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ACQUISITIONS, DIVERSTITURES AND PRO FORMA SUMMARY (Block)
6 Months Ended
Jun. 30, 2013
Business Combinations [Abstract]  
Mergers Acquisitions And Dispositions Disclosures Text Block

12.       ACQUISITIONS AND OTHER

Acquisition-Related Lease Abandonment Costs              

 

       During the second quarter of 2013, the Company entered into a sublease for previously abandoned studio space. As a result, the Company eliminated a lease abandonment liability of $0.7 million and recorded a reduction to station operating expenses of $0.6 million, net of broker's commission.

       

As background, in connection with the Company's acquisition on February 28, 2011 of KUFX-FM, San Jose, California, the Company assumed a lease for surplus studio space. The Company recorded a lease abandonment expense of $0.8 million during the first quarter of 2011. Lease abandonment costs include required future lease payments offset by estimated sublease income. Due to soft rental conditions at the time of the acquisition, including a higher than normal vacancy rate that was expected to continue throughout the remaining term of the lease, the Company did not include an estimate for any sublease income. The lease abandonment liability was discounted using a credit risk adjusted basis utilizing the estimated rental cash flows over the remaining term of the agreement. The lease expires during the third quarter of 2018.