BUSINESS COMBINATIONS AND EXCHANGES (Tables)

3 Months Ended

Mar. 31, 2022

Business Combination and Asset Acquisition [Abstract]

Schedule of Allocation of Purchase Price of Assets Acquired

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. The final valuation could be substantially different from the initial estimate.

	Preliminary Value
	(amounts in thousands)
Assets
Operating lease right-of-use assets	$	142
Net property and equipment	38
Other assets, net of accumulated amortization	39,532
Goodwill	520
Total intangible and other assets	40,052
Operating lease liabilities	(142)
Preliminary fair value of net assets acquired	$	40,090

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.

	Final Value
	(amounts in thousands)
Assets
Net property and equipment	$	2,254
Total tangible property	2,254
Radio broadcasting licenses	23,233
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 table reflects the final allocation of the purchase price to the assets acquired and liabilities assumed.

	Final Value
	(amounts in thousands)
Assets
Cash	$	702
Prepaid expenses, deposits and other	18
Other assets, net of accumulated amortization	2,545
Goodwill	19,637
Deferred tax asset	72
Net working capital	63
Preliminary fair value of net assets acquired	$	23,037

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 March 31,
	2022		2021
	(amounts in thousands except share and per share data)
	Actual		Pro Forma
Net revenues	$	275,295	$	242,374
Net income (loss)	$	(11,073)	$	(23,744)
Net income (loss) per common share - basic	$	(0.08)	$	(0.18)
Net income (loss) per common share - diluted	$	(0.08)	$	(0.18)
Weighted shares outstanding basic	138,122,432		135,379,321
Weighted shares outstanding diluted	138,122,432		135,379,321