BUSINESS COMBINATIONS (Tables)

12 Months Ended

Dec. 31, 2020

Business Combinations [Abstract]

Allocation of Purchase Price of Assets Acquired

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. 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
Net property and equipment	$	8	3	7
Other assets, net of accumulated amortization	14,608		3	10
Goodwill	18,323		non-amortizing
Total intangible and other assets	32,931
Deferred tax liabilities	(1,348)
Net working capital	12
Preliminary fair value of net assets acquired	$	31,603

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

	Final Value
	(amounts in thousands)
Assets
Net property and equipment	$	654
Total tangible property	654
Operating lease right-of-use asset	62
Deferred tax asset	2,900
Other assets, net of accumulated amortization	5,977
Goodwill	31,392
Total intangible and other assets	40,331
Operating lease liabilities	(985)
Net working capital	(757)
Final fair value of net assets acquired	$	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, net of allowance for doubtful accounts	$	997
Other assets, net of accumulated amortization	1,793
Goodwill	12,445
Total assets	15,235
Other current liabilities	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
Net property and 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

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

	Final Value
	(amounts in thousands)
Assets
Net property and equipment	$	981
Total tangible property	981
Other assets, net of accumulated amortization	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
Final 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
Net property and equipment	$	1,558
Total tangible property	1,558
Radio broadcasting licenses	12,785
Goodwill	332
Other assets, net of accumulated amortization	325
Total intangible and other assets	13,442
Total assets	$	15,000
Final fair value of assets acquired	$	15,000

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
	2020		2019		2018
	(amounts in thousands, except per share data)
	Pro Forma		Pro Forma		Pro Forma
Net revenues	$	1,062,689	$	1,530,524	$	1,501,146
Income (loss) from continuing operations	$	(242,509)	$	(426,500)	$	(361,879)
Income (loss) from discontinued operations	$	—	$	—	$	1,152
Net income (loss)	$	(242,509)	$	(426,500)	$	(360,727)
Income (loss) from continuing operations per common share - basic	$	(1.80)	$	(3.11)	$	(2.62)
Income (loss) from discontinued operations per common share - basic	$	—	$	—	$	0.01
Net income (loss) per common share - basic	$	(1.80)	$	(3.11)	$	(2.61)
Income (loss) from continuing operations per common share - diluted	$	(1.80)	$	(3.11)	$	(2.62)
Income (loss) from discontinued operations per common share - diluted	$	—	$	—	$	0.01
Net income (loss) per common share - diluted	$	(1.80)	$	(3.11)	$	(2.61)
Weighted shares outstanding basic	134,571		136,967		138,070
Weighted shares outstanding diluted	134,571		136,967		138,070