BUSINESS COMBINATIONS (Tables)

12 Months Ended

Dec. 31, 2019

Business Combinations [Abstract]

Purchase Price Allocation

Differences between the preliminary and final valuation could be substantially different from the initial estimate.

			Useful Lives in Years
	Preliminary Value		From	To
	(amounts in thousands)
Assets
Property, plant and equipment	$	654	3	7
Total tangible property	654
Operating lease right-of-use asset	62
Deferred tax asset	2,900
Cadence 13 brand	5,977		3	3
Goodwill	31,392		non-amortizing
Total intangible and other assets	40,331
Operating lease liabilities	(985)
Net working capital	(757)
Preliminary fair value of net assets acquired	$	39,243

Differences between the preliminary and final valuation could be substantially different from the initial estimate.

			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

Differences between the preliminary and final valuation could be substantially different from the initial estimate.

			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

The following table reflects the final allocation of the purchase price of the assets acquired.

	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

The following table reflects the final allocation of the purchase price to the assets acquired.

	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
Preliminary fair value of assets acquired	$	15,000

The following table reflects the final aggregate fair value purchase price allocation of these assets and liabilities assumed.

Beasley Transaction
	Assets Acquired		Assets Disposed
	(amounts in thousands)
Assets
Total property plant and equipment	$	667	$	807
Total tangible assets	667		807
Sports rights agreement	—		267
Radio broadcasting licenses	35,944		35,944
Goodwill	289		11,882
Total intangible assets	36,233		48,093
Additional cash consideration	12,000		—
Total value	$	48,900	$	48,900

iHeart Transaction
	Assets Acquired		Assets Disposed
	(amounts in thousands)
Assets
Total property plant and equipment	$	13,725	$	8,149
Total tangible assets	13,725		8,149
Acquired advertising contracts	265		—
Advertiser relationships	1,041		—
Radio broadcasting licenses	50,621		56,299
Goodwill	11,700		6,852
Total intangible assets	63,627		63,151
Liabilities
Unfavorable lease agreements assumed	(1,301)		—
Deferred tax liabilities	(4,751)		—
Total value	$	71,300	$	71,300

Summary of iHeart and Beasley Transaction by Radio Station

Summary of iHeart and Beasley Transactions by Radio Station

iHeartMedia Transaction
Market	Radio Stations	Transactions	TBA Commencement Date	Disposition or Acquisition Date
Richmond, VA	WRVA AM	Company acquired from iHeart	December 4, 2017	December 19, 2017
	WRXL FM
	WTVR FM
	WBTJ FM
	WRNL AM
	WRVQ FM
Chattanooga, TN	WKXJ FM	Company acquired from iHeart	December 4, 2017	December 19, 2017
	WUSY FM
	WRXR FM
	WLND FM
Boston, MA	WBZ AM	Company divested to iHeart	November 18, 2017	December 19, 2017
	WZLX FM
	WKAF FM
	WRKO AM		Not applicable
Seattle, WA	KZOK FM	Company divested to iHeart	Not Applicable	December 19, 2017
	KJAQ FM
	KFNQ AM		November 18, 2017

Beasley Transaction
Market	Radio Stations	Transactions	TBA Commencement Date	Disposition or Acquisition Date
Boston, MA	WMJX FM	Company acquired from Beasley	December 4, 2017	December 19, 2017
Boston, MA	WBZ FM	Company divested to Beasley	Not Applicable	December 19, 2017

Components of Restructuring Charges

The following table presents the components of restructuring charges.

	Years Ended December 31
	2019		2018		2017
	(amounts in thousands)
Costs to exit duplicative contracts	$	—	$	229	$	500
Workforce reduction	6,171		3,599		10,441
Other restructuring costs	805		2,002		3,021
Transition services costs	—		—		2,960
Total restructuring charges	$	6,976	$	5,830	$	16,922

Changes in Restructuring Reserve

	Years Ended 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	6,976		5,830
Restructuring charges assumed from the Merger	—		—
Payments	(9,802)		(14,839)
Restructuring charges and lease abandonment costs unpaid and outstanding	4,251		7,077
Restructuring charges and lease abandonment costs - noncurrent portion	(1,483)		(988)
Restructuring charges and lease abandonment costs - current portion	$	2,768	$	6,089

Pro Forma Information

These unaudited pro forma results have been prepared for comparative purposes only and do not purport to be indicative of what would have occurred had the acquisitions been made as of that date or results which may occur in the future.

	Years Ended December 31
	2019		2018		2017
	(amounts in thousands, except per share data)
	Pro Forma		Pro Forma		Pro Forma
Net revenues	$	1,528,434	$	1,501,146	$	1,607,777
Income (loss) from continuing operations	$	(419,808)	$	(360,085)	$	374,135
Income (loss) from discontinued operations	$	—	$	1,152	$	836
Net income (loss) available to the Company	$	(419,808)	$	(358,933)	$	374,971
Net income (loss) available to common shareholders	$	(419,808)	$	(358,933)	$	372,956
Income (loss) from continuing operations per common share - basic	$	(3.07)	$	(2.61)	$	2.67
Income (loss) from discontinued operations per common share - basic	$	—	$	0.01	$	0.01
Net income (loss) available to common shareholders per common share - basic	$	(3.07)	$	(2.60)	$	2.66
Income (loss) from continuing operations per common share - diluted	$	(3.07)	$	(2.61)	$	2.64
Income (loss) from discontinued operations per common share - diluted	$	—	$	0.01	$	0.01
Net income (loss) available to common shareholders per common share - diluted	$	(3.07)	$	(2.60)	$	2.63
Weighted shares outstanding basic	136,967		138,070		140,298
Weighted shares outstanding diluted	136,967		138,070		141,790