BUSINESS COMBINATIONS (Tables)

6 Months Ended

Jun. 30, 2020

Business Combinations [Abstract]

Schedule of Business Acquisitions

The following preliminary purchase price allocations are based upon the valuation of assets and these estimates and assumptions are subject to change as the Company obtains additional information during the measurement period, which may

be up to one year from the acquisition date. These assets pending finalization include intangible assets. Differences between the preliminary and final valuation could be substantially different from the initial estimate.

			Measurement
	Preliminary Value		Period Adjustment		As Adjusted
	(amounts in thousands)
Assets
Property, plant and equipment	$	654	$	—	$	654
Total tangible property	654		—		654
Operating lease right-of-use asset	62		—		62
Deferred tax asset	2,900		28		2,928
Cadence13 brand	5,977		—		5,977
Goodwill	31,392		(28)		31,364
Total tangible and other assets	40,331		—		40,331
Operating lease liabilities	(985)		—		(985)
Net working capital	(757)		—		(757)
Preliminary fair value of net assets acquired	$	39,243	$	—	$	39,243

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

	Final Value
	(amounts in thousands)
Assets
Accounts receivable	$	997
Pineapple Street Media brand	1,793
Goodwill	12,445
Total assets	$	15,235
Unearned revenue	238
Accounts payable	30
Total liabilities	$	268
Final fair value of net assets acquired	$	14,967

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

	Final Value
	(amounts in thousands)
Assets
Equipment	$	844
Total tangible property	844
Radio broadcasting licenses	19,576
Goodwill	2,080
Total intangible and other assets	21,656
Total assets	$	22,500
Final fair value of net assets acquired	$	22,500

Business Acquisition, Pro Forma Information

This unaudited pro forma information has been prepared based on estimates and assumptions, which management believes are reasonable. 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.

	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
	(amounts in thousands except share and per share data)
	Actual		Pro Forma		Actual		Pro Forma
Net revenues	$	175,868	$	394,006	$	472,898	$	714,019
Net income (loss)	$	(53,811)	$	24,285	$	(62,949)	$	25,861
Net income (loss) per common share - basic	$	(0.40)	$	0.18	$	(0.47)	$	0.19
Net income (loss) per common share - diluted	$	(0.40)	$	0.17	$	(0.47)	$	0.19
Weighted shares outstanding basic	134,804,963		138,760,483		134,785,749		138,684,845
Weighted shares outstanding diluted	134,804,963		139,074,229		134,785,749		139,221,904