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Assets Held for Sale and Discontinued Operations | 6 Months Ended
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Jun. 30, 2020
Discontinued Operations and Disposal Groups [Abstract] |
Assets Held for Sale and Discontinued Operations | Assets Held for Sale and Discontinued Operations Stitcher During the second quarter of 2020, our Board of Directors approved the sale of our Stitcher podcasting business. On July 10, 2020, we signed a definitive agreement to sell the business for $325 million, with $265 million of cash upfront; earnout of up to $30 million based on 2020 financial results and paid in 2021; and earnout of up to $30 million based on 2021 financial results and paid in 2022. The transaction is expected to close in the third quarter of 2020 upon satisfaction of normal and customary closing conditions and regulatory approval. Beginning in the second quarter of 2020, we have classified Stitcher as held for sale in our condensed consolidated balance sheets and reported its results as discontinued operations in our condensed consolidated statements of operations for all periods presented. Operating results of our discontinued Stitcher operations were as follows:
|  | Three Months Ended June 30, |  |  |  | Six Months Ended June 30, |  |
(in thousands) |  | 2020 |  | 2019 |  | 2020 |  | 2019
Operating revenues |  | $ | 16,568 |  |  | $ | 17,067 |  |  | $ | 33,696 |  |  | $ | 32,171 |
Total costs and expenses |  | (22,261) |  |  | (22,591) |  |  | (45,063) |  |  | (42,344) |
Depreciation and amortization of intangible assets |  | (587) |  |  | (705) |  |  | (1,157) |  |  | (1,491) |
Other, net |  | (106) |  |  | — |  |  | (106) |  |  | — |
Loss from discontinued operations before income taxes |  | (6,386) |  |  | (6,229) |  |  | (12,630) |  |  | (11,664) |
Provision (benefit) for income taxes |  | (1,855) |  |  | (65) |  |  | (3,488) |  |  | (2,006) |
Net loss from discontinued operations |  | $ | (4,531) |  |  | $ | (6,164) |  |  | $ | (9,142) |  |  | $ | (9,658) |
The following table presents a summary of the Stitcher assets held for sale included in our condensed consolidated balance sheets.
(in thousands) |  | As of June 30, 2020 |  | As of December 31, 2019
Assets: |  |  |  |
Total current assets |  | $ | 28,865 |  |  | $ | 34,793 |
Investments |  | 159 |  |  | 178 |
Property and equipment |  | 5,488 |  |  | 5,526 |
Goodwill and intangible assets |  | 47,507 |  |  | 48,292 |
Operating lease right-of-use assets |  | 10,041 |  |  | 10,448 |
Other assets |  | 3,975 |  |  | 2,029 |
Total assets included in the disposal group |  | 96,035 |  |  | 101,266 |
Liabilities: |  |  |  |
Total current liabilities |  | 9,917 |  |  | 10,175 |
Other liabilities |  | 9,165 |  |  | 12,552 |
Total liabilities included in the disposal group |  | 19,082 |  |  | 22,727 |
Net assets included in the disposal group |  | $ | 76,953 |  |  | $ | 78,539 |
WPIX When we acquired the Nexstar-Tribune television stations in 2019, we granted Nexstar the option to repurchase WPIX, the CW-affiliated station in New York City. The option was exercisable from March 31, 2020, through the end of 2021, and was assignable by Nexstar to a third party. In July 2020, Nexstar assigned their option to repurchase WPIX to Mission Broadcasting, and Mission immediately exercised the option. The option price is $75 million plus accrued interest, to be calculated on the period between September 19, 2019, the purchase date of WPIX, and the option sale closing date. Pending FCC approval, the transaction is expected to close later in 2020. WPIX assets and liabilities will be classified as held for sale beginning in the third quarter of 2020.

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- 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 + Details
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