Discontinued Operations (Tables)

6 Months Ended

Jun. 30, 2017

Disposal Groups, Including Discontinued Operations

The following table is a summary of the assets and liabilities of discontinued operations:

	June 30, 2017		December 31, 2016
	(in thousands)
Major Classes of Current Assets of Discontinued Operations
Accounts receivable	$	4,152	$	3,868
Prepaid expenses and other current assets		575		625
Barter transactions		271		132
Property and equipment, net (1)		7,021		—
Broadcast licenses, net (1)		9,607		—
Other intangibles, deferred costs and investments, net (1)		1,199		—
Total of current assets of discontinued operations	$	22,825	$	4,625
Major Classes of Non-Current Assets of Discontinued Operations
Property and equipment, net (1)	$	—	$	7,388
Broadcast licenses, net (1)		—		9,607
Other intangibles, deferred costs and investments, net (1)		—		1,053
Total of non-current assets of discontinued operations	$	—	$	18,048
Total Assets Classified as Part of Discontinued Operations in the Condensed Consolidated Balance Sheets	$	22,825	$	22,673
Major Classes of Current Liabilities of Discontinued Operations
Accounts payable	$	722	$	759
Barter transactions		325		163
Current portion of long term debt		1,078		1,078
Other liabilities (1)		2,214		971
Total of current liabilities of discontinued operations	$	4,339	$	2,971
Major Classes of Current Liabilities of Discontinued Operations
Other liabilities (1)	$	—	$	1,058
Total of non-current liabilities of discontinued operations	$	—	$	1,058
Total Liabilities Classified as Part of Discontinued Operations in the Condensed Consolidated Balance Sheets	$	4,339	$	4,029
Net Assets Classified as Part of Discontinued Operations in the Condensed Consolidated Balance Sheets	$	18,486	$	18,644

⁽¹⁾ For prior periods, the current and long-term classification of assets and liabilities does not change as they did not meet the held-for-sale criteria the prior periods. As we plan to close the transaction in the third quarter of 2017, all amounts in the current year are considered current assets or liabilities of discontinued operations.

Disclosure Of Assets And Liabilities Held-For-Sale

The following table is a summary of the assets and liabilities classified as held for sale:

	June 30, 2017		December 31, 2016
	(in thousands)
Major Classes of Current Assets Classified as Held for Sale
Prepaid expenses and other current assets	$	528	$	583
Barter transactions		271		132
Property and equipment, net (1)		7,021		—
Broadcast licenses, net (1)		9,607		—
Other intangibles, deferred costs and investments, net (1)		1,199		—
Total of current assets classified as held for sale	$	18,626	$	715
Major Classes of Non-Current Assets Classified as Held for Sale
Property and equipment, net (1)	$	—	$	7,388
Broadcast licenses, net (1)		—		9,607
Other intangibles, deferred costs and investments, net (1)		—		1,053
Total of non-current assets classified as held for sale	$	—	$	18,048
Total Assets Classified as Held for Sale in the Condensed Consolidated Balance Sheets	$	18,626	$	18,763
Major Classes of Current Liabilities Classified as Held for Sale
Accounts payable	$	528	$	586
Barter transactions		325		163
Other liabilities (1)		1,201		—
Total of current liabilities classified as held for sale	$	2,054	$	749
Major Classes of Current Liabilities Classified as Held for Sale
Other liabilities (1)	$	—	$	1,058
Total of non-current liabilities classified as held for sale	$	—	$	1,058
Total Liabilities Classified as Held for Sale in the Condensed Consolidated Balance Sheets	$	2,054	$	1,807
Net Assets Classified as Held for Sale in the Condensed Consolidated Balance Sheets	$	16,572	$	16,956

  

(1) For prior periods, the current and long-term classification of assets and liabilities does not change as they did not meet the held-for-sale criteria in the prior periods. As we plan to close the transaction in the third quarter of 2017, all amounts in the current year are considered current assets or liabilities held for sale.

Joplin, Missouri and Victoria, Texas Television Stations [Member]

Disposal Groups, Including Discontinued Operations

The following table shows the components of the results from discontinued operations associated with the Television Sale as reflected in the Company’s unaudited Condensed Consolidated Statements of Operations:

	Three Months Ended June 30,				Six Months Ended June 30,
	2017		2016		2017		2016
	(in thousands)
Net operating revenue	$	5,688	$	5,572	$	10,942	$	10,853
Station operating expense (1)		3,643		3,578		7,355		7,123
Other operating (income) expense		—		—		31		3
Operating income		2,045		1,994		3,556		3,727
Interest Expense (2)		8		7		16		17
Income before income taxes		2,037		1,987		3,540		3,710
Income tax expense (3)		878		821		1,490		1,533
Income from discontinued operations, net of tax	$	1,159	$	1,166	$	2,050	$	2,177

⁽¹⁾ No depreciation expense was recorded by the Company beginning May 9, 2017, the date the Television segment assets’ were held for sale.

⁽²⁾ Interest expense related to the Surtsey debt that is guaranteed by the Television stations.

⁽³⁾ The effective tax rates on pretax income from discontinued operations were 42%.

Disclosure Of Condensed Consolidated Statements of Cash Flows

The following table represents the components of the results from discontinued operations associated with the Television Sale as reflected in the Company’s unaudited Condensed Consolidated Statements of Cash Flows:

	June 30, 2017		June 30,  2016
	(in thousands)
Significant operating non-cash items
Depreciation and amortization (1)	$	445	$	653
Broadcast program rights amortization		316		314
Barter revenue, net		17		34
Loss on sale of assets		31		3
Significant investing items
Acquisition of property and equipment	$	110	$	581
Proceeds from sale and disposal of assets		94		3

  ⁽¹⁾   No depreciation expense was recorded by the Company beginning May 9, 2017, the date the Television segment assets’ were held for sale.