SUBSEQUENT EVENTS

12 Months Ended

Dec. 31, 2016

Subsequent Events [Abstract]

Subsequent Events [Text Block]

16.  SUBSEQUENT EVENTS:

Since January 1, 2017, and through the date of this filing, the Company executed a Stock Vest Tax Repurchase of 317,103 shares of Class D common stock in the amount of $919,000 at an average price of $2.90 per share.

Effective January 1, 2017, the Company will be changing its reportable segment disclosures. Along with the results of Interactive One, all digital components from each existing reportable segment will now be part of a newly formed reportable segment called “Digital”. This new reportable segment will better reflect the manner in which we manage our business and better reflect our operational structure. In February 2017, a new wholly-owned subsidiary, Urban One Productions, LLC was formed in connection with this new Digital segment. In addition, the Company will be combining the radio broadcasting operations and Reach Media operations into one reportable segment. Prior period amounts will be adjusted retroactively to reflect the change to our reportable segments beginning in the first quarter of 2017.

On January 30, 2017, the Company entered into an asset purchase agreement to sell certain land, towers and equipment to a third party for $25 million, which the Company expects to close within 45 days from the date of execution. The closing of the transaction is subject to certain customary conditions. The identified assets have been classified as held for sale in the consolidated balance sheet at December 31, 2016. The Company will lease the assets back from the buyer.