Acquisitions and Dispositions (Tables)

6 Months Ended

Jun. 30, 2014

Schedule of Purchase Price Allocation of Assets Sold

For the three and six months ended June 30, 2013, income from discontinued operations was as follows (dollars in thousands):



	Three Months Ended June 30,		Six Months Ended June 30,
	2013
Discontinued operations:
Net revenue	$	19,369	$	34,402
Income from discontinued operations before taxes	8,404		13,338
Income tax benefit	3,583		16,324
Income from discontinued operations	11,987		29,662

Green Bay Purchase

Business Acquisition [Line Items]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The table below summarizes the purchase price allocation in the Green Bay Purchase (dollars in thousands):



Allocation	Amount
Property and equipment	$	1,111
Broadcast licenses	4,354
Goodwill	2,637
Fair value of exercised put option	9,534
Total purchase price	$	17,636

WestwoodOne Acquisition

Business Acquisition [Line Items]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The table below summarizes the purchase price allocation in the WestwoodOne Acquisition (dollars in thousands):



Allocation	Amount
Current assets	$	91,171
Property and equipment	23,714
Other intangibles	150,900
Goodwill	104,912
Other assets	4,946
Current liabilities	(69,144		)
Other liabilities	(46,499		)
Total purchase price	$	260,000

Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination

The definite-lived intangible assets acquired in the WestwoodOne Acquisition are being amortized in relation to the expected economic benefits of such assets over their estimated useful lives and consist of the following (dollars in thousands):



Description	Estimated Useful Life in Years	Fair Value
Affiliate relationships	9	$	150,900

Townsquare Transaction

Business Acquisition [Line Items]

Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination

The definite-lived intangible assets acquired in the Townsquare Transaction are being amortized in relation to the expected economic benefits of such assets over their estimated useful lives and consist of the following (dollars in thousands):



Description	Estimated Useful Life in Years	Fair Value
Advertising relationships	5	$	552

Schedule of Purchase Price Allocation of Assets Sold

The table below summarizes the purchase price allocation in the Townsquare Transaction (dollars in thousands):



Allocation	Amount
Current assets	$	1,860
Property and equipment	6,345
Broadcast licenses	13,500
Goodwill	10,080
Other assets	246
Other intangibles	552
Current liabilities	(400		)
Total purchase price	32,183
Less: Carrying value of stations transferred	(159,053		)
Add: Cash received	235,028
Gain on asset exchange	$	108,158

WFME Asset Exchange

Business Acquisition [Line Items]

Summary of Preliminary Purchase Price Allocation

The table below summarizes the purchase price allocation in the WFME Asset Exchange (dollars in thousands):



Allocation	Amount
Other assets	$	1,460
Goodwill	11,461
Broadcast licenses	27,100
Plant, property, and equipment, net	62
Total purchase price	40,083
Less: Cash consideration	(40,000		)
Less: Carrying value of station transferred	(52		)
Less: Contingent consideration	(31		)
Gain on asset exchange	$	—

Pamal Broadcasting Asset Purchase

Business Acquisition [Line Items]

Summary of Preliminary Purchase Price Allocation

The table below summarizes the purchase price allocation in the Pamal Broadcasting Asset Purchase (dollars in thousands):



Allocation	Amount
Plant, property, and equipment, net	$	783
Broadcast licenses	5,700
Total purchase price	$	6,483

Townsquare Asset Exchange

Business Acquisition [Line Items]

Pro forma Financial Information

The following unaudited pro forma financial information assumes the WestwoodOne Acquisition and the Townsquare Transaction occurred as of January 1, 2013. This unaudited pro forma financial information has been prepared based on estimates and assumptions, which management believes are reasonable, and is not necessarily indicative of the consolidated financial position or results of operations that Cumulus would have achieved had either the WestwoodOne Acquisition or the Townsquare Transaction actually occurred on January 1, 2013 or on any other historical date, nor is it reflective of the Company’s expected actual financial position or results of operations for any future period (dollars in thousands):



	Unaudited Supplemental As Reported / Pro Forma Data				Unaudited Supplemental Pro Forma Data
	Three Months Ended June 30,		Six Months Ended June 30,		Three Months Ended June 30,		Six Months Ended June 30,
Description	2014				2013
Net revenue	$	328,247	$	620,291	$	321,948	$	603,483
Net income (loss)	15,137		5,868		3,161		(24,341		)

- Definition

Tabular disclosure of disposal groups, which may include the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the classification and carrying value of the assets and liabilities comprising the disposal group, and the segment in which the disposal group was reported. Also may include the amount of adjustments to amounts previously reported in discontinued operations such as resolution of contingencies arising from the disposal transaction or the operations of the component prior to disposal.

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