16,706,000	17,293,000	10,883,000	11,281,000	11,692,000	9,052,000	8,589,000	9,342,000	10,115,000	10,830,000	11,524,000	12,334,000	13,008,000	13,322,000	5,631,000	1,619,000	1,639,000	1,428,000	1,385,000	2,850,000	2,969,000	3,088,000	3,206,000	3,325,000	3,433,000	3,534,000	7,702,000	11,584,000	12,152,000	12,786,000	13,358,000	13,954,000	10,273,000	10,135,000	11,653,000	12,101,000	12,491,000	12,987,000	12,644,000	13,112,000	13,580,000	13,990,000	13,428,000	13,756,000	11,049,517
acquisition related liabilities																																								9,978,000	9,913,000		9,739,000							129,000	255,000	376,000	899,000	863,000	863,000	863,000	863,000	885,000	885,000	980,000	980,000	980,000	980,000	980,000	980,000	1,084,000	1,155,000	1,230,000	1,060,000	1,318,000	1,204,000	1,836,000	4,033,000	641,000	774,000	989,000	1,231,000	1,438,000	1,563,000	1,659,000
total liabilities, preferred stock and stockholders’ equity																																							1,871,580,000				1,334,424,000			1,249,788,000	1,274,000,000	1,246,735,000	1,236,546,000	1,233,980,000
long-term deferred revenue																																												216,000	333,000	450,000	595,000	751,000	908,000	1,061,000	1,216,000	1,283,000	1,754,000	1,987,000	2,345,000	2,578,000	2,638,000	2,960,000	3,099,000	3,299,000		3,468,000	3,613,000	3,788,000		4,019,000	4,135,000	4,258,000	4,215,000	3,977,000	3,698,000	3,386,000	2,190,000
long-term accrued dividends																																															8,960,000	15,920,000	14,818,000	13,717,000	15,960,000	17,459,000	14,118,000	12,447,000	10,777,000	23,167,000	18,917,000	14,667,000	10,500,000	6,750,000
series d preferred stock, no par value; cumulative; redeemable; designated 1,000 shares, issued and outstanding 0.00 shares and 259.21 shares,
series d perpetual preferred stock, no par value; cumulative; redeemable; designated 1,000 shares, issued and outstanding 136.45 shares and 259.21 shares, respectively																																															13,199,000
series d perpetual preferred stock, no par value; cumulative; redeemable; designated 1.00 shares, issued and outstanding 0.259 shares																																																24,996,000
preferred stock, no par value; cumulative; redeemable; designated 1.00 shares, issued and outstanding 0.26 shares																																																	24,919,000
preferred stock, no par value; cumulative; redeemable; designated 1.00 shares, issued and outstanding 0.26 shares and 0.39 shares,																																																		24,841,000
preferred stock, no par value; cumulative; redeemable; designated 1.00 shares, issued and outstanding 0.33 and 0.39 shares, respectively																																																			31,330,000
preferred stock, no par value; cumulative; redeemable; designated 1.00 shares, issued and outstanding 0.39 shares																																																				37,418,000
interest rate hedge derivatives																																																								360,000	6,344,000	12,446,000	17,602,000
long-term accrued facility fee																																																						11,139,000	26,139,000	24,245,000	18,307,000
preferred stock, no par value; cumulative; redeemable; designated 1.00 shares, issued and outstanding 0.39 shares and 1.00 shares,																																																					37,181,000
trade accounts receivable, less allowance for doubtful accounts of 950 and 1,092, respectively																																																						56,094,000
trade accounts payable																																																						2,566,000	3,827,000	5,666,000		6,058,000	6,843,000	10,446,000		6,280,000	8,068,000	8,390,000			4,336,000	4,463,000	7,848,000	9,483,000	19,088,000	5,853,000	4,803,000	3,178,000	3,492,000	2,644,000	3,276,000	2,129,000	1,431,000	2,867,000
preferred stock, no par value; cumulative; redeemable; designated 1.00 shares, issued and outstanding 0.39 and 1.00 shares, respectively																																																						37,063,000	36,945,000
trade accounts receivable, less allowance for doubtful accounts of 826 and 1,092, respectively																																																							53,793,000
trade accounts receivable, less allowance for doubtful accounts of 847 and 1,092, respectively																																																								52,580,000
preferred stock, no par value; cumulative; redeemable; designated 1.00 shares, issued and outstanding 1.00 shares																																																								93,687,000				92,484,000
accumulated other comprehensive loss, net of income tax																																																								-5,663,000				-21,920,000				-19,613,000		-8,695,000	-3,951,000	-2,432,000		-1,205,000	-1,104,000	-1,206,000	-1,257,000
marketable securities																																																													1,384,000	2,246,000	3,234,000	4,100,000	4,177,000
preferred stock, no par value; cumulative; redeemable; designated 1.00 shares, issued and outstanding 1.00 shares,																																																									93,386,000	93,085,000	92,785,000
trade accounts receivable, less allowance for doubtful accounts of 1,242 and 1,543, respectively																																																										50,128,000
cash and cash equivalents																																																											9,786,000	14,857,000	30,649,000	32,575,000	22,568,000	15,294,000	15,338,000	1,233,000	3,378,000	1,309,000	4,741,000	4,157,000	7,441,000	7,004,000	9,315,000	4,056,000	6,203,000	36,703,000	50,566,000	56,990,000	31,761,000	24,683,000	11,947,000			22,294,000	12,915,000
trade accounts receivable, less allowance for doubtful accounts of 1,372 and 1,543, respectively																																																											51,472,000
see notes to condensed consolidated financial statements.
trade accounts receivable, less allowance for doubtful accounts of 1,108 and 1,543, respectively																																																												49,601,000
preferred stock, no par value; cumulative; redeemable; designated 1.00 shares, issued and outstanding 1.00 and 0.00 shares, respectively																																																													92,183,000
trade accounts receivable, less allowance for doubtful accounts of 736 and 1,303, respectively																																																														54,698,000
preferred stock, no par value; cumulative; redeemable; designated 1.00 shares, respectively, issued and outstanding 1.00 and 0.00 shares, respectively																																																														91,883,000
trade accounts receivable, less allowance for doubtful accounts of 706 and 1,303, respectively																																																															58,462,000
preferred stock, no par value; cumulative; redeemable; designated 1.00 shares, respectively, issued and outstanding 0.75 and 0.00 shares, respectively																																																															68,638,000
trade accounts receivable, less allowance for doubtful accounts of 1,206 and 1,303, respectively																																																																53,902,000
related party receivable																																																																					1,710,000	3,420,000	9,000	316,000	1,645,000	1,169,000	1,334,000	1,211,000	1,411,000	1,610,000	1,610,000	1,610,000	1,610,000
redeemable serial preferred stock, no par value; cumulative; convertible; designated 5 shares, issued and outstanding 0 and 4 shares, respectively
related party prepaid expense																																																																		363,000	350,000
property and equipment:
land																																																																		22,291,000	22,273,000	22,306,000	20,741,000	20,726,000	20,651,000	20,664,000	20,011,000	19,648,000	18,498,000	18,432,000	18,394,000	18,353,000	17,609,000	17,607,000	17,606,000			16,757,000	16,758,000
buildings and improvements																																																																		48,512,000	48,122,000	44,740,000	44,601,000	43,916,000	41,387,000	40,350,000	35,903,000	40,472,000	38,194,000	37,692,000	37,225,000	37,243,000	35,097,000	34,573,000	34,325,000			32,869,000	32,767,000
equipment																																																																		278,283,000	274,376,000	272,185,000	264,738,000	257,554,000	251,125,000	245,569,000	220,787,000	225,619,000	218,888,000	211,013,000	200,474,000	202,150,000	194,719,000	189,553,000	186,225,000			168,107,000	164,834,000
property and equipment: - sum																																																																		349,086,000	344,771,000	339,231,000	330,080,000	322,196,000	313,163,000	306,583,000	276,701,000	285,739,000	275,580,000	267,137,000	256,093,000	257,746,000	247,425,000	241,733,000	238,156,000			217,733,000	214,359,000
accumulated depreciation																																																																		-171,089,000	-161,592,000	-152,411,000	-142,960,000	-135,555,000	-127,174,000	-119,979,000	-113,940,000	-129,091,000	-122,823,000	-119,417,000	-113,884,000
related party prepaid expense, less current portion																																																																		4,500,000	4,600,000
redeemable serial preferred stock, no par value; cumulative; convertible; designated 5 shares, respectively, issued and outstanding 0 and 4 shares, respectively
trade accounts receivable, less allowance for doubtful accounts of 1,164 and 1,033, respectively																																																																			61,771,000
other current assets																																																																			4,403,000	4,081,000	2,302,000	3,838,000	4,067,000	3,981,000	2,149,000	3,448,000	3,409,000	3,280,000	2,188,000	2,855,000	3,498,000	3,804,000	1,865,000			4,054,000	1,925,000
trade accounts receivable, less allowance for doubtful accounts of 1,135 and 1,033, respectively																																																																				54,264,000
redeemable serial preferred stock, no par value; cumulative; convertible; designated 5 shares, issued and outstanding 4 shares,																																																																				37,472,000	37,451,000
trade accounts receivable, less allowance for doubtful accounts of 1,033 and 564, respectively																																																																					60,346,000
related party investment																																																																							3,430,000	1,746,000	1,682,000
current portion of accrued pension costs																																																																						2,016,000	3,649,000	3,051,000	3,051,000	2,766,000	5,854,000	3,014,000	2,685,000
other, including non-current portion of accrued pension costs																																																																					10,659,000	6,524,000	5,959,000	6,077,000
retained deficit																																																																					-20,026,000
unearned compensation																																																																									-736,000	-834,000	-932,000	-1,030,000	-1,056,000	-1,245,000	-1,244,000	-1,338,000
trade accounts receivable, less allowance for doubtful accounts of 1,023 and 565, respectively																																																																						53,338,000
redeemable serial preferred stock, no par value; cumulative; convertible; designated 5 shares, respectively, issued and outstanding 4 shares, respectively																																																																						37,431,000	39,134,000	39,111,000		39,068,000	39,047,000	39,025,000		38,982,000
trade accounts receivable, less allowance for doubtful accounts of 659 and 565, respectively																																																																							58,142,000
trade accounts receivable, less allowance for doubtful accounts of 875 and 564, respectively																																																																								53,052,000
assets
trade accounts receivable, less allowance for doubtful accounts of 564 and 733, respectively																																																																									58,436,000
current assets of discontinued operations
long term assets of discontinued operations
liabilities and stockholders’ equity
current liabilities of discontinued operations
long-term liabilities of discontinued operations
redeemable serial preferred stock, no par value; cumulative; convertible; designated 5 shares, issued and outstanding 4 shares																																																																									39,090,000				39,003,000		39,320,000	39,298,000	39,276,000	39,255,000	39,233,000	39,212,000	39,190,000
trade accounts receivable, less allowance for doubtful accounts of 682 and 947, respectively																																																																										53,455,000
inventories																																																																										904,000	909,000	1,105,000	1,101,000	956,000	1,107,000	1,116,000	1,521,000			1,082,000	1,178,000
accumulated other comprehensive loss, net of tax																																																																										-1,414,000	-1,414,000	-1,414,000	-1,414,000	-6,000	-20,000	-113,000
trade accounts receivable, less allowance for doubtful accounts of 591 and 947 respectively																																																																											56,043,000
trade accounts receivable, less allowance for doubtful accounts of 893 and 947 respectively																																																																												49,968,000
trade accounts receivable, less allowance for doubtful accounts of 947 and 1,145, respectively																																																																													56,964,000
unrealized loss on derivatives																																																																														9,000	33,000	197,000
trade accounts receivable, less allowance for doubtful accounts of 971 and 1,145 respectively																																																																														50,702,000
allowance for depreciation																																																																														-121,334,000	-115,456,000	-109,948,000	-104,197,000			-91,173,000	-86,127,000
trade accounts receivable, less allowance for doubtful accounts of 912 and 1,145 respectively																																																																															53,460,000
trade accounts receivable, less allowance for doubtful accounts of 1,032 and 1,145 respectively																																																																																49,585,000
trade accounts receivable, less allowance for doubtful accounts of 1,145 and 1,339, respectively																																																																																	55,215,000
current liabilities: - sum																																																																																	923,278,000	893,927,000	875,566,000	883,615,000	888,114,000	458,389,981
trade accounts receivable, less allowance for doubtful accounts of 999 and 1,339 respectively																																																																																				43,441,000
restricted cash for redemption of long-term debt
trade accounts receivable, less allowance for doubtful accounts of 1,339 and 743, respectively																																																																																					54,770,000
licenses and network affiliation agreements																																																																																						403,794,201
consulting and noncompete agreements																																																																																						688,412
supplemental employee benefits																																																																																						449,252
redeemable serial preferred stock, no par value; cumulative; convertible; designated 5,000 shares, issued and outstanding 4,000 shares																																																																																						39,233,478

Cashflow Statements:

Quarterly

Annual

Unit: USD	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2006-03-31	2005-12-31	2005-09-30	2005-06-30	2005-03-31	2004-12-31	2004-09-30	2004-06-30	2004-03-31	2003-12-31	2003-09-30	2003-06-30	2003-03-31

cash flows from operating activities:
net income	-10,000,000	-10,000,000	-56,000,000	-9,000,000	169,000,000	96,000,000	22,000,000	88,000,000	-9,000,000	-40,000,000	4,000,000	-31,000,000	186,000,000	108,000,000	99,000,000	62,000,000	29,000,000	-17,000,000	39,000,000	39,000,000	224,000,000	122,000,000	11,000,000	53,000,000	94,000,000	59,000,000	44,000,000	-18,000,000	88,267,000	61,886,000	40,705,000	19,945,000	165,570,000	15,316,000	70,561,000	10,505,000	35,834,000	-213,000	17,662,000	8,990,000	14,987,000	6,609,000	12,110,000	5,595,000	31,253,000	13,940,000	1,591,000	1,277,000			5,144,000	870,000	-2,109,000	15,873,000	10,994,000	3,371,000	7,575,000				21,864,000								-206,025,000				1,488,000	-4,183,000			8,587,000	1,358,000	4,320,000	-2,554,000	-3,849,000	1,743,000	3,393,000	2,075,000	14,803,000	11,782,000	12,198,000	5,502,000	1,265,000	5,556,000	7,032,000	171,000
adjustments to reconcile net income to net cash from operating activities:
depreciation	34,000,000	33,000,000	32,000,000	34,000,000	36,000,000	36,000,000	36,000,000	36,000,000	39,000,000	36,000,000	35,000,000	35,000,000	33,000,000	33,000,000	31,000,000	32,000,000	28,000,000	26,000,000	25,000,000	25,000,000	27,000,000	27,000,000	21,000,000	21,000,000	20,000,000	20,000,000	20,000,000	20,000,000	13,296,000	13,350,000	13,543,000	13,694,000	13,418,000	13,085,000	12,841,000	12,629,000	11,686,000	11,494,000	11,617,000	11,126,000	9,806,000	9,354,000	8,754,000	8,798,000	8,650,000	8,228,000	6,986,000	6,384,000			5,938,000	5,800,000	5,801,000	5,725,000	5,716,000	5,891,000	6,017,000	6,530,000	6,638,000	6,998,000	7,229,000	7,495,000	7,931,000	7,975,000	8,057,000	8,024,000	8,253,000	8,261,000	8,370,000	8,598,000	8,708,000	8,885,000	9,135,000	9,956,000	9,916,000	9,551,000	9,256,000	8,769,000	8,311,000	7,737,000	7,533,000	6,855,000	5,888,000	5,814,000	5,896,000	6,088,000	5,871,000	5,801,000		5,402,000
amortization of intangible assets	24,000,000	23,000,000	28,000,000	29,000,000	31,000,000	31,000,000	32,000,000	31,000,000	47,000,000	48,000,000	50,000,000	49,000,000	51,000,000	52,000,000	52,000,000	52,000,000	36,000,000	28,000,000	27,000,000	26,000,000	27,000,000	26,000,000	26,000,000	26,000,000	29,000,000	29,000,000	28,000,000	29,000,000	4,983,000	4,998,000	5,153,000	5,436,000	6,388,000	6,460,000	6,657,000	5,567,000	4,231,000	4,235,000	4,242,000	3,888,000	3,267,000	3,213,000	2,731,000	2,771,000	3,006,000	3,823,000	1,179,000	289,000			12,000	19,000	19,000	19,000	18,000	19,000	28,000	29,000	34,000	34,000	117,000	120,000	120,000	122,000	137,000	146,000	145,000	149,000	195,000	199,000	199,000	199,000	200,000	200,000	200,000	225,000	442,000	709,000	710,000	592,000	458,000	159,000	208,000	209,000	224,000	232,000	236,000	283,000		1,588,000
amortization of deferred loan costs	4,000,000	4,000,000	4,000,000	4,000,000	4,000,000	4,000,000	4,000,000	3,000,000	3,000,000	3,000,000	3,000,000	4,000,000	4,000,000	4,000,000	4,000,000	4,000,000	3,000,000	3,000,000	3,000,000	3,000,000	3,000,000	3,000,000	3,000,000	3,000,000	3,000,000	3,000,000	3,000,000	3,000,000	1,158,000	1,157,000	1,158,000	1,157,000	1,158,000	1,157,000	1,158,000	1,151,000	1,220,000	1,397,000	1,196,000	1,071,000	798,000	799,000	798,000	799,000	812,000	764,000	702,000	692,000			412,000	411,000	464,000	753,000	753,000	753,000	753,000	753,000	719,000	718,000	718,000	699,000	553,000	81,000	79,000	69,000	62,000	119,000	119,000	118,000	119,000	119,000	119,000	118,000	161,000	569,000	532,000	569,000	573,000	595,000	445,000	386,000	431,000	447,000	390,000	505,000	468,000	468,000		464,000
accretion of original issue discount and premium related to long-term debt																													-152,000	-153,000	-152,000	-153,000
stock-based compensation
amortization of program broadcast rights	8,000,000	7,000,000	6,000,000	6,000,000	8,000,000	7,000,000	6,000,000	7,000,000	8,000,000	9,000,000	10,000,000	10,000,000	12,000,000	11,000,000	12,000,000	13,000,000	12,000,000	9,000,000	8,000,000	9,000,000	10,000,000	9,000,000	10,000,000	9,000,000	9,000,000	10,000,000	10,000,000	10,000,000	5,503,000	5,309,000	5,258,000	5,346,000	5,589,000	5,209,000	5,013,000	5,222,000	4,975,000	4,817,000	4,813,000	4,396,000	4,123,000	3,677,000	3,553,000	3,607,000	3,644,000	3,309,000	3,005,000	2,913,000			2,826,000	2,837,000	2,831,000	2,773,000	2,719,000	2,758,000	2,796,000	3,274,000	3,581,000	3,833,000	3,972,000	3,733,000	3,852,000	3,853,000	3,777,000	3,822,000	3,761,000	3,770,000	4,472,000	3,926,000	3,821,000	3,851,000	3,849,000	3,749,000	3,803,000	3,793,000	3,802,000	3,628,000	3,500,000	3,304,000	2,959,000	2,961,000	2,842,000	2,815,000	2,822,000	2,800,000	2,759,000	2,756,000		2,945,000
payments on program broadcast obligations	-7,000,000	-6,000,000	-7,000,000	-7,000,000	-7,000,000	-7,000,000	-7,000,000	-8,000,000	-8,000,000	-9,000,000	-10,000,000	-11,000,000	-12,000,000	-11,000,000	-13,000,000	-13,000,000	-11,000,000	-9,000,000	-9,000,000	-9,000,000	-10,000,000	-9,000,000	-10,000,000	-10,000,000	-10,000,000	-9,000,000	-10,000,000	-14,000,000	-5,612,000	-5,311,000	-5,392,000	-5,474,000	-5,486,000	-5,176,000	-5,274,000	-5,119,000	-4,927,000	-4,729,000	-5,153,000	-3,977,000	-4,018,000	-3,417,000	-3,553,000	-3,588,000	-3,893,000	-3,502,000	-3,869,000	-3,823,000			-2,847,000	-2,853,000	-3,453,000	-2,790,000	-2,801,000	-2,795,000	-3,463,000	-3,714,000	-4,944,000	-3,794,000	-3,883,000	-3,862,000	-3,853,000	-3,875,000	-3,804,000	-3,827,000	-3,800,000	-3,856,000	-3,819,000	-3,708,000	-2,666,000	-3,775,000	-1,284,000	-3,821,000	-3,882,000	-5,114,000	-4,380,000	-4,742,000	-1,122,000	-3,286,000	-2,880,000	-2,904,000	-2,853,000	-2,815,000
common stock contributed to 401(k) plan																				1,000,000														1,000	8,000	7,000	8,000	7,000	8,000	6,000	7,000	6,000	7,000	6,000				6,000				7,000				7,000				8,000	7,000	8,000	8,000	7,000	6,000	8,000	6,000	127,000	393,000	418,000	414,000	1,155,000	255,000	444,000	453,000	1,090,000	256,000	415,000	409,000	433,000	1,033,000	403,000	393,000	455,000	1,117,000	490,000	392,000	560,000		314,000
deferred income taxes	-19,000,000	-2,000,000	-19,000,000	-16,000,000	3,000,000	-2,000,000	-4,000,000	-6,000,000	-34,000,000	-51,000,000	-14,000,000	8,000,000	-16,000,000				-4,000,000	-39,000,000	12,000,000	9,000,000	34,000,000	28,000,000	4,000,000	9,000,000	21,000,000	22,000,000	9,000,000	3,000,000	-20,888,000	32,968,000	5,146,000	5,706,000	-141,446,000	10,389,000	46,403,000	7,329,000	23,051,000	1,020,000	11,428,000	5,887,000	9,730,000	4,103,000	8,043,000	3,894,000	20,605,000	8,598,000	886,000	849,000			3,544,000	1,641,000	-176,000	10,103,000	7,013,000	2,289,000	4,294,000	1,073,000	1,129,000	-1,411,000	14,461,000	2,740,000	167,000	-3,458,000	1,077,000	-3,286,000	-4,292,000	-4,718,000	-113,710,000	3,129,000	2,031,000	-2,440,000	796,000	-2,555,000	-5,858,000	-6,206,000	7,125,000	818,000	2,525,000	-1,492,000	2,142,000	958,000	1,807,000	810,000	8,274,000	7,413,000	6,231,000	3,554,000		3,069,000
loss on disposal of property and equipment	-2,000,000
gain on sale of investments
loss on early extinguishment of debt
impairment of investments									21,000,000
impairment of goodwill and other intangible assets									0
other	4,000,000	4,000,000	3,000,000	4,000,000	1,000,000	-3,000,000	3,000,000	-2,000,000	3,000,000	0	6,000,000	5,000,000	-6,000,000	-4,000,000	4,000,000	2,000,000	-7,000,000	-8,000,000	6,000,000	-5,000,000	6,000,000	4,000,000	5,000,000	-3,000,000	17,000,000	1,000,000	-6,000,000	-1,000,000	-665,000	-1,668,000	-361,000	-194,000	-2,155,000	-224,000	-196,000	-768,000	-2,476,000	-72,000	1,236,000	-505,000	-2,616,000	209,000	-2,463,000	2,302,000	-564,000	-311,000	-449,000	546,000			895,000	426,000	-1,394,000	-1,227,000	188,000	627,000	824,000	-103,000	128,000	966,000	980,000	-275,000	-322,000	-64,000	3,028,000	-143,000	-204,000	-107,000	712,000	-151,000	-178,000	-126,000	343,000	-36,000	-161,000	27,000	-996,000	173,000	417,000	348,000	-1,115,000	749,000	637,000	68,000	-1,025,000	186,000	952,000	-14,000	-1,628,000	-22,000
changes in operating assets and liabilities, net of acquisitions:
accounts receivable	-1,000,000	13,000,000	-19,000,000	139,000,000	20,000,000	-14,000,000	19,000,000	-20,000,000	-3,000,000	-10,000,000	4,000,000	317,000,000	-35,000,000	-1,000,000	30,000,000	-20,000,000	-36,000,000	-11,000,000	5,000,000	12,000,000	-42,000,000	-29,000,000	31,000,000	26,000,000	-7,000,000	-12,000,000	29,000,000	12,000,000	-3,082,000	-3,798,000	-8,526,000	3,044,000				-9,873,000	2,570,000	-2,525,000	-9,397,000	3,245,000				7,304,000
income tax receivable or prepaid				1,000,000			-30,000,000	4,000,000				-21,000,000				18,000,000
other current assets	3,000,000	-3,000,000	7,000,000	-13,000,000	29,000,000	-1,000,000	9,000,000	-10,000,000	4,000,000	-1,000,000	-5,000,000	9,000,000		-17,000,000	24,000,000	-6,000,000	-23,000,000	-18,000,000	20,000,000	31,000,000	-38,000,000	-4,000,000	18,000,000	-12,000,000	0	8,000,000	-26,000,000	11,000,000	-3,706,000	362,000	1,771,000	-1,328,000					14,266,000	240,000	-13,369,000	895,000	-1,864,000	6,716,000	-4,436,000	-4,121,000	5,670,000	-1,190,000	6,269,000	-5,851,000			696,000	-1,142,000	288,000	547,000	796,000	-2,003,000
accounts payable	48,000,000	-64,000,000	10,000,000	-4,000,000	58,000,000	-14,000,000	-5,000,000	13,000,000	-3,000,000	-8,000,000	-6,000,000	-15,000,000	15,000,000	-27,000,000	43,000,000	-36,000,000	-1,000,000	0	13,000,000	10,000,000	-69,000,000	-7,000,000	63,000,000	12,000,000	-3,000,000			5,000,000	2,542,000	-259,000	3,052,000	-4,772,000	3,890,000	1,146,000	-1,073,000	-1,847,000	-210,000	2,109,000	-2,710,000	1,329,000	92,000	1,154,000	-2,782,000	1,395,000	-684,000	2,519,000	-630,000	992,000			-40,000	-378,000	36,000	-203,000	647,000	-206,000
employee compensation, benefits and pension costs
accrued other expenses
accrued interest	48,000,000	8,000,000	-3,000,000	-14,000,000	-7,000,000	70,000,000	-44,000,000	30,000,000	-29,000,000	30,000,000	-25,000,000	27,000,000	-26,000,000	33,000,000	-29,000,000	30,000,000	1,000,000			12,000,000		9,000,000	-11,000,000	9,000,000	-27,000,000	26,000,000	-10,000,000	14,000,000	11,252,000	-3,626,000	3,499,000	-3,460,000	3,547,000	-3,459,000	1,841,000	-7,758,000	18,895,000	-468,000	-11,400,000	12,709,000	-12,657,000	12,657,000	-17,291,000	12,384,000	-12,835,000	16,809,000	-11,687,000	12,633,000			-4,917,000	6,090,000	-7,047,000	9,664,000	-9,825,000	9,483,000	-9,506,000	9,675,000	-9,608,000	9,547,000	-9,602,000	6,481,000	-1,712,000	-867,000	-7,208,000	6,470,000	9,751,000	-5,359,000	-2,212,000	-89,000	-2,926,000	-774,000	-139,000	1,529,000	6,386,000	-2,729,000	-6,421,000	8,177,000	-5,291,000	9,904,000	-2,505,000	5,740,000	-9,755,000	6,750,000			-8,312,000	6,325,000
income taxes payable		-1,000,000	2,000,000	1,000,000	-4,000,000	-2,000,000	-45,000,000	34,000,000	9,000,000	1,000,000	-6,000,000	3,000,000	7,000,000	-9,000,000	3,000,000	4,000,000	9,000,000	3,000,000	-25,000,000	5,000,000	18,000,000	-21,000,000	1,000,000	9,000,000	3,000,000	-10,000,000	2,000,000	-1,000,000	39,936,000	-44,773,000	9,711,000	704,000	4,073,000	183,000	1,532,000	48,000	1,426,000																																												134,000	398,000
deferred revenue	-8,000,000	1,000,000	6,000,000	-8,000,000	-22,000,000				-12,000,000	12,000,000	-3,000,000	10,000,000	-40,000,000	42,000,000	2,000,000	6,000,000	0	2,000,000	-2,000,000	-12,000,000	-22,000,000	34,000,000	0	1,000,000	-3,000,000	2,000,000	-2,000,000	6,000,000	-8,256,000	6,921,000	531,000	503,000
net cash from operating activities	112,000,000	14,000,000	31,000,000	132,000,000	368,000,000	297,000,000	18,000,000	68,000,000	83,000,000	106,000,000	47,000,000	412,000,000	233,000,000	266,000,000	189,000,000	141,000,000	17,000,000	45,000,000	91,000,000	147,000,000	164,000,000	181,000,000	176,000,000	131,000,000	130,000,000	150,000,000	81,000,000	24,000,000	137,142,000	88,722,000	83,045,000	14,407,000	65,669,000	55,202,000	59,627,000	-483,000	104,666,000	57,944,000	15,763,000	28,260,000	22,896,000	50,248,000	3,227,000	29,243,000	45,815,000	59,065,000	12,900,000	16,439,000	8,649,000	25,671,000	8,366,000	17,553,000	-966,000	45,231,000	18,111,000	26,996,000	526,000	20,385,000	2,402,000	14,860,000	13,387,000	10,778,000	6,975,000	6,986,000	13,465,000	5,061,000	1,673,000	-1,296,000	36,983,000	19,455,000	10,566,000	6,671,000	16,441,000	6,907,000	6,593,000	-1,581,000	19,416,000	19,925,000	21,626,000	18,893,000	11,231,000	17,552,000	2,888,000	18,811,000	20,267,000	42,784,000	15,764,000	23,921,000	10,633,000	24,555,000	4,140,000	22,989,000
capital expenditures	-43,000,000	-25,000,000	-25,000,000	-15,000,000	-40,000,000	-40,000,000	-29,000,000	-34,000,000	-60,000,000	-75,000,000	-103,000,000	-110,000,000	-138,000,000	-139,000,000	-112,000,000	-47,000,000	-53,000,000	-33,000,000	-108,000,000	-13,000,000	-40,000,000	-19,000,000	-24,000,000	-27,000,000	-37,000,000	-29,000,000	-26,000,000	-18,000,000	-35,081,000	-14,979,000	-13,635,000	-6,280,000	-13,090,000	-11,011,000	-6,438,000	-3,977,000	-10,366,000	-19,763,000	-7,544,000	-5,931,000	-8,972,000	-6,854,000	-5,547,000	-2,849,000	-11,763,000	-9,996,000	-6,654,000	-3,802,000	0	0	-6,028,000	-6,460,000	-6,862,000	-6,100,000	-4,722,000	-6,839,000	-2,891,000	-4,731,000	-7,454,000	-9,198,000	-8,917,000	-4,328,000	-3,262,000	-2,888,000	-4,073,000	-3,459,000	-4,776,000	-5,448,000	-4,378,000	-5,735,000	-3,237,000	-2,939,000	-2,973,000	-4,106,000	-8,187,000	-9,568,000	-12,278,000	-14,431,000	-6,928,000	-7,502,000	-10,375,000	-9,691,000	-10,436,000	-6,659,000	-10,496,000	-9,992,000	-7,577,000	-8,230,000	-6,332,000	-8,403,000	0	0
free cash flows	69,000,000	-11,000,000	6,000,000	117,000,000	328,000,000	257,000,000	-11,000,000	34,000,000	23,000,000	31,000,000	-56,000,000	302,000,000	95,000,000	127,000,000	77,000,000	94,000,000	-36,000,000	12,000,000	-17,000,000	134,000,000	124,000,000	162,000,000	152,000,000	104,000,000	93,000,000	121,000,000	55,000,000	6,000,000	102,061,000	73,743,000	69,410,000	8,127,000	52,579,000	44,191,000	53,189,000	-4,460,000	94,300,000	38,181,000	8,219,000	22,329,000	13,924,000	43,394,000	-2,320,000	26,394,000	34,052,000	49,069,000	6,246,000	12,637,000	8,649,000	25,671,000	2,338,000	11,093,000	-7,828,000	39,131,000	13,389,000	20,157,000	-2,365,000	15,654,000	-5,052,000	5,662,000	4,470,000	6,450,000	3,713,000	4,098,000	9,392,000	1,602,000	-3,103,000	-6,744,000	32,605,000	13,720,000	7,329,000	3,732,000	13,468,000	2,801,000	-1,594,000	-11,149,000	7,138,000	5,494,000	14,698,000	11,391,000	856,000	7,861,000	-7,548,000	12,152,000	9,771,000	32,792,000	8,187,000	15,691,000	4,301,000	16,152,000	4,140,000	22,989,000
cash flows from investing activities:
acquisitions of businesses and broadcast licenses, net of cash acquired									1,000,000
proceeds from sale of television stations									0								3,000,000											231,000,000
purchases of property and equipment	-43,000,000	-25,000,000	-25,000,000	-15,000,000	-40,000,000	-40,000,000	-29,000,000	-34,000,000	-60,000,000	-75,000,000	-103,000,000	-110,000,000	-138,000,000	-139,000,000	-112,000,000	-47,000,000	-53,000,000	-33,000,000	-108,000,000	-13,000,000	-40,000,000	-19,000,000	-24,000,000	-27,000,000	-37,000,000	-29,000,000	-26,000,000	-18,000,000	-35,081,000	-14,979,000	-13,635,000	-6,280,000	-13,090,000	-11,011,000	-6,438,000	-3,977,000	-10,366,000	-19,763,000	-7,544,000	-5,931,000	-8,972,000	-6,854,000	-5,547,000	-2,849,000	-11,763,000	-9,996,000	-6,654,000	-3,802,000			-6,028,000	-6,460,000	-6,862,000	-6,100,000	-4,722,000	-6,839,000	-2,891,000	-4,731,000	-7,454,000	-9,198,000	-8,917,000	-4,328,000	-3,262,000	-2,888,000	-4,073,000	-3,459,000	-4,776,000	-5,448,000	-4,378,000	-5,735,000	-3,237,000	-2,939,000	-2,973,000	-4,106,000	-8,187,000	-9,568,000	-12,278,000	-14,431,000	-6,928,000	-7,502,000	-10,375,000	-9,691,000	-10,436,000	-6,659,000	-10,496,000	-9,992,000	-7,577,000	-8,230,000	-6,332,000	-8,403,000
proceeds from asset sales	30,000,000	3,000,000	4,000,000	10,000,000	6,000,000	1,000,000	0	7,000,000	23,000,000	9,000,000	14,000,000	8,000,000	2,000,000	0			2,000,000	0			1,000,000	7,000,000	0	1,000,000		0	1,000,000	2,000,000		112,000	63,000	41,000		22,000	76,000	50,000	1,054,000	15,000	60,000	1,850,000	3,004,000	10,000	54,000	47,000	346,000	165,000	16,000	981,000			108,000	30,000	799,000	12,000	751,000	24,000	1,232,000	1,065,000	1,010,000	17,000	9,000	29,000	235,000	11,000	89,000			182,000	397,000			155,000												16,000
proceeds from sale of investments
reimbursement of development costs									7,000,000	0	0	11,000,000
investments in broadcast, production and technology companies	0			-8,000,000	-3,000,000			-3,000,000	-3,000,000			-4,000,000	0			-4,000,000	-12,000,000			-24,000,000	-10,000,000
net cash from investing activities	-29,000,000	-20,000,000	1,000,000	-15,000,000	-38,000,000	-40,000,000	-30,000,000	80,000,000	-32,000,000	-72,000,000	-92,000,000	-95,000,000	-141,000,000	-161,000,000	-148,000,000	-53,000,000	-2,870,000,000	-487,000,000	-104,000,000	-73,000,000	-82,000,000	-70,000,000	-35,000,000	-24,000,000	-10,000,000	-47,000,000	-37,000,000	-2,562,000,000	-13,904,000	-11,367,000	-14,289,000	-7,817,000	-13,465,000	76,883,000	-119,824,000	-293,393,000	-9,830,000	-21,067,000	-28,275,000	-420,162,000	-6,747,000	-191,197,000	-5,507,000	-2,931,000	-24,826,000	-141,743,000	-332,663,000	-2,660,000	-40,924,000	-5,934,000	-5,992,000	-7,677,000	-6,079,000	-6,382,000	-3,976,000	-6,869,000	-1,789,000	-3,881,000	-6,886,000	-9,313,000	-8,590,000	-4,618,000	-3,113,000	-3,185,000	-3,585,000	-4,348,000	-4,129,000	-5,469,000	-4,196,000	-5,867,000	-3,328,000	-2,949,000	-3,087,000	-4,347,000	-8,447,000	-9,781,000	-12,220,000	-13,475,000	-9,947,000	-93,663,000	-200,750,000	-14,100,000	-10,831,000	-20,244,000	-10,306,000	-11,217,000	-7,093,000	-8,936,000	-8,424,000	-9,550,000	-5,179,000	-9,843,000
cash flows from financing activities:
proceeds from borrowings on long-term debt	255,000,000	1,725,000,000	1,000,000	129,000,000	45,000,000	0	1,975,000,000	50,000,000	75,000,000	75,000,000	100,000,000	50,000,000													0	0	0	1,400,000,000					0	0	85,000,000	556,438,000	0	731,000,000	500,000,000	425,000,000					0	100,000,000											16,500,000	0			0	0							0	0	0	16,000,000	32,000,000	16,000,000							223,500,000	4,000,000			-1,000	0
repayments of borrowings on long-term debt	-129,000,000	-1,690,000,000	-22,000,000	-146,000,000	-287,000,000	-242,000,000	-1,961,000,000	-54,000,000	-104,000,000	-103,000,000	-54,000,000	-349,000,000			-54,000,000	-4,000,000									-200,000,000	-4,000,000	-3,000,000	-4,000,000	0	-37,000,000	-1,604,000	-1,604,000	-1,604,000	-1,604,000	-1,604,000	-557,829,000	0	-675,000,000	-423,937,000	-1,063,000					-69,865,000	-1,601,000	-178,049,000	-108,000							-4,205,000	-10,206,000	-8,706,000	-1,206,000	-10,205,000	-1,206,000	-19,493,000	-1,252,000	-301,253,000	-2,020,000	-2,020,000	-2,020,000	-2,510,000	-2,021,000	-30,067,000	-25,092,000	-67,149,000	-18,313,000	-32,000,000	-19,500,000			-20,126,000	-22,371,000	-8,947,000	-25,283,000	-64,031,000	-6,518,000	-21,464,000	-957,000	-19,000	-36,000	-41,000	-983,000	-16,037,000	-560,000
payments of common stock dividends	-9,000,000				-8,000,000				-8,000,000
payments of preferred stock dividends	-13,000,000				-13,000,000				-13,000,000
deferred and other loan costs	-1,000,000				0	0	-40,000,000	-7,000,000									-29,000,000	0	0	-1,000,000					0	0	0	-50,000,000					0	13,000	-380,000	-4,614,000	-45,000	-11,322,000	-7,860,000	-8,699,000	0	0	0	4,000	-162,000	-1,984,000	-7,162,000	-105,000
payments for taxes related to net share settlement of equity awards																					0	0			0	0			0	0			0	0	0	-1,767,000
net cash from financing activities	103,000,000	-11,000,000	-43,000,000	-42,000,000	-264,000,000	-263,000,000	-47,000,000	-35,000,000	-51,000,000	-49,000,000	25,000,000	-322,000,000	-175,000,000	-123,000,000	-126,000,000	-30,000,000	2,720,000,000	-21,000,000	-21,000,000	-28,000,000	224,000,000	-23,000,000	-58,000,000	-23,000,000	-234,000,000	-28,000,000	-18,000,000	1,344,000,000	744,773,000	-37,000,000	-1,604,000	-25,564,000	237,341,000	-1,591,000	79,016,000	-7,772,000	-45,000	17,176,000	68,203,000	415,238,000	0	-65,000	-150,000	167,532,000	-70,027,000	96,415,000	358,789,000	-213,000	2,433,000	179,000	40,000	47,000	-27,583,000	-21,195,000	-1,205,000	-10,206,000	-2,682,000	-10,826,000	-1,831,000	-1,206,000	-19,536,000	-1,704,000	-1,812,000	-6,137,000	-2,080,000	-2,299,000	-2,615,000	-9,027,000	-34,713,000	-3,581,000	36,000	-3,766,000	751,000	-4,705,000	3,923,000	7,930,000	-6,612,000	-9,734,000	-11,242,000	72,459,000	194,778,000	-5,599,000	-22,557,000	-12,430,000	-16,385,000	-6,338,000	-1,593,000	-2,249,000	-470,000	-19,566,000	-6,486,000	-3,767,000
net increase in cash	186,000,000	-17,000,000	-11,000,000	75,000,000	66,000,000	-6,000,000	-59,000,000	113,000,000				-5,000,000			-85,000,000	58,000,000	-133,000,000	-463,000,000	-34,000,000	46,000,000	306,000,000	88,000,000	83,000,000	84,000,000	-114,000,000	75,000,000			116,048,000	40,355,000			289,545,000	130,494,000	18,819,000	-301,648,000	94,791,000	54,053,000	55,691,000	23,336,000	16,149,000	-141,014,000	-2,430,000	193,844,000	-49,038,000	13,737,000	39,026,000	13,566,000			2,414,000	9,923,000	-34,628,000	17,654,000	12,930,000	9,921,000				4,341,000
cash at beginning of year
cash at end of year
operating activities:
adjustments to reconcile net income to net cash from
amortization of stock-based compensation
gain on sale of investment		1,000,000			0	0	0	-110,000,000
loss from early extinguishment of debt		7,000,000				-6,000,000				0	0	3,000,000																					0	0	311,000	2,540,000	0								189,000	0																			0
impairment of other intangible assets		0
changes in operating assets and liabilities:
income taxes receivable or prepaid										33,000,000
employee compensation, benefits and pension cost		13,000,000	8,000,000	-36,000,000		11,000,000	8,000,000	-33,000,000		11,000,000	7,000,000	-34,000,000		3,000,000	6,000,000	-14,000,000		6,000,000	3,000,000	10,000,000		3,000,000	12,000,000	-24,000,000		8,000,000	7,000,000	-21,000,000		1,871,000	4,536,000	-8,850,000		2,005,000	2,323,000	-10,840,000
accrued network fees and other expenses		-2,000,000	3,000,000	17,000,000	-8,000,000	50,000,000	2,000,000	5,000,000	-14,000,000	-8,000,000	-23,000,000	32,000,000	-4,000,000	3,000,000	0	7,000,000	-14,000,000	21,000,000	-15,000,000	-19,000,000	8,000,000	4,000,000	-2,000,000	-3,000,000	1,000,000	0	-11,000,000	-31,000,000	8,026,000	2,601,000	6,590,000	-9,773,000
investing activities:
proceeds from sale of investment		2,000,000	21,000,000	1,000,000	0	0	0	110,000,000
financing activities:
payments of taxes related to net share settlement of equity awards
cash at beginning of period		0	0	135,000,000		0	0	21,000,000		0	0	61,000,000		0	0	189,000,000		0												0	0	462,399,000	0	0	0	325,189,000	0	0	0	97,318,000	0	0	0	30,769,000	0	0	0	13,478,000			0	11,067,000	0	0	0	5,190,000	0	0	0	5,431,000	0	0	0	16,000,000
cash at end of period		-17,000,000	-11,000,000	210,000,000		-6,000,000	-59,000,000	134,000,000		-15,000,000	-20,000,000	56,000,000		-18,000,000	-85,000,000	247,000,000		-463,000,000	-34,000,000	819,000,000		88,000,000	83,000,000	296,000,000		75,000,000	26,000,000	225,000,000		40,355,000	67,152,000	443,425,000	289,545,000	130,494,000	18,819,000	23,541,000	94,791,000	54,053,000	55,691,000	120,654,000	16,149,000	-141,014,000	-2,430,000	224,613,000	-49,038,000	13,737,000	39,026,000	27,044,000			2,414,000	20,990,000	-34,628,000	17,654,000	12,930,000	15,111,000	-3,945,000	5,678,000	-6,315,000	9,772,000	-14,739,000	4,456,000	2,050,000	13,664,000
amortization of stock based compensation			5,000,000	7,000,000
gain on disposal of property and equipment			1,000,000	-3,000,000
investment in broadcast, production and technology companies
payment of common stock dividends			-8,000,000	-8,000,000			-8,000,000	-8,000,000			-7,000,000	-7,000,000			-8,000,000	-8,000,000				-8,000,000
payment of preferred stock dividends			-13,000,000	-13,000,000			-13,000,000	-13,000,000			-13,000,000	-13,000,000			-13,000,000	-13,000,000				-13,000,000		-13,000,000	-13,000,000	-13,000,000	-13,000,000	-13,000,000
payment of taxes related to net share settlement of equity awards
operating activities
loss on sale of investment				1,000,000
gain on early extinguishment of debt				-1,000,000
investing activities
acquisitions of television businesses and licenses, net of cash acquired				-1,000,000											-33,000,000	-7,000,000			-1,000,000	-40,000,000	-70,000,000	-20,000,000	0	-1,000,000		-34,000,000	-49,000,000	-2,740,000,000
financing activities
payment for taxes related to net share settlement of equity awards				-4,000,000				-3,000,000				-3,000,000				-5,000,000				-6,000,000				-4,000,000				-2,000,000				-4,353,000
loss on disposal of assets					5,000,000	16,000,000			1,000,000	-6,000,000	16,000,000	10,000,000																-10,000,000				-821,000				527,000																				65,000													-289,000	-338,000			-370,000	6,000	119,000	-3,000	528,000	222,000	189,000	82,000	1,372,000	-446,000	305,000	34,000	154,000	17,000	-626,000	4,000
proceeds from repack reimbursement													0	2,000,000	0	5,000,000	1,000,000	3,000,000	3,000,000	4,000,000
repurchases of common stock
amortization of restricted stock awards							6,000,000	6,000,000			7,000,000	2,000,000			6,000,000	5,000,000	3,000,000	4,000,000	3,000,000	4,000,000	4,000,000																																			14,000		34,000	34,000	34,000		58,000	58,000	58,000	1,203,000	63,000	61,000	61,000		104,000	104,000	94,000			257,000	462,000	442,000	122,000	121,000	122,000
proceeds from sale of television station																										0											0	0	0	11,200,000
net decrease in cash									0	-15,000,000																		-1,194,000,000				-18,974,000																															2,050,000	-2,336,000
repurchase of common stock														0
adjustments to reconcile net (loss) income to net cash from operating activities:
borrowings - long-term debt
repayments - long-term debt
borrowings - revolving credit facility
repayments - revolving credit facility
common stock dividends																	-8,000,000	-8,000,000
preferred stock dividends																	-13,000,000	-13,000,000
amortization stock-based compensation
loss on disposals of assets																													-11,218,000								395,000				-482,000	248,000	332,000	-18,000	238,000	6,000	48,000	331,000				-28,000
prepaid income taxes																		-19,000,000											7,034,000	18,814,000	-3,597,000	-8,460,000
acquisitions of businesses and licenses, net of cash acquired
borrowings of long-term debt
repayments of long-term debt
gain on disposal of assets															0	-5,000,000				-4,000,000				-6,000,000																-1,648,000														28,000				-1,030,000	-831,000	-13,000		-85,000	-480,000	-44,000		-1,835,000	-1,098,000	-1,522,000				-921,000
cash and restricted cash at beginning of year
cash and restricted cash at end of year
common stock contributed to 401																		0				0	1,000,000	4,000,000		0	0	4,000,000
taxes related to net share settlement of equity awards																		0
gain on disposal of assets
payments for the repurchase of common stock																						-10,000,000	-43,000,000	-6,000,000	-21,000,000				0	0	0	-19,607,000	0	0
cash and restricted cash at beginning of period																				773,000,000	0	0	0	212,000,000	0	0	0	1,419,000,000
borrowings on long-term debt
net increase in restricted cash, included in non-current assets
cash and restricted cash at end of period
gain on disposals of fixed assets
proceeds from fcc repack																						5,000,000	8,000,000	6,000,000		15,000,000	5,000,000	12,000,000			909,000	937,000
acquisition prepayments																										2,000,000	33,000,000	-47,000,000		-698,000	-1,645,000	-2,500,000
amortization of restricted stock and stock option awards																							3,000,000	4,000,000			2,000,000	3,000,000			1,214,000	2,157,000	4,000,000	1,531,000	1,434,000	1,338,000	1,272,000	1,271,000	1,272,000	1,284,000	1,008,000	1,009,000	1,009,000	993,000	980,000	980,000	981,000	2,071,000			1,328,000	136,000	554,000	170,000
gain on disposals of assets																									-27,000,000	-14,000,000								1,660,000
acquisitions of television businesses and licenses																													-375,000				-580,000	-29,000,000	-108,531,000	-277,907,000				-427,448,000
proceeds from fcc spectrum auction																																	0
proceeds from repack																													7,979,000
proceeds from other asset sales
net decrease in acquisition prepayments and other																																	166,000
proceeds from issuance of common stock																																									0	-65,000	-150,000	167,528,000							54,000	47,000									0	-67,000											764,000	251,000	228,000	28,000					0	145,000	746,000	1,557,000	3,847,000	35,000			889,000	482,000
tender and redemption premiums for 2020 notes																																					0
net increase in acquisition prepayments and other
net amortization of original issue discount and premium related to long-term debt																																		-153,000	-152,000	-153,000				-216,000				-216,000
accounts receivable trade																																		3,773,000
prepaid taxes																																		-321,000	-651,000	-339,000
prepaid and other current assets																																		878,000	1,404,000	-1,911,000
other current liabilities																																		1,742,000	5,300,000	-8,738,000		6,495,000	3,306,000	-20,220,000		9,708,000	2,473,000	-12,662,000		9,803,000	6,635,000	-3,272,000			-1,643,000	148,000		4,103,000	4,926,000	2,066,000
adjustments to reconcile net income to net cash provided by operating activities:
acquisition prepayments and other
amortization of original issue discount and premium related to long-term debt																																					-153,000	-194,000				-215,000
deferred revenue, current portion
payments of acquisition related liabilities
acquisitions of television businesses and broadcast licenses																																						-4,772,000								-131,892,000
acquisition prepayment and other
net amortization of original issue discount and premium related long-term debt
deferred revenue, network compensation
receivables																																										-5,582,000				-4,496,000	-3,422,000	618,000			-2,967,000	3,500,000		-646,000	-2,957,000	4,319,000
series d perpetual preferred stock dividends paid																																																					-9,018,000
repurchase of series d perpetual preferred stock
amortization of original issue (premium) or discount related to long-term debt
amortization of original issue discount related to long-term debt																																																			69,000	69,000
amortization of original issue (premium) and discount related to long-term debt																																																-216,000
purchase of broadcast licenses																																																			-82,000	-1,247,000
increase in cash
cash
long-term debt
borrowing availability under 2012 senior credit facility
payments on acquisition-related liabilities																																																						-87,000				-208,000				-229,000				-261,000				-229,000
deferred loan costs																																																										-77,000				-385,000	-8,569,000	-4,117,000		-279,000	-105,000	-7,006,000						-16,000	0	-3,181,000					-5,078,000	-526,000			0	-8,000			0	-55,000
(payment) accrual of long-term accrued facility fee
equipment transactions related to spectrum reallocation																																																													457,000	-107,000	34,000	-106,000	622,000
payments on acquisition related liabilities																																																												-127,000				-162,000				-177,000				-171,000	-256,000	-300,000	-260,000	-196,000	-363,000	-500,000	-748,000	-1,220,000		-298,000	-260,000	-260,000		-357,000	-447,000	-713,000
amortization of original issue discount on 10½% senior secured second lien notes due 2015
proceeds from borrowings of long-term debt
repayments of borrowings of long-term debt
repurchase of preferred stock
amortization of original issue discount on 10 1/2% senior secured second lien notes due 2015																																																							338,000	338,000
amortization of notes’ original issue discount																																																									338,000	339,000	338,000	338,000	338,000	339,000
accrued expenses
deferred revenue, including current portion
dividends paid, net of accreted preferred stock dividend
net decrease in cash and cash equivalents																																																																				-15,792,000				-44,000		-2,145,000	2,069,000	-3,432,000		-3,284,000
amortization of stock option awards																																																														-1,000	4,000	97,000		283,000	284,000	292,000		295,000	292,000	199,000			53,000	58,000	69,000	68,000	72,000	76,000
payment of long-term facility fee, net of accrual
receivables and other current assets																																																										132,000	2,657,000	4,925,000		-2,531,000	-716,000	3,084,000		2,498,000	-1,081,000	5,082,000		5,323,000	-2,896,000	7,107,000		639,000	-7,777,000	6,694,000
accounts payable and other current liabilities																																																										1,409,000	-24,000	-4,240,000		6,360,000	-1,956,000	-1,322,000		-588,000	-3,576,000	-3,730,000		-997,000	-280,000	-3,863,000		949,000	1,600,000	-6,534,000		-3,703,000	11,629,000	-4,713,000		-2,310,000	2,478,000	-4,502,000		12,508,000	705,000	-2,850,000
dividends paid, net of accreted preferred dividend																																																														0							-4,476,000	-1,453,000	-1,451,000	-1,445,000	0	-1,440,000	-1,870,000	-4,399,000	-2,236,000	0	-2,262,000	-2,258,000	-2,254,000	-2,257,000	-2,257,000	-8,124,000
redemption of preferred stock																																																														0											6,490,000	0
net loss																																																											2,559,000	-3,083,000			534,000	-4,743,000			-6,648,000	-8,920,000			3,215,000	-3,850,000				-10,514,000
adjustments to reconcile net loss to net cash from operating activities:
accrual of long-term facility fee																																																															1,894,000	5,938,000
impairment of goodwill and broadcast licenses
deferred revenue other, including current portion
proceeds from issuance of preferred stock
purchase of common stock																																																																									0	-1,000	1,000	-5,518,000	0	-5,613,000					0	-5,235,000
net increase in cash and cash equivalents																																																																	7,800,000	-1,586,000			-1,926,000	10,007,000
write-off loan acquisition costs from early extinguishment of debt																																																														0	0	349,000			0	8,352,000
pension expense net of contributions																																																														-1,009,000	668,000	-205,000		-1,123,000	49,000	703,000		-2,016,000	693,000	811,000			-141,000	535,000
adjustments to reconcile net loss to net cash
from operating activities
accrual of long-term accrued facility fee
payment for sports marketing agreement
changes in operating assets and liabilities, net of business acquisitions:
acquisition of television businesses and licenses, net of cash acquired																																																																									0	0	0	-92,000			-363,000	-84,880,000	-188,568,000	-5,737,000	-95,000	-13,850,000
redemption and purchase of preferred stock from related party
cash and cash equivalents at beginning of period																																																																	0	0	0	30,649,000	0	0	0	15,338,000	0	0	0	4,741,000	0	0	0	9,315,000		0	0	50,566,000		0	0	11,947,000		0	0	12,915,000
cash and cash equivalents at end of period																																																																	7,800,000	-1,586,000	-5,071,000	14,857,000	-1,926,000	10,007,000	7,274,000	15,294,000	14,105,000	-2,145,000	2,069,000	1,309,000	584,000	-3,284,000	437,000	7,004,000		-2,147,000	-30,500,000	36,703,000		25,229,000	7,078,000	24,683,000		-4,561,000	-7,525,000	22,294,000
issuance of preferred stock																																																																						22,969,000
proceeds from assets sales																																																																											34,000	112,000			18,000	11,000
adjustments to reconcile net loss to net cash from operating activities
acquisition of television businesses and licenses
amortization of share-based awards
write off loan acquisition costs from early extinguishment of debt																																																																									0	0	16,361,000	6,492,000	37,000	56,000			954,000	0
amortization of bond discount																																																																										0	6,000	33,000		33,000	33,000	33,000		33,000	34,000	36,000		36,000	36,000	36,000		36,000
acquisition of television business
subordinated note redemption costs																																																																										1,000
fcc license impairment expense
income tax benefit relating to stock plans																																																																																	-6,000	21,000	75,000	329,000
distribution from spinoff of publishing and wireless businesses
amortization of share based compensation
payment for related party prepaid asset																																																																										0
purchase of preferred stock from related party																																																																													0								0
supplemental employee benefits																																																																											-11,000	-10,000		-10,000	-10,000	-9,000		-12,000	-13,000	-12,000		-11,000	-11,000	-11,000		-11,000
proceeds from borrowings on long term debt																																																																												21,000,000		20,000,000	0	100,000,000
trade accounts receivable
trade accounts payable
purchase of common stock from related party																																																																																									-29,000
receivables, inventories and other current assets																																																																														3,263,000	-4,758,000	7,721,000		2,741,000	-5,927,000	6,529,000		3,552,000	-3,560,000	4,096,000
acquisition of television businesses and licenses, net of cash acquire
increase in cash and cash equivalents																																																																																-2,311,000	5,259,000	-2,147,000	-30,500,000	-13,863,000	-6,424,000	25,229,000	7,078,000	12,736,000	1,739,000	-4,561,000	-7,525,000	9,379,000
amortization of restricted stock award																																																																																	97,000	98,000	98,000	98,000	189,000			94,000
recoverable income taxes
inventories
payments on purchase liabilities
purchase of warrants from related party
cash and cash equivalents at beginning of year
cash and cash equivalents at end of year
purchase of common stock from unrelated parties
depreciation in value of derivatives
intangible adjustment
deferred revenue, including non-current portion
restricted cash for redemption of long-term debt
proceeds from issuance of serial redeemable preferred stock
payments for program broadcast rights																																																																																						-2,765,000	-2,702,000	-2,697,000		-2,817,000
dividends paid																																																																																						-2,295,000	-2,303,000	-2,300,000	-1,795,000	-1,795,000
purchase of common stock from unrelated party
purchase of common stock warrants from related party																																																																																										0
amortization of directors’ restricted stock award																																																																																										22,000
acquisition of television businesses																																																																																									-22,000	-105,000
purchase of common stock warrants
proceeds from sale of assets																																																																																								21,000
proceeds from (expenses for) issuance of common stock																																																																																								1,034,000
acquisition of investment in television business
cumulative effect of accounting change
appreciation in value of derivatives
loss on asset sales																																																																																										43,000
deferred acquisition cost																																																																																										-1,020,000
write-off of loan acquisition costs related to debt extinguished
(appreciation) depreciation in value of derivatives
deferred acquisition costs
proceeds from sale of treasury stock
payments on long-term debt

Gray Television, Inc(NYSE:GTN)

Gray Television, Inc
(NYSE:GTN)