SUBSEQUENT EVENTS (Block)

6 Months Ended

Jun. 30, 2018

Subsequent Events Abstract

Schedule Of Subsequent Events Text Block

14. SUBSEQUENT EVENTS

Events occurring after June 30, 2018, 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 August 2, 2018, the Company entered into an asset purchase agreement with Bonneville to dispose of four radio stations in Sacramento, California and four radio stations in San Francisco, California, which had previously been classified as assets held for sale, for $141.0 million in cash. The completion of this transaction, which is expected to close in the second half of 2018, is subject to customary regulatory approvals and is expected to result in no gain or loss to the Company.

On July 18, 2018, the Company entered into a transaction with Beasley to sell WXTU-FM, serving the Philadelphia, Pennsylvania, radio market for $38.0 million in cash. The Company also simultaneously entered into a TBA with Beasley where Beasley commenced operations of WXTU-FM on July 23, 2018. During the period of the TBA, the Company will exclude net revenues and station operating expenses associated with operating WKTU-FM in the Company’s consolidated financial statements. The completion of this transaction, which is expected to close in the fourth quarter of 2018, is subject to customary regulatory approvals and is expected to result in a gain of approximately $3.5 million.

On July 18, 2018, the Company entered into an agreement with Jerry Lee Radio, LLC (“Jerry Lee”) to acquire WBEB-FM for $57.5 million in cash, less certain working capital credits. The Company expects to enter into a TBA with Jerry Lee during the third quarter of 2018. During the period of the TBA, the Company will include net revenues and station operating expenses associated with operating WBEB-FM in the Company’s consolidated financial statements. The Company expects to fund this transaction with proceeds from the sale of WXTU-FM, cash on hand and cash available under the Revolver. This transaction is expected to close in the fourth quarter of 2018, subject to customary regulatory approvals. Upon the sale of WXTU-FM and the acquisition of WBEB-FM, the Company will continue to operate six radio stations in the Philadelphia radio market.