BUSINESS COMBINATIONS AND EXCHANGES (Tables)

12 Months Ended

Dec. 31, 2022

Business Combination and Asset Acquisition [Abstract]

Allocation of Purchase Price of Assets Acquired

The following table reflects the final allocation of the purchase price to the assets acquired.

	Final Value
	(amounts in thousands)
Assets
Net property and equipment	$	535
Total tangible property	535
Radio broadcasting licenses	2,002
Total intangible assets	$	2,002
Total assets	$	2,537

The following table reflects the final allocation of the purchase price to the assets acquired..

	Final Value
	(amounts in thousands)
Assets
Operating lease right-of-use assets	$	142
Net property and equipment	38
Other assets, net of accumulated amortization	39,532
Goodwill	386
Total intangible and other assets	39,918
Operating lease liabilities	(142)
Deferred tax asset	134
Net assets acquired	$	40,090

The following table reflects the final allocation of the purchase price to the assets acquired.

	Final Value
	(amounts in thousands)
Assets
Net property and equipment	$	2,254
Total tangible property	2,254
Radio broadcasting licenses	23,233
Total intangible assets	$	23,233
Total assets	$	25,487

.

	Final Value
	(amounts in thousands)
Assets
Cash	$	702
Prepaid expenses, deposits and other	18
Other assets, net of accumulated amortization	2,545
Goodwill	19,637
Deferred tax asset	72
Net working capital	63
Preliminary fair value of net assets acquired	$	23,037

The following table reflects the final allocation of the purchase price to the assets acquired and liabilities assumed.

	Final Value
	(amounts in thousands)
Assets
Net property and equipment	$	8
Other assets, net of accumulated amortization	14,608
Goodwill	18,127
Total intangible and other assets	32,735
Deferred tax liabilities	(1,152)
Net working capital	12
Preliminary fair value of net assets acquired	$	31,603

Pro Forma Information

This unaudited pro forma information has been prepared based on estimates and assumptions, which management believes are reasonable. These unaudited pro forma results have been prepared for comparative purposes only and do not purport to be indicative of what would have occurred had the acquisitions been made as of that date or results which may occur in the future.

	Years Ended December 31
	2022		2021		2020
	(amounts in thousands, except per share data)
	Actual		Pro Forma		Pro Forma
Net revenues	$	1,253,664	$	1,223,008	$	1,069,040
Net income (loss)	$	(140,671)	$	(8,670)	$	(254,443)
Net income (loss) per common share - basic	$	(1.01)	$	(0.06)	$	(1.89)
Net income (loss) per common share - diluted	$	(1.01)	$	(0.06)	$	(1.89)
Weighted shares outstanding basic	138,654		135,981		134,571
Weighted shares outstanding diluted	138,654		135,981		134,571