XML 21 R37.htm IDEA: XBRL DOCUMENT v3.2.0.727
Components of Change in Fair Value (Detail) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Less: Impairment charge $ (1,056) $ 0 $ (1,056) $ 0
Fair Value, Measurements, Recurring        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Fair value balance at January 1, 2015     17,339  
Fair value balance at June 30, 2015 18,308   18,308  
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Fair value balance at January 1, 2015     (181)  
Fair value balance at June 30, 2015 (181)   (181)  
Fair Value, Measurements, Recurring | Contingent Consideration        
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Fair value balance at January 1, 2015 [1]     (181)  
Mark to market adjustment     0  
Fair value balance at June 30, 2015 [1] (181)   (181)  
Equity interest in Pulser Media | Fair Value, Measurements, Recurring        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Fair value balance at January 1, 2015 [2]     17,339  
Add: Additions to equity interest in Pulser     2,025  
Less: Impairment charge     (1,056)  
Fair value balance at June 30, 2015 [2] $ 18,308   $ 18,308  
[1] Contingent consideration represents the fair value of the additional cash consideration potentially payable as part of the Wise Brothers Acquisition and the Company's 2013 asset exchange with Family Stations, Inc. (the "WFME Asset Exchange"). The fair value of the contingent consideration was determined using inputs that are supported by little or no market activity (a Level 3 measurement).
[2] On September 13, 2013, the Company and Pulser Media Inc. (the parent company of Rdio) ("Pulser"), entered into a five year strategic promotional partnership and sales arrangement (the "Rdio Agreement"). In exchange for $75 million of promotional commitments over five years, Cumulus will receive a 15% equity interest in Pulser, with the opportunity to earn additional equity, see Note 11, "Commitments and Contingencies". The fair value of the equity interest in Pulser was determined using a discounted cash flow model to arrive at an enterprise value and per share price for the investment which are inputs that are supported by little or no market activity (a Level 3 measurement). Due to the volatility in market conditions that have an impact on Pulser's operations, during the six months ended June 30, 2015, the Company recognized an impairment charge of $1.1 million related to the decline in the fair value of the equity interest in Pulser.