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DISCONTINUED OPERATIONS
 6 Months Ended
Jun. 30, 2011
DISCONTINUED OPERATIONS
3.  DISCONTINUED OPERATIONS:

In December 2009, the Company ceased publication of Giant Magazine and as of June 2011, our remaining Boston radio station was made the subject of an LMA whereby we have made available, for a fee, air time on this station to another party. The remaining assets and liabilities of Giant Magazine as well as stations sold or made subject to an LMA have been classified as discontinued operations as of June 30, 2011 and December 31, 2010, and Giant Magazine and stations sold or made subject to an LMA results from operations for the three months and six months ended June 30, 2011 and 2010, have been classified as discontinued operations in the accompanying consolidated financial statements.
 
The following table summarizes the operating results for Giant Magazine and all of the stations sold or made subject to a LMA and classified as discontinued operations for all periods presented:

  
  
Three Months Ended
June 30,
    
Six Months Ended
June 30,
  
   
2011
    
2010
    
2011
    
2010
  
   
(Unaudited)
  
   
(In thousands)
  
                                 
Net revenue
  
$
22
    
$
48
    
$
59
    
$
83
  
Station operating expenses
    
48
      
212
      
125
      
213
  
Depreciation and amortization
    
19
      
13
      
35
      
27
  
Loss (gain) on sale of assets
    
—
      
—
      
(20
)
    
2
  
Loss before income taxes
    
(45
)
    
(177
)
    
(81
)
    
(159
)
Loss from discontinued operations, net of tax
  
$
(45
)
  
$
(177
)
  
$
(81
)
  
$
(159
)

 
The assets and liabilities of these stations classified as discontinued operations in the accompanying consolidated balance sheets consisted of the following: 

 
  
  
As of
  
   
June 30,
    
December 31,
  
  
  
2011
    
2010
  
  
  
(Unaudited)
    
(As Adjusted –
See Note 1)
  
  
  
(In thousands)
  
Currents assets:
            
Accounts receivable, net of allowance for doubtful accounts
   $ 129     $ 159  
Total current assets
     129       159  
Intangible assets, net
     1,202       1,202  
Property and equipment, net
     311       422  
Total assets
   $ 1,642     $ 1,783  
Current liabilities:
                
Other current liabilities
   $ 80     $ 34  
Total current liabilities
     80       34  
Long-term liabilities
     33       37  
Total liabilities
   $ 113     $ 71