DISPOSITION OF ASSETS AND DISCONTINUED OPERATIONS

12 Months Ended

Dec. 31, 2011

DISPOSITION OF ASSETS AND DISCONTINUED OPERATIONS

3.  DISPOSITION OF ASSETS AND DISCONTINUED OPERATIONS:

In December 2009, the Company ceased publication of Giant Magazine. The remaining assets and liabilities of this publication have been classified as discontinued operations as of December 31, 2011 and 2010, and the publication’s results of operations for the years ended December 31, 2011, 2010 and 2009, have been classified as discontinued operations in the accompanying consolidated financial statements.

Between December 2006 and May 2008, the Company sold the assets of 20 radio stations in seven markets for approximately $287.9 million in cash. The remaining assets and liabilities of these stations have been classified as discontinued operations as of December 31, 2011 and 2010, and the stations’ results of operations for the years ended December 31, 2011, 2010 and 2009, have been classified as discontinued operations in the accompanying consolidated financial statements.

Boston Station: As of June 2011, our remaining Boston radio station was made the subject of an LMA.

The following table summarizes the operating results for Giant Magazine and all of the stations sold or stations that we do not operate that are the subject of an LMA and classified as discontinued operations for all periods presented:

	For the Years Ended December 31,
	2011			2010			2009
	(In thousands)
Net revenue	$	62		$	180		$	1,982
Operating expenses		239			475			3,229
Depreciation and amortization		73			56			134
Interest income		(210	)		—			—
Loss on investment		—			—			448
Gain (loss) on sale of assets		20			(12	)		(156	)
Loss before income taxes		(20	)		(363	)		(1,985	)
Provision for income taxes		—			—			—
Loss from discontinued operations, net of tax	$	(20	)	$	(363	)	$	(1,985	)

The assets and liabilities of Giant Magazine and the stations sold or stations that we do not operate that are the subject of an LMA are classified as discontinued operations in the accompanying consolidated balance sheets and consisted of the following:

	As of December 31,
	2011		2010
	(In thousands)
Currents assets:
Accounts receivable, net of allowance for doubtful accounts	$	89	$	159
Total current assets		89		159
Property and equipment, net		274		422
Intangible assets, net		1,202		1,202
Total assets	$	1,565	$	1,783
Current liabilities:
Other current liabilities	$	260	$	34
Total current liabilities		260		34
Long-term liabilities		29		37
Total liabilities	$	289	$	71