ASSETS HELD FOR SALE (Block)

9 Months Ended

Sep. 30, 2016

Discontinued Operations And Disposal Groups Abstract

Disposal Groups Including Discontinued Operations Disclosure Text Block

10. ASSETS HELD FOR SALE

Long-lived assets to be sold are classified as held for sale in the period in which they meet all the criteria for the disposal of long-lived assets. The Company measures assets held for sale at the lower of their carrying amount or fair value less cost to sell. Additionally, the Company determined that these assets comprise operations and cash flows that can be clearly distinguished, operationally and for financial reporting purposes, from the rest of the Company.

As of September 30, 2016, the Company entered into an agreement to sell an AM radio station in one of its markets for $0.9million and classified these assets and liabilities as assets held for sale. The Company expects that the sale of this radio station will not alter the Company’s competitive position in the market. This transaction, which is expected to be completed in the fourth quarter of 2016, is expected to result in a gain of $0.2million.

During 2016, the Company disposed of the following assets that were previously reflected as held for sale as of December 31, 2015: (1) an AM radio station in Denver, Colorado, that resulted in a gain on disposal of assets of $0.3million; (2) land, building and a tower at a tower/antenna site to be sold to a government agency that did not result in a gain or loss; and (3) land and a building that the Company formerly used as its main studio facility in one of its markets and a co-located tower/antenna structure for two of its AM radio stations that the Company plans to relocate to other suitable sites, that resulted in a gain on disposal of assets of $0.7million.

Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The Company determined that the carrying value of these assets was less than the fair value by utilizing offers from third parties for a bundle of assets. This is considered a Level 3 measurement.

The major categories of these assets are as follows:

	As Of		As Of
	September 30,		December 31,
Assets Held For Sale	2016		2015
	(amounts in thousands)
Prepaid expense	$	94	$	-
Land and land improvements		74		3,972
Building		-		1,036
Leasehold improvements		228		-
Equipment		410		497
Total property and equipment		806		5,505
Depreciation and amortization		201		796
Net property and equipment		605		4,709
Radio broadcasting licenses		36		1,397
Goodwill		2		-
Total intangibles		38		1,397
Assets held for sale		643		6,106
Less asset retirement obligations		(13)		-
Net assets held for sale	$	630	$	6,106