Subsequent Events

12 Months Ended

Dec. 31, 2016

Subsequent Events [Abstract]

Subsequent Events

17. Subsequent Events

On January 16, 2017 we entered into an asset purchase agreement to purchase an FM radio station (WUVA) from WUVA, Incorporated, serving the Charlottesville, Virginia market for approximately $1,650,000. Simultaneously, we entered into a TBA to begin operating the station on February 1, 2017. We expect to close on this station in the second quarter of 2017, pending FCC approval. We plan to fund this acquisition through funds generated from operations.

On March 3, 2017, the Company’s Board of Directors declared a regular cash dividend of $0.30 per share on its Classes A and B Common Stock. This dividend, totaling approximately $1.8 million, will be paid on April 14, 2017 to shareholders of record on March 28, 2017.