SUBSEQUENT EVENTS (Block)

3 Months Ended

Mar. 31, 2012

Subsequent Events Abstract

Schedule Of Subsequent Events Text Block

12.        SUBSEQUENT EVENTS

Events occurring after March 31, 2012 were evaluated to ensure that any subsequent events that met the criteria for recognition have been included.

Pending Acquisition in San Francisco, California

On April 2, 2012, the Company entered into an asset purchase agreement to acquire the assets of KBLX-FM, a radio station serving the San Francisco, California, radio market, for a purchase price of $25.0 million in cash, of which $5.0 million was paid as a deposit from cash available from operating cash flow. Concurrently with entering into the asset purchase agreement, the Company also entered into a time brokerage agreement (“TBA”). Operations under the TBA commenced on May 1, 2012.The Company expects to complete the acquisition of this station during the second half of 2012, subject to approval by the FCC.

       Together with this acquisition, the Company will own four radio stations serving the San Francisco radio market and one station serving the San Jose radio market. Management believes it acquired KBLX at an attractive valuation relative to the operating cash flow the station is expected to generate.  The acquisition also expands the Company's audience reach in the market, enhances its importance to its advertising and marketing customers, and enables certain synergies by capitalizing on the Company's existing local management, facilities and infrastructure.