XML 36 R25.htm IDEA: XBRL DOCUMENT
v3.10.0.1

Assets Held for Sale and Discontinued Operations | 6 Months Ended
--- | ---
Jun. 30, 2018
Discontinued Operations and Disposal Groups [Abstract] |
Assets Held for Sale and Discontinued Operations | Assets Held for Sale and Discontinued Operations Radio Divestiture In the fourth quarter of 2017, we began the process to divest our radio business. Our radio business consists of 34 radio stations in eight markets. We have classified the radio segment as held for sale in our condensed consolidated balance sheets and reported its results as discontinued operations in our condensed consolidated statements of operations. Operating results of our discontinued radio operations were as follows:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
(in thousands) |  | 2018 |  | 2017 |  | 2018 |  | 2017
Operating revenues |  | $ | 17,386 |  |  | $ | 17,784 |  |  | $ | 30,685 |  |  | $ | 32,213 |
Total costs and expenses |  | (13,421 | ) |  | (14,163 | ) |  | (24,937 | ) |  | (26,353 | )
Depreciation and amortization of intangibles |  | — |  |  | (868 | ) |  | — |  |  | (1,731 | )
Impairment of goodwill |  | (5,900 | ) |  | — |  |  | (25,900 | ) |  | — |
Other, net |  | (9 | ) |  | (211 | ) |  | (157 | ) |  | (251 | )
Income (loss) from discontinued operations before income taxes |  | (1,944 | ) |  | 2,542 |  |  | (20,309 | ) |  | 3,878 |
Provision for income taxes |  | 998 |  |  | 852 |  |  | 1,137 |  |  | 1,394 |
Net income (loss) from discontinued operations |  | $ | (2,942 | ) |  | $ | 1,690 |  |  | $ | (21,446 | ) |  | $ | 2,484 |
During the first quarter of 2018, we recorded a $20 million non-cash impairment charge to write-down the goodwill of our radio business to fair value. For the second quarter of 2018, operating results of our discontinued radio operations include a $5.9 million charge to adjust the carrying value of our radio business assets to sale prices agreed to with buyers for our Tulsa and Milwaukee stations and estimated values of the remaining stations. The following table presents a summary of the radio assets held for sale included in our condensed consolidated balance sheets.
(in thousands) |  | As of June 30, 2018 |  | As of December 31, 2017
Assets: |  |  |  |
Total current assets |  | $ | 13,206 |  |  | $ | 12,891 |
Property and equipment |  | 36,055 |  |  | 35,470 |
Goodwill and intangible assets |  | 61,562 |  |  | 87,462 |
Other assets |  | 181 |  |  | 181 |
Total assets included in the disposal group |  | 111,004 |  |  | 136,004 |
Liabilities: |  |  |  |
Total current liabilities |  | 3,841 |  |  | 3,248 |
Deferred income taxes |  | 16,290 |  |  | 16,288 |
Other liabilities |  | — |  |  | — |
Total liabilities included in the disposal group |  | 20,131 |  |  | 19,536 |
Net assets included in the disposal group |  | $ | 90,873 |  |  | $ | 116,468 |
On June 22, 2018, we entered into a definitive agreement to sell our five Tulsa, OK radio stations for $12.5 million. The transaction is subject to, among other things, FCC approval and other customary closing conditions, and is expected to close in the fourth quarter of 2018. We also entered into a Local Marketing Agreement (“LMA”) on June 22, 2018 with the acquirer of the Tulsa radio stations. Under the terms of this agreement, the acquiring entity will pay us a monthly LMA fee and will also reimburse us for certain station expenses, as defined in the agreement, in exchange for the right to program and sell advertising from the stations' inventory of broadcast time. The LMA became effective on July 30, 2018. In the third quarter of 2018, we entered into a definitive agreement to sell our two Milwaukee, WI radio stations for $16.0 million. The transaction is subject to, among other things, FCC approval and other customary closing conditions, and is expected to close in the fourth quarter of 2018.

X
- References No definition available. + Details
Name: | us-gaap_DiscontinuedOperationsAndDisposalGroupsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 + Details
Name: | us-gaap_DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration