BUSINESS COMBINATIONS (Tables)

9 Months Ended

Sep. 30, 2021

Business Combination and Asset Acquisition [Abstract]

Schedule of Business Acquisitions

The Company's fair value analysis contains assumptions based on past experience, reflects expectations of industry observers and includes judgments about future performance using industry normalized information. The allocations presented in the table below are based upon management's estimate of the fair values using valuation techniques including income, cost and market approaches.

			Useful Lives in Years
	Preliminary Value		From	To
	(amounts in thousands)
Assets
Net property and equipment	$	2,254	0	40
Total tangible property	2,254
Radio broadcasting licenses	23,233		non-amortizing
Total intangible assets	$	23,233
Total assets	$	25,487

The allocations presented in the table below are based upon management's estimate of the fair values using valuation techniques including income, cost and market approaches. 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.

	Preliminary Value		Measurement Period Adjustment		As Adjusted
	(amounts in thousands)
Assets
Cash	$	702	$	—	$	702
Prepaid expenses, deposits and other	18		—		18
Other assets, net of accumulated amortization	2,545		—		2,545
Goodwill	19,579		32		19,611
Deferred tax asset	72		—		72
Net working capital	95		(32)		63
Preliminary fair value of net assets acquired	$	23,011	$	—	$	23,011

The allocations presented in the table below are based upon management's estimate of the fair values using valuation techniques including income, cost and market approaches. The following table reflects the final allocation of the purchase price to the assets acquired.

	Preliminary Value		Measurement Period Adjustment		As Adjusted
	(amounts in thousands)
Assets
Net property and equipment	$	8	$	—	$	8
Other assets, net of accumulated amortization	14,608		—		$	14,608
Goodwill	18,323		(196)		$	18,127
Total intangible and other assets	32,931		(196)		$	32,735
Deferred tax liabilities	(1,348)		$	196	$	(1,152)
Net working capital	12		$	—	$	12
Preliminary fair value of net assets acquired	$	31,603	$	—	$	31,603

Schedule of 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 September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
	(amounts in thousands except share and per share data)
	Pro Forma		Pro Forma		Pro Forma		Pro Forma
Net revenues	$	329,443	$	269,494	$	875,108	$	743,328
Net income (loss)	$	(4,888)	$	(19,221)	$	(25,502)	$	(85,210)
Net income (loss) per common share - basic	$	(0.04)	$	(0.14)	$	(0.19)	$	(0.63)
Net income (loss) per common share - diluted	$	(0.04)	$	(0.14)	$	(0.19)	$	(0.63)
Weighted shares outstanding basic	135,893,823		134,735,075		135,857,127		134,753,276
Weighted shares outstanding diluted	135,893,823		134,735,075		135,857,127		134,753,276