ASSETS HELD FOR SALE (Block)

9 Months Ended

Sep. 30, 2017

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, 2017, the Company entered into an agreement to sell a parcel of land along with the land improvements, broadcasting tower and building located on the property, in one of its markets for $3.3 million and classified these assets as assets held for sale. This transaction, which is expected to be completed in the fourth quarter of 2017, is expected to result in a gain of $0.3 million, net of commissions of $0.2 million.

As of September 30, 2017, the Company entered into an agreement to divest three radio stations to EMF in order to facilitate the Merger. The Company is disposing of equipment, radio broadcasting licenses, goodwill, and other assets across three of its markets for $57.8 million and classified these assets as assets held for sale. This transaction, which is expected to close on the date following the closing of the Company’s Merger with CBS Radio, is expected to result in a gain of $2.6 million.

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:

	Assets Held
	For Sale
	September 30,
	2017
	(amounts in thousands)
Land and land improvements	$	2,820
Building		8
Equipment		1,206
Gross property and equipment		4,034
Accumulated Depreciation		(822)
Net property and equipment		3,212
Radio broadcasting licenses		54,551
Accumulated Amortization		(33)
Net radio broadcasting licenses		54,518
Other intangibles		3
Goodwill		266
Total intangibles		54,787
Assets held for sale		57,999
Net assets held for sale	$	57,999