Subsequent Events

12 Months Ended

Dec. 31, 2019

Subsequent Events [Abstract]

Subsequent Events

(20) Subsequent Events

Outbreak of COVID-19 Coronavirus

The recent global outbreak of COVID-19 has disrupted economic markets and the economic impact, duration and spread of COVID-19 is uncertain at this time.  In response to this current health crisis, governmental authorities have imposed certain restrictions, including travel bans and recommendations on the limitation of social gatherings, which have directly impacted our ability to continue producing concerts and special events while those restrictions remain in place. Additionally, significant estimates, as further discussed in note 2(l), which include but are not limited to our FCC broadcasting licenses, goodwill, our allowance for doubtful accounts and the fair value of our Level 2 and Level 3 financial instruments maybe materially and adversely impacted by further governmental actions designed to contain the outbreak of COVID-19. Our operational and financial performance may be significantly impacted by COVID-19, however it is not possible for us to predict the duration or magnitude of the adverse results of the outbreak and its effects on our business, financial position, results of operations, liquidity or cash flows, at this time.

Enactment of H.R.748, The CARES Act

On March 27, 2020, President Trump signed into law the CARES Act, in response to COVID-19. The CARES Act is meant to infuse negatively affected companies with various tax cash benefits to ease the impact of the pandemic. Significant impacts of the CARES Act include an increase of the IRC 163(j) Interest Disallowance Limitations from 30% to 50% of adjusted taxable income which will allow the Company to deduct additional interest for the 2019 and 2020 tax years.  As a result of the increased interest deduction, the NOL utilization is expected to decrease in 2019 and 2020 resulting in additional carry forwards to be used in future years. The Company is assessing the potential impact of the CARES Act but is currently unable to provide an estimate on the income tax effects due to the timing of the expedited legislation.

Asset Sale – KTBU-TV

On March 23, 2020, the Company completed an asset sale with KHOU-TV, Inc. under which the Company agreed to sell its KTBU-DT FCC license and certain assets used in the transmission of the signal in the Houston, Texas, market. The respective assets were classified as held for sale as of December 31, 2019 and further discussed in note 6 of the Notes to the Consolidated Financial Statements.