DISCONTINUED OPERATIONS

9 Months Ended

Sep. 30, 2012

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

4.  DISCONTINUED OPERATIONS:

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 stations sold or stations that we do not operate that are the subject of an LMA, have been classified as discontinued operations as of September 30, 2012 and December 31, 2011. Thus, stations sold or stations that we do not operate that are the subject of an LMA results from operations for the three months and nine months ended September 30, 2012 and 2011, have been classified as discontinued operations in the accompanying consolidated financial statements.

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

	Three Months Ended September 30,					Nine Months Ended September 30,
	2012		2011			2012		2011
	(Unaudited)
	(In thousands)
Net revenue	$	—	$	—		$	—	$	59
Station operating expenses		61		(30	)		184		96
Depreciation and amortization		14		19			50		54
Interest income		90		—			270		—
Gain on sale of assets		—		—			—		20
Income (loss) before income taxes		15		11			36		(71	)
Income (loss) from discontinued operations, net of tax	$	15	$	11		$	36	$	(71	)

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

	As of
	September 30,		December 31,
	2012		2011
	(Unaudited)
	(In thousands)
Currents assets:
Accounts receivable, net of allowance for doubtful accounts	$	85	$	90
Total current assets		85		90
Intangible assets, net		1,202		1,202
Property and equipment, net		224		274
Total assets	$	1,511	$	1,566
Current liabilities:
Other current liabilities	$	186	$	260
Total current liabilities		186		260
Long-term liabilities		21		29
Total liabilities	$	207	$	289