SUBSEQUENT EVENTS (Block)

12 Months Ended

Dec. 31, 2017

Subsequent Events Abstract

Schedule Of Subsequent Events Text Block

22. SUBSEQUENT EVENTS

Events occurring after December 31, 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:

In February 2018, the Company entered into an Asset Purchase Agreement to purchase two radio stations in St. Louis, Missouri from Emmis Communications for $15.0 million in cash. With this acquisition, the Company will increase its presence in St. Louis, Missouri, to six radio stations. On March 1, 2018, the Company commenced operations under a TBA. Closing is expected during the second half of 2018.

The Company has a relationship with United States Traffic Network (“USTN”), a vendor that provides short duration advertising network services (e.g., sponsored traffic reports). USTN’s former corporate parent, Global Traffic Network (“GTN”), had publicly disclosed that USTN is in financial distress and that GTN may cease operations in the United States. In February 2018, the Company sent a protective notice to cancel its CBS Radio USTN contract effective in late March 2018. On March 14, 2018, GTN announced that it sold 100% of its ownership interest in USTN to an entity controlled by the president of USTN.The Company is evaluating its options with respect to its relationship with USTN and the services they provide.