SUBSEQUENT EVENTS (Block)

6 Months Ended

Jun. 30, 2017

Subsequent Events Abstract

Schedule Of Subsequent Events Text Block

13. SUBSEQUENT EVENTS

Events occurring after June 30, 2017, and through the date that these consolidated financial statements were issued were evaluated to ensure that any subsequent events that met the criteria for recognition have been included and are as follows:

On July, 10 2017, the Company filed an amendment to a Registration Statement with the SEC on Form S-4/A relating to the Merger. The amendment provides that, among other things, immediately following the consummation of the transactions contemplated by the Merger, the Company’s board of directors will be comprised of ten members, including all six directors from the Company’s current board of directors and four new directors. Two of the new directors are affiliated with CBS, while the other two are unaffiliated with both the Company and CBS.

On July 12, 2017, the Company filed a proxy statement relating to a special meeting of the shareholders in connection with the Merger.

On July 26, 2017, the Company purchased a minority ownership interest in DGital Media Inc. (“DGital”), a leading creator of premium, personality-based podcasts and other on-demand audio content, for $9.7 million. Under the terms of the purchase agreement, the Company also obtained an option to acquire the remaining ownership interest in DGital in 2021. The Company and DGital entered into a multi-year services agreement under which DGital will dedicate significant resources to create world-class, original on-demand audio content leveraging the Company’s deep roster of local talent and relationships in the world of sports, news, politics, music, comedy, and technology. DGital will also serve as the Company’s exclusive third party advertisement sales representative for all of its podcasts and other on-demand audio.

On July 28, 2017, the Company declared a special one-time dividend of $0.20 per share payable on August 30, 2017 to shareholders of record on August 15, 2017. This dividend is permitted under the terms of the CBS Radio Merger Agreement. This special one-time dividend will accompany the Company’s regular quarterly dividend of $0.075 per share which will be paid on September 15, 2017 to shareholders of record on August 15, 2017.