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BUSINESS COMBINATIONS (Tables)
9 Months Ended
Sep. 30, 2019
Business Combinations [Abstract]  
Restructuring charges table

 

Nine Months Ended

 

September 30,

 

2019

 

2018

 

(amounts in thousands)

 

 

 

 

 

 

Costs to exit duplicative contracts

$

-

 

$

32

Workforce reduction

 

5,283

 

 

2,338

Other restructuring costs

 

670

 

 

649

Total restructuring charges

$

5,953

 

$

3,019

 

Three Months Ended

 

September 30,

 

2019

 

2018

 

(amounts in thousands)

 

 

 

 

 

 

Costs to exit duplicative contracts

$

-

 

$

(478)

Workforce reduction

 

1,489

 

 

1,410

Other restructuring costs

 

88

 

 

(80)

Total restructuring charges

$

1,577

 

$

852

Schedule of Restrucutring Reserve table

 

Nine Months

 

Twelve Months

 

Ended

 

Ended

 

September 30,

 

December 31,

 

2019

 

2018

 

(amounts in thousands)

 

 

 

 

 

 

Restructuring charges and lease abandonment costs, beginning balance

$

7,077

 

$

16,086

Additions resulting from the integration of CBS Radio

 

5,953

 

 

5,830

Payments

 

(7,553)

 

 

(14,839)

Restructuring charges and lease abandonment costs unpaid and outstanding

 

5,477

 

 

7,077

Restructuring charges and lease abandonment costs - noncurrent portion

 

(188)

 

 

(988)

Restructuring charges and lease abandonment costs - current portion

$

5,289

 

$

6,089

Schedule of unaudited pro forma summary of financial information table

 

Three Months Ended

 

Nine Months Ended

 

September 30,

 

September 30,

 

2019

 

2018

 

2019

 

2018

 

(amounts in thousands except share and per share data)

 

 

Pro Forma

 

Pro Forma

 

Pro Forma

 

Pro Forma

 

 

 

 

 

 

 

 

 

 

 

 

Net revenues

$

386,141

 

$

383,975

 

$

1,078,270

 

$

1,064,123

Income (loss) from continuing operations

$

38,208

 

$

38,693

 

$

68,258

 

$

27,140

Income (loss) from discontinued operations

$

-

 

$

358

 

$

-

 

$

1,530

Net income (loss) available to the Company

$

38,208

 

$

39,051

 

$

68,258

 

$

28,670

Net income (loss) available to common shareholders

$

38,208

 

$

39,051

 

$

68,258

 

$

28,670

Income (loss) from continuing operations

 

 

 

 

 

 

 

 

 

 

 

per common share - basic

$

0.28

 

$

0.28

 

$

0.49

 

$

0.20

Income (loss) from discontinued operations

 

 

 

 

 

 

 

 

 

 

 

per common share - basic

$

-

 

$

-

 

$

-

 

$

0.01

Net income (loss) available to common shareholders

 

 

 

 

 

 

 

 

 

 

 

per common share - basic

$

0.28

 

$

0.28

 

$

0.49

 

$

0.21

Income (loss) from continuing operations

 

 

 

 

 

 

 

 

 

 

 

per common share - diluted

$

0.28

 

$

0.28

 

$

0.49

 

$

0.19

Income (loss) from discontinued operations

 

 

 

 

 

 

 

 

 

 

 

per common share - diluted

$

-

 

$

-

 

$

-

 

$

0.01

Net income (loss) available to common shareholders

 

 

 

 

 

 

 

 

 

 

 

per common share - diluted

$

0.28

 

$

0.28

 

$

0.49

 

$

0.21

 

 

 

 

 

 

 

 

 

 

 

 

Weighted shares outstanding basic

 

136,449,453

 

 

138,740,243

 

 

137,944,486

 

 

138,901,037

Weighted shares outstanding diluted

 

136,452,995

 

 

139,102,560

 

 

138,295,091

 

 

139,684,890

Pineapple Street Media [Member]  
Acquisition [Line Items]  
Schedule of tangible and intangible assets acquired table

 

 

 

 

Useful Lives in Years

 

 

Preliminary Value

 

From

 

To

 

 

(amounts in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

Accounts receivable

 

$

997

 

 

 

 

Pineapple Street Media brand

 

 

1,793

 

non-amortizing

Goodwill

 

 

12,445

 

non-amortizing

Total intangible and other assets

 

 

15,235

 

 

 

 

Total assets

 

$

15,235

 

 

 

 

Unearned revenue

 

$

238

 

 

 

 

Accounts payable

 

 

30

 

 

 

 

Total liabilities

 

$

268

 

 

 

 

Preliminary fair value of net assets acquired

 

$

14,967

 

 

 

 

2019 Cumulus Exchange [Member]  
Acquisition [Line Items]  
Schedule of tangible and intangible assets acquired table

 

 

 

 

Useful Lives in Years

 

 

Preliminary Value

 

From

 

To

 

 

(amounts in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

Equipment

 

$

844

 

3

 

7

Total tangible property

 

 

844

 

 

 

 

Radio broadcasting licenses

 

 

19,576

 

non-amortizing

Goodwill

 

 

2,080

 

non-amortizing

Total intangible and other assets

 

 

21,656

 

 

 

 

Total assets

 

$

22,500

 

 

 

 

Preliminary fair value of net assets acquired

 

$

22,500

 

 

 

 

2018 Jerry Lee Transaction [Member]  
Acquisition [Line Items]  
Schedule of tangible and intangible assets acquired table

 

 

 

 

 

 

Final Value

 

 

 

(amounts in thousands)

 

 

 

 

 

Assets

 

 

 

 

Equipment

 

$

981

 

Total tangible property

 

 

981

 

Advertising contracts

 

 

477

 

Radio broadcasting licenses

 

 

27,346

 

Goodwill

 

 

24,396

 

Net working capital

 

 

3,234

 

Total intangible and other assets

 

 

55,453

 

Total assets

 

$

56,434

 

 

 

 

 

 

Preliminary fair value of net assets acquired

 

$

56,434

 

2018 Emmis Acquisition [Member]  
Acquisition [Line Items]  
Schedule of tangible and intangible assets acquired table

 

 

 

 

 

Final Value

 

 

(amounts in thousands)

 

 

 

 

Assets

 

 

 

Equipment

 

$

1,558

Total tangible property

 

 

1,558

Advertiser relationships

 

 

207

Advertising contracts

 

 

114

Radio broadcasting licenses

 

 

12,785

Goodwill

 

 

332

Other noncurrent assets

 

 

4

Total intangible and other assets

 

 

13,442

Total assets

 

$

15,000

Fair value of assets acquired

 

$

15,000